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Cited by 48Historical Economic and Social StudiesHistorical Economic and Legal ThoughtMonetary Policy and Economic Impact

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Concurrent but non-integrable currency circuits: complementary relationships among monies in modern China and other regions

Kuroda, Akinobu·2008·Financial History Review
DOI 10.1017/s0968565008000036
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Abstract

The coexistence of a number of monies with fluctuating exchange rates in modern China and other Asian regions appeared chaotic to foreign observers. However, behind this apparently confused situation lay a multiplicity of currency circuits, each of which consisted of pairing a trade zone with a particular currency. Their concurrence resulted from the difference of temporality and space in monetary usage. The difficulty of matching heterogeneous demands for money to uneven supplies of currencies made for multiple currency circulation. Such a multiplicity caused some merchants to make use of imaginary units which were alive only in account books. Though complementary relationships between incompatible monies prevailed in China, India and other regions, a combination of a remittance system and local credit supply in some societies happened to synchronise currency streams to make a compatible monetary system. This comparative study suggests that currency streams often had to pass through multiple market layers, and that some friction in the streams meant that the market required plural monies.

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Metadata

Authors
Kuroda, A.
Affiliations
The University of Tokyo (JP)
Corresponding author
Kuroda, Akinobu
Venue
Financial History Review
Publisher
Cambridge University Press (CUP)
Published
2008-04
Volume
15
Issue
1
Pages
17-36
ISSN
  • 0968-5650 (ISSN-L)
  • 1474-0052
DOI
10.1017/s0968565008000036
OpenAlex
W2124410629
Cited by
48
References
0
Citations by year
2026: 2 · 2025: 2 · 2023: 2 · 2022: 4 · 2021: 2 · 2020: 3 · 2019: 4 · 2018: 7 · 2017: 5 · 2016: 6 · 2015: 3 · 2013: 1 · 2012: 2
FWCI
3.86
Type
journal article
Language
en
Open access
closed
Licence
www.cambridge.org/core/terms (unspecified, 3 d)
Locations
  • Financial History Review (publishedVersion)
  • RePEc: Research Papers in Economics (submittedVersion)
Topics
  • Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Historical Economic and Social Studies
  • Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Historical Economic and Legal Thought
  • Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
Keywords
complementary currencies, exchange rates, imaginary unit, monetary system, merchant finance, modern China, India

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