Ho, Tai-kuang; Lai, Cheng-chung - In: Explorations in Economic History 50 (2013) 3, pp. 446-462
We show how the silver standard transmitted world silver price fluctuations into China and made the Chinese price level closely linked to the world silver price. Inflation was transmitted between 1929 and 1931 when the world silver price was falling; while deflation was transmitted during 1932...