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Author: Wen Wang
Publisher:
ISBN:
Category :
Languages : en
Pages : 34
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Book Description
The heavy reliance of Chinese local governments on land-leasing revenues in recent decades has attracted widespread criticism due to its potential risks and problems. This research, using a panel dataset of 280 prefecture-level cities in China from 1999-2009, explores what factors affect Chinese city governments' dependence on land finance. The findings provide strong support for hypotheses concerning the effects of both fiscal incentives and political incentives on local fiscal behavior. Both fiscal factors -- such as local reliance on fiscal transfers and fiscal decentralization -- and political factors -- including local top leaders' tenure and their distance to mandatory retirement -- have exerted significant impacts on city governments' reliance on land finance. These findings point to the significance of intergovernmental fiscal arrangements and political institutions in affecting local government fiscal behavior in developing countries.
Author: Wen Wang
Publisher:
ISBN:
Category :
Languages : en
Pages : 34
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Book Description
The heavy reliance of Chinese local governments on land-leasing revenues in recent decades has attracted widespread criticism due to its potential risks and problems. This research, using a panel dataset of 280 prefecture-level cities in China from 1999-2009, explores what factors affect Chinese city governments' dependence on land finance. The findings provide strong support for hypotheses concerning the effects of both fiscal incentives and political incentives on local fiscal behavior. Both fiscal factors -- such as local reliance on fiscal transfers and fiscal decentralization -- and political factors -- including local top leaders' tenure and their distance to mandatory retirement -- have exerted significant impacts on city governments' reliance on land finance. These findings point to the significance of intergovernmental fiscal arrangements and political institutions in affecting local government fiscal behavior in developing countries.
Author: Spencer Cohen
Publisher:
ISBN:
Category :
Languages : en
Pages : 243
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Book Description
This dissertation examines the evolution and role of land as a fiscal asset in China since the onset of reforms in 1978. Research presented in this dissertation specifically examines: 1) the role of land markets and land use rights in China's local political economy and local bureaucrat fiscal behavior; 2) the evolution and development of land finance as local government strategy for maximizing revenues in the absence of other sources; and 3) the extent to which neoliberalism explains growth and change in the value and transacting of land use rights in the Chinese context. Findings from this analysis show that the local government behaves in ways consistent with revenue maximization. Land, as an available, immobile asset made available for expropriation through an ambiguous legal and institutional framework, is a coveted asset of local bureaucrats and exploited to support local fiscal revenue needs. Land markets, or the monetized transfer of use rights, are organized in ways that allow the local state to capture economic surplus. Land markets thus represent the state's leveraging of market mechanisms to achieve state aims of revenue and economic capture, rather than a local state embrace of a market logic to governance and resource allocation. Exogenous changes in China's political economy and central-local relations with respect to land have catalyzed new forms of land finance, ranging from the collateralizing and leveraging of land assets to expanding the local state's indirect revenues into bank loans and bond capital purposed for local state infrastructure investments, to elaborate debt restructuring schemes as is in the case of Yufu Capital Management Corporation in Chongqing. The findings from this research expand our understanding of land finance and the legacy effects of past institutions on current period political economy and state behavior. While economic geography has focused much attention on the behavior of firms, the case of China broadens this field of research into the behavior and incentives of the local state in the fostering and operation of markets. Moreover, evidence presents challenges to neoliberalism as the primary paradigm through which to understand and interpret China's economic growth and class divisions over the reform era. Contrary to the narrative of the state retreating and embracing the market, Chinese local government bureaucrats have leveraged market mechanisms to expand and strengthen the local state.
Author: Stephen B. Kaplan
Publisher: Cambridge University Press
ISBN: 110718231X
Category : Business & Economics
Languages : en
Pages : 411
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Book Description
Examines China's overseas financial investments in the developing world, and its impact on national economic policymaking in the Americas.
Author: Meg E. Rithmire
Publisher: Cambridge University Press
ISBN: 131644533X
Category : Political Science
Languages : en
Pages : 237
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Book Description
Land reforms have been critical to the development of Chinese capitalism over the last several decades, yet land in China remains publicly owned. This book explores the political logic of reforms to land ownership and control, accounting for how land development and real estate have become synonymous with economic growth and prosperity in China. Drawing on extensive fieldwork and archival research, the book tracks land reforms and urban development at the national level and in three cities in a single Chinese region. The study reveals that the initial liberalization of land was reversed after China's first contemporary real estate bubble in the early 1990s and that property rights arrangements at the local level varied widely according to different local strategies for economic prosperity and political stability. In particular, the author links fiscal relations and economic bases to property rights regimes, finding that more 'open' cities are subject to greater state control over land.
Author: Tiejun Wen
Publisher: Springer Nature
ISBN: 981160455X
Category : China
Languages : en
Pages : 538
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Book Description
This open access handbook, Ten Crises systematically traces the economic history of China from 1949 to 2020, unravelling the complex domestic and global factors leading to the cyclical crises identified by WEN and his research team, and examining the corresponding counteracting policies and measures by the government to resolve or defer the crises. The book offers profound insights into China's endeavours and predicaments on the path of modernization, and contemplates opportunities and lessons for the forging of alternative trajectories not only for China but also for the global south: to reconstruct rural communities for integrated cooperation and governance, and to revitalize ecological civilization.
Author: Matthew Noellert
Publisher: University of Michigan Press
ISBN: 0472037986
Category : BUSINESS & ECONOMICS
Languages : en
Pages : 359
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Book Description
Provides an alternative to both capitalist and communist conceptions of modern historical development based on relations to property
Author: Vivienne Shue
Publisher: Routledge
ISBN: 1134100701
Category : Business & Economics
Languages : en
Pages : 208
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Book Description
China’s stunning record of economic development since the 1970s has been marred by an increasingly obvious gap between the country’s ‘haves’ and its ‘have-nots’. This collection traces the causes of this growing inequality, using new data including surveys, interviews, newly available official statistics and in-depth fieldwork.
Author: Sixin Wu
Publisher:
ISBN:
Category :
Languages : en
Pages : 35
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Book Description
Author: Carl E. Walter
Publisher: John Wiley & Sons
ISBN: 0470828951
Category : Business & Economics
Languages : en
Pages : 201
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Book Description
In Red Capitalism, Carl Walter and Fraser Howie detail how the Chinese government reformed and modeled its financial system in the 30 years since it began its policy of engagement with the west. Instead of a stable series of policies producing steady growth, China's financial sector has boomed and gone bust with regularity in each decade. The latest decade is little different. Chinese banks have become objects of political struggle while they totter under balance sheets bloated by the excessive state-directed lending and bond issuance of 2009. Looking forward, the government's response to the global financial crisis has created a banking system the stability of which can be maintained only behind the walls of a non-convertible currency, a myriad of off-balance sheet arrangements with non-public state entities and the strong support of its best borrowers--the politically potent National Champions--who are the greatest beneficiaries of the financial status quo. China's financial system is not a model for the west and, indeed, is not a sustainable arrangement for China itself as it seeks increasingly to assert its influence internationally. This is not a story of impending collapse, but of frustrated reforms that suggests that any full opening and meaningful reform of the financial sector is not, indeed cannot be, on the government's agenda anytime soon.
Author: Meg Elizabeth Rithmire
Publisher:
ISBN:
Category : Macroeconomics
Languages : en
Pages : 45
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Book Description
A rich body of literature examines the politics of economic management and economic intervention in advanced industrial democracies. While all governments have monetary and fiscal tools, such as the manipulation of interest rates, exchange rates, and government spending, at their disposal to manage and smooth business cycles, they employ these tools in different ways for political reasons. This paper argues that the Chinese Communist Party (CCP) has used the land supply as a key instrument of macro-economic regulation. The article draws on local and central documents to track, first, how, during the 1990s, land became the CCP's central means of macroeconomic management and, second, demonstrate the use of land as an economic policy tool. In particular, the article analyzes key episodes of macroeconomic policymaking to show the causal logic at work. In each instance, the CCP relied on manipulation of the national land supply and local land access to either stimulate economic growth or rein in an overheating economy. China's land institutions ones that share "complementarities" with fiscal and financial institutions and benefit powerful political actors while imposing costs on marginal ones.
