China and the World Financial Markets 1870-1930

William Goetzmann, Andrey Ukhov () and Ning Zhu
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Andrey Ukhov: Yale School of Management

Yale School of Management Working Papers from Yale School of Management

Abstract: In this paper we review evidence about the development of the Chinese capital markets over a crucial period in world market history, and place that development in the context of world financial markets at the time. Despite fundamental differences between China today and China 100 years ago, it is still important to consider the dangers of an imbalance between domestic and international investor markets, and the mismatch between domestic and foreign expectations about investor protection. The lessons of the last century suggest that China today should consider opening Chinese investor access to foreign capital markets in order to equilibrate the level of diversification between foreign and domestic investors. In addition, protection of domestic corporate investor rights is at least as important as protecting foreign investor rights.

JEL-codes: N0 N2 N25 (search for similar items in EconPapers)
Date: 2004-02-03
New Economics Papers: this item is included in nep-dev, nep-fin, nep-fmk, nep-his, nep-sea and nep-tra
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Persistent link: https://EconPapers.repec.org/RePEc:ysm:somwrk:ysm9

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