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Currency Competition in China Between 1850 and 1950 A Case Study on Hayek’s Denationalised Money?

  • David Denzer-Speck

    (Albert-Ludwigs-Universität Freiburg, Lehrstuhl für Finanzwissenschaft und Monetäre Ökonomie, Alte Universität Freiburg, Bertoldstraße 17, D-79098 Freiburg/Br)

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    In this article, we analyse whether China’s monetary system between 1850 and 1950 can be compared to F. A. von Hayek’s idea of denationalised money. While different currencies existed and competed during the whole period, we find that only the first part, until the beginning of the 20th century can be characterised as a one of denationalised money. We furthermore find evidence that the decentralised supply of competing monies acted as a protection against money induced inflation as it helped to preserve the convertibility of banknotes in precious metal. However, this advantage of currency competition came along with considerable transaction and information costs.

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    Article provided by Credit and Capital Markets in its journal Kredit und Kapital.

    Volume (Year): 42 (2009)
    Issue (Month): 3 ()
    Pages: 327–351

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    Handle: RePEc:kuk:journl:v:42:y:2009:i:3:p:327-351
    Contact details of provider: Web page: http://www.credit-and-capital-markets.de/

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