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Blunt to sharpened razor

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  • Zhang, Xiaobo
  • Tan, Kong-Yam

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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  1. 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.
  2. Allan Drazen & Vittorio Grilli, 1990. "The Benefits of Crises for Economic Reforms," NBER Working Papers 3527, National Bureau of Economic Research, Inc.
  3. Chow, G.C., 1990. "Capital Formation And Economic Growth In China," Papers 356, Princeton, Department of Economics - Econometric Research Program.
  4. Durlauf, Steven N., 2001. "Manifesto for a growth econometrics," Journal of Econometrics, Elsevier, vol. 100(1), pages 65-69, January.
  5. Shorrocks, A F, 1980. "The Class of Additively Decomposable Inequality Measures," Econometrica, Econometric Society, vol. 48(3), pages 613-25, April.
  6. Kui-Wai Li, 2003. "China's Capital and Productivity Measurement Using Financial Resources," Working Papers 851, Economic Growth Center, Yale University.
  7. Chong-En Bai & Yingjuan Du & Zhigang Tao & Sarah Y. Tong, 2003. "Local Protectionism and Regional Specialization: Evidence from China’s Industries," William Davidson Institute Working Papers Series 2003-565, William Davidson Institute at the University of Michigan.
  8. 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.
  9. Lin, Justin Yifu, 1992. "Rural Reforms and Agricultural Growth in China," American Economic Review, American Economic Association, vol. 82(1), pages 34-51, March.
  10. Dani Rodrik, 1996. "Understanding Economic Policy Reform," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 9-41, March.
  11. 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.
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Cited by:
  1. Chong-En Bai & Chang-Tai Hsieh & Yingyi Qian, 2006. "The Return to Capital in China," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 37(2), pages 61-102.
  2. Kong-Yam Tan, 2007. "Incremental Reform and Distortions in China's Product and Factor Markets," World Bank Economic Review, World Bank Group, vol. 21(2), pages 279-299, March.
  3. Sylviane GUILLAUMONT JEANNENEY & PING HUA & ZHICHENG LIANG, 2006. "Financial Development, Economic Efficiency, And Productivity Growth: Evidence From China," The Developing Economies, Institute of Developing Economies, vol. 44(1), pages 27-52.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. Mukherjee, Anit & Zhang, Xiaobo, 2005. "Rural non-farm development in China and India," DSGD discussion papers 24, International Food Policy Research Institute (IFPRI).
  9. Liang, Zhicheng, 2006. "Financial Development, Growth, and Regional Disparity in Post-Reform China," Working Paper Series RP2006/90, World Institute for Development Economic Research (UNU-WIDER).
  10. Ronald McKinnon, 2005. "Exchange Rate or Wage Changes in International Adjustment? Japan and China versus the United States," Discussion Papers 04-021, Stanford Institute for Economic Policy Research.
  11. Zhang, Xiaobo, 2006. "Asymmetric property rights in China's economic growth:," DSGD discussion papers 28, International Food Policy Research Institute (IFPRI).

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