The exchange rate of copper cash to silver bullion (C／S) in Qing China.docVIP

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The exchange rate of copper cash to silver bullion (C／S) in Qing China.doc

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The exchange rate of copper cash to silver bullion (C／S) in Qing China.doc

The exchange rate of copper cash to silver bullion (C／S) in Qing China PAGE PAGE 1 The exchange rate of copper cash to silver bullion (C/S) in Qing China The exchange rate of copper cash to silver bullion (C/S) in Qing China Lei Gao Assistant Professor of Finance, Business School of Shantou University. Daxue Road 243, Shantou, Guandong, P.R. China 515063. E-mail: drgaolei@1264, Gerhard Kling Assistant Professor of Finance, Utrecht School of Economics. Vredenburg 138, 3511 BG Utrecht, The Netherlands. E-mail: g.kling@econ.uu.nl, Phone: 003130-253-9682, Fax: 003130-253-7373 Shuxi Ying Assistant Professor of Finance, Business School of St. Gallen Univeristy. Dufourstrasse 40a, CH-9000 St.Gallen, Switzerland. E-mail: shuxi_yin@126, Phone: 00865718691, Fax: 00865719196 Abstract This research paper investigates the exchange rates of copper cash to silver bullion (C/S) in Qing China. After describing the official and market exchange rates, it discerns the major fluctuations and long-term trends of the market exchange rate from 1644 to 1857 as well as the underlying reasons and consequences, which are crucial for the understanding of Qing China’s monetary history and for a proper evaluation of the monetary policy adopted by the Qing Government. Then it addresses the issue of the local divergence of exchange rates. Finally, it proposes a model of the copper cash to silver bullion (C/S) exchange rate movements in Qing China. Keywords: Economic history, financial history, exchange rate, Qing China I Monetary policy in Qing China has inspired a great deal of research interest of historians and economists worldwide. Qing China is a preindustrialized society with a highly monetarized economy; the monetary conditions exerted a strong influence on economic growth and social development. Among all monetary policies adopted by the government, attempts at adjusting the exchange rate of copper cash to silver bullion (C/S) were the most important ones. The moneta