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Political Economy Origins of Financial Markets in Europe and Asia

Svetlana Andrianova (), Panicos Demetriades () and Chenggang Xu

World Development, 2011, vol. 39, issue 5, 686-699

Abstract: Summary We provide historical evidence from London, Amsterdam and Hong Kong which highlights the essential role played by governments in kick-starting financial development. In the cases of London and Amsterdam, the emergence of financial markets was a by-product of the rise of large trading monopolies. These monopolies, partly created to improve public finances, were responsible for major financial innovations and helped to strengthen investors' property rights. In Hong Kong, where the financial development model was bank-based, a large banking monopoly with close links to both the British and Chinese governments, set up to finance international trade, played a similar role.

Keywords: property; rights; monopoly; politics; institutions; finance (search for similar items in EconPapers)
Date: 2011
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Related works:
Working Paper: Political Economy Origins of Financial Markets in Europe and Asia (2008) Downloads
Working Paper: Political Economy Origins of Financial Markets in Europe and Asia (2008) Downloads
Working Paper: Political Economy Origins of Financial Markets in Europe and Asia (2008) Downloads
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