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1、Theexchangerateofcoppercashtosilverbullion(C／S)inQingChinaPAGEPAGE1Theexchangerateofcoppercashtosilverbullion(C/S)inQingChina研究领域：经济史Theexchangerateofcoppercashtosilverbullion(C/S)inQingChinaLeiGaoAssistantProfessorofFinance,BusinessSchoolofShantouUniversity.Daxu
2、eRoad243,Shantou,Guandong,P.R.China515063.E-mail:drgaolei@1264>>,GerhardKlingAssistantProfessorofFinance,UtrechtSchoolofEconomics.Vredenburg138,3511BGUtrecht,TheNetherlands.E-mail:g.kling@econ.uu.nl,Phone:003130-253-9682,Fax:003130-253-7373ShuxiYingAssistantProfe
3、ssorofFinance,BusinessSchoolofSt.GallenUniveristy.Dufourstrasse40a,CH-9000St.Gallen,Switzerland.E-mail:shuxi_yin@126>,Phone:00865718691,Fax:00865719196AbstractThisresearchpaperinvestigatestheexchangeratesofcoppercashtosilverbullion(C/S)inQingChina.Afterdescribing
4、theofficialandmarketexchangerates,itdiscernsthemajorfluctuationsandlong-termtrendsofthemarketexchangeratefrom1644to1857aswellastheunderlyingreasonsandconsequences,whicharecrucialfortheunderstandingofQingChina’smonetaryhistoryandforaproperevaluationofthemonetarypo
5、licyadoptedbytheQingGovernment.Thenitaddressestheissueofthelocaldivergenceofexchangerates.Finally,itproposesamodelofthecoppercashtosilverbullion(C/S)exchangeratemovementsinQingChina.Keywords:Economichistory,financialhistory,exchangerate,QingChinaIMonetarypolicyin
6、QingChinahasinspiredagreatdealofresearchinterestofhistoriansandeconomistsworldwide.QingChinaisapreindustrializedsocietywithahighlymonetarizedeconomy;themonetaryconditionsexertedastronginfluenceoneconomicgrowthandsocialdevelopment.Amongallmonetarypoliciesadoptedby
7、thegovernment,attemptsatadjustingtheexchangerateofcoppercashtosilverbullion(C/S)werethemostimportantones.ThemonetarysysteminChinathenisatypicalbimetallicsystemwheresilverbullionandcoppercasharetwoparallelmonetarystandards.Bothofthemcirculatewithinseparatesphereso
8、ftheeconomy.Usuallycashwasusedforretailbusiness,dailywages,militarypay,rentpaymentsandsimilarsmalltransactions,whilesilvernormallywasusedforwholesalebusiness,l
