China and the World Financial Markets 1870-1930: Modern Lessons From Historical Globalization (Chinese Version)

55 Pages Posted: 1 Nov 2001  

William N. Goetzmann

Yale School of Management - International Center for Finance; National Bureau of Economic Research (NBER)

Andrey Ukhov

Cornell University

Ning Zhu

China Academy of Financial Research (CAFR); Yale School of Management; University of California, Davis - Graduate School of Management

Date Written: October 2001

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.

This paper is available in English at: http://papers.ssrn.com/abstract=289139

JEL Classification: N0, N2, N25

Suggested Citation

Goetzmann, William N. and Ukhov, Andrey and Zhu, Ning, China and the World Financial Markets 1870-1930: Modern Lessons From Historical Globalization (Chinese Version) (October 2001). Yale ICF Working Paper No. 00-63; EFA 2002 Berlin Meetings Discussion Paper. Available at SSRN: https://ssrn.com/abstract=289143 or http://dx.doi.org/10.2139/ssrn.289143

William N. Goetzmann (Contact Author)

Yale School of Management - International Center for Finance ( email )

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HOME PAGE: http://viking.som.yale.edu

National Bureau of Economic Research (NBER)

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Andrey Ukhov

Cornell University ( email )

Ithaca, NY 14853
United States

Ning Zhu

China Academy of Financial Research (CAFR)

1954 Huashan Road
Shanghai P.R.China, 200030
China

Yale School of Management ( email )

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Box 208200
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United States

HOME PAGE: http://pantheon.yale.edu/~nz26/

University of California, Davis - Graduate School of Management ( email )

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United States
530-752-3871 (Phone)
530-752-2924 (Fax)

HOME PAGE: http://www.gsm.ucdavis.edu/Faculty/Zhu/

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