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Capital Markets in China and Britain, 18th and 19th Century: Evidence from Grain Prices

Wolfgang Keller, Carol Shiue () and Xin Wang

No 21349, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Based on the most comprehensive grain prices available, we employ a storage model to estimate consistent interest rates and compare capital market development in Britain and China. Interest rates for Britain were lower than China’s on average by about three percentage points from 1770 to 1860. Regional capital market integration in the Yangzi Delta comes close to the British average at distances below 200 kilometers, but at larger distances interest rate correlations in Britain are twice those of the Delta, and three or more times as high as elsewhere in China. Overall, our results suggest capital market divergence at an early date.

JEL-codes: G12 N10 N13 N25 O10 (search for similar items in EconPapers)
Date: 2015-07
New Economics Papers: this item is included in nep-cna and nep-his
Note: AP DAE EFG
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Citations: View citations in EconPapers (2)

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