Political Economy Origins of Financial Markets in Europe and Asia
通过伦敦、阿姆斯特丹和香港的历史证据，揭示政府在启动金融发展中扮演的关键角色，特别是大型贸易垄断企业如何推动金融创新和强化投资者产权。
We provide historical evidence from London, Amsterdam and Hong Kong which highlights the essential role played by governments in kick-starting financial development. In the cases of London and Amsterdam, the emergence of financial markets was a by-product of the rise of large trading monopolies. These monopolies, partly created to improve public finances, were responsible for major financial innovations and helped to strengthen investors’ property rights. In Hong Kong, where the financial development model was bank-based, a large banking monopoly with close links to both the British and Chinese governments, set up to finance international trade, played a similar role.