Discussion on the efficiency of financial markets

Author: Dai Guoqiang / Xu Longbing / Lu Rong
Publisher:
Publish Date: 2005-12-01
Features: Traditional financial theory is established with money and banking at its core. This theoretical framework fully reflects the actual situation where banking is protected by monopolistic advantages and indirect finance holds a dominant position under incomplete market information. Therefore, traditional financial theory could meet the needs of economic and financial development before the 1970s. This book is one of the key books under the National "11th Five-Year Plan" and the series of Frontier of Financial Theory. It not only showcases the hot debates on the characteristics of financial markets but also challenges relevant theories through empirical research on China's financial market. The authors discuss topics such as the cointegration of China's stock market, the weekend effect, nonlinear research, and stability research, and introduce the new developments in macroeconomic econometric models, as well as the empirical analysis of the relationship between money supply and GDP. The book integrates new research findings from both domestic and international sources and offers unique insights, making it a valuable reference for financial theorists, faculty, and students in financial-related disciplines at universities.