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The Efficiency of the Chinese Silver Standard, 1920–1933

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  • Palma, Nuno
  • Zhao, Liuyan

Abstract

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.

Suggested Citation

  • Palma, Nuno & Zhao, Liuyan, 2021. "The Efficiency of the Chinese Silver Standard, 1920–1933," The Journal of Economic History, Cambridge University Press, vol. 81(3), pages 872-908, September.
    • Handle: RePEc:cup:jechis:v:81:y:2021:i:3:p:872-908_7
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