Proposal preview

Distinctive and Interlinked: Chinese Money and Finance under Globalization from Historic Perspectives

Compared with those of western countries,especially Europe,Chinese money and finance has been walking on a distinctive path of development, which is proven by the monetary structure change, the uniqueness of financial institutions and unique international chance as well as pattern of financial modernization. From a comparative perspective,this session will discuss the monetary structure changes in China, the turning point for financial modernization in the international context,and the features and patterns of finance structure and institution in China in the process of modernization. Thereby we will clarify the financial fountain of Chinese economic development and enrich the contents of monetary and financial theory.

In ancient China, copper coin had circulated for more than 2000 years as the dominant monetary form. At the same time, copper coins, silk and silver jointly formed a multicomponent structure that showed different proportions of its components at different times. Moreover, when the Western world entered the modern age, China was one of the few countries whose key currency was still occupied by silver. This session will discuss the characteristics of ancient China’s copper-coin-centered monetary structure as well as the silver-centered monetary system in modern times. Referring to modern currency structural system in western countries, we will investigate how these characteristics impact on China’s economic development and whether the different structure of the monetary system between the western and China was one of the factors that made China falling behind the West.

During the modern period, when most western countries entered the capitalism society, the financial system and institutions in China was still dominated by western colonists, embodying quite obvious dependency. Compared to Japan, the financial modernization of China was facing the adverse international opportunities, in which the Western countries inhibited the development of China’s financial independence. There are two questions need to discuss. First, the Integration of the traditional financial organizations such as banking houses (Qian zhuang), draft banks (Piao hao)and modern financial organizations. Second, the challenge faced China modern banking system in the process of imitating and competing with the Western ones which monopolized the Chinese financial market. The situation with complex organizational structure of financial systems and suppressed international opportunity specialized Chinese financial system and its own efficiency. All of these will be discussed from an international comparative perspective.

Organizer(s)

  • Ping HE, School of Finance, Renmin University of China, hp65017@hotmail.com, China
  • Georges DEPEYROT, Centre Nationale de la Recherche scientifique - Ecole Normale Supérieure, georges.depeyrot@orange.fr, France

Session members

  • Jun ZhANG, University of Rochester, elya.zhang@rochester.edu
  • Jianbing DAI, School of History,Hebei Normal University , jianbd@263.net
  • Dic LO, SOAS, University of London, diclo@soas.ac.uk
  • Yohei KAKIMUMA, Teikyo University(Tokyo), yohey0806@yahoo.co.jp
  • Tina S. CLEMENTE, Asian Center, University of the Philippines-Diliman, tsclemente@up.edu.ph
  • Xule ZHANG, School of Economics, Fudan University, zhxule@fudan.edu.cn
  • Rixu LAN, School of Economics, Central University of Finance and Economic, galenlan@163.com
  • Jianbo ZHOU , School of Economics, Peking University, zhoujianbo@pku.edu.cn
  • Li DIAO, School of Economics and Management ,Wuhan University , fxyd39@126.com

Proposed discussant(s)

  • Craig Muldrew, University of Cambridge, jcm11@cam.ac.uk
  • Akinobu KURODA, University of Tokyo, ankuroda@ioc.u-tokyo.ac.jp

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