China within World Networks of Equity Markets: Not So Atypical?

Cécile Bastidon () and Antoine Parent

Chapter 11 in Institutional Change and China Capitalism:Frontier of Cliometrics and its Application to China, 2022, pp 301-331 from World Scientific Publishing Co. Pte. Ltd.

Abstract: We propose an original approach to the historical dynamics of the integration of Chinese equity markets to world equity markets. Our database is composed of 32 countries over the period 1960—2018 with monthly frequency, which allows us to compare between the Chinese dynamics of integration and the historical dynamics of mature economies. In addition, we implement an innovative method in the field of economic history, i.e. topological networks of assets. In particular, we extend the methodology of the minimal spanning tree from portfolio management issues to financial cliometrics. Our results confirm the main stylized fact of a low integration of Chinese equity markets to world equity markets networks with respect to contemporary standards. In addition, we find that China path length measures are broadly similar to the distribution of the world sample in the long run, with even a recent surge in second-rank connectivity.

Keywords: China; Macroeconomics; Cliometrics; Institutional Economics; Complexity; Economics; International Trade; Applied Econometrics; Econometrics; Empirical Finance; Behavioral Finance; Economic History; Sociology; Gender Studies (search for similar items in EconPapers)
JEL-codes: B1 B2 F10 F15 F4 N15 O11 P1 (search for similar items in EconPapers)
Date: 2022
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Related works:
Working Paper: China within World Networks of Equity Markets: Not So Atypical? (2022)
Working Paper: China within World Networks of Equity Markets: Not So Atypical? (2022)
Working Paper: China within World Networks of Equity Markets: Not So Atypical? (2022)
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