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China and the World Financial Markets 1870-1930:

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  • WILLIAM N. GOETZMANN

    ()
    (Yale School of Management, International Center for Finance)

  • ANDREY UKHOV

    ()
    (Yale School of Management)

  • NING ZHU

    ()
    (Yale University, School of Management; University of California, Davis -)

Abstract

In this paper we review evidence about the development of the Chinese capital markets over a crucial period in world market history, and place that development in the context of world financial markets at the time. Despite fundamental differences between China today and China 100 years ago, it is still important to consider the dangers of an imbalance between domestic and international investor markets, and the mismatch between domestic and foreign expectations about investor protection. The lessons of the last century suggest that China today should consider opening Chinese investor access to foreign capital markets in order to equilibrate the level of diversification between foreign and domestic investors. In addition, protection of domestic corporate investor rights is at least as important as protecting foreign investor rights.

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Bibliographic Info

Paper provided by Yale School of Management in its series Yale School of Management Working Papers with number ysm9.

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Date of creation: 03 Feb 2004
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Handle: RePEc:ysm:somwrk:ysm9

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Cited by:
  1. William N. Goetzmann & Elisabeth Koll, 2005. "The History of Corporate Ownership in China: State Patronage, Company Legislation, and the Issue of Control," NBER Chapters, in: A History of Corporate Governance around the World: Family Business Groups to Professional Managers, pages 149-184 National Bureau of Economic Research, Inc.
  2. Schularick, Moritz & Steger, Thomas M., 2008. "The Lucas Paradox and the quality of institutions: then and now," Discussion Papers 2008/3, Free University Berlin, School of Business & Economics.

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