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Asymmetric property rights in China's economic growth:

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  • Zhang, Xiaobo

Abstract

"This paper highlights the difference between secure investor property rights and loosely defined individual property rights. Globalization and fiscal decentralization have intensified this difference. On the one hand, in the presence of mobile foreign direct investments and under the arrangement of fiscal decentralization, local governments compete vigorously to offer various protections on the property rights of investors; on the other hand, local governments and developers attempt to acquire land at as low price as possible by taking advantage of the loopholes inherent in the Chinese law. Secure investor property rights together with weak protections on individuals' land property rights is argued to be one of the major drivers of China's rapid economic growth. But the same factor can veer those individuals being deprived of land into violence and social unrest, which may undermine China's social stability and long-term sustainable growth." from Authors' Abstract

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Bibliographic Info

Paper provided by International Food Policy Research Institute (IFPRI) in its series DSGD discussion papers with number 28.

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Date of creation: 2006
Date of revision:
Handle: RePEc:fpr:dsgddp:28

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Keywords: Property rights; Investments; economic growth; China; individual land property; Fiscal policies; Decentralization;

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References

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  1. Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Law and Finance," Working Paper 19451, Harvard University OpenScholar.
  2. Acemoglu, Daron, 2003. "Why not a political Coase theorem? Social conflict, commitment, and politics," Journal of Comparative Economics, Elsevier, vol. 31(4), pages 620-652, December.
  3. Shenggen Fan & Xiaobo Zhang & Sherman Robinson, 2003. "Structural Change and Economic Growth in China," Review of Development Economics, Wiley Blackwell, vol. 7(3), pages 360-377, 08.
  4. David D. Li, 1996. "A Theory of Ambiguous Property Rights in Transition Economies: The Case of the Chinese Non-State Sector," William Davidson Institute Working Papers Series 8, William Davidson Institute at the University of Michigan.
  5. Lin, Justin Yifu, 2003. "Development Strategy, Viability, and Economic Convergence," Economic Development and Cultural Change, University of Chicago Press, vol. 51(2), pages 276-308, January.
  6. Li, David D., 1996. "A Theory of Ambiguous Property Rights in Transition Economies: The Case of the Chinese Non-State Sector," Journal of Comparative Economics, Elsevier, vol. 23(1), pages 1-19, August.
  7. Gulati, Ashok & Narayanan, Sudha, 2003. "The Subsidy Syndrome in Indian Agriculture," OUP Catalogue, Oxford University Press, number 9780195662061, September.
  8. Jiahua Che & Yingyi Qian, . "Insecure Property Rights and Government Ownership of Firms," Working Papers 97050, Stanford University, Department of Economics.
  9. Qian, Yingyi & Roland, Gerard, 1998. "Federalism and the Soft Budget Constraint," American Economic Review, American Economic Association, vol. 88(5), pages 1143-62, December.
  10. Alwyn Young, 2003. "Gold into Base Metals: Productivity Growth in the People's Republic of China during the Reform Period," Journal of Political Economy, University of Chicago Press, vol. 111(6), pages 1220-1261, December.
  11. Zhang, Xiaobo & Tan, Kong-Yam, 2004. "Blunt to sharpened razor," DSGD discussion papers 13, International Food Policy Research Institute (IFPRI).
  12. Franklin Allen & Jun Qian & Meijun Qian, 2002. "Law, Finance, and Economic Growth in China," Center for Financial Institutions Working Papers 02-44, Wharton School Center for Financial Institutions, University of Pennsylvania.
  13. Yang, Xiaokai, 1993. "Theories of property rights and China's reforms," China Economic Review, Elsevier, vol. 4(2), pages 195-212.
  14. Xiaobo Zhang & Kevin Zhang, 2003. "How Does Globalisation Affect Regional Inequality within A Developing Country? Evidence from China," Journal of Development Studies, Taylor & Francis Journals, vol. 39(4), pages 47-67.
  15. Besley, Timothy, 1995. "Property Rights and Investment Incentives: Theory and Evidence from Ghana," Journal of Political Economy, University of Chicago Press, vol. 103(5), pages 903-37, October.
  16. Zhang, Xiaobo & Mount, Tim D. & Boisvert, Richard N., 2000. "Industrialization, urbanization, and land use in China:," EPTD discussion papers 58, International Food Policy Research Institute (IFPRI).
  17. James D. Gwartney & Randall G. Holcombe & Robert A. Lawson, 2004. "Economic Freedom, Institutional Quality,and Cross-Country Differences in Income and Growth," Cato Journal, Cato Journal, Cato Institute, vol. 24(3), pages 205-233, Fall.
  18. repec:rus:hseeco:72153 is not listed on IDEAS
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Citations

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Cited by:
  1. Xu, Chenggang & Zhang, Xiaobo, 2009. "The evolution of Chinese entrepreneurial firms: Township-village enterprises revisited," IFPRI discussion papers 854, International Food Policy Research Institute (IFPRI).
  2. Assar Lindbeck, 2008. "Economic-social interaction in China," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 16(1), pages 113-139, 01.
  3. Gregory C. Chow, 2006. "Rural Poverty in China: Problem and Policy," Working Papers 68, Princeton University, Department of Economics, Center for Economic Policy Studies..
  4. Boudewijn Bouckaert, 2007. "Bureaupreneurs in China: we did it our way," European Journal of Law and Economics, Springer, vol. 23(2), pages 169-195, April.
  5. Zhang, Xiaobo, 2006. "Fiscal Decentralization and Political Centralization in China: Implications for Growth and Inequality," Working Paper Series RP2006/93, World Institute for Development Economic Research (UNU-WIDER).
  6. Lindbeck, Assar, 2006. "Economic-Social Interaction during China’s Transition," Working Paper Series 680, Research Institute of Industrial Economics.

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