Capital market access and innovation efficiency: A natural experiment from China’s pilot VAT reform in 2012

The Stock Connect scheme launched on 17 November 2014 was the first mutual market access between mainland China and Hong Kong stock markets. It is the biggest move ever in the opening up of the capital market. Experiences accumulated will be of great value to mainland regulators who will decide on how these experiences could be utilised for China’s future opening up of its capital markets and for accelerating renminbi internationalisation.

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The Economics of Speed: The Electrification of the Streetcar System and the Decline of Mom-and-Pop Stores in Boston, 1885–1905

American Economic Journal Applied Economics ◽

10.1257/app.20180795 ◽

2021 ◽

Vol 13 (4) ◽

pp. 285-324

Author(s):

Wei You

Keyword(s):

Nineteenth Century ◽

Market Segmentation ◽

Small Firms ◽

Natural Experiment ◽

Market Access ◽

Developing Economies ◽

Sharp Decline ◽

Food Retail ◽

American Economy

Small firms dominated the American economy in the nineteenth century, and they still dominate in many developing economies today. This paper tests whether geographic market segmentation due to underdeveloped intracity transportation technology precludes the emergence of large retail/wholesale stores. I exploit the natural experiment of Boston’s rapid electrification from its previous horse-drawn streetcar system, which occurred between 1889 and 1896. Analyzing newly digitized data, I find that rail-connected locations experienced a sharp decline in the share of sole proprietorships among food retail/wholesale establishments after the electrification relative to off-rail locations. Changes in market access due to streetcar electrification can explain this effect. (JEL L25, L81, L92, N71, N91, R41)

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Reflections on the EU Third Country Regime for Capital Markets in the Shadow of Brexit

European Company and Financial Law Review ◽

10.1515/ecfr-2020-0002 ◽

2020 ◽

Vol 17 (1) ◽

pp. 35-71

Author(s):

Niamh Moloney

Keyword(s):

Capital Markets ◽

Capital Market ◽

Financial Services ◽

Market Access ◽

European Parliament ◽

Direct Application ◽

The Political ◽

Economic Context ◽

Legislative Reforms ◽

The Eu

This article considers the recent evolution of the EU’s third country regime for capital market access in light of Brexit, the important series of legislative reforms adopted in March 2019 as the 2014-2019 European Parliament/Commission term closed, and the emergence of the European Securities and Markets Authority (ESMA) as a material technocratic influence. The article suggests that while the capital market third country regime is changing (with Brexit a key but not exclusive driver of change), it is not being radically recast, although it is tightening. The regime remains broadly based on the more-or-less liberal ‘deference’ model which has long characterised EU third-country financial services policy. But it is becoming increasingly ‘on-shored’ by means of the direct application of EU rules and by ESMA’s oversight/supervision of certain third country actors. The significantly more restrictive approach being taken to third country central clearing counterparties is a marked development, but here the political and economic context is distinct. The implications of the overall shift towards a more ‘on-shore’, centralised, and potentially restrictive access regime are considered, and a modest reform prescription is offered.

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Capital Market Access to SMES in India

SSRN Electronic Journal ◽

10.2139/ssrn.962033 ◽

2006 ◽

Cited By ~ 1

Author(s):

Ayan A. Banerjee

Keyword(s):

Capital Market ◽

Market Access

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Do border effects alter regional development: evidence from a quasi-natural experiment in China

Journal of Economic Geography ◽

10.1093/jeg/lbaa018 ◽

2020 ◽

Author(s):

Benjian Yang ◽

Mark D Partridge ◽

Anping Chen

Keyword(s):

Natural Experiment ◽

Market Access ◽

Past Research ◽

Border Region ◽

Iron Curtain ◽

Natural Experiments ◽

Border Effects ◽

Population Effects ◽

Negative Population ◽

Identification Strategy

Abstract Market access/potential is main explanations for spatial variation in economic activity. Past research has used quasi-natural experiments such as the imposition and removal of the Iron Curtain to assess how changes in market access influence economic outcomes. Rather, we focus on key quantity effects of market access by tracking population changes induced by the creation of a subnational border. We exploit a quasi-natural experiment in China and use a difference-in-difference identification strategy to estimate the effects of introducing a new border when Sichuan province was split into Chongqing and Sichuan in 1997. We find that the new border had negative population effects on Sichuan counties located near the new border. Further investigation finds that such border effects are unique to the new border region and are not related to other factors such as being more rural. We also provide additional evidence to exclude alternative explanations including differences in industry composition or access to transportation.

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