China: An Institutional View of an Unusual Macroeconomy
نویسندگان
چکیده
China presents several macroeconomic patterns that appear inconsistent with standard stylized facts about economic development and hence inconsistent with the standard neoclassical growth model. We show that Chinese macroeconomic patterns instead appear consistent with an environment where state control of factor markets can promote aggressive output goals. We consider the micro-institutional features that can sustain this behavior, emphasizing the hukou system and state control over capital allocation, and present a simple model built on these features. The model can explain several puzzling facts about the Chinese economy, including its unusually low labor share and unusually high saving and investment rates. Interestingly, the model also shows that free-market reforms can initially take the economy further from global macroeconomic norms. The views expressed in this paper are those of the authors. We are grateful to Aart Kraay for Chinese labor share data and Zhuqing Yang for excellent research assistance. Contacts: [email protected], [email protected].
منابع مشابه
Understanding China: An Explanation for an Unusual Macroeconomy
China presents several macroeconomic patterns that appear inconsistent with standard stylized facts about economic development and hence inconsistent with the standard growth model. We show that Chinese macroeconomic patterns instead appear consistent with an objective of maximizing output in non-competitive factor markets. In short, China appears to successfully follow the stated output object...
متن کاملAn Unusual Cause of Postaural Swelling: Kimura’s Disease
Introduction: Kimura’s disease (KD) is an allergic inflammatory disorder of unknown etiology endemic in Orientals. Kimura’s disease was first mentioned by Kimm and Szeto in China in 1937. Kimura’s disease is commonly encountered in Asia and is mostly reported in Japan, China, Singapore and Honkong. However, only a few cases have been reported in the Indian subcontinent. Case Report: A case of K...
متن کاملOrganizations’ E-Business Adoption in China: An Institutional Perspective
Nir Kshetri The University of North Carolina-Greensboro Abstract The Chinese e-business industry has a number of unusual features. Institutional factors such as strong nationalism, the state’s entrenchment in the economy, political cognitive and political normative factors, regulative uncertainty, professional associations’ roles and importance of business and social networks are deeply reflect...
متن کاملThe Adoption of E-Business by Organizations in China: An Institutional Perspective
The Chinese e-business industry has a number of unusual features. Institutional factors such as strong nationalism, the state's entrenchment in the economy, political cognitive and political normative factors, regulative uncertainty, the role of professional associations, and the importance of business and social networks are deeply reflected in China's e-business development pattern. We argue ...
متن کاملNosocomial Jejunal Mucormycosis - an Unusual Cause of Perforation Peritonitis
Mucormycosis is a rare but highly invasive opportunistic fungal infection. Gastrointestinal disease although uncommon is highly fatal. We report a case of jejunal mucormycosis in a 24 year old undernourished female with preceding surgical intervention for acute intestinal obstruction of tubercular etiology. On 8th post-operative day, she developed oozing from suture line, prompting e...
متن کامل