China's Gradualistic Economic Approach and Financial Markets
研究了中国的渐进式经济改革方法在金融市场存在时面临的困境：金融市场会提前反应政策变化，使政府无法逐步实施政策，并产生时间不一致性问题。
China's gradualistic approach allowed the government to learn how the economy reacts to small policy changes, and to adjust its reforms before implementing them in full. With fully developed financial markets, however, private actors may front-run future policy changes, making it impossible to implement policies gradually. With financial markets, the government faces a time-inconsistency problem. The government would like to commit to a gradualistic approach, but after it observes the economy's quick reaction, it has no incentive to implement its policies in small steps.