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Blunt to sharpened razor

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Author Info
Zhang, Xiaobo
Tan, Kong-Yam

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Abstract

"A key objective of China's reform program was to reduce distortions in the economic system and enhance growth. However, when implemented in incremental and partial ways, local governments or individuals have chance to capture rents inherent in the reform process. Young (2000) warned that the rent-seeking behavior might lead to increasing market fragmentation. Empirical studies have since shown that this did not happen in the product markets. In this paper we argue that as rents from the product markets were squeezed out during the reform process, rent-seeking behavior shifted to the factor markets, especially the capital and land markets. The reform process now needs to be deepened to ensure that the factor markets also become more integrated and efficient." Authors' Abstract

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Paper provided by International Food Policy Research Institute (IFPRI) in its series DSGD discussion papers with number 13.

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Date of creation: 2004
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Handle: RePEc:fpr:dsgddp:13

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This paper has been announced in the following NEP Reports: References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Durlauf, Steven N., 2001. "Manifesto for a growth econometrics," Journal of Econometrics, Elsevier, vol. 100(1), pages 65-69, January. [Downloadable!] (restricted)
  2. Alwyn Young, 2000. "The Razor'S Edge: Distortions And Incremental Reform In The People'S Republic Of China," The Quarterly Journal of Economics, MIT Press, vol. 115(4), pages 1091-1135, November. [Downloadable!] (restricted)
  3. John McMillan, 1993. "Autonomy and Incentives in Chinese State Enterprises," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich.
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  4. Shorrocks, A F, 1980. "The Class of Additively Decomposable Inequality Measures," Econometrica, Econometric Society, vol. 48(3), pages 613-25, April. [Downloadable!] (restricted)
  5. Alwyn Young, 2000. "The Razor's Edge: Distortions and Incremental Reform in the People's Republic of China," NBER Working Papers 7828, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Chow, Gregory C, 1993. "Capital Formation and Economic Growth in China," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 809-42, August. [Downloadable!] (restricted)
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  7. Groves, Theodore, et al, 1994. "Autonomy and Incentives in Chinese State Enterprises," The Quarterly Journal of Economics, MIT Press, vol. 109(1), pages 183-209, February. [Downloadable!] (restricted)
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  8. Dani Rodrik, 1996. "Understanding Economic Policy Reform," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 9-41, March. [Downloadable!] (restricted)
  9. Bai, Chong-En & Du, Yingjuan & Tao, Zhigang & Tong, Sarah Y., 2004. "Local protectionism and regional specialization: evidence from China's industries," Journal of International Economics, Elsevier, vol. 63(2), pages 397-417, July. [Downloadable!] (restricted)
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  10. Kui-Wai Li, 2003. "China's Capital and Productivity Measurement Using Financial Resources," Working Papers 851, Economic Growth Center, Yale University. [Downloadable!]
  11. Lin, Justin Yifu, 1992. "Rural Reforms and Agricultural Growth in China," American Economic Review, American Economic Association, vol. 82(1), pages 34-51, March. [Downloadable!] (restricted)
  12. Drazen, Allan & Grilli, Vittorio, 1993. "The Benefit of Crises for Economic Reforms," American Economic Review, American Economic Association, vol. 83(3), pages 598-607, June. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Ronald McKinnon, 2005. "Exchange rates, wages, and international adjustment: Japan and China versus the United States," Proceedings, Federal Reserve Bank of San Francisco, issue Feb. [Downloadable!]
  2. Zhang, Xiaobo, 2006. "Asymmetric property rights in China's economic growth:," DSGD discussion papers 28, International Food Policy Research Institute (IFPRI). [Downloadable!]
  3. Ronald McKinnon, 2005. "Exchange Rate or Wage Changes in International Adjustment? Japan and China versus the United States," Hi-Stat Discussion Paper Series d05-103, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  4. Liang, Zhicheng, 2006. "Financial Development, Growth, and Regional Disparity in Post-Reform China," Working Papers RP2006/90, World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
  5. McKinnon, Ronald, 2005. "Exchange Rate or Wage Changes in International Adjustment? Japan and China versus the United States," ZEW Discussion Papers 05-64, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
  6. Chong-En Bai & Chang-Tai Hsieh & Yingyi Qian, 2006. "The Return to Capital in China," NBER Working Papers 12755, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. Zhang, Xiaobo & Tan, Kong-Yam, 2007. "Incremental Reform and Distortions in China’s Product and Factor Markets," MPRA Paper 6804, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  8. McKinnon, Ronald, 2006. "China?s Exchange Rate Appreciation in the Light of the Earlier Japanese Experience," ZEW Discussion Papers 06-35, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
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