Land Rent and Field Price:Land Finance in Huizhou during the Ming Dynasty
In this paper,physical land rent is transformed into measurable monetary returns and regarded as interest on field prices.By establishing a database of rice prices and interest rates,it is found that there existed a financial market centered on the right to land revenues in Huizhou during the Ming Dynasty.Investors,borrowers and lenders traded around land revenue rights,and the ratio of land rent to field price then became the return on investment for investors cum creditors and the interest rate on borrowing for debtors.Debtors enjoy low interest rates in ordinary years and bear high interest rates in disaster years;creditors only have low returns in ordinary years and get high returns in disaster years,which are the basic characteristics of land finance.
Land RentField PriceLand Revenue RightLand Finance
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