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A study of the Interbank Offered Rate of Shanghai qianzhuang in the early 20th century
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TitleA study of the Interbank Offered Rate of Shanghai qianzhuang in the early 20th century  
AuthorPan Qingzhong and Long Denggao  
OrganizationTsinghua University; 
Key WordsShanghai qianzhuang; Interbank Offered Rate; Stability; Seasonality; 
AbstractThis paper analyzes the IOR (Interbank Offered Rate) of Shanghai qianzhuang (small native bank in Chinese history) during the period of 1912-1933. We argue that the IOR of Shanghai qianzhuang was the benchmark interest rate in Modern Shanghai’s financial market. Through analysis of this IOR, we find that the stability of the Shanghai’s financial markets was firstly improved after 1912, and then got much more improved and efficient after the year of 1927. During the period of 1912-1933, the stability of Shanghai’s financial markets has gone through three phases: low- high -low. The seasonal financial fluctuation plays a key role on the instability of the financial market, which was decreased gradually with the financial reforms and the growth of domestic financial market after 1927. This paper also finds that the average IOR in Shanghai was no significant difference between the benchmark interest rate of the Britain and the U.S., respectively. 
Serial NumberWP701 
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