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Evolution of China's financial system and its impact on economic development

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  • Lino Sau
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Abstract

In this paper, I try to show and emphasise how China has adopted alternative economic policies in the transition and in the evolution of its financial system. In fact, the �step by step� or �gradualism� approach followed is in contrast to the fashionable idea that indiscriminately prescribes market-oriented financial system architecture to emerging and transition economies, and is, I believe, more close to the financial policies recommended by Post-Keynesians.

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Bibliographic Info

Article provided by Inderscience Enterprises Ltd in its journal Int. J. of Economic Policy in Emerging Economies.

Volume (Year): 5 (2012)
Issue (Month): 1 ()
Pages: 1-15

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Handle: RePEc:ids:ijepee:v:5:y:2012:i:1:p:1-15

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Web page: http://www.inderscience.com/browse/index.php?journalID=219

Related research

Keywords: China; financial systems; financial market development; financial liberalisation; post-Keynesian economics; economic development; transition economies; financial policy.;

References

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  1. Levine, Ross, 2002. "Bank-Based or Market-Based Financial Systems: Which Is Better?," Journal of Financial Intermediation, Elsevier, vol. 11(4), pages 398-428, October.
  2. Salvatore Capasso, 2003. "Financial Markets Development And Economic Growth: Tales Of Informational Asymmetries," Working Papers 2_2003, D.E.S. (Department of Economic Studies), University of Naples "Parthenope", Italy.
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  16. Eswar Prasad & Shang-Jin Wei, 2007. "The Chinese Approach to Capital Inflows: Patterns and Possible Explanations," NBER Chapters, in: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences, pages 421-480 National Bureau of Economic Research, Inc.
  17. McMillan, John & Naughton, Barry, 1992. "How to Reform a Planned Economy: Lessons from China," Oxford Review of Economic Policy, Oxford University Press, vol. 8(1), pages 130-43, Spring.
  18. Lino Sau, 2003. "Banking, information, and financial instability in Asia," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 25(3), pages 493-513, March.
  19. Boot, Arnoud W A & Thakor, Anjan, 1995. "Financial System Architecture," CEPR Discussion Papers 1197, C.E.P.R. Discussion Papers.
  20. Levine, Ross, 1996. "Financial development and economic growth : views and agenda," Policy Research Working Paper Series 1678, The World Bank.
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