Business Innovation and Lending Rates of Traditional Financial Institutions in the Qing Dynasty:A Discussion on the Supply-Side Conditions of the Interest Rate Revolution
Major traditional financial institutions were the consequences of financial innovation under specific economic developments.In the middle and late Qing Dynasty,since lending rates were affected the scale of an institutions'capital,market positioning and management,the interest rates for loans varied widely in different financial institutions.Pawnshops(diandang)and Seal Bureaus(yinju),which mainly provided small and miscellaneous loans,usually charged high interest rates,while Account Bureaus(zhangju)generally offered loans at relatively low rates for long-distance commerce.Shanxi Banks(piaohao)and Money Shops(qianzhuang)increasingly made loans by utilizing remittance and interbank borrowing at lower interest rates.However,interest rates in traditional Chinese financial institutes remained at a higher level than modern Western banks and failed to complete the"interest rate revolution".This was largely because of the insufficient combination of public finance and private finance as well as the lagging of public credit construction.
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