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1、*ComparingChina’sFinancialSystem†FranklinAllenJunQianMeijunQianFinanceDepartmentFinanceDepartmentFinanceDepartmentTheWhartonSchoolCarrollSchoolofManagementCarrollSchoolofManagementUniversityofPennsylvaniaBostonCollegeBostonCollegePhiladelphia,PA19104Chestn
2、utHill,MA02467ChestnutHill,MA02467allenf@wharton.upenn.eduqianju@bc.eduqianme@bc.eduSeptember30,2002*ThispaperisbasedonakeynotespeechdeliveredbythefirstauthorattheFirstTsinghua-InternationalFinanceConferenceinBeijing,China(July2002).WethankBinGao,JiangWang
3、andotherconferenceorganizersandTsinghuaUniversityfortheirinvitation,hospitalityandfinancialsupport,andconferenceparticipantsforhelpfulcomments.WeappreciatehelpfulcommentsfromandtheChinesetranslationoftheoriginalmanuscriptbyQiaoYu.FinancialsupportfromBoston
4、CollegeandTheWhartonSchooloftheUniversityofPennsylvaniaisalsoacknowledged.Theauthorsareresponsibleforallremainingerrors.†Correspondingauthor:FinanceDepartment,BostonCollege,ChestnutHill,MA02467.Phone:617-552-3145,fax:617-552-0431,E-mail:qianju@bc.edu.Engli
5、shversionofthepapercanbedownloadedfromHttp://www2.bc.edu/~qianju/research.htmlComparingChina’sFinancialSystemAbstractWecompareChina’sfinancialsystemtothoseofthedevelopedcountries,inparticular,theUSsystemdominatedbyfinancialmarkets,andtheGermansystemdominat
6、edbythebankingsector.Weexaminefinancialsystems’properties,includingrisksharing,informationprovision,fundingnewandmatureindustries,financialcrisis,corporategovernance,andtherelationbetweenthefinancialandlegalsystemsandeconomicgrowth.Wefindthattherearemanyfu
7、ndamentaldifferencesbetweenChina’sfinancialsystemandtheUSsystem,andsimplyadoptingtheUSsystemisnotoptimal.UnderstandingtheGermansystemandreformChina’sbankingsystemshouldbeasimportantasdevelopingUS-stylefinancialmarkets.OurfindingsalsosuggestthatChinadiffers
8、frommostcountriesstudiedinthelaw,finance,andgrowthandcomparativefinancialsystemsliterature:Despiteitspoorlegalandfinancialsystems,ithasthelargest,andoneofthefastestgrowingeconomiesintheworld.Wefindthattherear
