Abstract

http://ssrn.com/abstract=768704
 
 

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Law, Finance, and Economic Growth in China


Franklin Allen


University of Pennsylvania - Finance Department; European Corporate Governance Institute (ECGI)

Jun Qian


Shanghai Advanced Institute of Finance(SAIF), Shanghai Jiao Tong University; University of Pennsylvania - Wharton Financial Institutions Center; China Academy of Financial Research (CAFR)

Meijun Qian


National University of Singapore


Journal of Financial Economics, Vol. 77, No. 1, pp. 57-116, July 2005

Abstract:     
China is an important counterexample to the findings in the law, institutions, finance, and growth literature: Neither its legal nor financial system is well developed, yet it has one of the fastest growing economies. While the law-finance-growth nexus applies to the State Sector and the Listed Sector, with arguably poorer applicable legal and financial mechanisms, the Private Sector grows much faster than the others and provides most of the economy's growth. The imbalance among the three sectors suggests that alternative financing channels and governance mechanisms, such as those based on reputation and relationships, support the growth of the Private Sector.

Number of Pages in PDF File: 62

Keywords: China, law and finance, economic growth, private sector, corporate governance, reputation and relationships

JEL Classification: O50, K00, G34

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Date posted: August 2, 2005 ; Last revised: December 5, 2011

Suggested Citation

Allen, Franklin and Qian, Jun and Qian, Meijun, Law, Finance, and Economic Growth in China. Journal of Financial Economics, Vol. 77, No. 1, pp. 57-116, July 2005. Available at SSRN: http://ssrn.com/abstract=768704

Contact Information

Franklin Allen
University of Pennsylvania - Finance Department ( email )
The Wharton School
3620 Locust Walk
Philadelphia, PA 19104
United States
215-898-3629 (Phone)
215-573-2207 (Fax)
HOME PAGE: http://finance.wharton.upenn.edu/~allenf/

European Corporate Governance Institute (ECGI)
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
HOME PAGE: http://www.ecgi.org
Jun Qian (Contact Author)
Shanghai Advanced Institute of Finance(SAIF), Shanghai Jiao Tong University ( email )
211 West Huaihai Road
Shanghai, 200030
China
86-21-62934520 (Phone)
86-21-62934572 (Fax)
HOME PAGE: http://www.saif.sjtu.edu.cn/en/professors/2101
University of Pennsylvania - Wharton Financial Institutions Center
2306 Steinberg Hall-Dietrich Hall
Philadelphia, PA 19104
United States
HOME PAGE: http://fic.wharton.upenn.edu/fic/
China Academy of Financial Research (CAFR)
1954 Huashan Road
Shanghai P.R.China, 200030
China

Meijun Qian
National University of Singapore ( email )
1 Business Link
Singapore, 117592
Singapore
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