摘要:

This paper looks at the impact of China's fiscal decentralization on the central government's ability to use fiscal policy to achieve macroeconomic objectives. It is argued that, under the fiscal contract system introduced in the early 1980s. the localities effectively controlled the tax rates and tax bases. Due to the lack of fiscal resources and policy instruments, the central government found it increasingly difficult to achieve its goals of macroeconomic stabilization and regional equalization. The adoption of the tax‐assignment system in the 1994 fiscal reform was an important step taken by the central government to address these difficulties. Nevertheless, a number of elements in the current tax‐assignment system may work to make this system unsustainable in the long

ISSN:1351-3958    

DOI:10.1111/j.1467-8381.1996.tb00001.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

Using a survey of 300 state‐owned enterprises (SOEs), we argue that the acceleration of inflation in China after 1984 was caused by the decentralization reforms in the state sector. These reforms allowed the SOEs, with the collaboration of local governments and local banks, to realize their innate tendencies to over‐consume and over‐invest. The results of these two phenomena were a fiscal crisis for the state and frequent inflationary surges in the money supply. We also refute an alternative explanation that identified competition from new non‐SOEs as the reason for the collapse in SOE profits, and hence as the reason for the fiscal crisis. We conclude that the present government efforts to clarify the property rights of the SOEs is an important step in eliminating the SOEs as sources of macro‐economic in

ISSN:1351-3958    

DOI:10.1111/1467-8381.00012

出版商:Blackwell Publishers Ltd    

年代:1996

数据来源: WILEY

摘要:

Through cross‐province growth regressions this paper analyses the relationship between China's regional economic growth and economic reforms and structural changes since 1978. By applying the extreme bound analysis, the paper has demonstrated the statistical significance and robustness of the estimated coefficients of the following variables of interest: share of the state sector, share of foreign capital in capital formation, extra‐budgetary funds to GNP ratio, and standard deviation of inflation. With these and such ‘always‐included’ variables as GNP share of investment and initial level of illiteracy, regression models explain about 60% of cross‐province variations in growth. The results suggest that continuing reductions in the state sector and attraction of foreign capital are two of the most important factors for rapid per capital income grow

ISSN:1351-3958    

DOI:10.1111/1467-8381.00013

出版商:Blackwell Publishers Ltd    

年代:1996

数据来源: WILEY

摘要:

The new land tenure system represents a compromise between efficiency and equality. On the one hand, the privatization of land use rights has eliminated the type of free‐rider problem observed under the commune system; on the other hand, egalitarianism reduced the transaction costs when land was first allocated to farmers after the dismantling of the commune system. However, this study shows that the main challenge to the efficiency and sustainability of the system is the task of developing a voluntary savings and investment mechanism to fill the vacuum left by the compulsory one that the commune system once had. The frequent reallocation or readjustment of village land, as is required by the system in response to the relative population changes among households, makes farmers feel insecure in their land use rights and agricultural investment, and leads to distortion in their investment and consumptio

ISSN:1351-3958    

DOI:10.1111/j.1467-8381.1996.tb00002.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

Inference‐based dominance analysis is applied to micro data containing comprehensive measures of rural and urban incomes in seven major regions of China. Ordinal inequality rankings are estimated for Lorenz curves of household income, per capita household income and square root equivalences scale adjusted income. Regional inequality is shown to be sensitive to the treatment of household size. The lack of reliable regional cost of living measures leads us to propose that entire food expenditure share quantile distributions be used as indicators of differences in well‐being within and across regions. The results indicate that statistical rankings of Lorenz dominance and food share dominance are very different indicators of regional disparities in income and welfare in China. One urban region is shown to have been in the unenviable position in 1988 of being at the bottom of the Lorenz dominance ranking and tied for last in terms of food share domina

ISSN:1351-3958    

DOI:10.1111/1467-8381.00014

出版商:Blackwell Publishers Ltd    

年代:1996

数据来源: WILEY

摘要:

The relationship between industrial protection and income distribution has been of considerable interest among economists. Although the literature generally focuses on the returns to primary factors of production as measures of income distribution, this paper attempts to clarify the relationship in terms of poverty and income inequality. Simulation results of a general equilibrium model based on Thai data show that a move toward free trade would lead to a more equal distribution of income. However, it would also lead to a government budget deficit. The way the government chooses to finance the deficit could have important consequences for income distribution and economic growth.

ISSN:1351-3958    

DOI:10.1111/j.1467-8381.1996.tb00003.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

Barring major disruptions, China will become the world's most dynamic growth pole, and could become one of the world's largest economies, if not the largest, by the year 2020. Industrial countries, especially Japan and the United States, are expected to benefit, while many developing countries may be put under competitive pressure. A simulation analysis shows that in the long run China will be resilient to adverse external developments, but in the short term, a shock such as loss of most favoured nation status in the US market could threaten the macroeconomic stability so important to its continued economic opening. Preserving open trade relations is in the best interest of both China and the United States.

ISSN:1351-3958    

DOI:10.1111/1467-8381.00015

出版商:Blackwell Publishers Ltd    

年代:1996

数据来源: WILEY

摘要:

Structural adjustment policies have been adopted in the ASEAN‐4 countries. The policy changes were intended to shift manufacturing from import substitution to export promotion. We assess how successful this was using the Asian International Input‐Output Tables for 1975 and 1985. The success of structural adjustment is verified, as the number of export‐led industrial sectors increased in each of the ASEAN‐4 countries. The 1‐0 tables are used to evaluate the similarity of industrial technologies and input structures of the ASEAN‐4, Japan, and other Pacific Rim economies. While there are some similarities in industrial technologies with Japan, input structures are dissimilar. Interdependence increased between the ASEAN‐4, Japan and the United States. Increases in US final demand had a larger impact on ASEAN‐4 textile exports, however, than did increases in Japane

ISSN:1351-3958    

DOI:10.1111/j.1467-8381.1996.tb00004.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

This comment reviews the meaning and significance of the econometric results relating to money demand in Singapore in a paper by Daquila and Phua (1993). I argue that there are a number of confusions and faults in their analysis that could account for their results being incompatible with earlier studies and with monetary events in Singapore. An explanation of their perplexing findings is offered, simple re‐estimates are made to justify this point and then some implications for economic methodology and research are offere

ISSN:1351-3958    

DOI:10.1111/1467-8381.00017

出版商:Blackwell Publishers Ltd    

年代:1996

数据来源: WILEY

ISSN:1351-3958    

DOI:10.1111/j.1467-8381.1996.tb00005.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY