Property rights and the agency problem in China's enterprise reform

Article Abstract:

China's enterprise system has undergone reform hinging on property rights relating to profit distribution between employees, government, and the businesses themselves, in addition to the problem of corruption by agents such as bureaucrats. Reform meant that it was possible to aim for higher profit retention though without increasing work done. Problems in the system tended to be linked to distribution rather than production, though production was affected. The system itself and the context, including capital and labour markets, both contributed to the problems. The contract management system appears to offer more security than the shareholding system, but the main unresolved issue is how to control corruption while providing incentives for enterprises.

Admin. of general economic programs, Political aspects, Economic development, Central planning

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Why the quantity theory of money is not applicable to China, together with a tested theory that is

Article Abstract:

The quantity theory of money is not applicable to Chinese conditions because it assumes that market prices determine the retail price index. Furthermore, the theory cannot account for commodity huilong where domestic policies are directed at absorbing excess liquidity and there appears to be an insignificant relation between the money ratio and the retail price. In place of the quantity theory, an alternative theory which is premised on the relationship between monetary growth and price developments to purchasing power imbalances. The alternative theory follows the wage-cost-mark-up theory of post-Keynesian economists.

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Long-run neutrality and superneutrality in an ARIMA framework: comment

Article Abstract:

An analysis of long run neutrality (LRN) and superneutrality reveals that the use of dummy variables cannot compensate for economic disruptions and that money-income relationships are more complex than earlier studies estimate. The study uses Canadian economic data between 1914 and 1994 to study the effects of long-term neutrality using the reduced form neutrality test that also reveals that data supports LRN for the most part.

Economics, Research and Development in the Social Sciences and Humanities, Money, Indexation (Economics)

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