| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10702 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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