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China’s Financial Market Fragmentation, 1978-2004

Li, Jia

Graduate School of International Development, Nagoya University, Japan

December 2006

Online at https://mpra.ub.uni-muenchen.de/8176/

MPRA Paper No. 8176, posted 09 Apr 2008 05:33 UTC

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A: Fiscal capacityᴥᴢᴦ B: Financial capacityᴥᴢᴦ

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Òåöåîõåó¯ÇÄÐ Åøðåîäéôõòåó¯ÇÄÐ Äåðïóéôó¯ÇÄÐ Ìïáîó¯ÇÄÐ

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0.0 0.4 0.8 1.2 1.6 2.0 2.4

D/Y D/Y

0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0

L/Y L/Y

1.2 1.1 1.0 0.9 0.8 0.7 0.6 0.5 0.4

2.2 2.0 1.8 1.6 1.4 1.2 1.0 0.8 0.6

A: Dataset 1 (state-owned banks) B: Dataset 2 (all financial institutions)

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