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Money doctors and their reform proposals for China reconsidered, 1903–29

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  • Tai-kuang Ho

Abstract

In this paper we provide a quantitative evaluation of foreign financial advising, taking China’s currency reform proposals as an example. Between 1903 and 1929, three Western financial experts proposed a gold (‐exchange) standard to China, which at that time was on a silver standard. Using counterfactual simulation, we find that: (1) a gold (‐exchange) standard would not have brought price stability to China; (2) and it could have even worsened global deflation during the beginning years of the Great Depression.

Suggested Citation

  • Tai-kuang Ho, 2016. "Money doctors and their reform proposals for China reconsidered, 1903–29," Oxford Economic Papers, Oxford University Press, vol. 68(4), pages 1016-1038.
    • Handle: RePEc:oup:oxecpp:v:68:y:2016:i:4:p:1016-1038.
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    File URL: http://hdl.handle.net/10.1093/oep/gpw031
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    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Asia including Middle East

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