A Silver Lifeboat, not Silver Fetters: Why and how the Silver Standard Insulated China from the 1929 Great Depression
基于动态随机一般均衡模型的反事实模拟，解释了银本位如何通过避免货币紧缩和内部通缩，使中国在大萧条头两年受损较轻；若没有银本位，中国产出损失可能达11%-23%。
Summary We use counterfactual simulations based on an estimated dynamic stochastic general equilibrium model to demonstrate why China was affected less than other major countries during the first two years of the Great Depression. We show that being on a silver standard insulated China from the adverse consequences of the Great Depression by saving the country both from a tightening of monetary conditions and from a detrimental internal deflation. Without the insulation of the silver standard, China might have suffered from a cumulative output loss of between 11% and 23%, and its inflation might have become deflation. Copyright © 2015 John Wiley & Sons, Ltd.