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

Author

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  • Burton G. Malkiel

    (Princeton University)

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.

Suggested Citation

  • Burton G. Malkiel, 2007. "The Efficiency of the Chinese Stock Markets: Some Unfinished Business on the Road to Economic Transformation," Working Papers 1031, Princeton University, Department of Economics, Center for Economic Policy Studies..
    • Handle: RePEc:pri:cepsud:154
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    Citations

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    Cited by:

    1. Alhaj-Yaseen, Yaseen S. & Barkoulas, John T. & Ouandlous, Arav, 2020. "Liberalization and asymmetric information flow dynamics in the Chinese equity markets," The Journal of Economic Asymmetries, Elsevier, vol. 21(C).
    2. Dimitrios Koutmos & Bochen Wu & Qi Zhang, 2020. "In search of winning mutual funds in the Chinese stock market," Review of Quantitative Finance and Accounting, Springer, vol. 54(2), pages 589-616, February.
    3. Chunfang Cao & Wenxuan Hou & Xiumei Liu & Hongbo Pan, 2023. "Do Excess Funds Make Financially Constrained Firms Better Off? Evidence from IPOs in China," Abacus, Accounting Foundation, University of Sydney, vol. 59(3), pages 818-846, September.
    4. Alhaj-Yaseen, Yaseen S. & Rao, Xi & Jin, Yinghua, 2017. "Market liberalization and the extent of informed trading: Evidence from China’s equity markets," Journal of Multinational Financial Management, Elsevier, vol. 39(C), pages 78-99.
    5. Enrico Geretto & Rubens Pauluzzo, 2012. "Stock Exchange Markets in China: Structure and Main Problems," Transition Studies Review, Springer;Central Eastern European University Network (CEEUN), vol. 19(1), pages 89-106, September.

    More about this item

    Keywords

    China;

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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