The rise and fall of paper money in Yuan China, 1260–1368
Autor(a) principal: | |
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Data de Publicação: | 2024 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10451/62914 |
Resumo: | Following the Mongol invasion of China, the Yuan (1260–1368) dynasty was the first political regime to introduce a precious metal standard and deploy paper money as the sole legal tender. Drawing on a new dataset on money issues, prices, warfare, imperial grants, taxation, natural disasters, and population, we find that a silver standard initially consolidated the Chinese currency market. However, persistent fiscal pressures eventually compelled rulers to ease the monetary standard, and a fiat standard was adopted. We show that inflation was high in the early and late periods of the dynasty but remained moderate for nearly half a century. We find that military pressure, particularly civil war, generated fiscal demands that led to the over-issuance of money. By contrast, natural disasters and imperial grants did not trigger the over-issue of money. Warfare was much more likely to increase paper money issues under the fiat standard than during the silver standard period. |
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The rise and fall of paper money in Yuan China, 1260–1368fiat moneypaper moneysilver standardYuan ChinaFollowing the Mongol invasion of China, the Yuan (1260–1368) dynasty was the first political regime to introduce a precious metal standard and deploy paper money as the sole legal tender. Drawing on a new dataset on money issues, prices, warfare, imperial grants, taxation, natural disasters, and population, we find that a silver standard initially consolidated the Chinese currency market. However, persistent fiscal pressures eventually compelled rulers to ease the monetary standard, and a fiat standard was adopted. We show that inflation was high in the early and late periods of the dynasty but remained moderate for nearly half a century. We find that military pressure, particularly civil war, generated fiscal demands that led to the over-issuance of money. By contrast, natural disasters and imperial grants did not trigger the over-issue of money. Warfare was much more likely to increase paper money issues under the fiat standard than during the silver standard period.WileyRepositório da Universidade de LisboaGuan, HanhuiPalma, NunoWu, Meng2024-02-26T10:18:22Z20242024-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10451/62914engGuan, H., Palma, N., Wu. M. (2024). The rise and fall of paper money in Yuan China, 1260–1368. The Economic History Review, First published: 08 January 2024. DOI 10.1111/ehr.1330510.1111/ehr.13305info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-04T01:20:24Zoai:repositorio.ul.pt:10451/62914Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:12:30.842259Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
The rise and fall of paper money in Yuan China, 1260–1368 |
title |
The rise and fall of paper money in Yuan China, 1260–1368 |
spellingShingle |
The rise and fall of paper money in Yuan China, 1260–1368 Guan, Hanhui fiat money paper money silver standard Yuan China |
title_short |
The rise and fall of paper money in Yuan China, 1260–1368 |
title_full |
The rise and fall of paper money in Yuan China, 1260–1368 |
title_fullStr |
The rise and fall of paper money in Yuan China, 1260–1368 |
title_full_unstemmed |
The rise and fall of paper money in Yuan China, 1260–1368 |
title_sort |
The rise and fall of paper money in Yuan China, 1260–1368 |
author |
Guan, Hanhui |
author_facet |
Guan, Hanhui Palma, Nuno Wu, Meng |
author_role |
author |
author2 |
Palma, Nuno Wu, Meng |
author2_role |
author author |
dc.contributor.none.fl_str_mv |
Repositório da Universidade de Lisboa |
dc.contributor.author.fl_str_mv |
Guan, Hanhui Palma, Nuno Wu, Meng |
dc.subject.por.fl_str_mv |
fiat money paper money silver standard Yuan China |
topic |
fiat money paper money silver standard Yuan China |
description |
Following the Mongol invasion of China, the Yuan (1260–1368) dynasty was the first political regime to introduce a precious metal standard and deploy paper money as the sole legal tender. Drawing on a new dataset on money issues, prices, warfare, imperial grants, taxation, natural disasters, and population, we find that a silver standard initially consolidated the Chinese currency market. However, persistent fiscal pressures eventually compelled rulers to ease the monetary standard, and a fiat standard was adopted. We show that inflation was high in the early and late periods of the dynasty but remained moderate for nearly half a century. We find that military pressure, particularly civil war, generated fiscal demands that led to the over-issuance of money. By contrast, natural disasters and imperial grants did not trigger the over-issue of money. Warfare was much more likely to increase paper money issues under the fiat standard than during the silver standard period. |
publishDate |
2024 |
dc.date.none.fl_str_mv |
2024-02-26T10:18:22Z 2024 2024-01-01T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10451/62914 |
url |
http://hdl.handle.net/10451/62914 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Guan, H., Palma, N., Wu. M. (2024). The rise and fall of paper money in Yuan China, 1260–1368. The Economic History Review, First published: 08 January 2024. DOI 10.1111/ehr.13305 10.1111/ehr.13305 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Wiley |
publisher.none.fl_str_mv |
Wiley |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799137774211694592 |