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

Author

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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.

Suggested Citation

  • Singh, A., 1990. "The institution of a stockmarket in a socialist economy: Notes on the Chinese economic reform program," MPRA Paper 24324, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:24324
    as

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    File URL: https://mpra.ub.uni-muenchen.de/24324/1/MPRA_paper_24324.pdf
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    References listed on IDEAS

    as
    1. Summers, Lawrence H, 1986. " Does the Stock Market Rationally Reflect Fundamental Values?," Journal of Finance, American Finance Association, vol. 41(3), pages 591-601, July.
    2. Mayer, Colin, 1988. "New issues in corporate finance," European Economic Review, Elsevier, vol. 32(5), pages 1167-1183, June.
    3. Whittington, G, 1972. "The Profitability of Retained Earnings," The Review of Economics and Statistics, MIT Press, vol. 54(2), pages 152-160, May.
    4. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73, pages 110-110.
    5. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73, pages 351-351.
    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, vol. 7(1), pages 73-100, March.
    7. Tibor Scitovsky, 1954. "Two Concepts of External Economies," Journal of Political Economy, University of Chicago Press, vol. 62, pages 143-143.
    8. Nuti, D. M., 1988. "Competitive valuation and efficiency of capital investment in the socialist economy," European Economic Review, Elsevier, vol. 32(2-3), pages 459-464, March.
    9. Cable, John R, 1985. "Capital Market Information and Industrial Performance: The Role of West German Banks," Economic Journal, Royal Economic Society, vol. 95(377), pages 118-132, March.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Ajit Singh, 1999. "Should Africa promote stock market capitalism?," Journal of International Development, John Wiley & Sons, Ltd., vol. 11(3), pages 343-365.

    More about this item

    Keywords

    stockmarket; China; developing; socialist; economy; industrial;

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • P3 - Economic Systems - - Socialist Institutions and Their Transitions
    • A10 - General Economics and Teaching - - General Economics - - - General

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