Unraveling the Chinese Miracle: A Perspective of Interlinked Relational Contract

被引:6
作者
Yongqin Wang
Ming Li
机构
[1] Fudan University,China Center for Economic Studies and School of Economics
[2] Fudan University,School of Economics
关键词
Interlinked Contract; China; Transition; Institutions;
D O I
10.1007/s11366-008-9027-5
中图分类号
学科分类号
摘要
This paper is an attempt to provide an explanation for the socioeconomic foundation which underlies China’s economic miracle. As suggested by the theory of interlinked contract, the transition from a planning economy to a market economy is a multifaceted process. In terms of market dynamics interlinking markets replace specialized markets, while in terms of governance dynamics, interlinked contracts give way to formal contracts. A good match between the markets structure and contractual structure is key to the success of transition. In particular, some China-specific institutions, like TVEs, the financial system and the restructuring of SOEs can be better understood within this framework. Broadly, the whole reform package in China also is in good accordance with the spirit of interlinked contract.
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页码:269 / 285
页数:16
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