کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5100913 1479076 2017 10 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Silver points, silver flows, and the measure of Chinese financial integration
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Silver points, silver flows, and the measure of Chinese financial integration
چکیده انگلیسی

To what degree were Chinese financial markets integrated with the rest of the world prior to the 1949 Revolution and to what extent was the Chinese foreign exchange market efficient during this period? We estimate silver points for the Shanghai market from 1905 to 1933 to answer these questions. Our inferred measures are small in value, favorably match measured costs of the silver trade derived from contemporary accounts, and fare well in the comparison to estimates of trans-Atlantic gold points. This leads to the conclusion that the degree of Chinese financial market integration was substantial. However, during and immediately after World War I, our estimates of the silver points increased appreciably, foreshadowing the collapse of China's linkages to world financial markets beginning in the 1930s.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Economics - Volume 108, September 2017, Pages 377-386
نویسندگان
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