FINANCIAL REPRESSION,FINANCIAL LEGAL GOVERNANCE AND ECONOMIC GROWTH IN CHINA |
| |
| Authors: | BAI Jiang |
| |
| Affiliation: | Law School, Fudan University, Shanghai 200438, China |
| |
| Abstract: | Financial repression usually exists in developing countries. By nature, it is like a hidden tax and can liquidate public debt of the government effectively. The policy of financial repression will likely hinder financial deepening, negatively influence the building-up of efficient and inclusive financial systems, and eventually harm sustainable economic growth in the long run. The fine legal infrastructure plays an important role in financial deepening and development. In China the major measures to reduce financial repression and improve the legal governance in finance are the following: the strict respect and protection of private property rights, including the obligation rights of the common depositors against the banks and the shareholders’ rights of the common investors, the respect and protection of the contract freedom and contract enforcement, the sequential openness of financial market entry and introduction of the principle of free and equal competition in the financial market, and the improvement of the judicial system to increase the adaptability of Chinese law, such as the strengthening of judicial independence and the establishment of case law. |
| |
| Keywords: | financial repression financial deepening legal governance economic growth |
|
| 点击此处可从《Frontiers of Law in China》浏览原始摘要信息 |
|
点击此处可从《Frontiers of Law in China》下载全文 |
|
