This paper examines whether reforms have created a substantial commercial sector with market characteristics in China's financial system. Many studies conclude that the operation of China's capital markets lacks market features, resulting in fragmentation. Yet, this lack of integration coincides...

Several countries have adopted legally separated share markets (LSSM), where local firms market separate claims to the same dividend flow to domestic and foreign investors who cannot arbitrage across LSSM. We designed a laboratory experiment to test whether the inside information in one LSSM is...

China exhibits above average savings and below average consumption as shares of total economic activity when compared with other countries. At the same time, to create more balanced growth at home and rebalance key bilateral trade and capital flow relationships, China's leadership is trying to...