G2TT
来源类型Discussion paper
规范类型论文
来源IDDP10702
DP10702 Capital Markets in China and Britain, 18th and 19th Century: Evidence from Grain Prices
Wolfgang Keller; Carol Shiue; Xin Wang
发表日期2015-07-12
出版年2015
语种英语
摘要Based on the most comprehensive grain prices available, we employ an asset-­- pricing model to estimate consistent interest rates and compare capital market development in Britain and China. Estimated interest rates for Britain were at least 28% lower than for China from 1770 to 1860. Regional capital market integration in the Yangzi Delta comes close to the British Average at distances below 200 kilometers, but at larger distances interest rate correlations in Britain are twice those of the Delta, and three or more times as high as elsewhere in China. Overall, our results suggest capital market divergence at an early date.
主题Economic History ; Financial Economics
关键词Comparative development market integration Financial development Storage
URLhttps://cepr.org/publications/dp10702
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/539533
推荐引用方式
GB/T 7714
Wolfgang Keller,Carol Shiue,Xin Wang. DP10702 Capital Markets in China and Britain, 18th and 19th Century: Evidence from Grain Prices. 2015.
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