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Article: Banking on the Confucian Clan: Why China Developed Financial Markets So Late
Title | Banking on the Confucian Clan: Why China Developed Financial Markets So Late |
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Authors | |
Issue Date | 2022 |
Publisher | Oxford University Press. The Journal's web site is located at https://academic.oup.com/ej |
Citation | The Economic Journal, 2022, v. 132 n. 644, p. 1378-1413 How to Cite? |
Abstract | Over the past millennium, China has relied on the Confucian clan to achieve interpersonal cooperation, focusing on kinship and neglecting the development of impersonal institutions needed for external finance. In this paper, we test the hypothesis that the Confucian clan and financial markets are competing substitutes. Using the large cross-regional variation in the adoption of modern banks, we find that regions with historically stronger Confucian clans established significantly fewer modern banks in the four decades following the founding of China's first modern bank in 1897. Our evidence also shows that the clan continues to limit China's financial development today. |
Persistent Identifier | http://hdl.handle.net/10722/305189 |
ISSN | 2023 Impact Factor: 3.8 2023 SCImago Journal Rankings: 4.507 |
SSRN | |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Chen, Z | - |
dc.contributor.author | Ma, C | - |
dc.contributor.author | Sinclair, AJ | - |
dc.date.accessioned | 2021-10-20T10:05:53Z | - |
dc.date.available | 2021-10-20T10:05:53Z | - |
dc.date.issued | 2022 | - |
dc.identifier.citation | The Economic Journal, 2022, v. 132 n. 644, p. 1378-1413 | - |
dc.identifier.issn | 0013-0133 | - |
dc.identifier.uri | http://hdl.handle.net/10722/305189 | - |
dc.description.abstract | Over the past millennium, China has relied on the Confucian clan to achieve interpersonal cooperation, focusing on kinship and neglecting the development of impersonal institutions needed for external finance. In this paper, we test the hypothesis that the Confucian clan and financial markets are competing substitutes. Using the large cross-regional variation in the adoption of modern banks, we find that regions with historically stronger Confucian clans established significantly fewer modern banks in the four decades following the founding of China's first modern bank in 1897. Our evidence also shows that the clan continues to limit China's financial development today. | - |
dc.language | eng | - |
dc.publisher | Oxford University Press. The Journal's web site is located at https://academic.oup.com/ej | - |
dc.relation.ispartof | The Economic Journal | - |
dc.rights | This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. | - |
dc.title | Banking on the Confucian Clan: Why China Developed Financial Markets So Late | - |
dc.type | Article | - |
dc.identifier.email | Chen, Z: zchen99@hku.hk | - |
dc.identifier.email | Ma, C: macc@hku.hk | - |
dc.identifier.email | Sinclair, AJ: andrew.sinclair@hku.hk | - |
dc.identifier.authority | Chen, Z=rp02041 | - |
dc.identifier.authority | Ma, C=rp02278 | - |
dc.identifier.authority | Sinclair, AJ=rp02298 | - |
dc.description.nature | published_or_final_version | - |
dc.identifier.doi | 10.1093/ej/ueab082 | - |
dc.identifier.hkuros | 326877 | - |
dc.identifier.volume | 132 | - |
dc.identifier.issue | 644 | - |
dc.identifier.spage | 1378 | - |
dc.identifier.epage | 1413 | - |
dc.identifier.isi | WOS:000767664500001 | - |
dc.publisher.place | United Kingdom | - |
dc.identifier.ssrn | 3671280 | - |