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Asset Pricing under Financial Repression: Evidence from the Chinese Real Estate Boom during 1999–2010

In: Developing China’s Capital Market

Author

Listed:
  • Xiuping Hua

    (Nottingham University Business School China)

  • Chris Adcock

    (University of Sheffield
    University of Southampton)

Abstract

China is well known for having adopted financial repression policies to achieve faster economic growth (Huang, 2010; Lin, Cai and Li, 1995). The term “financial repression” refers to government policies which regulated interest rates, set high reserve requirements on bank deposits and mandatorily allocated financial resources (MaKinnon, 1973). Such policies are common in developing countries. Despite more than 30 years of economic reform, the Chinese economy still exhibits characteristics typical of financial repression: heavily regulated interest rates, state-influenced credit allocation, frequently adjusted reserve requirements and tightly controlled capital account (Huang and Wang, 2011).

Suggested Citation

  • Xiuping Hua & Chris Adcock, 2013. "Asset Pricing under Financial Repression: Evidence from the Chinese Real Estate Boom during 1999–2010," Palgrave Macmillan Books, in: Developing China’s Capital Market, chapter 3, pages 42-73, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-34157-0_3
    DOI: 10.1057/9781137341570_3
    as

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