This Paper devotes to develop the theory of the Mulberry Bill. Within the guide of modern economic theory, this paper explains the monetary system and monetary policy of Southern Song Dynasty according to the historical facts. After reviewing the Mulberry Bill institutions and characteristics of Northern Song Dynasty, this paper comparatively details in introducting the Mulberry Bill institutions and characteristics of Southern Song Dynasty. Furthermore, this paper analyses the circulation of the mulberry bill in Southern Song Dynasty and the characteristics of distributing to the quantity and region of the mulberry bill, when it finishs summarizing the political, military and economical environment of the bill system. Meanwhile, combining typical cases, this paper also analyses circulating, credit, bogus bill, businessman. Finally, summarizing historical experiences of monetary policy of the Mulberry Bill in Southern Song Dynasty, we put forward to the lessons which are worth drawing from the period of this history. |