The Politicization of China's Stock Market and Its Consequences

机译：中国股市的政治化及其后果

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China's stock market is systematically politicized by the government to promote its political agendas. The mantra of "socialism" has turned the stock market into a mere fund-raising vehicle for failing SOEs. The legislation and enforcement of securities-related laws are subject to the will and wishes of the government. Such a systemic politicization of stock market has caused some serious consequences for China's stock market and economic growth.

机译：中国的股市被政府系统地政治化，以促进其政治议程。 “社会主义”的口头禅已经将股票市场变成了一个仅仅是一个失败的国有企业的筹款车。与证券有关的法律的立法和执行须遵守政府的意愿和愿望。这种对股票市场的全身政治化对中国的股市和经济增长引起了一些严重后果。

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《International Conference on Information Technology and Computer Science》|2010年||共4页
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作者
Li Guoping;
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原文格式 PDF
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中图分类 G202-53;
关键词
China Securities Regulatory Commission; Privately-owned enterprise; China's stock market; SOEs;

机译：中国证券监督管理委员会;私营企业;中国股市;国防部;

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机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

The Politicization of China's Stock Market and Its Consequences

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