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Money and monetary system in China in the 19th-20th century: an overview

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  • Ma, Debin

Abstract

This article provides an historical overview on the development of Chinese money and monetary regimes between about 1800 and 1950. It develops a simple conceptual framework based on the relative costs of assessing the inherent value of the currencies of different denomination. Based on this framework, I develop a historical narrative that ties important political and institutional changes with the evolving structural changes in the Chinese monetary regime marked by the vicissitudes in the use of copper, silver currencies and paper money in both the private and public financial sectors from the Opium War in mid-19th century to the end of the Civil War in the 1950s.

Suggested Citation

  • Ma, Debin, 2012. "Money and monetary system in China in the 19th-20th century: an overview," Economic History Working Papers 41940, London School of Economics and Political Science, Department of Economic History.
    • Handle: RePEc:ehl:wpaper:41940
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    File URL: http://eprints.lse.ac.uk/41940/
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. “Amalgam of currencies”: A Framework to Understand Chinese Monetary History, 1800-1949
      by Manuel Bautista in NEP-HIS blog on 2012-10-10 07:49:48

    Citations

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    Cited by:

    1. Jacks, David S. & Yan, Se & Zhao, Liuyan, 2017. "Silver points, silver flows, and the measure of Chinese financial integration," Journal of International Economics, Elsevier, vol. 108(C), pages 377-386.
    2. El-Shagi, Makram & Zhang, Lin, 2020. "Trade effects of silver price fluctuations in 19th-century China: A macro approach," China Economic Review, Elsevier, vol. 63(C).
    3. Eberhardt, Markus & Presbitero, Andrea F., 2021. "Commodity prices and banking crises," Journal of International Economics, Elsevier, vol. 131(C).
    4. Irigoin, Alejandra, 2013. "A 'Trojan Horse' in Daoguang China?: Explaining the flows of silver (and opium) in and out of China," MPRA Paper 43987, University Library of Munich, Germany.
    5. Georges Gallais‐Hamonno & Thi‐Hong‐Van Hoang & Kim Oosterlinck, 2019. "Price formation on clandestine markets: the case of the Paris gold market during the Second World War," Economic History Review, Economic History Society, vol. 72(3), pages 1048-1072, August.

    More about this item

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Asia including Middle East
    • N95 - Economic History - - Regional and Urban History - - - Asia including Middle East

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