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The efficiency of the Chinese silver standard, 1920-33

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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, 2020. "The efficiency of the Chinese silver standard, 1920-33," CEPR Discussion Papers 14860, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:14860
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    Keywords

    market integration; Exchange rates; Silver point arbitrage; Chinese economy;
    All these keywords.

    JEL classification:

    • N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Asia including Middle East
    • N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East

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