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China within World Networks of Equity Markets: Not So Atypical?

Author

Listed:
  • Cécile Bastidon

    (LEAD - Laboratoire d'Économie Appliquée au Développement - UTLN - Université de Toulon, CAC-IXXI, Complex Systems Institute)

  • Antoine Parent

    (UP8 - Université Paris 8 Vincennes-Saint-Denis, CAC-IXXI, Complex Systems Institute, OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

We propose an original approach to the historical dynamics of the integration of Chinese equity markets to world equity markets. Our database is composed of 32 countries over the period 1960—2018 with monthly frequency, which allows us to compare between the Chinese dynamics of integration and the historical dynamics of mature economies. In addition, we implement an innovative method in the field of economic history, i.e. topological networks of assets. In particular, we extend the methodology of the minimal spanning tree from portfolio management issues to financial cliometrics. Our results confirm the main stylized fact of a low integration of Chinese equity markets to world equity markets networks with respect to contemporary standards. In addition, we find that China path length measures are broadly similar to the distribution of the world sample in the long run, with even a recent surge in second-rank connectivity.
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Cécile Bastidon & Antoine Parent, 2022. "China within World Networks of Equity Markets: Not So Atypical?," SciencePo Working papers Main hal-03318536, HAL.
    • Handle: RePEc:hal:spmain:hal-03318536
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    JEL classification:

    • P1 - Political Economy and Comparative Economic Systems - - Capitalist Economies
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Asia including Middle East
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • F10 - International Economics - - Trade - - - General
    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • F15 - International Economics - - Trade - - - Economic Integration

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