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

By Laixiang Sun

In China, combination funding degrees were excessive and the cycles of funding progress cost were impressive. on the way to show the mechanisms which force funding starvation and cycles, this booklet develops an built-in growth-cycle framework which integrates the normal thought of socialist economies, the distributive barrier-constrained progress conception of constructing economies, and the new technical progresses within the western company cycle thought. It additionally analyzes the evolutionary dynamics of China's nation funding method and the coverage trade-off among commercial growth and agricultural improvement.

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Extra resources for Aggregate Behaviour of Investment in China, 1953–96: An Analysis of Investment Hunger and Fluctuation

Example text

E. 'Yang Yuejirf in 1978, and the 'Deng Whirlwind' in 1992-93). Excess demand in the investment sector increased, the shortage of investment goods and services re-emerged or became sharper, and the shares of fixed investment and of capital accumulation in the national income rose. Other sectors sacrificed their growth rates; in the case of China these were agriculture and consumption sectors, which are particularly vulnerable. According to Bauer's model, the upper turning point in the cycle occurs in the third or halt phase.

Finally, Chapter 7 summarizes the book, explores further the theoretical and policy implications of the research, reviews the major limitation of the analysis in this book and discusses the most recent development of China's state sector reform beyond 1995 and 1996. 1 Introduction The purpose of this chapter is to select complementary theories based on China's specific experiences and to reveal the possibility of integrating these selected theories into a new growth cycle framework. Because this book intends to undertake a theoretical exercise grounded on empirical and historical analyses, the interaction between empirical examination and theoretical searching has played a very important role in the process of understanding problems and difficulties, in looking for the right modelling strategy and approaches, and in exploring the theoretical and policy implications of the findings.

To obtain an economically sound normal path (norm) or long-term equilibrium relationship between real investment and the representative bottleneck supplies, it helps to employ the recently developed cointegration approaches. This approach enables us to detect and test long-term stable relationships among non-stationary variables based on the interaction between theoretical exploration and statistical testing. The cointegration analysis based on Johansen's (1988, 1992a, 1992b, 1992c) procedure can also help to check weak exogeneity of relevant variables.

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