Historically China adopted paper money very early but during Ming Dynasty paper money was replaced by silver coins.
I would like to know why, is there any authoritative source that looks at this issue?
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This paper looks relevant: https://www.sciencedirect.com/science/article/abs/pii/0164070495801014
Abstract
"This paper shows that the collapse of the paper money system of the Ming dynasty (1368–1644) was not due to a runway printing press but due to the existence of competing metallic currencies, which increased the interest elasticity of paper money demand and thus raised the possibility of self-generating hyperinflation. A leaning-with-the-wind feedback rule from prices to money supply followed by the Southern Sung government (1127–1279), however, seems to have prevented a self-generating inflation from arising."
