Sho-Chieh Tsiang

Sho-Chieh Tsiang (b. August 25, 1918, Shanghai, China; d. October 23, 1993) studied at London School of Economics (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 1980's.

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-Hwa Institute 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.

ee 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.
*List of economists