The persistent institutional effect of liberal colonialism: evidence from China’s financial policies

ABSTRACT

The effect of liberal colonialism on the allocation of capital persists to this day. We exploit the colonial history of China during 1896-1911 with qualitative evidence to measure liberal colonialism. We document that liberal colonialism promotes the subsequent efficiency of financial policies on the capital allocation in 2004 through the quality of economic institutions.     

Autocatalytic Growth and Development and the South-North Convergence

Abstract:

This article engages with the issue of income convergence between North and South by using the autocatalytic hypothesis of growth and development. Two system models describe positive and negative feedback loops which govern economic flows between North and South. The analysis of endogenous and exogenous negative feedbacks points to the process that would slowly push the world economy towards vanishing growth rates and, eventually, halt its material growth. The present work rejects convergence in per capita GDP between North and South from the theoretical perspective. Such an outcome would stand against one of the fundamental properties of autocatalytic dynamics—centripetality— that has its causal roots in the competitive process and capitalist institutions. In that sense, the autocatalytic hypothesis provides a theoretical explanation for those empirical analyses that dismisses convergence.     

Engines of Growth in China: The Limits of Informal Institutions

Abstract:

Since the 1978 reforms, China has experienced rapid economic and social development. GDP growth has been in the double digits on average yearly, creating the fastest sustained economic growth recorded by a major economy in history. Not only did this transform the economy and society at large, China reached important milestones in terms of reducing poverty and creating prosperity in a short period of time. This article uses the conceptual framework of new institutional economics to examine China’s economic growth and how growth has been achieved largely by ‘informal institutions’ that are grounded in culture, customs, and private interactions that emerge spontaneously. The trajectory by which these informal institutions left their imprint on China’s complex economic landscape and how they can constrain future economic growth are also of central importance. After examining decentralization and risk management practices, property rights, and the legal system, we emphasize the importance of creating formal institutions necessary for long-term growth, most importantly innovation. Preliminary evidence shows total factor productivity is tapering off which may reflect the constraints of China’s institutional environment. This ought to be reversed if China is to enjoy long-term sustained growth.     

Policy Dimensions of Progressive Institutional Change: Lessons from China’s Construction of a Socialist Market Economy

Abstract:

Through a comprehensive review of the progressive institutional change (PIC) literature, I first discuss four possible trajectories of PIC by considering the forces of societal reaction that might frame the path, as well as the scale and scope of the changes. Thus, I pose four questions that need to be asked when related policies are formulated for PIC. To illustrate this method, I scrutinize the evidence from the construction of a socialist market economy by the Chinese government since the 1980s and argue that related policies have successfully promoted PIC from three dimensions: (1) curbing potential conflicts with power groups; (2) promoting a sense of awareness among stakeholders; and (3) minimizing disturbances to the community. Actually, the related changes demonstrate a dynamic “displacement process” for PICs. Despite the success of this sociosystem, it is found that the sustaining of PIC which requires policy factors that enhance instrumental efficiency in the Chinese context will serve as a challenge to the Chinese government ahead.     

Do Rising Top Incomes Spur Economic Growth? Evidence From OECD Countries Based on a Novel Identification Strategy

We investigate the causal relationship between the growth rate of top income shares and economic growth in 12 OECD economies for the period 1950–2010. To analyze patterns of short- and long-run causality, we build upon recent advances in structural-vector autoregressive modeling of non-Gaussian systems. This framework allows us to discriminate between rival transmission channels by means of dependence tests, since independent shocks are unique for a particular causation pattern. We consider the share of income accruing to the top 1 percent (1), to the next 9 percent (9), and to the top decile (10). While structural models display considerable heterogeneity across countries, mean group and pooled results strongly favor a specific transmission pattern. In particular, 1 has a long-run positive impact on economic development. This result, which is also confirmed by identified impulse-response functions, is particularly evident for the post-1980 period.     

Linking of sample data to small areas

We consider methods for estimating the means of survey variables in domains of a finite population, where sample sizes are too small to obtain reliable direct estimates. We construct generalized compositions from the direct and traditional design-based synthetic estimators and propose the methodology for evaluating their coefficients. This methodology measures similarities among sample elements and estimates of the domain means. We propose the compositions for two cases of auxiliary information: domain-level characteristics are available; true means of auxiliary variables are available for the estimation domains, and unit-level auxiliary vectors are known for the sample elements. In the simulation study, we show where the generalized compositions improve the traditional synthetic and composite estimators.     

低碳视角下多式联运经济性能实例分析--以郑明物流为例

为了进一步研究铁路运输与其他运输方式开展多式联运的经济性能,在阐述多种运输方式性能差异的基础上,以郑明物流为例,通过分析其特定运输路线现有运输方式的能源消耗、碳排放量和运输过路费等指标,提出在不同月份和不同时期的多式联运优化方案,为物流企业开展多式联运提供借鉴。     

关于新经济形势下我国工商管理的现状分析

随着我国市场经济机制改革范围与规模的不断扩大,工商管理部门的各项管理工作内容发生了一定的变化,随之产生了许多的问题。新经济形势下,工商管理部门应该从我国市场经济发展现状出发,探寻更有效地解决对策,进一步完善工商管理手段。论文主要对我国新经济形势下工商管理的现状进行分析,并对其中存在的一些问题进行思考,分析解决对策,希望能够改善我国工商管理部门的管理效果。     

Institutions and the financial development–economic growth nexus in sub-Saharan Africa

Using a sample splitting approach that does not impose an exogenous quadratic term, we examine the effect of financial development on economic growth in sub-Saharan Africa by allowing the link to be mediated by the level of institutions. Our findings reveal a disproportionate growth-enhancing effect of finance, given countries’ distinct level of institutional quality. More specifically, when the International Country Risk Guide-based measure of institutions is used as the threshold variable, below the optimal level of institutional quality, financial development does not significantly promote economic growth. For countries with institutional quality above the threshold, higher finance is associated with growth. However, when institutions are measured by World Governance Indicators proxy, we find a significant effect of financial development, irrespective of whether a country is below or above the threshold. Interestingly, the growth-enhancing effect of finance is greater for low-institution countries relative to high-institution countries. Thus, through its ability to provide some crucial roles, the well-developed financial sector may also perform the function of sound institutions in influencing economic growth.     

地方政府经济竞争下的企业负担*——来自上市公司的经验证据

本文基于分权体制下政企之间的两阶段动态博弈模型以及在此基础上构建的计量模型，将地级市之间经济竞争程度与A股非金融类上市公司数据相匹配，验证了地方政府经济竞争程度与企业实际税负之间的关系。研究结果表明，当地方政府所面临的经济竞争程度越激烈时，其辖区内上市公司的实际税负越低。进一步分析发现，地方政府经济竞争对辖区企业的减税效应存在显著的地区、产业和所有制异质性；分位数回归发现，辖区企业处于不同税负强度时，地方政府经济竞争的减税效应也存在明显差异。在当前减税降费、让利于企的新时代背景下，本文的研究对落实减税降费政策和规范横向竞争中地方政府行为具有启示意义。