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2008 8

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 :
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2008 8

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117
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 :
:1870 1900

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118
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2008 8

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119
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 :
:1870 1900

6 1860 1901
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120
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2008 8

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121
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 :
:1870 1900

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C. F. Remer , 1926 ,International Trade between Gold and Silver Countries : China , 1885 1913, Quarterly Journal of Economics , Vol .

( Edwin W. Kemmerer) ,20 30

, ,

,
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, , (1981) 177
194

122
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2008 8
40 , No. 41
Chau2Nan Chen , 1973 ,Diversified Currency Holdings and Flexible Exchange Rates, Quarterly Journal of Economics , Vol . 87 , No. 1.
Chau2Nan Chen ,1975 , Flexible Bimetallic Exchange Rates In China , 1650 1850 : A Historical Example of Optimum Currency Areas,
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Chi2Ming Hou , 1963 ,Economic Dualism : The Case of China 1840 1937, Journal of Economic History , Vol . 23 , No. 3.
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Man2houng Lin , 2006 , China Upside Down : Currency , Society , and Ideologies , 1808 1856 , Harvard University Press.
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, The Crime of 1873, Journal of Political Economy , Vol . 98 , No. 6.
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, Uses and Abuses of Greshams Law in the history of Money, Zagreb Journal of Economics , Vol 2 , No 2.
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Sidney D. Gamble , 1943 ,Daily Wages of Unskilled Chinese Laborers 1807 1902, Far Eastern Quarterly , Vol . 3 , No. 1.

Floating Standard Exchange , Dual Exchange Rates

and Chinas Economy : 1870 1900
Guan Hanhui
( School of Economics , Peking University ;School of Economics and Management , Tsinghua University)
Abstract :Chinas monetary system evolved from bimetallism of silver and copper to silver standard , then to paper money standard
since Ching Dynasty , which is obviously different with the evolution of monetary system in western countries , where monetary
system evolved from bimetallism of gold and silver to gold standard , then to paper money standard. 1870s later , most western
countries gave up bimetallism of gold and sliver one after another , and adopted gold standard , which resulted in the regime of dual
exchange rates in China , namely , exchange rate of silver to gold in foreign trade and exchange rate of silver to copper in domestic
trade. Dual exchange rates brought the phenomenon of trade deficit in company with depreciation , which is not accordance with
economic theory. It also brought disadvantages to our country through enhancing the burden of foreign loans and reparations and
impoverished grass roots people. Based on Zheng Youkuis research , also under the background of new development in monetary
theory and historical data , we analyze the effects of regime of dual exchange rates on Chinas economy between 1870 and 19001
Finally , this article makes clear the inherent defects of bimetallism in China by comparing it with bimetallism in western countries.
Key Words :Bimetallism ;Dual Exchange Rates ; Economy
JEL Classification :F129 ,F752 ,F829

( : ) ( : )

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