Download PDF by Laixiang Sun: Aggregate Behaviour of Investment in China, 1953-96: An

By Laixiang Sun

ISBN-10: 0333948092

ISBN-13: 9780333948095

In China, combination funding degrees were excessive and the cycles of funding progress cost were notable. with the intention to show the mechanisms which force funding starvation and cycles, this booklet develops an built-in growth-cycle framework which integrates the normal conception of socialist economies, the distributive barrier-constrained development concept of constructing economies, and the new technical progresses within the western enterprise cycle idea. It additionally analyzes the evolutionary dynamics of China's country funding approach and the coverage trade-off among business growth and agricultural improvement.

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Additional info for Aggregate Behaviour of Investment in China, 1953-96: An Analysis of Investment Hunger and Fluctuation (Institute of Social Studies)

Sample text

The \i's (>0) represent the feedback strength coefficients. Kornai affirms that as a result of the influence of the three non-price feedback signals, decision-makers cause M(t) to deviate from its normal value M (t) - new investment starts - so as to drive the system back to the normal paths of consumption, investment and shortage. Clearly, this model also focuses on short-run disequilibrium behaviour without tackling the question of what determines the investment level, because in equilibrium M(t) = M*(t).

Data on state sector fixed investment have always been closely monitored by planners. A single and most powerful institution - the State Planning Commission - has always borne responsibility for collecting these data. Because of the specific position of the State Planning Commission in comprehensive planning over the years, it has maintained the capacity to collect and aggregate investment data on the state sector in a meaningful fashion. The other data used in the primary data analyses are also mainly derived from aggregate figures such as national income, total output of agriculture and agricultural national income, total cultivated land and labour force engaged in agriculture.

This tradition also dominates the relevant research on China (Imai 1990, 1994a; Naughton 1986, 1987). However, as will be shown below, this modelling tradition suffers from certain theoretical and statistical difficulties. These include the absence of intertemporal rationality of the planner, statistical possibility and macro-indivisibility assumptions of investment commitments, two-way dependency between investment tension and shortage strength (and thus the weak exogeneity assumption of shortage), the effectiveness of planners' control, and the definition and measurement of shortage in consumption and investment goods sectors.

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Aggregate Behaviour of Investment in China, 1953-96: An Analysis of Investment Hunger and Fluctuation (Institute of Social Studies) by Laixiang Sun


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