A Comparative Study Of The Three Major Financial Crises In The Late Qing Dynasty (1880-1915)

In the world today,the economic and social costs of each financial crisis are increasingly high.In the 1990 s,the "bubble economic crisis" broke out and undermine the rapid growth of Japan’s economy,making it fall into a recession for more than twenty years.In 1997,the outbreak of the "Southeast Asian financial crisis" undermined the economy of Southeast Asia,which made the economic stren gth of Thailand,Malaysia and other countries suffer heavy damage,and pol itics of them were in a long period of turmoil.The recent "US subprime mortgage crisis" erupted at the end of 2007 is a curse to the whole world.After more than 10 years of the cri sis,the "remaining poison is not clear".The financial crisis has existed for a long time.The earliest financial crisis can be traced back to the “Prussian Mint crisis” in 1619-1623 and the tulip bubble in Holland in 1636.The "tulip bubble" not only mad e the famous Amsterdam exchange hit a heavy blow,but also made Holland’s economy in chaos,speeding up the pace of Holland’s decline.From the end of the nineteenth century to the beginning of the twentieth century,China also broke out three financial cr ises which resulted in the collapse of financial institutions and the turm oil of the financial market.The financial crisis of 1883,the financial crisis of 1897 and the financial crisis of 1910 were not only complicated and large,but also had a great imp act on the real economy and the financial system.It has a profound impact on the historical process of China’s modernization,and it is worth our further research.From the perspective of modern economics,this paper makes a historical analysis and data analysis of the background,causes,evolution mechanism and consequences of the three major financial crises in China in the late Qing Dynasty from 1880 to 1915.By studying the ups and downs of financial markets,financial institutions and financial regulators in the course of the crises,this paper makes a detailed analysis of the fragility of the financial system and the tight market flows at that time.And then try to analyze the root causes of the financial crisis.Through the analysis of the crisis evolution mechanism,the impact of the crisis and the lender of last resort m echanism of the central bank in the crisis,this paper tries to clarify the impact mechanism of the absence of lender of last resort mechanism of the central bank,lagging government market supervision and unstable rescue measures on the financial crisis.It is found that the essence of the three financial crises in the late Qing Dynasty was the banking crisis,which was gradually caused by currency devaluation and balance of payments imbalance.The key to the outbreak of the crisis lies in the repeated contraction of liquidity in the financial system.The contraction of liquidity is the result of a combination of several core factors,such as the current trade deficit,the absorption of liquidity funds by newly established industrial and mining enterprises,the sharp fluctuation of financial asset prices and the absence of the Lender of last resort of the Central Bank.