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Financial revolution in republican China during 1900–37: a survey and a new interpretation

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  • Ma, Debin

Abstract

This paper surveys the phenomenal transformation of banking and finance, public debt, and monetary regimes during 1900–37, a period of great political instability in Chinese history. To understand why growth in these strategic sectors occurred, I highlight the role of the institutional nexus of Western treaty ports (with Shanghai being the most important) and China Maritime Customs service, a relatively autonomous tax bureaucracy. My new interpretation on the importance of this mechanism sheds new light on the role of Chinese political institutions, the impact of the West and the ongoing Great Divergence debate.

Suggested Citation

  • Ma, Debin, 2019. "Financial revolution in republican China during 1900–37: a survey and a new interpretation," LSE Research Online Documents on Economics 100280, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:100280
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    File URL: http://eprints.lse.ac.uk/100280/
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    Cited by:

    1. Sergi Basco & John P. Tang, 2021. "Banks, Credit Supply, and the Life Cycle of Firms: Theory and Evidence from Late Nineteenth Century Japan," CEH Discussion Papers 02, Centre for Economic History, Research School of Economics, Australian National University.
    2. Tang, John P. & Basco, Sergi, 2023. "Banks, credit supply, and the life cycle of firms: Evidence from late nineteenth century Japan," Journal of Banking & Finance, Elsevier, vol. 154(C).

    More about this item

    Keywords

    China; credible commitment; public debt; financial revolution;
    All these keywords.

    JEL classification:

    • N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Asia including Middle East
    • N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East
    • N45 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Asia including Middle East
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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