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The seasonal demand for multiple monies in Manchuria: re-examining Zhang Zuolin's government's economic policy during the 1920s

Published online by Cambridge University Press:  09 August 2013

Miriam Kaminishi
Miriam Kaminishi*
Affiliation:
National University of Singapore
*
Miriam Kaminishi, Research Fellow, Department of History, Faculty of Arts and Social Sciences, National University of Singapore, Block AS1, Level 05-27, 11 Arts Link, Singapore 117570, [email protected].
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Abstract

This article reviews the political economy of Manchuria under the rule of Zhang Zuolin, which resulted in the economic instability that occurred during the winter of 1928. One can conjecture that the economic instability did not occur only because of the arbitrariness of the political and military regional government. The instability appears to be related to an ongoing seasonal demand for monies, which was relatively high between the months of September and March, since it corresponded to the period of commerce in soybeans − the region's main economic activity −, the migration of seasonal workers, and also the festive period of the Chinese New Year. The analysis was conducted based on primary materials published by the South Manchuria Railway Company, such as currency issuance and the variation of the exchange rate of the major currencies in circulation among foreign and Chinese currencies.

Keywords

monetary system with multiple currenciesseasonal variationdemand for moneyManchuria

JEL classification

E42: Monetary Systems • Standards • Regimes • Government and the Monetary System • Payment Systems E41: Demand for Money N15: Asia including Middle East
Type
Articles
Information
Financial History Review , Volume 20 , Issue 3 , December 2013 , pp. 335 - 359
Copyright
Copyright © European Association for Banking and Financial History e.V. 2013 

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