IMPORTANT
Monetary Integration in Times of Political Disintegration
Professor Debin Ma, London School of Economics, seminar
Thursday, May 11, 2017 · 12 - 1 PM
UMBC Economics and Public Policy
Research Seminar
Please join us on Thursday for the next meeting of the Economics and
Public Policy Research Seminar
12-1PM in Public Policy 451.
Monetary Integration in Times of Political Disintegration-Silver Exchanges between Shanghai and Tianjin in Early 20th Century China
Debin Ma
Economic History
London School of Economics
Abstract of paper:
This paper assesses the degree of monetary integration between Shanghai and Tianjin, the two main financial centers of China, by estimating the silver points and the speed of convergence between the exchange rates of silver dollars during 1898-1933 through a threshold error correction model. Our econometric results point strongly to a sharp improvement in monetary integration from about the mid-1910s, precisely following the fall of the Qing empire. The findings provide an insight into the efficiency improvement of Chinese silver standard, and the evolution of currency market integration across southern and northern China in the early 20th century. We further explore the large implications of monetary and financial transformation at a time of political disintegration during this era and contribute to a significant revaluation of overall economic performance of the Republican era.
This promises to be a very interesting talk!
