| Shanghai,as the financial center,commercial center,and economic center of China in modern history,the volatility of Shanghai's financial market and changes in commodity markets always attract the attention all over China.The earliest batch of entrepreneurs and financiers in modern China were grown in this special land,and the earliest speculators in modern China appeared there at the same time.The birth of speculation,on the other hand reflects the modern Shanghai producers are unwilling to take the status quo,actively enterprising,and seek the rational psychology of wealth appreciation.On the other hand,they also reflect the loopholes in the initial system regulations of emerging markets.In 1937,the War of Resistance Against Japanese Aggression began to break out.From 1937 to 1949,as the founding of New China,the scale of speculation was expanding due to the special political and economic structure.In modern Shanghai,a speculative profit was gradually formed.Large-scale social hot money,they may come from idle social capital,or from illegal channels,or from asylum funds...Unfortunately,these funds neither participated in industrial and agricultural production,nor support the anti-Japanese war or economic construction,but entering the various financial factor markets in Shanghai for speculation,played a role in fueling the speculation of the modern Shanghai stock market,commodity market,foreign exchange market and real estate market,has caused the destruction and impact to the economic and social stability,and the enormous influence to the people's life.This paper takes the emergence,characteristics,flow and influence of modern Shanghai hot money as the starting point and explores the role of hot money in Shanghai's financial factor markets from the beginning of the War of Resistance Against Japan to the end(1937-1949),and analyzes the impact of hot money to the economic development of Shanghai society.The full text consists of five parts.The first chapter expounds the research background and significance of this paper.It points out that there are few special studies on the hot money issue of modern Shanghai in China.It is a breakthrough point to study the development of modern Shanghai financial market and social economic operation with hot money as the starting point.The second chapter defines the hot money based on the comprehensive perspectives of political economy,western economics and history.It analyzes the causes of the hot money in Shanghai.It is found that the hot money in Shanghai has not only accumulated funds by itself,but also a large number of foreigners'funds after the start of the war.Subsequently,this chapter explores the capital nature of hot money,summarizing the characteristics of high-risk liquidity,short-term speculation,high sensitivity,and the damage to the market in modern Shanghai(1937-1949).Finally,this chapter combines historical materials to study the main destinations of modern Shanghai hot money speculation,and find out that hot money mainly enters the commodity market,stock market,foreign exchange market,real estate market speculation and profit.The third chapter analyzes the impact of hot money behavior on the development of Shanghai financial market from the financial factor markets such as securities,foreign exchange,cash,and gold.It discusses that although the hot money behavior brings certain liquidity to the early market,however,the behavior of hot money seriously damaged the order of financial market in modern Shanghai.And it has also been found that the phenomenon of hot money has caused interference to the operation of financial institutions.The fourth chapter mainly discusses the transmission effect of the hot money behavior in the financial market on the social economy of modern Shanghai.The research points out that the hot money behavior has had many adverse effects on the modern Shanghai society and economy.The hoarding of hot money and speculative goods have caused the prices to soar.It has caused a serious burden on the lives of the people at the bottom of Shanghai,causing a devastating impact on the stability of the social economy;social hot money speculation has led to the mismatch of funds,which has delayed the opportunity for the development of industrial production in modern Shanghai,and failed to provide timely funding for the war of resistance.The fifth chapter summarizes the full text,and combines the research to give some reference and suggestions for how to treat the hot money,regulate the hot money and guide the hot money correctly in the development of China's financial market,which makes the research of this paper have certain practical significance. |
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