Historical market genes,marketization and economic growth in China |
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| Institution: | 1. Trinity Business School, Trinity College Dublin, Dublin 2, Ireland;2. Institute of Business Research, University of Economics Ho Chi Minh City, Ho Chi Minh City, Vietnam;3. University of Sydney Business School, Sydney, New South Wales, Australia;4. Tianjin University of Finance and Economics, Tianjin, China;1. School of Economics and Finance, Xi''an Jiaotong University, Xi''an, Shaanxi 710049, PR China;2. Harvard-China Project, John A. Paulson School of Engineering and Applied Sciences, Harvard University, Cambridge, MA 02138, USA;3. School of Management, China Institute for Studies in Energy Policy, Xiamen University, Xiamen 361005, China |
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| Abstract: | This paper provides a historical perspective toward understanding the relationship between marketization and economic development in China. The market genetic inheritance hypothesis, which associates the current marketization with cities’ historical market “genes” in China is tested. Empirical results show that historical market genes are important factors for the prediction of the current level of marketization in China. Furthermore, historical market genes serve as valid instruments to test the causality impact of marketization on the urban economic development. Marketization increases by one standard deviation, will increase the GDP per capita by around 0.858–0.960 standard deviations. |
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| Keywords: | Marketization Economic development Historical market genes Historical instrumental variables |
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