Data and Code for: "Capital Markets in China and Britain, 1770 - 1860: Evidence from Grain Prices"

Principal Investigator(s): View help for Principal Investigator(s) Wolfgang Keller, University of Colorado, NBER, CEPR, and CESifo; Carol H. Shiue, University of Colorado, NBER, CEPR, and CESifo; Xin Wang, Peking University

Version: View help for Version V1

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data			06/01/2020 10:23:PM
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Project Citation:

Keller, Wolfgang, Shiue, Carol H., and Wang, Xin. Data and Code for: “Capital Markets in China and Britain, 1770 - 1860: Evidence from Grain Prices.” Nashville, TN: American Economic Association [publisher], 2021. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2021-06-16. https://doi.org/10.3886/E117202V1

Project Description

Summary: Based on the most comprehensive grain prices available, we employ a storage model to estimate consistent interest rates and compare capital market development in Britain and China. Interest rates for Britain were lower than China’s on average by about three percentage points from 1770 to 1860. Regional capital market integration in the Yangzi Delta comes close to the British average at distances below 200 kilometers, but at larger distances interest rate correlations in Britain are twice those of the Delta, and three or more times as high as elsewhere in China. Overall, our results suggest capital market divergence at an early date.

Scope of Project

Subject Terms: Economic History; Financial Markets and Institutions

JEL Classification:
      G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
      N23 Economic History: Financial Markets and Institutions: Europe: Pre-1913
      N25 Economic History: Financial Markets and Institutions: Asia including Middle East
      O16 Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

Geographic Coverage: China and Britain

Time Period(s): 1770 – 1860

Universe: capital market integration in China and Britain in 1770-1860

Data Type(s): administrative records data; census/enumeration data; geographic information system (GIS) data; observational data; other; program source code

Methodology

Data Source:

Chinese Academy of Social Sciences (2009), Qingdai Daoguang zhi Xuantong jian liangjiabiao [Grain price tables for the Qing era between Daoguang to Xuantong] 23 vols. Guilin: Guangxi shifan daxue chubanshe (call number: HD9016.C62 Q5 2009 V1-V23
https://www.cornreturnsonline.org
State Meteorological Administration (1981) from a variety of historical sources, including local histories and gazetteers
Pauling, A., et al. 2007. European Gridded Seasonal Precipitation Reconstructions. IGBP PAGES/World Data Center for Paleoclimatology Data Contribution Series # 2007-054. NOAA/NCDC Paleoclimatology Program, Boulder CO, USA . https://www.ncdc.noaa.gov/paleo-search/study/6342 (accessed April 7, 2015)
Playfair, G.M.H. (1965), Cities and Towns of China: A Geographical Dictionary. Taipei, Taiwan: Literature House, Limited.

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V1 [2021-06-16]

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