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Author/Editor:
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Wei, Shang-Jin ; Boyreau-Debray, Genevieve
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Publication Date:
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May 01, 2004
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Electronic Access:
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Free Full text
(PDF file size is 375KB).
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
This paper examines possible segmentation of the internal capital market in China. We employ two standard tools from the international finance literature to analyze financial integration across Chinese provinces. Both tests confirm a similar (and somewhat surprising) picture: capital mobility within China is low! Furthermore, the degree of internal financial integration appears to have decreased, rather than increased, in the 1990s relative to the preceding period. Finally, we document that the government tends to reallocate capital from more productive regions to less productive ones. In this sense, a smaller role of the government in the financial sector might increase the rate of economic growth.
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Order a print copy
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Series:
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Working Paper No. 04/76
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Subject(s):
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Capital markets | China | Capital flows | Financial sector | Economic growth | China, People's Republic of
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Author's Keyword(s):
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Chinese economy | internal capital market | financial integration | Feldstein-Horioka | risk sharing |
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English
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Publication Date:
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May 01, 2004
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ISBN/ISSN:
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1934-7073
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Format:
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Paper
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Stock No:
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WPIEA0762004
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Pages:
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45
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Price:
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US$15.00 )
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Please address any questions about this title to
publications@imf.org
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