讲座题目：Silver Points, Silver Flows, and the Measure of Chinese Financial Integration

主讲人：赵留彦

讲座时间：2015年04月21日13:30-15:30

讲座地点：学术会堂603

主讲人简介：

赵留彦，2006年于北京大学获经济学博士。现为北京大学经济学院副教授、博士生导师。主要研究领域为金融计量学和货币经济学。以第一作者身份已在《China Economic Review》、《中国社会科学》、《经济研究》、《经济学季刊》、《金融研究》等发表几十篇学术论文。并有多篇论文处于SSCI期刊R&R之中。主持多项国家社科基金和国家自然科学基金项目。担任中外多家经济学期刊审稿人。主要从事本科和研究生的《时间序列分析》、《金融计量学》等课程的教学工作。曾获得教育部第五届中国高校人文社会科学研究优秀成果二等奖、第五届薛暮桥价格研究奖、以及北京大学“方正”奖教金。

论文摘要：

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.

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[编辑]：孙颖