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Blunt to sharpened razor

  • Zhang, Xiaobo
  • Tan, Kong-Yam

"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. Chow, G.C., 1990. "Capital Formation And Economic Growth In China," Papers 356, Princeton, Department of Economics - Econometric Research Program.
  2. Allan Drazen & Vittorio Grilli, 1990. "The Benefits of Crises for Economic Reforms," NBER Working Papers 3527, National Bureau of Economic Research, Inc.
  3. 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.
  4. 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.
  5. Durlauf, Steven N., 2001. "Manifesto for a growth econometrics," Journal of Econometrics, Elsevier, vol. 100(1), pages 65-69, January.
  6. Dani Rodrik, 1996. "Understanding Economic Policy Reform," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 9-41, March.
  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.
  8. Shorrocks, A F, 1980. "The Class of Additively Decomposable Inequality Measures," Econometrica, Econometric Society, vol. 48(3), pages 613-25, April.
  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. Kui-Wai Li, 2003. "China's Capital and Productivity Measurement Using Financial Resources," Working Papers 851, Economic Growth Center, Yale University.
  11. 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.
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