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| 1 |
ID:
019572
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May 2001.
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| Description |
189-218
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| Summary/Abstract |
Until the late 1990s, the rapid development of rural cooperative funds as semi-formal financial institutions in the countryside attracted little attention. In many provinces, these funds took over large swathes of rural finance, before the State Council in March 1999 issued a secret decree requesting that they be immediately dissolved. This paper explores the reasons for the rapid development of rural cooperative funds in many localities, examines why this has been an issue of contention, and explains why it has taken the central government such a long time to come up with a coherent—and, furthermore, drastic—response. Although rural cooperative funds are now being dissolved across the country, they may already have achieved their purpose of revolutionizing financial intermediation in the countryside.
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| 2 |
ID:
053351
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| 3 |
ID:
130534
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2014.
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| Summary/Abstract |
Monthly economic indicators are used for a variety of purposes, from studying business cycles to determining economic policy and making informed business decisions. China's published monthly industrial output statistics could hardly be more confusing, with changes in variables, in coverage, in measurement, and in presentation. This paper reviews the available official data and proceeds to construct a monthly industrial output series in nominal terms and in real terms for the period 1980-2012, economy-wide and for the public sector.
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| 4 |
ID:
071987
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2006.
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| Summary/Abstract |
Data on physical capital are an indispensable part of economic growth and efficiency studies. In the case of China, economy-wide fixed asset series are usually derived by aggregating gross fixed capital formation (net of depreciation) over time, and sectoral/ownership-specific series by correcting the limited official fixed asset data available. These procedures, to varying degrees, ignore that (i) gross fixed capital formation does not equal investment, (ii) investment does not equal the value of fixed assets newly created through investment, (iii) depreciation is an accounting measure that bears no necessary relation to changes in the production capacity of fixed assets, (iv) official fixed asset data, where available, incorporate significant revaluations in the 1990s, and (v) "net fixed assets" do not measure the contribution of fixed assets to production.
This paper derives economy-wide fixed asset values for 1953-2003, correcting for these shortcomings. It uses both the traditional, cumulative approach and a new, so far unexplored method of combining economy-wide depreciation values and an economy-wide depreciation rate to directly yield economy-wide fixed assets. The derived fixed asset time series are evaluated in a comparison with each other as well as with series in the literature, leading to the recommendation of a specific choice of fixed asset time series.
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| 5 |
ID:
161891
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Capital estimates are widely used in economic growth and productivity studies, for profitability considerations and wealth accounting exercises. Yet the calculation of “capital” frequently receives only cursory attention, despite the challenges posed by conceptual difficulties, the complexity of calculations, and the extensive data requirements. This paper (i) calculates long-run provincial (and national) physical capital series for China, (ii) distinguishes between wealth capital stock and capital services (the appropriate measure of capital for productivity studies), and (iii) applies the most recent methodology advanced by the OECD (and implemented by the U.S. Bureau of Labor Statistics and the Australian Bureau of Statistics). The complete set of data is available online and is expected to be updated on an annual basis in the future.
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| 6 |
ID:
071989
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