Hostname: page-component-848d4c4894-x24gv Total loading time: 0 Render date: 2024-05-26T00:45:44.227Z Has data issue: false hasContentIssue false
  • English
  • Français

The seasonal demand for multiple monies in Manchuria: re-examining Zhang Zuolin's government's economic policy during the 1920s

Published online by Cambridge University Press:  09 August 2013

Miriam Kaminishi
Miriam Kaminishi*
Affiliation:
National University of Singapore
*
Miriam Kaminishi, Research Fellow, Department of History, Faculty of Arts and Social Sciences, National University of Singapore, Block AS1, Level 05-27, 11 Arts Link, Singapore 117570, hiskm@nus.edu.sg.
Get access Rights & Permissions [Opens in a new window]

Abstract

This article reviews the political economy of Manchuria under the rule of Zhang Zuolin, which resulted in the economic instability that occurred during the winter of 1928. One can conjecture that the economic instability did not occur only because of the arbitrariness of the political and military regional government. The instability appears to be related to an ongoing seasonal demand for monies, which was relatively high between the months of September and March, since it corresponded to the period of commerce in soybeans − the region's main economic activity −, the migration of seasonal workers, and also the festive period of the Chinese New Year. The analysis was conducted based on primary materials published by the South Manchuria Railway Company, such as currency issuance and the variation of the exchange rate of the major currencies in circulation among foreign and Chinese currencies.

Keywords

monetary system with multiple currenciesseasonal variationdemand for moneyManchuria

JEL classification

E42: Monetary Systems • Standards • Regimes • Government and the Monetary System • Payment Systems E41: Demand for Money N15: Asia including Middle East
Type
Articles
Information
Financial History Review , Volume 20 , Issue 3 , December 2013 , pp. 335 - 359
Copyright
Copyright © European Association for Banking and Financial History e.V. 2013 

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Sources

Chosen ginkoshi. (1987). Tokyo: Toyokeizai Shinposha.Google Scholar
Economic History of Manchuria: compiled in commemoration of the decennial of the Bank of Chosen (1920). Seoul: Hoshino Tokuji.Google Scholar
International Institute of Agriculture (1939). Oils and Fats: Production and International Trade. Rome: International Institute of Agriculture.Google Scholar
Manshu jijo an'naijo (1939). Manshu no nogyo jijo. Shinkyo: Manshu jijo an'naijo.Google Scholar
Minami Manshu Tetsudo Kabushikigaisha Shomubu Chosaka – MMTK (SC) (1928). Panfuretto 44go. Manshu Kahei Soba Shusei 2. Dairen: Minami Manshu Tetsudo.Google Scholar
Minami Manshu Tetsudo Kabushikigaisha Shomubu Chosaka – MMTK (SC) (1929). Panfuretto 44go. Manshu Kahei Soba Shusei 3. Dairen: Minami Manshu Tetsudo.Google Scholar
Minami Manshu Tetsudo Kabushikigaisha Sosai Shitsu – MMTK (SS) (1929). Chugokujin Rodosha no Chingin. Dairen: Minami Manshu Tetsudo Sosai Shitsu Jinjika.Google Scholar
Minami Manshu Tetsudo Kabushikigaisha Keizai Chosakai – MMTK (KC) (1932). Manshu Tsuka Tokei. A Shiheihen. Dairen: Minami Manshu Tetsudo.Google Scholar
Minami Manshu Tetsudo Kabushikigaisha Keizai Chosakai – MMTK (KC) (1933). Manshu ni okeru Ryosan. Dairen: Minamimanshū Tetsudo.Google Scholar
Minami Manshu Tetsudo Kabushikigaisha Keizai Chosakai – MMTK (KC) (1934). Manshu Keizai Tokei Zuhyo. Showa 9nenban. Dairen: Minami Manshu Tetsudo.Google Scholar
Report of the Commission of Enquiry Appointed by the League of Nations (1932). Washington, DC: Government Printing Office.Google Scholar
South Manchuria Railway (SMR) (1929). Report on Progress in Manchuria 1907–28. Dairen.Google Scholar
Yokohama Shokin Ginko Chosaka (YSGC). (1926). Hotenhyo no Hanashi. Chosahokoku Dai 61go. Yokohama: Yokohama Shokin Ginko Chosabu.Google Scholar
Yokohama Shokin Ginko Chosabu (YSGC). (1942). Manshu ni okeru Hokushi Rodosha oyobi Rodo Tosei ni tsuite. Yokohama: Yokohama Shokin Ginko Chosabu.Google Scholar

References

Aratake, T. (2008). Kindaimanshuno kaihatsuto imin: bokkai o watatta hitobito. Tokyo: Kyukoshoin.Google Scholar
Hirano, K. (1983). The Japanese in Manchuria, 1906–1931: a study of the historical background of Manchukuo. PhD dissertation, Harvard University.Google Scholar
Ho, F. L. (1931). Population movement to the northeastern frontier in China. The Chinese Social and Political Science Review, 15(3).Google Scholar
Kaminishi, M. (2011). Multiple monetary system: the effects of seasonal variation on the demand for money based on the implications from the experience in Manchuria between 1916 and 1928. PhD dissertation, Waseda University, Japan.Google Scholar
Kann, E. (1926). The Currencies of China: An Investigation of Gold & Silver Transactions Affecting China, with a Section on Copper. Shanghai: Kelly & Walsh.Google Scholar
Kasahara, H. (1917). Manshu no kin'yu kikan to tsuka. Dairen: Manmosangyo Kenkyukai.Google Scholar
Kemmerer, E. W. (1910). Seasonal Variations in the Relative Demand for Money and Capital in the United States. New York: Arno Press.Google Scholar
Kobayashi, H. (1972). Manshu kinyukozono saihenseikatei: 1930 nendai zen-hankiwo chusintosite. In Nihon teikoku shugikano Manshu: Manshukoku seiritsu zengo no keizai kenkyu. Tokyo: Ochanomizushobo.Google Scholar
Kobayashi, H. (1975). Daitoa kyoeiken no keisei to hokai. Tokyo: Ochanomizushobo.Google Scholar
Kobayashi, H. (2008). Manshu no rekishi. Tokyo: Kodansha.Google Scholar
Kuznets, S. S. (1933). Seasonal Variations in Industry and Trade. New York: National Bureau of Economic Research.Google Scholar
McCormack, G. (1977). Chang Tso-lin in Northeast China, 1911–1928: China, Japan, and the Manchurian idea. Stanford: Stanford University Press.Google Scholar
Nishimura, S. (1971). Senkyuhyakunijunendai tosansho chihokenryokuno hokai katei. Osaka Gaikokugo Daigaku Gakusho, 25(Jul.).Google Scholar
Nishimura, S. (1992). Chyo gakuryo seikenkano heisei kaikaku: gentaiyohyono seijiteki gan-i. Toyoshi Kenkyu, 50(4), 1–47.Google Scholar
Shibutani, Y. (1993). Cho Sakurin seikennka no hoten-ho minsei to shakai: o Eikoo shushintoshite. Toyoshikenkyu, 52(1), pp. 84–117.Google Scholar
Suleski, R. (1977). Provincial finance in early republican China: the Fengtien provincial budget, 1915–1928. Chinese Republican Studies Newsletter III, 1(Oct.), pp. 11–18.Google Scholar
Suleski, R. (1979). The rise and fall of the Fengtian dollar, 1917–1928: currency reform in warlord China. Modern Asian Studies, 13(4), pp. 643–60.CrossRefGoogle Scholar
Suleski, R. (2002). Civil Government in Warlord China: Tradition, Modernization and Manchuria. New York: Peter Lang.Google Scholar
Yasumori, M. (1924). Manshu ni okeru yubogyo. Dairen: Minami Manshu Tetsudo.Google Scholar
Young, W. C. (1929). Chinese colonization and the development of Manchuria. In Condliffe, J. B. (ed.), Problems of the Pacific 1929: Proceedings of the Third Conference of the Institute of Pacific Relations. Nara and Kyoto, Japan.Google Scholar