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The Efficiency of the Chinese Silver Standard, 1920-33

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  • Nuno Palma
  • Liuyan Zhao

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

  • Nuno Palma & Liuyan Zhao, 2020. "The Efficiency of the Chinese Silver Standard, 1920-33," Economics Discussion Paper Series 2004, Economics, The University of Manchester, revised May 2021.
    • Handle: RePEc:man:sespap:2004
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    File URL: http://hummedia.manchester.ac.uk/schools/soss/economics/discussionpapers/EDP-2004.pdf
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    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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