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The Efficiency of the Chinese Silver Standard, 1920-33

Nuno Palma and Liuyan Zhao

Economics Discussion Paper Series from Economics, The University of Manchester

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.

JEL-codes: N15 N25 (search for similar items in EconPapers)
Date: 2020-05, Revised 2021-05
New Economics Papers: this item is included in nep-fdg and nep-his
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