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1、Law,InstitutionsandFinanceinChinaandIndiaFranklinAllenRajeshChakrabartiSankarDeFinanceDepartmentFinanceAreaCentreforAnalyticalFinanceTheWhartonSchoolIndianSchoolofBusinessIndianSchoolofBusinessUniversityofPennsylvaniaHyderabad500032,IndiaHyderabad500032,Indiaallenf@w
2、harton.upenn.edurajesh_chakrabarti@isb.eduSankar_De@isb.eduJun“QJ”QianMeijunQianFinanceDepartmentFinanceDepartmentCarrollSchoolofManagementNUSBusinessSchoolBostonCollegeNationalUniversityofSingaporeqianju@bc.edubizqmj@nus.edu.sgAbstractInthispaperweexamineandcomparet
3、helegalandinstitutionalset-upsinChinaandIndia.Chinadiffersfrommostofthecountriesstudiedinthelaw,institutions,finance,andgrowthliterature:Itslegalandfinancialsystemsaswellasinstitutionsareallunderdeveloped,butitseconomyhasbeengrowingataveryfastrate.DespiteitsEnglishco
4、mmon-laworiginandBritish-stylejudicialsystemanddemocraticgovernment,thereisenoughdocumentedevidencetosuggestthattheeffectivelevelofinvestorprotectionandthequalityoflegalinstitutionsinIndiaarequiteweakaswell.However,thishasevidentlynotprohibitedgrowthineithercountry.S
5、mallandhighgrowthfirmsinbothcountriesmakeextensiveuseofinformalandrelationship-basedarrangementstofinancegrowth.Keywords:India,lawandfinance,institutions,growth,banks,markets,SMEsector.JELClassifications:O5;K0;G0.I.IntroductionWecomparethefinancialsystemsofthetwolarg
6、estandfastestgrowingemergingeconomiesoftheworld–ChinaandIndia–tobetterunderstandtheirveryimpressivegrowthexperiencewithinstitutionsthatclearlyfallshortofdevelopedcountrystandards.Thetwofinancialsystemsdifferwidelyintheirnatureandevolutionandyetreflectmanycommonfeatur
7、es.Transitingfromasocialistsystemtoamarket-basedsystem,Chinahadnoformalcommerciallegalsystemandassociatedinstitutionsinplacewhenitseconomybegantotakeoffinthe1980s.India,ontheotherhand,hasalonghistoryofmodernlegalinstitutionsandfinancialmarkets,andhasinheritedasetofri
8、chinstitutions.Allen,QianandQian,2005(AQQ)categorizetheChinesefirmsintothreesectors:1)theStateSectorthatincludesallcompaniessuchtha
