A Standard Ruble of Account for Russian Bussiness History, 1769–1914: A Note
"In this way one may lose ten silver rubles," said the cornet, looking at Liza, and wishing to enter into a conversation with her. "Are you not playing with assignats?" Anna Fedorovna asked, looking at everybody. "I do not know how it is,—I can't count by assignats," said the count. "How is it? What is an assignat?" "Nowadays nobody any longer counts by assignats," interposed the uncle, who had been winning, playing with the flintstone. —Lev. N. Tolstoy, Two Hussars
The unofficial Russo-Qing trade on the eastern Kazakh steppe and in northern Xinjiang in the first half of the 19th century
The Treaty of Kuldja (Ili) signed in 1851 between the Russian empire and the Qing empire marked the start of the official Russo-Qing trade in Xinjiang. This thesis aims to explore the generally neglected pre-1851 unofficial Russo-Qing trade on the Eastern Kazakh steppe and in Northern Xinjiang by examining the trade in three areas: Semipalatinsk, Tarbagatai and Ili. This pre-treaty era Russo-Qing trade was regarded as illegal on the Qing side but legal on the Russian side. By comparing the information from Chinese and Russian sources, this thesis argues that the original legal and official KazakhQing trade established in the 1760s was gradually transformed into an unofficial RussoQing trade in the first half of the 19th century. Besides analyzing the motivation and the stance of the Russian empire and the Qing empire, this thesis highlights the role of individual actors such as merchants, nomads, government officials and border guards in forging the trade. This thesis also discusses the commodities of the trade, the myth of silver flow and the discovery of the dramatic price change in the year of 1840. The analysis of travelogues and quantitative archival data of the imports and exports of the Semipalatinsk custom post from the 1820s to the 1840s complement the existing scholarship on this topic. By discussing the above-mentioned themes, the author reaches the conclusion that the pre-Treaty era unofficial trade was already marked by established institutions and diverse commodities, though with a high degree of informality. The 1851 Treaty of Kuldja which officialized the Russo-Qing trade in Ili and Tarbagatai did not establish a new trade, but was a result of the pre-Treaty period unofficial trade and carried many characteristics of the pre-treaty era trade.
The Distributed Impact of Price-Level Variation of Floating Exchange Rates
T'HIS paper presents evidence on the shortrun characteristics of purchasing-power parity (PPP) theory when account is taken of the fact that the relationship between currency purchasing powers and exchange rates is distributed over time. Distributed-lag variants of PPP theory are tested using price-level data and exchange rates between fourteen foreign currencies and the United States dollar during the period of floating exchange rates in the early 1920's. The findings suggest that in most cases the major impact of price-level movements occurred within a few months following the initial disturbance, and that the distributed effects were largely dissipated within a year's time.