Sho-Chieh Tsiang
Encyclopedia
Sho-Chieh Tsiang is a Chinese-American economist. He was born in China but resided primarily in the United States
from 1949 until his death. He also resided in Taiwan in 1948 and in the 1980s.
(B. Sc. Economics 1941, Ph.D. Economics 1945) and received the Hutchinson Silver Medal 1944-45. He served as Professor of Economics at National Peking University
, 1946–48, staff economist at the International Monetary Fund, member of Academia Sinica
, and Professor of Economics at University of Rochester
and Cornell University
. He was Director of the Chung-Hwa Institute for Economic Research during the 1980s.
Tsiang's academic contributions include work on the demand for money, monetary theoretic foundations of the monetary approach to the balance of payments, an early statement of the relation between spot and forward exchange rates, and the role of money in trade balance stability. However, together with his life-long friend and colleague Ta-Chung Liu, also a professor at Cornell University, gave practical advice to the Republic of China on economic policy. Together they advocated against central planning and for creating an environment that encouraged private enterprises to compete on world markets. Tsiang advocated the unification of multiple exchange rates and the devaluation of the New Taiwan dollar from artificially overvalued levels. He advocated for a positive real interest rate to promote savings and low tariffs to encourage exports. This was counter to prevailing policy recommendations by economists of the day. He also wrote for the public audience in Taiwan, engaging in lively public debates while director of the Taiwan Institute for Economic Research and later, the Chung-Hua Institution for Economic Research.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
from 1949 until his death. He also resided in Taiwan in 1948 and in the 1980s.
Biography
He studied at London School of EconomicsLondon School of Economics
The London School of Economics and Political Science is a public research university specialised in the social sciences located in London, United Kingdom, and a constituent college of the federal University of London...
(B. Sc. Economics 1941, Ph.D. Economics 1945) and received the Hutchinson Silver Medal 1944-45. He served as Professor of Economics at National Peking University
Peking University
Peking University , colloquially known in Chinese as Beida , is a major research university located in Beijing, China, and a member of the C9 League. It is the first established modern national university of China. It was founded as Imperial University of Peking in 1898 as a replacement of the...
, 1946–48, staff economist at the International Monetary Fund, member of Academia Sinica
Academia Sinica
The Academia Sinica , headquartered in the Nangang District of Taipei, is the national academy of Taiwan. It supports research activities in a wide variety of disciplines, ranging from mathematical and physical sciences, to life sciences, and to humanities and social sciences.Academia Sinica has...
, and Professor of Economics at University of Rochester
University of Rochester
The University of Rochester is a private, nonsectarian, research university in Rochester, New York, United States. The university grants undergraduate and graduate degrees, including doctoral and professional degrees. The university has six schools and various interdisciplinary programs.The...
and Cornell University
Cornell University
Cornell University is an Ivy League university located in Ithaca, New York, United States. It is a private land-grant university, receiving annual funding from the State of New York for certain educational missions...
. He was Director of the Chung-Hwa Institute for Economic Research during the 1980s.
Tsiang's academic contributions include work on the demand for money, monetary theoretic foundations of the monetary approach to the balance of payments, an early statement of the relation between spot and forward exchange rates, and the role of money in trade balance stability. However, together with his life-long friend and colleague Ta-Chung Liu, also a professor at Cornell University, gave practical advice to the Republic of China on economic policy. Together they advocated against central planning and for creating an environment that encouraged private enterprises to compete on world markets. Tsiang advocated the unification of multiple exchange rates and the devaluation of the New Taiwan dollar from artificially overvalued levels. He advocated for a positive real interest rate to promote savings and low tariffs to encourage exports. This was counter to prevailing policy recommendations by economists of the day. He also wrote for the public audience in Taiwan, engaging in lively public debates while director of the Taiwan Institute for Economic Research and later, the Chung-Hua Institution for Economic Research.
Selected writings
- Tsiang, S.C. "The 1951 improvement in the Danish balance of payments." IMF Staff Papers, vol. 3, 1953, pp. 155–170
- Tsiang, S.C. "Liquidity preference and loanable funds theories, multiplier and velocity anlysises: a synthesis," American Economic Review, vol. 46, 1956, pp. 539–64.
- Tsiang, S.C. "The Theory of Forward Exchange and Effects of Government Intervention on the Forward Exchange Market", 1959, IMF Staff Papers.
- Tsiang, S.C. "The precautionary demand for money: an inventory theoretical approach", Journal of Political Economy, vol. 76, 1968.
- Tsiang, S.C. "Taiwan's economic miracle: lessons in economic development," in A.C. Harberger, editor, "World Economic Growth; Case Studies of Developed and Developing Countries," Institute for Contemporary Studies, San Francisco, CA, 1984.
See also
- Lau, Lawrence J., "In Remembrance of S.C. Tsiang, A Scholar and a Gentleman" CIER Newsletter, 2:2 1994.
- Nasar, Sylvia, "S. C. Tsiang, an Economist, 75; Helped Guide Taiwan's Economy" New York Times Obituary, November 25, 1993.