Distributive Politics under Centralized Bureaucracy: Evidence from the Stock Market in China

• In Event: China's Economic Development

Brief Overview

While centralization reduces elite capture and improves local governance, we argue that centralized bureaucracy is not a panacea for overcoming local influence in resource allocations, and provide evidence from China’s highly centralized IPO system.

Authors

• Yishuang Li, New York University

• Zhenhuan Lei, New York University