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Emerging GiantsChina and India in the World Economy$
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Barry Eichengreen, Poonam Gupta, and Rajiv Kumar

Print publication date: 2010

Print ISBN-13: 9780199575077

Published to Oxford Scholarship Online: September 2010

DOI: 10.1093/acprof:oso/9780199575077.001.0001

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Law, Institutions, and Finance in China and India

Law, Institutions, and Finance in China and India

(p.125) 5 Law, Institutions, and Finance in China and India
Emerging Giants

Franklin Allen

Rajesh Chakrabarti

Sankar De

Jun ‘QJ’ Qian

Meijun Qian

Oxford University Press

This chapter examines and compares the legal and institutional set-ups in China and India. China differs from most of the countries studied in the law, institutions, finance, and growth literature: Its legal and financial systems as well as institutions are all underdeveloped, but its economy has been growing at a very fast rate. Despite its English common-law origin and British-style judicial system and democratic government, there is enough documented evidence to suggest that the effective level of investor protection and the quality of legal institutions in India are quite weak as well. However, this has evidently not prohibited growth in either country. Small and high growth firms in both countries make extensive use of informal and relationship-based arrangements to finance growth.

Keywords:   India, law and finance, institutions, growth, banks, markets, SME sector

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