Blunt to sharpened razor: incremental reform and distortions in the product and capital markets in China
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-se...
| Main Authors: | , |
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| Format: | Artículo preliminar |
| Language: | Inglés |
| Published: |
International Food Policy Research Institute
2004
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| Subjects: | |
| Online Access: | https://hdl.handle.net/10568/156142 |
| _version_ | 1855513267447791616 |
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| author | Zhang, Xiaobo Tan, Kong-Yam |
| author_browse | Tan, Kong-Yam Zhang, Xiaobo |
| author_facet | Zhang, Xiaobo Tan, Kong-Yam |
| author_sort | Zhang, Xiaobo |
| collection | Repository of Agricultural Research Outputs (CGSpace) |
| description | 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 |
| format | Artículo preliminar |
| id | CGSpace156142 |
| institution | CGIAR Consortium |
| language | Inglés |
| publishDate | 2004 |
| publishDateRange | 2004 |
| publishDateSort | 2004 |
| publisher | International Food Policy Research Institute |
| publisherStr | International Food Policy Research Institute |
| record_format | dspace |
| spelling | CGSpace1561422025-11-06T05:01:58Z Blunt to sharpened razor: incremental reform and distortions in the product and capital markets in China Zhang, Xiaobo Tan, Kong-Yam markets equality integrated markets economics economic growth local government economic theories commodity markets land markets economic systems 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 2004 2024-10-24T12:43:19Z 2024-10-24T12:43:19Z Working Paper https://hdl.handle.net/10568/156142 en Open Access application/pdf International Food Policy Research Institute Zhang, Xiaobo; Tan, Kong-Yam. 2004. Blunt to sharpened razor: incremental reform and distortions in the product and capital markets in China. DSGD Discussion Paper 13. https://hdl.handle.net/10568/156142 |
| spellingShingle | markets equality integrated markets economics economic growth local government economic theories commodity markets land markets economic systems Zhang, Xiaobo Tan, Kong-Yam Blunt to sharpened razor: incremental reform and distortions in the product and capital markets in China |
| title | Blunt to sharpened razor: incremental reform and distortions in the product and capital markets in China |
| title_full | Blunt to sharpened razor: incremental reform and distortions in the product and capital markets in China |
| title_fullStr | Blunt to sharpened razor: incremental reform and distortions in the product and capital markets in China |
| title_full_unstemmed | Blunt to sharpened razor: incremental reform and distortions in the product and capital markets in China |
| title_short | Blunt to sharpened razor: incremental reform and distortions in the product and capital markets in China |
| title_sort | blunt to sharpened razor incremental reform and distortions in the product and capital markets in china |
| topic | markets equality integrated markets economics economic growth local government economic theories commodity markets land markets economic systems |
| url | https://hdl.handle.net/10568/156142 |
| work_keys_str_mv | AT zhangxiaobo blunttosharpenedrazorincrementalreformanddistortionsintheproductandcapitalmarketsinchina AT tankongyam blunttosharpenedrazorincrementalreformanddistortionsintheproductandcapitalmarketsinchina |