NBER Working Papers and Publications
|June 2010||Monetary Theory from a Chinese Historical Perspective|
with Yaguang Zhang, John Whalley: w16092
We discuss monetary thought in ancient China from the perspective of Western monetary theory. It sets out the structure of economic activity in the various dynasties of ancient China and emphasizes the differences in monetary structure from Europe (and later North America). Imperial China was a politically integrated structure with regional segmentation of economic activities and hence with regional money. Monetary policy was one body conducted at regional level, but overseen naturally politically before national integration under the Ming dynasty (14th century). In various regions different forms of money circulated, with gold, silver, copper, and paper all present at various times. Monetary policy was guided by monetary thought, such as later in Europe. Basic concepts such as monetary fu...
Published: “Monetary Theory from a Chinese Historical Pers pective” (with Zheng Xueyi and Zhang Yaguang). China Economic Review , 26, September 2013, pp. 89-104.