The Efficiency of the Chinese Stock Markets: Some Unfinished Business on the Road to Economic Transformation

Burton Malkiel
Additional contact information
Burton Malkiel: Princeton University

No 1031, Working Papers from Princeton University, Department of Economics, Center for Economic Policy Studies.

Abstract: In his William S. Vickrey address to the International Atlantic Economic association in 2005, Franklin Allen examined the question of how China has managed to grow rapidly in the absence of many of the factors usually considered essential to economic expansion in Western economies. China had no tradition of the rule of law, corruption was rampant, and the financial institutions that could facilitate growth were inadequate and/or dysfunctional. In particular, the stock and bond markets in China were undeveloped and the banking system did not serve as an institution that could effectively channel individual savings into those companies with the highest potential investment opportunities.

Keywords: China (search for similar items in EconPapers)
JEL-codes: G11 O53 (search for similar items in EconPapers)
Date: 2007-12
References: Add references at CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
https://gceps.princeton.edu/wp-content/uploads/2017/01/154malkiel.pdf

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pri:cepsud:154

Access Statistics for this paper

More papers in Working Papers from Princeton University, Department of Economics, Center for Economic Policy Studies. Contact information at EDIRC.
Bibliographic data for series maintained by Bobray Bordelon ().