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ID:
078037
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| Publication |
2007.
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| Summary/Abstract |
This paper assesses the progress of China's transition towards a market economy by examining the structure of ownership, productivity, and profitability, as well as the concentration of production across firms, industries, and regions. It does this by analyzing a database of firm microdata of the quarter of a million industrial companies in operation during the 1998-2003 period. Results show that the private sector now accounts for more than half of industrial output, compared with barely more than a quarter of it in 1998, and operates much more efficiently than the public sector. Higher productivity has fed through to improved profitability, motivating greater regional specialization of production. These changes are consistent with what would be expected in a market-based economy and suggest that reforms are making rapid progress
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| 2 |
ID:
102776
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2011.
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| Summary/Abstract |
Using the structural vector autoregression model, we estimate the current responses of monetary policy to contemporaneous shocks from macroeconomic variables. Our findings indicate that the People's Bank of China responded to inflation and output changes, but did not react to asset price fluctuations during the period from January 1997 to March 2010. The optimal monetary responses to exogenous shocks are also examined. It is revealed that using asset prices to formulate monetary policy would not help to improve monetary authorities' performance in lowering the volatilities of output growth and inflation while keeping output growth and inflation in their safety zones. The effectiveness of monetary policy and fiscal policy in reacting to external shocks is also discussed.
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