| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22747 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w22747 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580421 |
| 推荐引用方式 GB/T 7714 | David S. Jacks,Se Yan,Liuyan Zhao. Silver Points, Silver Flows, and the Measure of Chinese Financial Integration. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22747.pdf（577KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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