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Download e-book for kindle: Aggregate Behaviour of Investment in China, 1953–96: An by Laixiang Sun

By Laixiang Sun

ISBN-10: 0230513883

ISBN-13: 9780230513884

ISBN-10: 0333714776

ISBN-13: 9780333714775

ISBN-10: 1349426717

ISBN-13: 9781349426713

In China, mixture funding degrees were excessive and the cycles of funding development price were impressive. which will exhibit the mechanisms which force funding starvation and cycles, this ebook develops an built-in growth-cycle framework which integrates the normal conception of socialist economies, the distributive barrier-constrained development thought of constructing economies, and the new technical progresses within the western enterprise cycle conception. It additionally analyzes the evolutionary dynamics of China's nation funding approach and the coverage trade-off among commercial enlargement 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

Example text

Therefore, even a softened budget constraint exerts some influence on the behaviour of the enterprise (Kornai 1986). The concept of soft budget constraint illustrates the collective experience of a large group of enterprises and, in China, the sum of the SOEs. It reflects in financial form a deeper, socio-economic phenomenon, which in Marxian terms would be indicative of a certain social relationship between the state and the economic micro-units, particularly the SOEs. One of the most impressive consequences of the soft budget constraint syndrome may be the formation of investment hunger.

There are various measuring exercises focused on (b), showing diverse results. 2; Peebles 1992; Imai 1994a & b). Finally, due to the simultaneous interaction between shortage and investment tension, the sign before |i z is less certain than might be wished. On one hand, more intense shortage reflects the fact that the system meets its own resource constraints more and more frequently and suffers increasing losses. Abovenormal shortage intensity therefore induces the decision-makers to restrain new investment starts.

Future expenditure estimated) costs; and 40 Chapter 2 M(t) is completely an ex ante estimate of the expenditure needed to complete the given investment projects started in the year /, based only on engineers' calculations. In fact, the relevant actual costs are always much higher than the pre-estimates (Kornai 1980: 195-8). In addition, as in other socialist countries, data on new investment projects are not available in China. Thirdly, perhaps more importantly, there exists a type of 'fallacy of composition' within the theoretical derivation related to investment commitment.

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Aggregate Behaviour of Investment in China, 1953–96: An Analysis of Investment Hunger and Fluctuation by Laixiang Sun


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