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China and the World Financial Markets 1870-1930: Modern Lessons From Historical Globalization (Chinese Version)

Author

Listed:
  • William N. Goetzmann

    (Yale University, School of Management)

  • Andrey Ukhov

    (School of Management)

  • Ning Zhu

    (School of Management)

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.

Suggested Citation

  • William N. Goetzmann & Andrey Ukhov & Ning Zhu, 2001. "China and the World Financial Markets 1870-1930: Modern Lessons From Historical Globalization (Chinese Version)," Yale School of Management Working Papers ysm243, Yale School of Management.
  • Handle: RePEc:ysm:somwrk:ysm243
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    Cited by:

    1. Allen, Franklin & Qian, Jun & Zhang, Chenying, 2011. "An Alternative View on Law, Institutions, Finance and Growth," Working Papers 11-64, University of Pennsylvania, Wharton School, Weiss Center.
    2. Avishek Bhandari, 2020. "A wavelet analysis of inter-dependence, contagion and long memory among global equity markets," Papers 2003.14110, arXiv.org.
    3. William Goetzmann & Elisabeth Köll, 2004. "The History of Corporate Ownership in China: State Patronage, Company Legislation, and the Issue of Control," Yale School of Management Working Papers ysm450, Yale School of Management.

    More about this item

    JEL classification:

    • N2 - Economic History - - Financial Markets and Institutions
    • N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East
    • N0 - Economic History - - General

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