60 Pages Posted: 31 Oct 2001
Date Written: October 2001
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.
This paper is available in Chinese at: http://papers.ssrn.com/abstract=289143
JEL Classification: N0, N2, N25
Suggested Citation: Suggested Citation
Goetzmann, William N. and Ukhov, Andrey and Zhu, Ning, China and the World Financial Markets 1870-1930: Modern Lessons From Historical Globalization (English Version) (October 2001). Yale ICF Working Paper No. 00-62. Available at SSRN: https://ssrn.com/abstract=289139 or http://dx.doi.org/10.2139/ssrn.289139