Monetary theory from a chinese historical perspective
By: Zheng Xueyi, Yaguang Zhang, John Whalley
Contributors: Zhang, Yaguang; Whalley, John; National Bureau of Economic Research
Series: NBER working paper series -- working paper 16092; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 16092.
Publisher: National Bureau of Economic Research
Published: 2010
Place of publication: Cambridge, MA
Language: eng
Format: [electronic resource] /
Description: "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 function, the velocity of circulation, inflation, interest rate parity and the quantity theory were all present.  The economics of Imperial China witnessed boom and bust, inflation and deflation and monetary control much like Europe to follow.  Monetary thought thus seemingly preceded Western thought, and had remarkable similarities.  Whether much of this thought travelled down the silk road remains unknown, but the possibility is intriguing"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 7/8/2010.

Includes bibliographical references.

Also available in print.

System requirements: Adobe Acrobat Reader.

Mode of access: World Wide Web.