Financial governance and economic development: making sense of the Chinese experience
Despite fundamental market reforms, the Chinese financial system has remained a mixed system. From the perspectives of the mainstream doctrines of financial liberalization, this system is easily judged to be entailing serious allocative inefficiencies. Nevertheless, from alternative theoretical pers...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Associazione Economia civile
2011-09-01
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| Series: | PSL Quarterly Review |
| Subjects: | |
| Online Access: | https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/9412 |
| _version_ | 1811172394182639616 |
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| author | Dic Lo Guicai Li Yingquan Jiang |
| author_facet | Dic Lo Guicai Li Yingquan Jiang |
| author_sort | Dic Lo |
| collection | DOAJ |
| description | Despite fundamental market reforms, the Chinese financial system has remained a mixed system. From the perspectives of the mainstream doctrines of financial liberalization, this system is easily judged to be entailing serious allocative inefficiencies. Nevertheless, from alternative theoretical perspectives, the system might have been conducive to promoting productive efficiency. This paper argues that the actual experience does seem to indicate that, hitherto, the gains in productive efficiency have more than compensated for the losses in allocative efficiency. This judgement helps to make sense of the Chinese anomaly that a seemingly inefficient financial system has co-existed with the outstanding performance of financial deepening and economic development over the past three decades.
JEL Codes: G21, N65, O16
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| first_indexed | 2024-04-10T17:29:17Z |
| format | Article |
| id | doaj.art-82a1df6bef7948eab6ed2d41d69cd5f8 |
| institution | Directory Open Access Journal |
| issn | 2037-3635 2037-3643 |
| language | English |
| last_indexed | 2024-04-10T17:29:17Z |
| publishDate | 2011-09-01 |
| publisher | Associazione Economia civile |
| record_format | Article |
| series | PSL Quarterly Review |
| spelling | doaj.art-82a1df6bef7948eab6ed2d41d69cd5f82023-02-03T16:48:49ZengAssociazione Economia civilePSL Quarterly Review2037-36352037-36432011-09-016425810.13133/2037-3643/9412Financial governance and economic development: making sense of the Chinese experienceDic LoGuicai LiYingquan JiangDespite fundamental market reforms, the Chinese financial system has remained a mixed system. From the perspectives of the mainstream doctrines of financial liberalization, this system is easily judged to be entailing serious allocative inefficiencies. Nevertheless, from alternative theoretical perspectives, the system might have been conducive to promoting productive efficiency. This paper argues that the actual experience does seem to indicate that, hitherto, the gains in productive efficiency have more than compensated for the losses in allocative efficiency. This judgement helps to make sense of the Chinese anomaly that a seemingly inefficient financial system has co-existed with the outstanding performance of financial deepening and economic development over the past three decades. JEL Codes: G21, N65, O16 https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/9412Chinese banksmarket reformseconomic development |
| spellingShingle | Dic Lo Guicai Li Yingquan Jiang Financial governance and economic development: making sense of the Chinese experience PSL Quarterly Review Chinese banks market reforms economic development |
| title | Financial governance and economic development: making sense of the Chinese experience |
| title_full | Financial governance and economic development: making sense of the Chinese experience |
| title_fullStr | Financial governance and economic development: making sense of the Chinese experience |
| title_full_unstemmed | Financial governance and economic development: making sense of the Chinese experience |
| title_short | Financial governance and economic development: making sense of the Chinese experience |
| title_sort | financial governance and economic development making sense of the chinese experience |
| topic | Chinese banks market reforms economic development |
| url | https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/9412 |
| work_keys_str_mv | AT diclo financialgovernanceandeconomicdevelopmentmakingsenseofthechineseexperience AT guicaili financialgovernanceandeconomicdevelopmentmakingsenseofthechineseexperience AT yingquanjiang financialgovernanceandeconomicdevelopmentmakingsenseofthechineseexperience |