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"The Fable of the Keiretsu: "Big Bang versus Gradualism : The Political-Economy of the Patterns in Transition"(in Japanese)

  • Fei Zhong

    (Faculty of Economics, University of Tokyo)

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    This review article provides an analytical and comprehensive overview of the literature with mathematically rigorous analysis, focusing on the patterns in transition economies, where optimal speed, suitable scale, and appropriate sequencing of reforms are debated in the filed of political economy. It concludes that the big-bang strategy asserting a quick and simultaneous introduction of all reforms is not only the first-best policy to enhance economic efficiency, but also a necessary channel though which the property rights can be enforced effectively. Various qualitative and quantitative reasons are given for why the development of an institutional framework has a significant positive impact on economic growth. Meanwhile, it is also the case for gradualism when the effects of uncertainty and the constraints of political acceptability in the process of reforms are taken into account. The Chinese experience addresses some issues in transitional economies that may not be explained forcibly by the conventional wisdom, in which clearly-defined property rights within a regular economic environment are a prerequisite for economic mechanisms to perform well.

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    File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/2001/2001cj39.pdf
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    Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE J-Series with number CIRJE-J-39.

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    Length: 57 pages
    Date of creation: Jan 2001
    Date of revision:
    Handle: RePEc:tky:jseres:2001cj39
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    1. Emine Gürgen & Thomas A. Wolf, 2000. "Improving Governance and Fighting Corruption in the Baltic and CIS Countries; The Role of the IMF," IMF Working Papers 00/1, International Monetary Fund.
    2. M Weitzman & Chenggang Xu, 1993. "Chinese Township Village Enterprises as Vaguely Defined Cooperations," CEP Discussion Papers dp0155, Centre for Economic Performance, LSE.
    3. Tian, Guoqiang, 2000. "Property Rights and the Nature of Chinese Collective Enterprises," Journal of Comparative Economics, Elsevier, vol. 28(2), pages 247-268, June.
    4. Andrei Shleifer & Robert W. Vishny, 1991. "Reversing the Soviet Economic Collapse," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(2), pages 341-367.
    5. Shang-Jin Wei, 1997. "Gradualism versus Big Bang: Speed and Sustainability of Reforms," Canadian Journal of Economics, Canadian Economics Association, vol. 30(4), pages 1234-47, November.
    6. Ruggerone, Luigi, 1996. "Unemployment and Inflationary Finance Dynamics at the Early Stages of Transition," Economic Journal, Royal Economic Society, vol. 106(435), pages 483-94, March.
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