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The institution of a stockmarket in a socialist economy: Notes on the Chinese economic reform program

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  • Singh, A.

Abstract

This paper is concerned with three questions: (a) how would a stockmarket help economic and industrial development in a country like China; (b) will a stockmarket be system-compatible; and (c) if a full-fledged stockmarket is indeed introduced in a socialist economy, can its “negative influences” (speculation, booms and crashes) be minimized? These issues are examined analytically with the help of empirical evidence of stockmarket behavior in advanced and newly industrializing economies. Although the paper considers the specific case of China, the argument is more general and has application to other developing as well as centrally planned economies.

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File URL: http://mpra.ub.uni-muenchen.de/24324/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 24324.

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Date of creation: 1990
Date of revision:
Handle: RePEc:pra:mprapa:24324

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Related research

Keywords: stockmarket; China; developing; socialist; economy; industrial;

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References

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  1. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 73, pages 351.
  2. Whittington, G, 1972. "The Profitability of Retained Earnings," The Review of Economics and Statistics, MIT Press, vol. 54(2), pages 152-60, May.
  3. Summers, Lawrence H, 1986. " Does the Stock Market Rationally Reflect Fundamental Values?," Journal of Finance, American Finance Association, American Finance Association, vol. 41(3), pages 591-601, July.
  4. Mayer, Colin, 1987. "New Issues in Corporate Finance," CEPR Discussion Papers, C.E.P.R. Discussion Papers 181, C.E.P.R. Discussion Papers.
  5. Cable, John R, 1985. "Capital Market Information and Industrial Performance: The Role of West German Banks," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 95(377), pages 118-32, March.
  6. Cosh, A. D. & Hughes, A. & Lee, K. & Singh, A., 1989. "Institutional investment, mergers and the market for corporate control," International Journal of Industrial Organization, Elsevier, Elsevier, vol. 7(1), pages 73-100, March.
  7. Nuti, D. M., 1988. "Competitive valuation and efficiency of capital investment in the socialist economy," European Economic Review, Elsevier, Elsevier, vol. 32(2-3), pages 459-464, March.
  8. Tibor Scitovsky, 1954. "Two Concepts of External Economies," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 62, pages 143.
  9. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 73, pages 110.
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Cited by:
  1. Singh, Ajit, 1999. "Should Africa promote stock market capitalism?," MPRA Paper 54291, University Library of Munich, Germany.

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