Silver Points, Silver Flows, and the Measure of Chinese Financial Integration / David S. Jacks, Se Yan, Liuyan Zhao.

By:

Jacks, David S

Contributor(s):

Material type: Text

TextSeries: Working Paper Series (National Bureau of Economic Research) ; no. w22747.Publication details: Cambridge, Mass. National Bureau of Economic Research 2016.Description: 1 online resource: illustrations (black and white)Subject(s):

Online resources:

Available additional physical forms:

Hardcopy version available to institutional subscribers

Abstract: To what degree were Chinese financial markets integrated with the rest of the world prior to the 1949 Revolution and to what extent was the Chinese foreign exchange market efficient during this period? We estimate silver points for the Shanghai market from 1905 to 1933 to answer these questions. Our inferred measures are small in value, favorably match measured costs of the silver trade derived from contemporary accounts, and fare well in the comparison to estimates of trans-Atlantic gold points. This leads to the conclusion that the degree of Chinese financial market integration was substantial. However, during and immediately after World War I, our estimates of the silver points increased appreciably, foreshadowing the collapse of China's linkages to world financial markets beginning in the 1930s.

Tags from this library: No tags from this library for this title. Log in to add tags.

Average rating: 0.0 (0 votes)

Holdings
Item type	Home library	Collection	Call number	Status	Date due	Barcode	Item holds
Working Paper	Biblioteca Digital	Colección NBER	nber w22747 (Browse shelf(Opens below))	Not For Loan

Total holds: 0

Collection: Colección NBER Close shelf browser (Hides shelf browser)

Previous	No cover image available	No cover image available	No cover image available	No cover image available	No cover image available	No cover image available	No cover image available	Next
Previous	nber w22744 Ideological Segregation among Online Collaborators: Evidence from Wikipedians /	nber w22745 When Discounts Raise Costs: The Effect of Copay Coupons on Generic Utilization /	nber w22746 Mainstreaming an Effective Intervention: Evidence from Randomized Evaluations of “Teaching at the Right Level” in India /	nber w22747 Silver Points, Silver Flows, and the Measure of Chinese Financial Integration /	nber w22748 Upward Mobility and Discrimination: The Case of Asian Americans /	nber w22749 The Competitive Effects of Online Education /	nber w2275 On the Definition and Magnitude of Recent Capital Flight /	Next

October 2016.

To what degree were Chinese financial markets integrated with the rest of the world prior to the 1949 Revolution and to what extent was the Chinese foreign exchange market efficient during this period? We estimate silver points for the Shanghai market from 1905 to 1933 to answer these questions. Our inferred measures are small in value, favorably match measured costs of the silver trade derived from contemporary accounts, and fare well in the comparison to estimates of trans-Atlantic gold points. This leads to the conclusion that the degree of Chinese financial market integration was substantial. However, during and immediately after World War I, our estimates of the silver points increased appreciably, foreshadowing the collapse of China's linkages to world financial markets beginning in the 1930s.