China's Economic Transformation / Edition 2

China's Economic Transformation / Edition 2

4.0 1
by Gregory C. Chow

View All Available Formats & Editions

ISBN-10: 1405156244

ISBN-13: 9781405156240

Pub. Date: 02/13/2007

Publisher: Wiley

Will China's recent economic growth continue at the same rate? For how long? What obstacles lie in the way of sustained growth? Who gains and why? Gregory Chow covers these and many other issues.

  • Provides a penetrating and comprehensive analysis of the historical, institutional and theoretical factors that have contributed to China's economic success


Will China's recent economic growth continue at the same rate? For how long? What obstacles lie in the way of sustained growth? Who gains and why? Gregory Chow covers these and many other issues.

  • Provides a penetrating and comprehensive analysis of the historical, institutional and theoretical factors that have contributed to China's economic success
  • Reveals new findings concerning the roles of market institutions, Chinese human capital, private ownership, forms of government, political conditions, and bureaucratic economic institutions
  • The new edition covers a diverse set of important issues: environmental restraints; income distribution; rural poverty; the education system; healthcare; exchange rate policies; monetary policies; and financial regulation.

Product Details

Publication date:
Edition description:
Product dimensions:
0.94(w) x 9.69(h) x 7.44(d)

Table of Contents

Preface     x
Preface to the Second Edition     xiii
Introduction: The Transformation of China's Economy     1
Historical Background and General Survey     7
Economic Lessons from History     9
Introduction     9
Significant Events in Major Historical Dynasties     10
The Republic of China, 1911     16
Summary of Historical Lessons     21
Experiments with Planning and Economic Disruptions     24
The Communist Party Rises to Power     24
Historical Review: 1949-78     26
A Model of the Chinese Planned Economy     29
The Behavior of Economic Units in a Planned Economy     33
Output Planning in Theory and Practice     36
Organization and Administration of Economic Planning     41
Economic Reform up to the Mid-1990s     47
Why Economic Reform Started in 1978     47
Agriculture     49
Reform of State-owned Enterprises     50
Price Reform     52
The Banking System     54
Foreign Trade and Investment     54
The Nonstate Sectors     55
Institutional Infrastructure     56
Reform Policies Similar to Those ofTaiwan     57
Reasons for the Success of China's Economic Reform     60
Summary     64
China's Geography     65
Further Reform: Problems and Prospects     69
Introduction     69
Enterprise Reform     69
Banking Reform     72
Foreign Trade and Investment during the Asian Financial Crisis     76
The Impact of WTO Membership     78
Agriculture and Rural Poverty     85
Prospects for Reform     87
Analysis of the Macroeconomy     91
Economic Growth     93
The Neoclassical Model of Economic Growth     93
Data on Output, Capital, and Labor     94
A Review of Regression Analysis     99
Estimating Production Functions for China     101
Use of the Neoclassical Growth Model to Forecast GDP     104
How Large will the Chinese Economy be in 2020?     107
Economic Fluctuations     110
The Multiplier-Accelerator Model of Economic Fluctuations     110
Dynamic Properties of the Multiplier-Accelerator Model     113
An Econometric Method for Estimating Parameters of Linear Stochastic Equations     115
Estimating a Multiplier-Accelerator Model of the Chinese Economy     116
A Vector Autoregression (VAR) System     119
Econometric Models of the Chinese Economy     120
Macroeconomic Policies     124
Introduction     124
Monetary Policy     126
An Econometric Analysis of Inflation and of Monetary Policy in China     133
Basic Facts about Government Revenue and Expenditure     136
Fiscal Policy     136
The Effects of Political Movements on the Macroeconomy     142
Specification of a Dynamic Optimization Model of the Chinese Economy     142
The Solution of the Dynamic Optimization Problem     145
Statistical Estimation     147
Measuring the Effects of Two Political Events     150
Conclusions     156
Topics in Economic Development     159
Consumption     161
Trends in Per Capita Consumption     161
Household Expenditure Patterns     165
Rural Per Capita Consumption Expenditures in 1998 by Province     172
Consumption of Housing in Rural and Urban Aras     174
Western Development and Environmental Policies     177
Inequality in Per Capita Consumption and East-West Disparity     178
Developing the Western Part of China      179
Environmental Policies     187
A Study of Industrial Pollution     189
Population     193
The Role of Population and Human Capital in Economic Development     193
The Chinese Population and its Rate of Growth     195
Population Policy     198
Evaluation of China's Population Policy     202
Economic Explanation of the Birth Rate     204
Human Capital     207
The Importance of Human Capital and its Measurement     207
Labor Supply and Demand     209
Investment in Human Capital     216
Measuring the Rates of Return to Schooling in China     224
Health Services     226
The Social Welfare System     229
Analysis of Individual Sectors     233
The Banking and Financial System     235
Commercial Banks     235
The People's Bank     237
Factors Affecting the Functioning of the Banking System     239
Possible Weaknesses of the System     242
Possible Directions of Reform     243
The Financial Condition of Commercial Banks and the Bad-loan Problem     245
Other Financial Institutions     247
The Role of the Chinese Government in Reforming the Financial System     251
Shanghai Stock Price Determination     255
Introduction     255
A Model of Stock Price Determination     256
Empirical Findings from the Shanghai Stock Exchange     259
Comparison with Findings for Hong Kong and New York Stocks     263
Concluding Comments     264
The Behavior of State Enterprises     267
Organization of a State Enterprise under Central Planning     267
Planning and Operations of a Large-scale State Enterprise     271
A Simple Model of a State Enterprise under Central Planning     275
A Simple Model of a State Enterprise after Initial Reform     278
State Enterprise Restructuring in the Late so and its Effects on Enterprise Behavior     281
The Nonstate Sectors     286
Relative Growth of Nonstate Sectors     286
Private Enterprises Prior to 1949     288
Economic Conditions for the Growth of Township and Village Enterprises     288
Econometric Measurement of the Relative Efficiency of State Enterprises and TVEs     291
Characteristics of a Free-market Economy     293
Characteristics of the Chinese Market Economy     295
Foreign Trade     299
Some Statistics of China's Foreign Trade     299
Explanation of Trading Patterns under Free Trade     301
The Determination of Foreign Exchange Rates     307
China's Foreign Trade Policy     313
Problems in Implementing Foreign Trade Policies in the Early 1980s     316
Protectionism in the United States     322
Foreign Investment     326
The Role of Foreign Investment     326
Historical Developments     328
The State of Foreign Direct Investment (FDI) as of 2002     329
Policies for the Regulation of Foreign Investment     332
Opportunities and Problems for Foreign Investors     334
How Attractive is China for Foreign Investment?     338
The Impact of WTO Membership on Foreign Investment     339
A Proposal to Increase Foreign Investment from Taiwan     342
Studies of Economic Institutions and Infrastructure     345
Corruption and Misuse of Assets     347
Introduction     347
Laws of Asset Management     349
Managing One's Own Person     352
Managing Physical Assets     354
Managing Collections of Assets under the Responsibility System     356
The Misuse of Collectively Owned Land      359
Corruption and Economic Reform     360
Concluding Comments     364
The Legal System and the Role of Government     366
The Legal System prior to 1949     366
The Legal System since 1949     368
The Role of the Legal System in a Market Economy     371
The Economic Role of Government     373
The Role of Planning in China's Market Economy     377
The Government's Decision Process     381
The Education System and Policy     385
The Education System prior to 1949     385
The Education System after 1949     387
Education Policy     387
Economics Education     391
Demand for Education     399
Concluding Comments     403
Taking Stock and Looking Ahead     405
Taking Stock     405
Prospects for the Chinese Economy up to 2020     417
Conclusion: Lessons for the Study of Economic Transformation     425
Index     433

Customer Reviews

Average Review:

Write a Review

and post it to your social network


Most Helpful Customer Reviews

See all customer reviews >

China's Economic Transformation 4 out of 5 based on 0 ratings. 1 reviews.
Anonymous More than 1 year ago
Book was shipped within two weeks and the books is in okay condition with mild highlighting..... but definately much better deal than buying it from book stores