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China's emerging market for property rights: Theoretical and empirical perspectives1

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  • Gary H. Jefferson
  • Thomas G. Rawski

Abstract

his paper contrasts state–directed and market–mediated reform of enterprise ownership rights in transition economies. We evaluate China's emerging market for enterprise ownership rights from the perspective of conditions underpinning the Coase Theorem: the assignment of property rights, the degree of competition, and the nature of transaction costs. China's recent experience suggests that policies designed to expand and support the scope of decentralized, market–based restructuring of ownership rights, even under conditions that deviate widely from the ideal assumptions underlying the Coase Theorem, may prove more beneficial than direct official intervention. JEL classification: G34, K11, L1 and P3.

Suggested Citation

  • Gary H. Jefferson & Thomas G. Rawski, 2002. "China's emerging market for property rights: Theoretical and empirical perspectives1," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(3), pages 585-617, November.
    • Handle: RePEc:bla:etrans:v:10:y:2002:i:3:p:585-617
    DOI: 10.1111/1468-0351.00126
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    Cited by:

    1. Liu, Yixin & Liu, Yu & Wei, Zuobao, 2022. "Property rights protection, financial constraint, and capital structure choices: Evidence from a Chinese natural experiment," Journal of Corporate Finance, Elsevier, vol. 73(C).
    2. Lawrence Lai & Frank Lorne, 2014. "Ambiguous Property Rights: A Taxonomic and Exploratory Account of Post-colonial Rural Housing in Chinese Hong Kong," Urban Studies, Urban Studies Journal Limited, vol. 51(10), pages 2052-2067, August.
    3. Linda Yueh, 2010. "Thirty years of legal and economic reform in China: growth, institutions, and laws," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 8(2), pages 117-132.

    More about this item

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • K11 - Law and Economics - - Basic Areas of Law - - - Property Law
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • P3 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions

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