A Multi-Layer System and Its Features: Reconceptualizing the Monetary Regime of Late Qing and Modern China

IF 1.5 4区经济学 Q2 ECONOMICS

Frontiers of Economics in China Pub Date : 2018-09-30 DOI:10.3868/S060-007-018-0021-7

Ho-don Yan, Zhijian Qiao, Chen Xu

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引用次数: 1

Abstract

This essay aims to reconceptualize the monetary regime of late Qing and modern China as a multilayer system of currencies and examine the features and logics of its operation from the 16th century to early 20th century. We argue that this system consists of a variety of silver and copper currencies, each occupying a particular layer in the structure and each satisfying a specific market demand. Analyzing the production and circulation of copper and silver currencies, we first trace their evolution from the Qing to the Republican era and demonstrate the multi-layer currency structure persisted in China across the modernizing changes that took place at the end of the 19th century. Second, using data drawn from gazetteers, this essay adopts a quantitative approach to empirically examine the mechanism and speed of interactions between the different layers of the monetary market and reveal the operational mechanism of the multi-layer system. We suggest that this multi-layer system, while bringing some efficiency loss, also constituted an effective institutional arrangement that helped to ensure the stability of the Chinese economy in tumultuous times.

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一个多层体系及其特征——对晚清近代中国货币制度的重新认识

本文旨在将晚清和近代中国的货币制度重新定义为一个多层次的货币体系，并考察其从16世纪到20世纪初的运作特征和逻辑。我们认为，这一体系由多种银和铜货币组成，每种货币在结构中占据特定的层次，每种货币满足特定的市场需求。通过分析铜币和银币的生产和流通，我们首先追溯了它们从清朝到民国的演变过程，并展示了在19世纪末发生的现代化变革中，多层次的货币结构在中国持续存在。其次，本文利用地名词典中的数据，采用定量方法实证考察了货币市场不同层次之间相互作用的机制和速度，揭示了多层次体系的运行机制。我们认为，这种多层次的制度在带来一定效率损失的同时，也构成了一种有效的制度安排，有助于在动荡时期确保中国经济的稳定。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Frontiers of Economics in China ECONOMICS-

CiteScore

1.20

自引率

0.00%

发文量

373

期刊介绍： Frontiers of Economics in China seeks to provide a forum for a broad blend of peer-reviewed academic papers of economics in order to promote communication and exchanges between economists in China and abroad. It will reflect the enormous advances that are currently being made in China in the field of economy and society. In addition, this journal also bears the mission of introducing the academic achievements on Chinese economics research to the world.