Malthus Goes to China: The Effect of “Positive Checks” on Grain Market Development, 1736–1910

2021 ◽  
pp. 1-36
Author(s):  
Yanfeng Gu ◽  
James Kai-sing Kung
Keyword(s):  
Eighteenth Century ◽  
Chinese Population ◽  
Market Integration ◽  
Negative Relationship ◽  
Market Development ◽  
Taiping Rebellion ◽  
Low Levels ◽  
Grain Market ◽  
Peasant Revolt ◽  
Shaped Pattern

After peaking around the mid-eighteenth century, grain market integration in China declined by a colossal 80 percent amid a twofold increase in population and remained at low levels for well over a century. Markets only resumed their growth momentum after the largest peasant revolt—the Taiping Rebellion—wiped out roughly one-sixth of the Chinese population starting 1851. This U-shaped pattern of grain market integration distinguished China from Europe in their trajectories of market development. Using grain prices to divide China into grain-deficit and grainsurplus regions, we find that the negative relationship between population growth and market integration originated from the grain-surplus-cum-exporting regions.

Orphans of the Empire: Lhasa’s Chinese Community from the Qing Era to the Early Twentieth Century

Modern China ◽  
2020 ◽  
pp. 009770042096992
Author(s):  
Huasha Zhang
Keyword(s):  
Twentieth Century ◽  
Eighteenth Century ◽  
Social Influence ◽  
Significant Role ◽  
Chinese Population ◽  
Chinese Community ◽  
Academic Assessment ◽  
Early Twentieth Century ◽  
Cultural Traits ◽  
Early Eighteenth Century

This article analyzes the transformation of Lhasa’s Chinese community from the embodiment of an expansionist power in the early eighteenth century to the orphan of a fallen regime after the Qing Empire’s demise in 1911. Throughout the imperial era, this remote Chinese enclave represented Qing authority in Tibet and remained under the metropole’s strong political and social influence. Its members intermarried with the locals and adopted many Tibetan cultural traits. During the years surrounding the 1911 Xinhai Revolution, this community played a significant role in a series of interconnected political and ethnic confrontations that gave birth to the two antagonistic national bodies of Tibet and China. The community’s history and experiences challenge not only the academic assessment that Tibet’s Chinese population had fully assimilated into Tibetan society by the twentieth century but also the widespread image of pre-1951 Lhasa as a harmonious town of peaceful ethnic coexistence.

Stock market development and income inequality

2017 ◽  
Vol 44 (1) ◽  
pp. 87-98 ◽  
Author(s):  
Athanasios Tsagkanos
Keyword(s):  
Income Inequality ◽  
Stock Market ◽  
Low Income ◽  
Negative Relationship ◽  
Market Development ◽  
Rate System ◽  
Content Type ◽  
Stock Market Development ◽  
Tax Rate ◽  
Indirect Relationship

Purpose The purpose of this paper, in contrast to other studies, is to examine an indirect relationship in terms of the effect of income inequality with stock market development in countries South of the Euro-zone during the period 2002-2013. Design/methodology/approach The author adopts a new econometric method, the Improved Augmented Regression Method, to obtain bias-reduced and stationary-corrected estimators. Findings The results reveal a negative relationship that puts into doubt the recovery of growth. Originality/value The new econometric methodology leads to a novel suggested policy on the need for reforms adopting a low-income tax rate system and reinforcement of export-oriented productivity. This conclusion is strengthened by the respective relationship in USA.

scholarly journals The Integration of Grain Markets in the Eighteenth Century: Early Rise of Globalization in the West

2012 ◽  
Vol 72 (3) ◽  
pp. 671-707 ◽  
Author(s):  
RAFAEL DOBADO-GONZÁLEZ ◽  
ALFREDO GARCÍA-HIERNAUX ◽  
DAVID E. GUERRERO
Keyword(s):  
Eighteenth Century ◽  
Market Integration ◽  
Commodity Markets ◽  
The West ◽  
Relative Prices ◽  
Grain Markets ◽  
Innovative Methodology ◽  
Eighteenth And Nineteenth Centuries ◽  
Early Rise ◽  
Over Time

Globalization, if defined as the integration of international commodity markets, started in the eighteenth century and progressed gradually and with some setbacks into the nineteenth century, instead of suddenly appearing at some point after the 1820s. We use grain prices in Europe and the Americas to determine the extent and dynamics of market integration throughout the eighteenth and nineteenth centuries. An innovative methodology, with special attention being paid to changes in residual dispersion of the univariate models of relative prices between markets, permits us to obtain a measure of market integration over time.

scholarly journals The Current State and Prospects of the Grain Market in the Kemerovo Region

2019 ◽  
pp. 680-688
Author(s):  
Vladislav Shadrin ◽  
Olga Kotova ◽  
Lada Polikarpova
Keyword(s):  
Development Strategy ◽  
Market Development ◽  
Grain Crops ◽  
Local Agriculture ◽  
Current State ◽  
Complex Development ◽  
Large Production ◽  
Grain Market ◽  
Development Prospects ◽  
Main Consumer

Introduction. Kuzbass is a large territorial complex with highly-developed industries. However, the local agriculture is also quite intensive. The research objective was to summarize the results various studies of the current state of the grain market in the Kemerovo region and identify areas of its development. Implementation of the grain complex development strategy with marketing elements will strengthen the position of the Kemerovo region on the international market of grain and products of its processing. Study objects and methods. The research was based on a systematic approach to the study of the regional grain market and employed abstract-logical, statistical-economic, and graphical research methods. Results and discussion. The article focuses on the current state of Kemerovo grain market and identifies development prospects and sale opportunities. In recent years, the volume of wheat and rye yield has significantly increased, as well as the canola acreage. The main consumer of grain crops grown in the Kemerovo region is the region itself. Nevertheless, the region is gradually becoming a grain exporter. The authors identified factors that affect the enterprises specializing in the production and sale of grain. The region has a good base for the development of agriculture in general and grain crops in particular. Unfortunately, the current problems in cultivation technologies, price fluctuations, insufficient state support, and poor marketing hinder the development of the industry. The authors proposed several directions of grain market development proceeding from possibilities of producers and change in the structure of production sales taking into account foreign trade risks. Conclusion. Marketing and realization of grain production in the Kemerovo region should be based on a well-planned development strategy of improving the competitive positions of the region and the development of a large production and technological complex.

scholarly journals A Capital Market Union For Europe

2019 ◽  
Vol 19 (07) ◽  
Author(s):  
Srobona Mitra ◽  
Anke Weber ◽  
Ashok Bhatia ◽  
Shekhar Aiyar ◽  
Luiza Antoun de Almeida ◽  
...  
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Market Integration ◽  
Capital Formation ◽  
Market Development ◽  
Shock Absorption ◽  
Capital Market Integration ◽  
Playing Field ◽  
Regulatory Quality ◽  
Corporate Funding

This note weighs the merits of a capital market union (CMU) for Europe, identifies major obstacles in its path, and recommends a set of carefully targeted policy actions. European capital markets are relatively small, resulting in strong bank-dependence, and are split sharply along national lines. Results include an uneven playing field in terms of corporate funding costs, the rationing out of collateral-constrained firms, and limited shock absorption. The benefits of integration center on expanding financial choice, ultimately to support capital formation and resilience. Capital market development and integration would support a healthy diversity in European finance. Proceeding methodically, the note identifies three key barriers to greater capital market integration in Europe: transparency, regulatory quality, and insolvency practices. Based on these findings, the note urges three policy priorities, focused on the three barriers. There is no roadblock—such steps should prove feasible without a new grand bargain.

scholarly journals The Grain Market between the Reigns of Alexey Mikhailovich and Catherine the Great: Was there a ‘Price Revolution’?

2021 ◽  
Vol 9 (3) ◽  
Author(s):  
Arthur Mustafin
Keyword(s):  
Eighteenth Century ◽  
Supply And Demand ◽  
Wide Range ◽  
Grain Market ◽  
The Impact ◽  
First Time ◽  
The Relationship ◽  
Regions Of Russia ◽  
Grain Prices

The author of this article attempts to reveal and systematise archival data on grain prices in Russia between the 1650s and 1700s and analyse their dynamics by comparing them with data for the eighteenth century. The study is based on a wide range of archival sources from the funds of the RSAAA (RGADA), CSA of Moscow (TsGA of Moscow), DM NLR (OR RNB), and SFI CANNR (GKU TsANO). The data from these sources make it possible to construct time series describing rye and oat price dynamics in the northern and central non-black earth regions of Russia. The author substantiates the homogeneity and reliability of the data received and determines the real prices. The resulting numbers make the author doubt the “price revolution” in eighteenth-century Russia. Throughout the eighteenth century, the average real prices remained below the level of the 1660s and 1670s. Only in the 1790s did prices briefly exceed this level. Overall, the Russian grain market was characterised by long-term price fluctuations. The author aims to explain this dynamic by analysing supply and demand in the grain market. More particularly, for the first time in the historiography, the author examines the connection between Russian grain prices and yield in the second half of the seventeenth and eighteenth centuries. It is established that in most cases, the relationship between these indicators was direct: as grain yield increased, prices did too. The article explains this seeming paradox. The data published by the author help not only to estimate the impact of various factors on grain prices during the period in question, but also solve practical tasks regarding various price indicators in grain equivalents.

scholarly journals Adoption of yield-increasing technologies in poorly integrated crop output markets

2021 ◽  
Vol 10 (3) ◽  
pp. 319-330
Author(s):  
Relwende Apollinaire Nikiema
Keyword(s):  
Developing Countries ◽  
Burkina Faso ◽  
Market Integration ◽  
Large Scale ◽  
Price Dispersion ◽  
Price Volatility ◽  
Market Development ◽  
Output Market ◽  
Spatial Price ◽  
The Relationship

This paper analyzes the relationship between crop output market and the use of modern inputs of farmers in developing countries. For this purpose, we used a large-scale household dataset collected in rural Burkina Faso. We found evidence that crop output market integration matters in farmer decision to adopt modern inputs. More specifically, an increase of the spatial price dispersion by 10% is significantly associated with a decrease of the probability of using modern inputs by 4%. However, price volatility affects neither the decision to use of the modern nor the intensity of adoption. Our finding implies that in order to succeed, agricultural interventions that target the adoption of modern inputs should be accompanied with market development measures.

Capital Markets in China and Britain, 1770–1860: Evidence from Grain Prices

2021 ◽  
Vol 13 (3) ◽  
pp. 31-64
Author(s):  
Wolfgang Keller ◽  
Carol H. Shiue ◽  
Xin Wang
Keyword(s):  
Interest Rates ◽  
Capital Market ◽  
Market Integration ◽  
Market Development ◽  
Early Date ◽  
Storage Model ◽  
Capital Market Integration ◽  
Percentage Points ◽  
Great Divergence ◽  
Regional Capital

Based on comprehensive grain price data, we employ a storage model to estimate consistent interest rates and compare capital market development between Britain and China. Interest rates for Britain were lower than China’s on average by about 3 percentage points from 1770 to 1860. For country pairs with bilateral distance less than 200 kilometers, the regional capital market integration in the Yangzi Delta in China comes close to the British average; but at larger distances, spatial interest rate correlations in Britain are twice those of the Delta and three or more times as high as elsewhere in China. Overall, our results suggest capital market development differences at an early date, so that capital market performance may be important for the Great Divergence that emerged between China and Western countries at this time. (JEL E43, E44, N23, N25, N53, N55, Q11)

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