The Efficiency of the Chinese Silver Standard, 1920–1933
利用1920-1933年国内汇率数据，检验中国金融市场的整合程度，发现华北和华中主要商业中心高度整合，但南方偏远城市整合程度较低。
We test for integration of financial markets in China during 1920-1933 using a new dataset of domestic exchange rates. Our data concerns tael-denominated telegraphic transfers between Shanghai and nine other cities. We find that Chinese financial markets, as measured by the efficiency of silver-point arbitrage, were highly integrated among major commercial hubs in north and central China, but there was a lower level of integration for more remote cities in the south. Our paper presents the first comprehensive assessment of the efficiency of the Chinese silver standard and contributes to a revaluation of market performance during pre-communist China.