【主讲】Debin Ma (LSE and SUFE) and Liuyan Zhao (Peking University)
【主题】Institutional Change and Monetary Integration: Silver Exchange between Shanghai and Tianjin in 1885-1930
【时间】2015年4月15日 (周三) 10：00-11：30
【地点】上海财经大学经济学院楼801室
【语言】中文
【摘要】We estimate the silver points and the speed of convergence among the exchange rates of silver dollar, and assess the extent to which Shanghai and Tianjin, two main monetary centers of China, were integrated. Given transaction costs, we modeled the spatial arbitrage process, which implies nonlinear dynamics of exchange spreads in the two centers. Based on this, threshold error correction mechanism was adopted to estimate the implicit silver points. The results strongly point toward that silver points that have significantly declined over our sample. The results provide an insight into the efficiency improvement of Chinese silver standard, and the evolution of money market integration across southern and northern China in the early 20th century.
