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Accounting for the Fall of Silver – Hedging Currency Risk in Long-Distance Trade with Asia, 1870-1913 - Oxford Scholarship Online
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Accounting for the Fall of Silver: Hedging Currency Risk in Long-Distance Trade with Asia, 1870-1913

Michael Schiltz

Abstract

Whereas the emergence of the classical gold standard (1870‒1914) has attracted considerable attention in the economic literature, only very few authors have inquired into the protracted confidence crisis of silver. Building on the results of Calomiris, Oppers, and Flandreau, this book explores the evolution of management practice in exchange banks in Asia. Using ‘forensic accounting’, it attempts to show that contemporaries were aware of problems caused by the gyrations of the silver price after 1870, and that they sought to actively remedy their harmful effects on trade between gold and silve ... More

Keywords: international gold standard, bimetallism, gold-silver parity, exchange banking, hedging, HSBC, Yokohama Specie Bank, bill of exchange, trade finance

Bibliographic Information

Print publication date: 2020 Print ISBN-13: 9780198865025
Published to Oxford Scholarship Online: October 2020 DOI:10.1093/oso/9780198865025.001.0001

Authors

Affiliations are at time of print publication.

Michael Schiltz, author
Associate Professor, Hokkaido University