On the Policy Adjustments and Economic Disputes from the Devaluation of Huizi in the Southern Song Dynasty
The emergence and circulation of paper currency in the Song Dynasty marked a significant shift in economic life compared to previous periods.The most prominent paper currency in the Southern Song was Huizi,and fluctuations in its value had profound and far-reaching impacts on social life.Analyzing the market value of Huizi reveals a long-term trend and periodic characteristics of divergence from its nominal value.The fluctuations in the exchange rate led to issues such as the redistribution of social wealth,economic disputes among the populace,and merchant arbitrage,which in turn prompted the government to overissue Huizi.This overissuance exacerbated the decline in the exchange rate,severely harming the Song dynasty's finances.In response,the government of the Song Dynasty implemented policies such as"half-payment in both coins and Huizi"(qian-hui-zhong-ban),"redeeming old Huizi"(shou-dui-jiu-hui),and"stabilizing vale of Huizi"(cheng-ti-hui-zi).Local governments and the general populace also took various measures to tackle these issues.
Southern Song DynastyHuiziCopper CoinsPricesChengti(Value Stabilization)
NETL
NSTL
万方数据
