a bank-based financial system. However, some scholars find that China has a market-based financial system. This study … tries to resolve this puzzle. Following the definitions of the World Bank, we construct China’s financial structure index … with stock issuance amount, China is bank-based, which aligns with economic intuition …

robust. This robustness persists even when a medium sized bank defaults …

reduced cost inefficiency and reduced X-inefficiency at a faster rate than rent-seeking inefficiency. -- Bank Efficiency …

present on the borrowers' side; it is estimated that about half of state-owned commercial bank lending still goes to state …