Department of Applied Economics
Guanghua School of Management
Beijing 100871, China
Institutional Affiliation: Peking University
Information about this author at RePEc
NBER Working Papers and Publications
|October 2016||Silver Points, Silver Flows, and the Measure of Chinese Financial Integration|
with David S. Jacks, Liuyan Zhao: w22747
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 ...
Published: David S. Jacks & Se Yan & Liuyan Zhao, 2017. "Silver points, silver flows, and the measure of Chinese financial integration," Journal of International Economics, vol 108, pages 377-386. citation courtesy of
|February 2012||Big BRICs, Weak Foundations: The Beginning of Public Elementary Education in Brazil, Russia, India, and China|
with Latika Chaudhary, Aldo Musacchio, Steven Nafziger: w17852
Our paper provides a comparative perspective on the development of public primary education in four of the largest developing economies circa 1910: Brazil, Russia, India and China (BRIC). These four countries encompassed more than 50 percent of the world's population in 1910, but remarkably few of their citizens attended any school by the early 20th century. We present new, comparable data on school inputs and outputs for BRIC drawn from contemporary surveys and government documents. Recent studies emphasize the importance of political decentralization, and relatively broad political voice for the early spread of public primary education in developed economies. We identify the former and the lack of the latter to be important in the context of BRIC, but we also outline how other factors su...
Published: Chaudhary, Latika, Aldo Musacchio, Steven Nafziger, and Se Yan. "Big BRICs, Weak Foundations: The Beginning of Public Elementary Education in Brazil, Russia, India, and China." Explorations in Economic History 49, no. 2 (April 2012): 221-240 citation courtesy of
|January 2010||Globalization, Trade & Wages: What Does History tell us about China?|
with Kris James Mitchener: w15679
Chinese imports and exports grew rapidly during the first three decades of the twentieth century as China opened up to global trade. Using a new data set on the factor-intensity of traded goods at the industry level, we show that Chinese exports became more unskilled-intensive and imports became more skill-intensive during these three decades. The exogenous shock of World War I dramatically raised the price of Chinese exports and increased the demand for these goods overseas and for unskilled workers producing these goods in China. When the war ended, trade costs declined, leading to a rise in China's terms of trade and further growth in China's export sector. Difference-in-differences regression estimates show that World War I boosted exports in China and did so substantially more for uns...
Published: KRIS JAMES MITCHENER & SE YAN, 2014. "GLOBALIZATION, TRADE, AND WAGES: WHAT DOES HISTORY TELL US ABOUT CHINA?," International Economic Review, vol 55(1), pages 131-168.