Asset Pricing under Financial Repression: Evidence from the Chinese Real Estate Boom during 1999–2010

Xiuping Hua and Chris Adcock
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Xiuping Hua: Nottingham University Business School China
Chris Adcock: University of Sheffield

Chapter 3 in Developing China’s Capital Market, 2013, pp 42-73 from Palgrave Macmillan

Abstract: Abstract China is well known for having adopted financial repression policies to achieve faster economic growth (Huang, 2010; Lin, Cai and Li, 1995). The term “financial repression” refers to government policies which regulated interest rates, set high reserve requirements on bank deposits and mandatorily allocated financial resources (MaKinnon, 1973). Such policies are common in developing countries. Despite more than 30 years of economic reform, the Chinese economy still exhibits characteristics typical of financial repression: heavily regulated interest rates, state-influenced credit allocation, frequently adjusted reserve requirements and tightly controlled capital account (Huang and Wang, 2011).

Keywords: Gross Domestic Product; Real Estate; Ordinary Little Square; Housing Price; Asset Price (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-34157-0_3

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DOI: 10.1057/9781137341570_3

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