Gresham's law states only one precondition: in the world of metal coins, if there is a fixed rate of exchange between good and bad money, then bad money will drive out good. We argue, however, that when there is <italic>no</italic> fixed exchange rate between good and bad money, and when the government...

We examine the equilibrium and adjustment of exchange rates in the Chinese silver standard economy, 1928–1935. We find a robust long-run relationship between the Chinese dollar exchange rate and the metallic value of the Chinese dollar. The deviation from the equilibrium is short-lived and is...

Purpose – To review one of the earliest Chinese debates on socialism, highlighting the consequent changes in outlook by Sun Yat-sen and Liang Qichao; and to demonstrate the influence of Western economic writers especially Richard T. Ely, Henry George, and German Bismarckian socialists....

The Boxer uprising in China (1900) killed quite a number of foreigners and missionaries, which induced the armies of eight Western powers to invade China and they imposed an indemnity of 400 million silver taels. The international silver price around the 1900s was slumping, and these...

It is often argued that the silver standard insulated the Chinese economy from the Great Depression that prevailed in the gold standard countries during the period 1929-1935. Using econometric testing and counterfactual simulations, this article shows that if China had been on the gold standard...

This paper investigates the empirical relationships between military expenditure and unemployment rates. A set of global panel data on 46 countries is utilized, and a panel data version of the Granger causality test is applied. The results indicate that there is little evidence of the causality...