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Publications (2)
Working Paper
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– The Chinese Experience
This paper documents the financial and institutional developments of China during the past two decades, when China was successfully transformed from a rigid central-planning economy to a dynamic market economy following its unique path. We empirically examine the relationship between financial...
Working Paper
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– Lessons from China
Using a survey of 300 state-owned enterprises (SOEs), we argue that the acceleration of inflation in China after 1984 was caused by the decentralization reforms in the state sector. These reforms allowed the SOEs to realize their innate tendencies to over-consume and over-invest. The evidence...
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