摘要
关于以典当为代表的民间金融在应对气候冲击引致的生存风险方面的作用,现有文献尚存争议且缺乏经验证据。本文基于1470-1900年中国省级面板数据,检验典当业如何影响旱涝灾害引发的农民起义。研究表明,典当业发展有助于降低旱灾引发农民起义的发生率,这是因为提供小额抵押贷款的典当业能够融通资金以应对负向经济冲击,同时谷典、典当存款等业务的发展增强了典当的社会救济功能,可以抑制气候冲击导致的粮价上涨,从而缓解自然灾害引致的生存风险。本文不仅从历史视角验证了金融市场的风险规避作用,而且为当代民间金融阳光化提供了理论依据。
The role of informal financial market （e. g. pawnshops ） played in mitigating the survival risk induced by climate shocks remains unclear and is short of empirical evidence in the existing literature. Using a provincial panel dataset for China during 1470 - 1900, this paper examines how the pawnshops affect peasant uprisings which were caused by droughts and floods. The study shows that the development of pawnshops contributes to decrease the frequency of peasant uprisings that were triggered by droughts. This is because pawnshops, which provide small mortgage loans, axe able to cope with negative economic shocks through financing. Simultaneously the expansion of service （e. g. ＂Gudian＂, deposit） improves its social insurance functions and inhibits the rise of grain price, which can mitigate the survival risk caused by nature disasters. This paper not only validates the risk sharing effects of financial market from a historical perspective, but also provides a theoretical foundation for the standardization of contemporary informal finance.
出处
《金融研究》
CSSCI
北大核心
2016年第8期68-84,共17页
Journal of Financial Research
基金
国家自然科学重点项目(71333009)
国家自然科学基金面上项目(71273155)
国家留学基金的资助
关键词
典当
气候冲击
农民起义
Pawnshops
Climate Shocks
Peasant Uprisings
