[经济史与经济思想史Seminar]Monetary Capacity in History: with special consideration to the Chinese case

【主讲】Nuno Palma 英国曼彻斯特大学助理教授
【主题】Monetary Capacity in History: with special consideration to the Chinese case
【简介】Doctor Palma is a Lecturer (Assistant Professor) at the Department of Economics of the University of Manchester. He was previously Assistant Professor at the Department of Economics, Econometrics, and Finance, University of Groningen, and a Max Weber Fellow at the European University Institute. He holds degrees from the University of Lisbon and the London School of Economics. His main research interests include economic history, development and growth, macroeconomics and monetary economics, and political economy.
【提要】The monetization of an economy and its fisscal capacity move together in the long run. We provide historical evidence in support of this proposition, and propose a model that explains it. The model shows that while monetization and fiscal capacity are substitutes in the short run, they are complements in the long run. This is because highly monetized societies generate stronger incentives for governments to invest in fiscal capacity, but in turn high fiscal capacity makes it easier for governments to commit to monetary stability, thus leading to higher monetization. We provide case-study evidence in support of our mechanism, focusing on early successes such as seventeenth-century Netherlands, eighteenth and nineteenth century Britain, and failures, such as Ming China. We conclude by discussing implications for macroeconomics and development.

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