Chinese Economic Order and Banknotes -1935 currency reform Reconsidered-

Hiroaki Morota
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Hiroaki Morota: Graduate School of Economics, Keio University

No 2012-049, Keio/Kyoto Joint Global COE Discussion Paper Series from Keio/Kyoto Joint Global COE Program

Abstract: The purpose of this paper is to evaluate Weather Chinese free banking contributed to stabilizing market order or not through analyzing the case of Tianjin's free banking from 1912 to the 1935 currency reform. There are conflicting two aspects in the 20th century's Chinese free banking in relation to market order. One is the market disorder caused by private banks that were ruled by reactionary warlords. The other is the contribution for stabilizing market order as the case of the Four Bank Joint Treasury shows. Although the circumstance of Chinese free banking was completely different from ideal free banking, it can be said that spontaneous elements was crucial for market order and market quality under Chinese free banking.

Pages: 15 pages
Date: 2013-03
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