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Income inequality is the result of complex processes with multiple interacting driving forces but understanding those drivers in emerging economies is particularly difficult because of data and analytical challenges. While most middle-income countries produce comprehensive household surveys these...
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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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