The Governance of China's Finance
Chapter in NBER book Capitalizing China (2013), Joseph P. H. Fan and Randall Morck, editors (p. 35 - 60)
This chapter examines the governance of China's financial system, which, it shows, cannot be adequately explained using conventional paradigms that rely on ownership and legal or regulatory controls alone. Instead, China's governance regime relies heavily on human resource management, which uses control rights over the career path of top-level financial cadres.
This paper was revised on May 30, 2014Comment, Zheng Song
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