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1870-1930 年间的中国与世界金融市场
过去的全球化经验对今天的启示
China and the World Financial Markets 1870-1930:
Modern Lessons From Historical Globalization
WILLIAM N. GOETZMANN
Yale School of Management, International Center for
Finance ; National Bureau of Economic Research (NBER)
ANDREY UKHOV
Yale School of Management
NING ZHU
Yale University, School of Management;
University of California, Davis - Graduate School of
Management
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.
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