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This chapter studies how political connections shaped the rise and fall of the Shanxi banks (piaohao), a type of Chinese financial institution operated by natives of Shanxi province that dominated inter-regional remittances in the nineteenth century. We find that Shanxi banks opened more branches in provinces where the provincial governors came from Shanxi. However, Shanxi banks declined after political connections were broken due to the collapse of the Qing dynasty in 1911, and the decline was faster in provinces that had been governed by more Shanxi officials than in the other regions.

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The Rise and Fall of Shanxi Banks in Historical China: A Political Economy Explanation

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  • 出版模式：

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  • 发表日期：

    2026年

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  • Wentian Diao,
  • Jinyan Hu,
  • Chicheng Ma

摘要

This chapter studies how political connections shaped the rise and fall of the Shanxi banks (piaohao), a type of Chinese financial institution operated by natives of Shanxi province that dominated inter-regional remittances in the nineteenth century. We find that Shanxi banks opened more branches in provinces where the provincial governors came from Shanxi. However, Shanxi banks declined after political connections were broken due to the collapse of the Qing dynasty in 1911, and the decline was faster in provinces that had been governed by more Shanxi officials than in the other regions.