Money doctors and their reform proposals for China reconsidered, 1903–29

Tai-kuang Ho

Oxford Economic Papers, 2016, vol. 68, issue 4, 1016-1038

Abstract: In this paper we provide a quantitative evaluation of foreign financial advising, taking China’s currency reform proposals as an example. Between 1903 and 1929, three Western financial experts proposed a gold (‐exchange) standard to China, which at that time was on a silver standard. Using counterfactual simulation, we find that: (1) a gold (‐exchange) standard would not have brought price stability to China; (2) and it could have even worsened global deflation during the beginning years of the Great Depression.

JEL-codes: C32 E32 N15 (search for similar items in EconPapers)
Date: 2016
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