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Publicação
The Efficiency of the Chinese Silver Standard, 1920–1933
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Autores
Orientador(es)
Resumo(s)
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.
Descrição
This item may be available elsewhere in EconPapers: https://econpapers.repec.org/paper/mansespap/2004.htm
Palavras-chave
Silver point arbitrage Market integration Exchange rates Chinese economy
Contexto Educativo
Citação
Palma, N., Zhao, L. (2021). The Efficiency of the Chinese Silver Standard, 1920-1933. Journal of Economic History, 81(3), pp. 872-908
Editora
Cambridge University Press