NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by William Allen

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Working Papers and Chapters

December 2011Assessing China's Top-Down Securities Markets
with Han Shen
in Capitalizing China, Joseph P. H. Fan and Randall Morck, editors
January 2011Assessing China's Top-Down Securities Markets
with Han Shen: w16713
China’s securities markets are unlike those of Amsterdam, London or New York. Those markets evolved over centuries from myriad interactions among those seeking finance on the one hand and savers seeking rewarding investments on the other. Such spontaneous securities markets did emerge throughout China in the 1980s following the start of economic liberalization, but these spontaneous markets were closed by the government in favor of new and tightly controlled exchanges established in the early 1990s in Shanghai and Shenzhen. These new markets, have been designed to and largely limited to, serving state purposes, that is to assist in the financing of the state sector of the economy. Rather than evolving in a bottom-up pattern, they are controlled, top-down securities markets. This essay revi...

Contact and additional information for this authorAll publicationsWorking Papers only

 
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