콘텐츠 바로가기
로그인
컨텐츠

Category Open

Resources

tutorial

Collection of research papers and materials on development issues

home

Resources
Economy Economic System

Print

Monetary authority independence and stability in medieval Korea : The Koryo monetary system through four centuries of East Asian transformations, 918-1392

Related Document
Frame of Image
  • Monetary authority independence and stability in medieval Korea
  • Jun, Seong Ho
  • Cambridge University Press


link
Title Monetary authority independence and stability in medieval Korea
Similar Titles
Sub Title

The Koryo monetary system through four centuries of East Asian transformations, 918-1392

Material Type Articles
Author(English)

Jun, Seong Ho

Publisher

[Cambridge]:Cambridge University Press

Date 2014-12
Journal Title; Vol./Issue Financial History Review:vol. 21(no. 3)
Pages 23
Subject Country Eastern Asia(Asia and Pacific)
South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic System
Holding Cambridge University Press

Abstract

This article surveys the monetary history of Koryŏ from the eleventh to the thirteenth century. During the first century of the dynasty, Koryŏ was at war with the Liao, prohibited trade with the enemy and pursued a policy of protecting its metal reserves. During the ban on metallic coins, rice and cloth served as commodity monies, ensuring price stability in a phase of sustained growth of the rural economy. A second phase began after the victory over the Liao in 1018. Backed by military strength, the government issued iron, bronze and silver currencies to facilitate international trade. The Koryŏ ‘silver vase’ currency, which circulated for three centuries, partly bridges the ‘black hole’ in East Asian monetary history from the Late Tang to the Ming period. The intrinsic value of the metallic currencies in conjunction with state issuance provided monetary stability. (The rest omitted)