Assessing China's Top-Down Securities Markets
This chapter analyzes China's securities markets both in terms of their size and composition, and in terms of their economic function and importance to the Chinese economy. In so doing, it assesses the regulatory regime within which these markets function and the corporate governance mechanisms that operate upon the firms listed on the Chinese stock exchanges. The chapter concludes with observations concerning the fundamental contradiction between the Chinese securities markets' top-down design and control on the one hand and, on the other, their possible effectiveness in efficient capital allocation, risk management, and as a tool of discipline.
Related
Published From Paper
More from NBER
In addition to working papers, the NBER disseminates affiliates’ latest findings through a range of free periodicals — the NBER Reporter, the NBER Digest, the Bulletin on Retirement and Disability, the Bulletin on Health, and the Bulletin on Entrepreneurship — as well as online conference reports, video lectures, and interviews.
