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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (27869)	1/26/2003 12:11:13 PM
From: Ilaine	Read Replies (1) \| Respond to of 74559

>>Chinese Silver Standard Economy and the 1929 Great Depression abstract It is often said that the silver standard had insulated the Chinese economy from the Great Depression that prevailed in the gold standard countries during the 1929-35 period. Using econometric testing and counterfactual simulations, we show that if China had been on the gold standard (or on the gold-exchange standard), the balance of trade of this semi-closed economy would have been ameliorated, but the general price level would have declined significantly. Due to limited statistics, two important factors (the GDP and industrial production level) are not included in the analysis, but the general argument that the silver standard was a lifeboat to the Chinese economy remains defensible. Keywords: silver standard, Chinese economy (1929-35), the 1929 Great Depression. JEL: E52, F33, N25 Cheng-chung Lai, Professor of Economics, National Tsing Hua University, Sinchu 30013, Taiwan. Tel: +886-3-574.2891, fax: +886-3-572.2476 <lai@mx.nthu.edu.tw>. Joshua Jr-shiang Gau, Staff, Economic Forecasting Division, Bureau of Statistics, Directorate-General of Budget, Accounting and Statistics, Taipei 100, Taiwan. Tel: 886-2-2382.3854, fax: 886-2-2371.0197 <jjsgau@emc.dgbasey.gov.tw>.<< eh.net