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Author: J. Ma
Publisher: Springer
ISBN: 0230373070
Category : Business & Economics
Languages : en
Pages : 204
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Book Description
This book examines how China's decentralization process has affected and will affect the country's macroeconomic performance and the functioning of the market. With an innovative application of game theory, the author develops an analytical framework that can explain the behaviour of the central and local governments under alternative institutional environments. The study also suggests how to establish desirable rules of games in China's political and economic institutions through appropriate reforms.
Author: J. Ma
Publisher: Springer
ISBN: 0230373070
Category : Business & Economics
Languages : en
Pages : 204
Get Book Here
Book Description
This book examines how China's decentralization process has affected and will affect the country's macroeconomic performance and the functioning of the market. With an innovative application of game theory, the author develops an analytical framework that can explain the behaviour of the central and local governments under alternative institutional environments. The study also suggests how to establish desirable rules of games in China's political and economic institutions through appropriate reforms.
Author: Jun Ma
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
January 1995 Decentralization in China has been crucial in stimulating regional economic growth and reform, but local governments have attained de facto control over many policy instruments, seriously weakening the central government's ability to achieve and sustain macroeconomic stability. And in areas where the division of regulatory power is vaguely defined, local governments' protectionist behavior has led to a malfunction in resource allocation. Over the past 15 years, China has gradually moved from a highly centralized to a decentralized system in almost all aspects of economic management. Decentralization has changed the role of each level of government in economic management, and has greatly complicated the relations between levels of government. Ma analyzes three aspects of intergovernmental relations and their impact on macroeconomic management and market development, and suggests the implications for future reform. He addresses three main questions: * How do fiscal relations between the central and local governments affect the central government's ability to use fiscal policy to achieve stabilization and equalization? Localities have controlled effective tax rates and tax bases in two ways: they controlled tax collection by offering tax concessions, and they found ways to shift budgetary funds to extrabudgetary funds, thus avoiding tax-sharing with the central government. As a result, the center has had to resort to ad hoc instruments to influence revenue remittances from local areas, which caused perverse reactions. * How do monetary relations between the two levels of government affect the central bank's ability to control the money supply? In the past 14 years, the economy has overheated several times because of an excessive money supply. Ma argues that blame for this should be assigned not to the central bank, but to the institutional structure of monetary relations between the central and local governments. The main source of trouble is the central government's inability to commit to a preannounced credit policy. * How does the division of regulatory power between the central and local governments affect the functioning of the market system? As the central government relaxed its control over the economy, local governments used the powers transferred to them to restrict market competition. What is needed is a legal framework (including a fair trade commission) that restricts local governments' ability to abuse power. This paper -- a product of the Public Economics Division, Policy Research Department -- is part of a larger effort in the department to develop policies to reform fiscal systems in developing countries.
Author: Chun Ma
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Mr.Vivek B. Arora
Publisher: International Monetary Fund
ISBN: 1451934815
Category : Business & Economics
Languages : en
Pages : 28
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Book Description
This paper provides an overview of recent Chinese reforms to introduce a modern system of fiscal federalism that balances the need for central macroeconomic control with the economic advantages of decentralized government. Following a discussion of the rationale for decentralization, the paper describes the main structural and economic developments in China in this area, including their impact on economic stabilization. The key measures in the 1994 fiscal reforms as well as reform initiatives needed in the future are also discussed.
Author:
Publisher: Allied Publishers
ISBN: 9788170231721
Category : Economic policy
Languages : en
Pages : 426
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Book Description
Papers presented at the Senior Policy Seminar on Intergovernmental Fiscal Relations and Macroeconomic Management in Large Countires, held in New Delhi, February 26-28, 1991.
Author: Ramgopal Agarwala
Publisher: World Bank Publications
ISBN:
Category : Business & Economics
Languages : en
Pages : 104
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Book Description
Author: Ehtisham Ahmad
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 300
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Book Description
In recent years, China has taken steps to promote sustainable growth, with greater reliance on market mechanisms and institutions that facilitate orderly macroeconomic controls. The International Monetary Fund has been assisting the authorities in this endeavor. IMF participation has been particularly active in various fiscal areas such as tax policy, tax administration, budget management processes and the budget law, and fiscal relations between different levels of government.
Author: Jun Ma
Publisher:
ISBN:
Category : Central-local government relations
Languages : en
Pages : 88
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Book Description
Author: Jayanta Roy
Publisher: World Bank Publications
ISBN: 9780821334096
Category : Business & Economics
Languages : en
Pages : 270
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Book Description
Suggests guidelines by which developing countries can successfully manage the rapid surge in government revenues that occurs during a commodity boom. The book addresses the problems associated with such booms, including long-term spending commitments, Dutch disease, and a slowdown in diversification.
Author: David Daokui Li
Publisher: Springer Nature
ISBN: 9813345209
Category : Business & Economics
Languages : en
Pages : 256
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Book Description
This book first shows that the past 40 years of China's economic reform and opening up represents the greatest magnitude of economic growth in history. Based on field trips, extensive and intensive interviews and literature surveys, this book argues that there are five general lessons for a rapid growing economy from China's economic reform and opening up, all in the area of the relationship between the government and the economy. First, the local governments need to be incentivized to help rapid entry and development of enterprises. Second, local governments need to be incentivized to help rapid land conversion from agricultural to non-agricultural. Third, financial deepening is vital; that is, inducing households to hold more and more financial assets in local currency. Financial deepening is essential to convert savings into investments. This requires financial stability, which is crucial. Fourth, the learning through opening up is the key to endogenous economic growth. The fundamental benefit of opening up is learning rather than enjoying comparative advantage. The fifth and final lesson from China is that the central government must proactively manage the macroeconomy. The rationale is that enterprises compete with each other in games of industrial organization. In order to resolve this problem, proactive measures including market-oriented means, administrative orders and reform measures should be implemented. Overall, the main lesson from China's past 40 years of reform and opening up is that proper incentives and behavior of the government, local and central, are important for economic growth. China has been conducting reforms in this regard and as a result, the government more or less has been playing the role of a "helping hand" regarding economic growth, although China's economic system is far from perfect and many reforms are still needed.
