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Liberalisation, Incentives and Vietnamese Agricultural growth

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  • Tuong Nhu Che
  • Tom Kompas
  • Neil Vousden

Abstract

This paper uses a dynamic model to analyse the effects of liberalisation on the longrun output and transitional growth of the Vietnamese rice sector during the period of reform from 1981 to the present. In particular, the paper attempts to allow for the incentive effects which can result if liberalisation induces individuals to work harder and use land more efficiently. Each new stage of liberalisation is shown to result in a higher steady-state level of physical capital and rice output. It is shown that, even with an assumed zero rate of growth in the ‘Solow residual’ component of total factor productivity, liberalisation may increase the long-run production of rice output by an order of two times its initial value. The analysis also predicts a significantly higher transitional growth rate of rice output for the more pervasive second stage of liberalisation than that for the first stage, suggesting that incentives and open markets matter greatly.

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File URL: https://crawford.anu.edu.au/degrees/idec/working_papers/IDEC02-5.pdf
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Bibliographic Info

Paper provided by International and Development Economics in its series International and Development Economics Working Papers with number idec02-5.

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Length: 37 pages
Date of creation: 2002
Date of revision:
Handle: RePEc:idc:wpaper:idec02-5

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  1. Paul M Romer, 1999. "Endogenous Technological Change," Levine's Working Paper Archive 2135, David K. Levine.
  2. Baldwin, Richard E, 1992. "Measurable Dynamic Gains from Trade," Journal of Political Economy, University of Chicago Press, vol. 100(1), pages 162-74, February.
  3. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  4. Swan, Trevor W, 2002. "Economic Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 375-80, December.
  5. Robert J. Barro & Paul Romer, 1993. "Economic Growth," NBER Books, National Bureau of Economic Research, Inc, number barr93-1.
    • Robert J. Barro & Paul M. Romer, 1991. "Economic Growth," NBER Books, National Bureau of Economic Research, Inc, number barr91-1.
  6. McMillan, John & Whalley, John & Zhu, Lijing, 1989. "The Impact of China's Economic Reforms on Agricultural Productivity Growth," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 781-807, August.
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Cited by:
  1. Chen, T.N. & Kompas, T. & Vousden, N., 1999. "Incentives and Static and Dynamic Gains from Market Reform in an Emerging Profits Models," ANU Working Papers in Economics and Econometrics 1999-379, Australian National University, College of Business and Economics, School of Economics.
  2. Nhu Che, Tuong & Kompas, Tom & Vousden, Neil, 2001. "Incentives and static and dynamic gains from market reform: rice production in Vietnam," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 45(4), December.

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