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来源类型Working Paper
规范类型报告
DOI10.3386/w22747
来源IDWorking Paper 22747
Silver Points, Silver Flows, and the Measure of Chinese Financial Integration
David S. Jacks; Se Yan; Liuyan Zhao
发表日期2016-10-24
出版年2016
语种英语
摘要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.
主题Macroeconomics ; Money and Interest Rates ; International Economics ; Trade ; History ; Financial History
URLhttps://www.nber.org/papers/w22747
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/580421
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GB/T 7714
David S. Jacks,Se Yan,Liuyan Zhao. Silver Points, Silver Flows, and the Measure of Chinese Financial Integration. 2016.
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