Activities per year
Abstract
Following the Mongol invasion of China, the Yuan (1260–1368) dynasty was the first political regime in history able to deploy paper money as the sole legal tender. Drawing on a new dataset on money issues, imperial grants, and prices, we show 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, leading to inflation levels which doubled the price level in less than a decade. We show that military pressure generated fiscal demands which led to over-issuance, and we reject the role of excessive imperial grants in triggering the over-issue of money.
Original language | English |
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Journal | Economic History Review |
DOIs | |
Publication status | Published - 8 Jan 2024 |
Keywords
- Paper money
- silver standard
- fiat money
- Yuan China
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Dive into the research topics of 'The rise and fall of paper money in Yuan China, 1260–1368'. Together they form a unique fingerprint.Activities
- 3 Oral presentation
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Brown Bag Seminar
Wu, M. (Speaker)
May 2022Activity: Talk or presentation › Oral presentation › Research
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LSE Asian Economic History Seminar
Wu, M. (Speaker)
Apr 2022Activity: Talk or presentation › Oral presentation › Research
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Economic History Society Annual Conference
Wu, M. (Speaker)
2022Activity: Talk or presentation › Oral presentation › Research