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1、Law,InstitutionsandFinanceinChinaandIndiaFranklinAllenRajeshChakrabartiSankarDeFinanceDepartmentFinanceAreaCentreforAnalyticalFinanceTheWhartonSchoolIndianSchoolofBusinessIndianSchoolofBusinessUniversityofPennsylvaniaHyderabad500032,IndiaHyderabad500032,Indiaallenf@wharton.upenn.edurajesh_c
2、hakrabarti@isb.eduSankar_De@isb.eduJun“QJ”QianMeijunQianFinanceDepartmentFinanceDepartmentCarrollSchoolofManagementNUSBusinessSchoolBostonCollegeNationalUniversityofSingaporeqianju@bc.edubizqmj@nus.edu.sgAbstractInthispaperweexamineandcomparethelegalandinstitutionalset-upsinChinaandIndia.Ch
3、inadiffersfrommostofthecountriesstudiedinthelaw,institutions,finance,andgrowthliterature:Itslegalandfinancialsystemsaswellasinstitutionsareallunderdeveloped,butitseconomyhasbeengrowingataveryfastrate.DespiteitsEnglishcommon-laworiginandBritish-stylejudicialsystemanddemocraticgovernment,ther
4、eisenoughdocumentedevidencetosuggestthattheeffectivelevelofinvestorprotectionandthequalityoflegalinstitutionsinIndiaarequiteweakaswell.However,thishasevidentlynotprohibitedgrowthineithercountry.Smallandhighgrowthfirmsinbothcountriesmakeextensiveuseofinformalandrelationship-basedarrangements
5、tofinancegrowth.Keywords:India,lawandfinance,institutions,growth,banks,markets,SMEsector.JELClassifications:O5;K0;G0.I.IntroductionWecomparethefinancialsystemsofthetwolargestandfastestgrowingemergingeconomiesoftheworld–ChinaandIndia–tobetterunderstandtheirveryimpressivegrowthexperiencewithi
6、nstitutionsthatclearlyfallshortofdevelopedcountrystandards.Thetwofinancialsystemsdifferwidelyintheirnatureandevolutionandyetreflectmanycommonfeatures.Transitingfromasocialistsystemtoamarket-basedsystem,Chinahadnoformalcommerciallegalsystemandassociatedinstitutionsinplacewhenitseconomybegant
7、otakeoffinthe1980s.India,ontheotherhand,hasalonghistoryofmodernlegalinstitutionsandfinancialmarkets,andhasinheritedasetofrichinstitutions.Allen,QianandQian,2005(AQQ)categorizetheChinesefirmsintothreesectors:1)theStateSectorthatincludesallcompaniessuchtha
