The Efficiency of the Chinese Silver Standard, 1920-1933

• 成果类型: Article
• 署名作者: University of Manchester; Universidade de Lisboa; Institute of Social Sciences, University of Lisbon (ICS-UL); Centre for Economic Policy Research - UK; Peking University
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• DOI: 10.1017/S002205072100036X
• 发表日期: 2021
• 页码: 872-908
• 关键词: sterling gold standard; arbitrage; divergence; shanghai; MARKETS; LESSONS; foreign; points; Europe; JAPAN

摘要

We test for integration of financial markets in China during 1920-1933 using a new dataset of domestic exchange rates. Our data concerns tael-denominated telegraphic transfers between Shanghai and nine other cities. We find that Chinese financial markets, as measured by the efficiency of silver-point arbitrage, were highly integrated among major commercial hubs in north and central China, but there was a lower level of integration for more remote cities in the south. Our paper presents the first comprehensive assessment of the efficiency of the Chinese silver standard and contributes to a revaluation of market performance during pre-communist China.