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2 results

  • 7 - Money and the Macro-economy

  • from Part I - 1800–1950
  • Edited by Debin Ma, Hitotsubashi University, Tokyo, Richard von Glahn, University of California, Los Angeles
  • Book:
    The Cambridge Economic History of China
    Published online:
    07 February 2022
    Print publication:
    24 February 2022, pp 208-243

  • Summary

    An understanding of how the money market developed is vital because money serves as the blood of an economy. From 1800 to 1937, the Chinese money market transitioned from a highly fragmented bimetallic system to a gradually integrated silver yuan system in tandem with a silver-backed fiduciary paper-money system until a fiat money system was established. As a consequence, the economy became increasingly monetized as the growth rate of the money supply gradually surpassed the overall economic growth rate without evident inflation pressure on general price trends. This development resulted both from the efforts of governments and private institutions in response to various types of shock separately and from the outcomes of competition and co-operation between the two stakeholders over time.

  • 4 - The Currency System

  • from III - Northern India under the Sultanate
  • Edited by Tapan Raychaudhuri, Irfan Habib
  • Book:
    The Cambridge Economic History of India
    Published online:
    28 March 2008
    Print publication:
    01 April 1982, pp 93-101

  • Summary

    The most decisive evidence of change in the economic life of northern India after the Muslim expansion is numismatic. The Chandra dynasty coins are important in suggesting a prototype for the broad-struck silver and gold issues of the Delhi and Bengal sultanates. The metrology of the new coinage is firmly Indian with no parallels in earlier Islamic coinage. The remonetarization of the economy might have occurred by the middle of the thirteenth century, for at this period the Suhrawardi shaykhs of Multan left assets of lakhs of tankas. In the monetary system of the Delhi sultanate a firm equation between gold and silver appears to have been established at 1:10. The existence of smaller moneys of account in the Delhi is demonstrated by Baranl's numerous references to dings and dirams. It is clear that the establishment of a trimetallic coinage in northern India in the thirteenth century was heavily dependent on the remittance of gold and silver from Bengal.