Governing Emerging Stock Markets: Legal vs Administrative Governance

6 Pages Posted: 9 Jan 2005

See all articles by Katharina Pistor

Katharina Pistor

Columbia University School of Law

Chenggang Xu

University of Hong Kong

Abstract

Transition economies face a fundamental dilemma. They need to develop financial markets, and yet they lack the ingredients it takes to do so. Recipes for legal governance mechanisms that have worked elsewhere, including reactive law enforcement by courts and proactive law enforcement by regulators, may not help in the short to medium term. Using evidence from stock market development in China and Russia, this paper suggests that at least in the short term, administrative governance may be a viable alternative to legal governance in emerging stock markets.

Suggested Citation

Pistor, Katharina and Xu, Chenggang, Governing Emerging Stock Markets: Legal vs Administrative Governance. Available at SSRN: https://ssrn.com/abstract=645423

Katharina Pistor (Contact Author)

Columbia University School of Law ( email )

435 West 116th Street
New York, NY 10025
United States
212-854-0068 (Phone)
212-854-7946 (Fax)

Chenggang Xu

University of Hong Kong ( email )

Pokfulam Road
Hong Kong, Pokfulam HK
China

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
36
Abstract Views
2,140
PlumX Metrics