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| 1 |
ID:
186004
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| Summary/Abstract |
Since the traditional central planning system virtually collapsed in the 1990s, growth of marketization has become the most prominent feature of the North Korean economy. In this article, we evaluate the development of de facto and de jure marketization of the 2000s in three dimensions of price liberalization, privatization, and financial system development. Accordingly, we construct a marketization index using the survey results of North Korean refugees and expert evaluations of the North Korean economy. The marketization level generally increased over the years despite the unfavorable foreign and domestic environments such as international sanctions and the anti-market polices of the mid-2000s. Among the three evaluation categories, price liberalization has advanced the most, whereas financial system development has developed the least. In particular, de facto privatization has rapidly expanded since Kim Jong Un came into power. However, from the economic reform perspective, the overall institutionalization level of the informal economy in North Korea still remains low compared to those of former socialist economies.
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| 2 |
ID:
112733
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| Publication |
2012.
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| Summary/Abstract |
We employ a new classification of ownership identity to analyze the impact of ownership structure on enterprise performance in China. Using both fixed effects model and Generalized Methods of Moments (GMM), this study finds that marketized state-owned enterprises outperform firms controlled by the government, indicating that partial privatization of state-owned Chinese firms improves corporate governance. Non-controlling large shareholders of marketized state-owned enterprises and private enterprises are found to play active roles in corporate governance. Lastly, there is evidence that ownership concentration of a controlling shareholder decreases the incentives to expropriate minority shareholders.
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