Pathway to instability? The politics of developing and internationalising China's capital markets
Johannes Petry is a political economist trained in Political Science and Economics (Frankfurt), International Political Economy (Warwick) and Comparative Public Policy (Konstanz). During his studies he specialised on the comparative and interdisciplinary analysis of financial markets, systems and crises as well as the political economy of emerging markets.
Between his studies and starting his PhD, he decided to work in finance for two years to obtain more practical knowledge about his research subject, mainly conducting regulatory analyses on Asian and European capital markets. Applying these practical insights into his research, he analyses the developmentof capital markets in China and its integration into global capital markets. Taking an institutionalist approach to the organisation of capital markets, he focuses on the interplay of financial infrastructures, investors and products in capital markets in China, how these changed over time as well as their increasing internationalisation.
Thereby, he emphasises the role exchanges play as crucial actors in this process. Exchanges organise capital markets. But while there is a plethora of research on capital markets, exchanges are very seldomly taken serious as actors in their own right. The terms stock exchange and stock market are often used interchangeable, usually referring to the later. He argues, however, that exchanges exercise significant influence over the overall organisation and development of capital markets and that they have transformed fundamentally in the last few decades, internationalising, changing their governance and business models, and venturing into new markets.
Methodologically, next to data from financial statistics, reports and news, his research draws on expert interviews with market participants and regulators as well as insights from event ethnography by attending financial industry conferences such as FIA Asia, FOW Asia Derivatives World or the Euro Finance Week. He conducted fieldwork in Beijing, Dalian, Hangzhou, Hong Kong, Shenzhen, Shanghai, Singapore, Frankfurt and London.
From May to July 2017, Johannes was a ESRC International Partnership Visiting Fellow at the Department of Asian and International Studies at The City University of Hong Kong and from November 2017 to January 2018 a Visiting Researcher at the Institute for Political Science at Goethe University in Frankfurt. In April and May 2018, he was a Visiting Scholar at the Fudan Development Institute at Fudan University in Shanghai and in October and November 2018 he was a Visiting Scholar at the International Political Economy Center at Peking University.
Since May 2018, he is an international advisor for financial market development at the Development Research Center of the Shanghai Municipal People's Government (SDRC), one of the leading decision-making research and consulting institutions in China.
Johannes is also one of the founders and organisers of the Warwick Critical Finance Group.
International Political Economy | China | Capital Market Development | Exchanges | Financialisation | East Asia |
Financial Geography | Comparative Political Economy | Derivatives | International Financial Centres |
Interdisciplinary Analysis | Critical Theory | Methodological Pluralism
Upcoming & recent presentations
Petry, J. (2019) "State-capitalist capital markets? Financial infrastructures, exchanges & the politics of integrating China into global capital markets", International Studies Association, 27-30 March 2019, Toronto (poster).
Petry, J. (2019) "State-capitalist capital markets? Financial infrastructures, exchanges & the politics of integrating China into global capital markets", 'Conceptualising Markets' pre-ISA Workshop, 26 March 2019, University of Ottawa.
Petry, J. (2018) "Financialisation with Chinese characteristics? State capitalism, market infrastructures & the development of capital markets in China", 'How to Conceptualise Financialisation in Developing and Emerging Economies?' Workshop, 13-14 December 2018, Girton College, University of Cambridge, UK.
Petry, J. (2018) "Financialisation Chinese style or controlled markets? The politics of (developing, integrating and internationalising) Chinese capital markets", Futures of Finance & Society Conference 2018, 5-6 December 2018, Edinburgh, UK.
Petry, J. (2018) "Banks, exchanges, and the politics of financial market infrastructures", Futures of Finance & Society Conference 2018, 5-6 December 2018, Edinburgh, UK (with L. Genito).
Petry, J. (2018) "Beyond ports, roads, railways: 'One Belt, One Road' and the politics of financial infrastructures", 'Understanding the Belt & Road Initiative: Dynamics, Prospects & Implications' Conference, 22-23 October 2018, Renmin University, Beijing.
Petry, J. (2018) "Financial infrastructures, exchanges & the political economy of China’s capital market development", 5th World Interdisciplinary Network for Institutional Research (WINIR) Conference, 14-17 September 2018, Hong Kong.
Petry, J. (2018) "Banks, exchanges, and the politics of financial market infrastructures", 10th Critical Finance Studies (CFS) Conference, 9-11 August 2018, Göteborg (with Lorenzo Genito).
Petry, J. (2018) "Exchanges, states and markets in the internationalisation of China’s capital markets", 43rd British International Studies Association (BISA) Conference, 13-15 June 2018, Bath.
Petry, J. (2018) "Integrating China into global capital markets: progress, challenges & opportunities", FDDI Overseas Visiting Scholar Seminar, Fudan Development Institute, Fudan University, 4 May 2018, Shanghai.
Petry, J. (2017) "Who creates Chinese capital markets? The political economy of China’s emerging global financial network", FinGeo Research Seminar/Conference on Global Production, 6-8 December 2017, Singapore.
Petry, J. (2017) "From national markets to global market infrastructure providers: exchanges, their transformation & how they shape capital markets", Warwick Critical Finance Early Career Researcher Workshop, 25-26 September 2017, Coventry, UK.
Petry, J. (2017) "The political economy of the transformation of exchanges", 8th International Initiative for Promoting Political Economy (IIPPE) Conference, 13-15 September 2017, Berlin, Germany.
Petry, J. (2017) "The transformation of capital markets in China", IPE PhD Colloquium Goethe University, 27 April 2017, Frankfurt, Germany.
Petry, J. (2017) "Pathways to instability. The political economy of the transformation of exchanges in East Asia",
East Asia Study Group Workshop, 22 February 2017, Coventry, UK.
Petry, J. (2018) “Investor trust, uncertainty and markets: Progress and challenges in the internationalisation of China’s capital markets”, China Watch, 28 (3/2018), 31-35.
Petry, J. (2018) “投资者信任、不确定与市场：中国资本市场国际化国家化进程中的发展与挑战”, 中国观, 78期 (2018 年第3 期总第), 25-27. [China Watch translation]
Petry, J. (2017) “Why does fieldwork matter? Some reflections on immersion, the everyday and knowledge creation from researching financial markets in Hong Kong”, Social Science Works, 10 November 2017.
Petry, J. (2016) “Intellectual monocultures, black swans & the failure of economics: lessons from the global financial crisis and austerity”, Social Science Works, 7 November 2016.
Petry, J. (2016) “The ECB’s corporate bond purchase programme: More distortions”, Deutsche Bank Research, 14 June 2016 (with O. Kaya).
Deutsche Börse (2015) Corporate Report 2014 (co-editor and co-author, English and German versions).
Deutsche Börse (2015) Deutsche Börse Group: From trading floor to electronic trading marketplace. June 2015 (co-editor and co-author, English and German versions).
Petry, J. (2014) “Bailing out global finance: the origins and consequences of ‘too big to fail’”, Pinpoint Politics, 4 February 2014.
Petry, J. (2013) “Constructing the Eurozone crisis: a tale of PIIGS, debt, and austerity”, Pinpoint Politics,
8 December 2013.