The persistent institutional effect of liberal colonialism: evidence from China’s financial policies

Tong Fu, Zhongmei Wei and Ze Jian

Applied Economics, 2020, vol. 52, issue 32, 3525-3537

Abstract: The effect of liberal colonialism on the allocation of capital persists to this day. We exploit the colonial history of China during 1896-1911 with qualitative evidence to measure liberal colonialism. We document that liberal colonialism promotes the subsequent efficiency of financial policies on the capital allocation in 2004 through the quality of economic institutions.

Date: 2020
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DOI: 10.1080/00036846.2020.1713296

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