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Concurrent but non-integrable currency circuits: complementary relationships among monies in modern China and other regions

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  • Kuroda, Akinobu

Abstract

The coexistence of a number of monies with fluctuating exchange rates in modern China and other Asian regions appeared chaotic to foreign observers. However, behind this apparently confused situation lay a multiplicity of currency circuits, each of which consisted of pairing a trade zone with a particular currency. Their concurrence resulted from the difference of temporality and space in monetary usage. The difficulty of matching heterogeneous demands for money to uneven supplies of currencies made for multiple currency circulation. Such a multiplicity caused some merchants to make use of imaginary units which were alive only in account books. Though complementary relationships between incompatible monies prevailed in China, India and other regions, a combination of a remittance system and local credit supply in some societies happened to synchronise currency streams to make a compatible monetary system. This comparative study suggests that currency streams often had to pass through multiple market layers, and that some friction in the streams meant that the market required plural monies.

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  • Kuroda, Akinobu, 2008. "Concurrent but non-integrable currency circuits: complementary relationships among monies in modern China and other regions," Financial History Review, Cambridge University Press, vol. 15(1), pages 17-36, April.
    • Handle: RePEc:cup:fihrev:v:15:y:2008:i:01:p:17-36_00
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    Cited by:

    1. Jérôme Blanc, 2017. "Unpacking monetary complementarity and competition: a conceptual framework," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 41(1), pages 239-257.
    2. Niv Horesh & Hyun Jin Kim, 2011. "Why Coins Turned Round the World Over? A Critical Analysis of the Origins and Transmission of Ancient Metallic Money," China Report, , vol. 47(4), pages 279-302, November.
    3. Jérôme Blanc, 2018. "Tensions in the triangle: monetary plurality between institutional integration, competition and complementarity," Evolutionary and Institutional Economics Review, Springer, vol. 15(2), pages 389-411, December.
    4. Larue, Louis & Meyer, Camille & Hudon, Marek & Sandberg, Joakim, 2022. "The Ethics of Alternative Currencies," Business Ethics Quarterly, Cambridge University Press, vol. 32(2), pages 299-321, April.
    5. igescu, iulia, 2023. "With or Without Usura? Monetary Policy and Market Creation," MPRA Paper 120865, University Library of Munich, Germany.
    6. Hart, Keith, 2011. "The financial crisis and the end of all-purpose money," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 12(2), pages 4-10.
    7. Georgina M. Gómez & Paolo Dini, 2016. "Making sense of a crank case: monetary diversity in Argentina (1999–2003)," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 40(5), pages 1421-1437.
    8. Keith Hart, 2012. "The Financial Crisis and the History of Money," Chapters, in: James G. Carrier (ed.), A Handbook of Economic Anthropology, Second Edition, chapter 38, Edward Elgar Publishing.
    9. James G. Carrier (ed.), 2012. "A Handbook of Economic Anthropology, Second Edition," Books, Edward Elgar Publishing, number 14267.
    10. D. Flynn O. & Д. Флинн О., 2017. "Теория цены денег. Из всеобщей истории // Price Theory of Monies, from Global History," Review of Business and Economics Studies // Review of Business and Economics Studies, Финансовый Университет // Financial University, vol. 5(2), pages 36-46.

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