TAI-KUANG HO2019-10-222019-10-222016307653https://www2.scopus.com/inward/record.uri?eid=2-s2.0-84995642081&doi=10.1093%2foep%2fgpw031&partnerID=40&md5=e6997ec85b0d509d320130b8bac8fe04https://scholars.lib.ntu.edu.tw/handle/123456789/427089In this paper we provide a quantitative evaluation of foreign financial advising, taking China's currency reform proposals as an example. Between 1903 and 1929, three Western financial experts proposed a gold (-exchange) standard to China, which at that time was on a silver standard. Using counterfactual simulation, we find that: (1) a gold (-exchange) standard would not have brought price stability to China; (2) and it could have even worsened global deflation during the beginning years of the Great Depression. ? Oxford University Press 2016.journal article10.1093/oep/gpw03118037191500