Banking on the Confucian Clan: Why China Developed Financial Markets So Late

2021 ◽  
Author(s):  
Zhiwu Chen ◽  
Chicheng Ma ◽  
Andrew J Sinclair

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.

2016 ◽  
Vol 1 (1) ◽  
Author(s):  
Dr. Kamlesh Kumar Shukla

FIIs are companies registered outside India. In the past four years there has been more than $41 trillion worth of FII funds invested in India. This has been one of the major reasons on the bull market witnessing unprecedented growth with the BSE Sensex rising 221% in absolute terms in this span. The present downfall of the market too is influenced as these FIIs are taking out some of their invested money. Though there is a lot of value in this market and fundamentally there is a lot of upside in it. For long-term value investors, there’s little because for worry but short term traders are adversely getting affected by the role of FIIs are playing at the present. Investors should not panic and should remain invested in sectors where underlying earnings growth has little to do with financial markets or global economy.


2019 ◽  
Author(s):  
Michael Toomey ◽  
◽  
Nicole D'Entremont ◽  
Emma Armstrong ◽  
Thomas Cronin ◽  
...  

Author(s):  
Ravi Roy ◽  
Thomas D. Willett

The size and scope of financial sectors throughout the world have grown exponentially in tandem with the rise of globalization and increased capital mobility. The terms “economic globalization” and “financialization” are often discussed as inextricably related phenomena. Although the rapid increase in the number and variety of financial services and products during the past four decades has helped spur economic growth and create wealth on an unprecedented scale, the devastating fallout from the global financial crisis of 2008–2009, and the economic turbulence that followed, demonstrates how poorly managed financial sectors can simultaneously cause enormous pain. This chapter argues that if the opportunities created by economic globalization and financialization are to be maximized, while at the same tempering volatile financial markets, then the global financial system (and the national economies connected with it) must be fundamentally restructured. A number of ways that should be taken under consideration are discussed.


2021 ◽  
pp. 146960532199394
Author(s):  
Venla Oikkonen

This article explores the conceptual and cultural implications of using pathogen ancient DNA (aDNA) collected in archaeological contexts to understand the past. More specifically, it examines ancient pathogen genomics as a way of conceptualizing multispecies entanglements. The analysis focuses on the 2018 sequencing of Borrelia recurrentis bacteria retrieved from a medieval graveyard in Oslo, Norway. B. recurrentis is associated with louse-borne relapsing fever (LBRF), known to have killed several million people in Europe during the past millennium, and it is still encountered in parts of East Africa. The article demonstrates that while aDNA research often foregrounds multispecies entanglements, its epistemic tools cannot easily address the ontological blurriness of pathogens and their embeddedness in vibrant material processes. The article draws on feminist posthumanities work on microbes and materiality to highlight conceptual openings that a theorization of ancient pathogens could engender.


2011 ◽  
Vol 40 (6) ◽  
pp. 1111-1120 ◽  
Author(s):  
Tz-Shing Kuo ◽  
Zi-Qi Liu ◽  
Hong-Chun Li ◽  
Nai-Jung Wan ◽  
Chuan-Chou Shen ◽  
...  

Water ◽  
2021 ◽  
Vol 13 (15) ◽  
pp. 2139
Author(s):  
Paul H. Hutton ◽  
David M. Meko ◽  
Sujoy B. Roy

This work presents updated reconstructions of watershed runoff to San Francisco Estuary from tree-ring data to AD 903, coupled with models relating runoff to freshwater flow to the estuary and salinity intrusion. We characterize pre-development freshwater flow and salinity conditions in the estuary over the past millennium and compare this characterization with contemporary conditions to better understand the magnitude and seasonality of changes over this time. This work shows that the instrumented flow record spans the range of runoff patterns over the past millennium (averaged over 5, 10, 20 and 100 years), and thus serves as a reasonable basis for planning-level evaluations of historical hydrologic conditions in the estuary. Over annual timescales we show that, although median freshwater flow to the estuary has not changed significantly, it has been more variable over the past century compared to pre-development flow conditions. We further show that the contemporary period is generally associated with greater spring salinity intrusion and lesser summer–fall salinity intrusion relative to the pre-development period. Thus, salinity intrusion in summer and fall months was a common occurrence under pre-development conditions and has been moderated in the contemporary period due to the operations of upstream reservoirs, which were designed to hold winter and spring runoff for release in summer and fall. This work also confirms a dramatic decadal-scale hydrologic shift in the watershed from very wet to very dry conditions during the late 19th and early 20th centuries; while not unprecedented, these shifts have been seen only a few times in the past millennium. This shift resulted in an increase in salinity intrusion in the first three decades of the 20th century, as documented through early records. Population growth and extensive watershed modification during this period exacerbated this underlying hydrologic shift. Putting this shift in the context of other anthropogenic drivers is important in understanding the historical response of the estuary and in setting salinity targets for estuarine restoration. By characterizing the long-term behavior of San Francisco Estuary, this work supports decision-making in the State of California related to flow and salinity management for restoration of the estuarine ecosystem.


2021 ◽  
pp. 1-9
Author(s):  
Feng Shi ◽  
Anmin Duan ◽  
Qiuzhen Yin ◽  
John T Bruun ◽  
Cunde Xiao ◽  
...  

Abstract The Qinghai–Tibetan Plateau and Arctic both have an important influence on global climate, but the correlation between climate variations in these two regions remains unclear. Here we reconstructed and compared the summer temperature anomalies over the past 1,120 yr (900–2019 CE) in the Qinghai–Tibetan Plateau and Arctic. The temperature correlation during the past millennium in these two regions has a distinct centennial variation caused by volcanic eruptions. Furthermore, the abrupt weak-to-strong transition in the temperature correlation during the sixteenth century could be analogous to this type of transition during the Modern Warm Period. The former was forced by volcanic eruptions, while the latter was controlled by changes in greenhouse gases. This implies that anthropogenic, as opposed to natural, forcing has acted to amplify the teleconnection between the Qinghai–Tibetan Plateau and Arctic during the Modern Warm Period.


Tellus B ◽  
2005 ◽  
Vol 57 (1) ◽  
pp. 51-57 ◽  
Author(s):  
URS SIEGENTHALER ◽  
ERIC MONNIN ◽  
KENJI KAWAMURA ◽  
RENATO SPAHNI ◽  
JAKOB SCHWANDER ◽  
...  

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