Puzzles of the Monetary Regime in Premodern China

Qing-yuan Sui ()
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Qing-yuan Sui: Yokohama City University

Chapter Chapter 2 in Money and Government, 2022, pp 11-27 from Springer

Abstract: Abstract I discuss three puzzles for the behaviors of government in maintaining monetary systems in premodern China: the asymmetric treatment of copper cashCopper cash and silver bullion,Silver bullion the low extraction of seigniorageSeigniorage income in copper cashCopper cash minting, and the high degree of cautiousness for issuing paper note.Paper note Some institutional factors are more important than the technological constraints in explaining these puzzles. I also suggest a principal-agent based model to explain the puzzles consistently.

Keywords: Oriental despotism; Weak government; Precocity; Copper cash; Silver bullion; Principal-agent model (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:spbchp:978-981-16-8874-4_2

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DOI: 10.1007/978-981-16-8874-4_2

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