Banking on the Confucian Clan: Why China Developed Financial Markets so Late
研究认为儒家宗族与金融市场是相互替代的，历史上宗族强的地区在1897年后四十年间建立的现代银行更少，且这种影响延续至今。
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.