China’s Macroeconomic Policy is a key collection of articles that showcase how economic policies have changed—and are changing still—in the world’s second largest economy, in a way that will affect the global economy. From exchange rates to fiscal policy, Chinese reforms have developed gradually to transform the country from one dominated by the state’s central-planning apparatus to one with more nuanced policies designed to manage an increasingly market-based economy. Most of the crucial reforms have occurred in the past couple of decades, with key policy and regime changes in the past few years. For instance, the RMB regime was set up in 1994, then moved to a trade-weighted basket of currencies in 2005, and then came the latest policy geared at internationalization of the RMB. All of which have significant effects on the global reserve currency regime. The main topics covered in the collection include: exchange rates, trade, investment, fiscal policy, monetary policy, financial regulation, and GDP.
Volume I: Economic growth
Part 1: Transition and Economic Growth
1. John Knight, Yang Yao, and Linda Yueh, ‘Economic Growth in China: Productivity and Policy’, Oxford Bulletin of Economics and Statistics, 2011, 73, 6, 719–21.
2. Eswar S. Prasad and Raghuram G. Rajan, ‘Modernizing China’s Growth Paradigm’, American Economic Review, 2006, 96, 2, 331–6.
3. Zheng Song, Kjetil Storesletten, and Fabrizio Zilibotti, ‘Growing Like China’, American Economic Review, 2011, 101, 1, 196–233.
4. Eduardo Borensztein and Jonathan D. Ostry, ‘Accounting for China’s Growth Performance’, American Economic Review, 1996, 86, 2, 224–8.
5. Gary H. Jefferson, Albert G. Z. Hu, and Jian Su, ‘The Sources and Sustainability of China’s Economic Growth’, Brookings Papers on Economic Activity, 2006, 2, 1–47.
6. Lawrence J. Lau, Yingyi Qian, and Gerard Roland, ‘Reform Without Losers: An Interpretation of China’s Dual-Track Approach to Transition’, Journal of Political Economy, 2000, 108, 1, 120–43.
7. David Daokui Li and Yijiang Wang, ‘Political Conditions for Reform: China vs. Eastern Europe Revisited’, Journal of the European Economic Association, 2006, 4, 2/3, 342–51.
Part 2: Reforming Agriculture
8. Alan de Brauw, Jikun Huang, and Scott Rozelle, ‘Responsiveness, Flexibility, and Market Liberalization in China’s Agriculture’, American Journal of Agricultural Economics, 2000, 82, 5, 1133–9.
9. Songqing Jin, Jikun Huang, Ruifa Hu, and Scott Rozelle, ‘The Creation and Spread of Technology and Total Factor Productivity in China’s Agriculture’, American Journal of Agricultural Economics, 2002, 84, 4, 916–30.
10. Shingo Kimura , Keijiro Otsuka, Tetsushi Sonobe, and Scott Rozelle, ‘Efficiency of Land Allocation Through Tenancy Markets: Evidence from China, Economic Development and Cultural Change’, 2011, 59, 3, 485–510.
Part 3: Reforming Industry
11. Gary H. Jefferson, ‘China’s State Enterprises: Public Goods, Externalities, and Coase’, American Economic Review, 1998, 88, 2, 428–32.
12. Justin Yifu Lin, Fang Cai, and Zhou Li, ‘Competition, Policy Burdens, and State-Owned Enterprise Reform’, American Economic Review, 1998, 88, 2, 422–7.
13. Xiao Mei Li and Linda Yueh, ‘Does Incorporation Improve Firm Performance?’, Oxford Bulletin of Economics and Statistics, 2011, 73, 6, 753–70.
14. Hehui Jin and Yingyi Qian, ‘Public Versus Private Ownership of Firms: Evidence from Rural China’, Quarterly Journal of Economics, 1998, 113, 3, 773–808.
15. Chong-En Bai, Jiangyong Lu, and Zhigang Tao, ‘The Multitask Theory of State Enterprise Reform: Empirical Evidence from China’, American Economic Review, 2006, 96, 2, 353–7.
16. Jiahua Che and Yingyi Qian, ‘Institutional Environment, Community Government, and Corporate Governance: Understanding China’s Township-Village Enterprises’, Journal of Law, Economics, & Organization, 1998, 14, 1, 1–23.
Part 4: Reforming Labour
17. Simeon Djankov, Yingyi Qian, Gérard Roland, and Ekaterina Zhuravskaya, ‘Who Are China’s Entrepreneurs?’, American Economic Review, 2006, 96, 2, 348–52.
18. Zhiqiang Liu, ‘Earnings, Education, and Economic Reforms in Urban China’, Economic Development and Cultural Change, 1998, 46, 4, 697–725.
19. Mary M. Shirley and Lixin Colin Xu, ‘Empirical Effects of Performance Contracts: Evidence from China’, Journal of Law, Economics, & Organization, 2001, 17, 1, 168–200.
20. John A. Bishop and Haiyong Liu, ‘Liberalization and Rent-Seeking in China’s Labor Market’, Public Choice, 2008, 135, 3/4, 151–64.
Volume II: Exchange rates and the external sector
Part 5: Raising Productivity
21. Alwyn Young, ‘Gold into Base Metals: Productivity Growth in the People’s Republic of China During the Reform Period’, Journal of Political Economy, 2003, 111, 6, 1220–61.
22. Alwyn Young, ‘The Razor’s Edge: Distortions and Incremental Reform in the People’s Republic of China’, Quarterly Journal of Economics, 2000, 115, 4, 1091–135.
23. Scott Rozelle, J. Edward Taylor, and Alan de Brauw, ‘Migration, Remittances, and Agricultural Productivity in China’, American Economic Review, 1999, 89, 2, 287–91.
24. David Daokui Li, Junxin Feng, and Hongping Jiang, ‘Institutional Entrepreneurs’, American Economic Review, 2006, 96, 2, 358–62.
Part 6: Legal/Institutional Reform
25. Chenggang Xu, ‘The Fundamental Institutions of China’s Reforms and Development’, Journal of Economic Literature, 2011, 49, 4, 1076–151.
26. James Kaising Kung, ‘Choice of Land Tenure in China: The Case of a County with Quasi-Private Property Rights’, Economic Development and Cultural Change, 2002, 50, 4, 793–817.
27. Klaus Deininger and Songqing Jin, ‘The Impact of Property Rights on Households’ Investment, Risk Coping, and Policy Preferences: Evidence from China’, Economic Development and Cultural Change, 2003, 51, 4, 851–82.
28. Hanan G. Jacoby, Guo Li, and Scott Rozelle, ‘Hazards of Expropriation: Tenure Insecurity and Investment in Rural China’, American Economic Review, 2002, 92, 5, 1420–47.
Part 7: Opening Up to Trade
29. Dani Rodrik, ‘Making Room for China in the World Economy’, American Economic Review, 2010, 100, 2, 89–93.
30. Barry Naughton and Nicholas R. Lardy, ‘China’s Emergence and Prospects as a Trading Nation’, Brookings Papers on Economic Activity, 1996, 2, 273–344.
31. Elena Ianchovichina and Will Martin, ‘Impacts of China’s Accession to the World Trade Organization’, World Bank Economic Review, 2004, 18, 1, 3–27.
32. Jikun Huang, Scott Rozelle, and Min Chang, ‘Tracking Distortions in Agriculture: China and its Accession to the World Trade Organization’, World Bank Economic Review, 2004, 18, 1, 59–84.
Part 8: Investment Policy
33. John Whalley, Xian Xin, and Nicholas R. Lardy, ‘China and Foreign Direct Investment’, Brookings Trade Forum, Foreign Direct Investment, 2007, 61–103.
34. Robert C. Feenstra and Gordon H. Hanson, ‘Ownership and Control in Outsourcing to China: Estimating the Property-Rights Theory of the Firm’, Quarterly Journal of Economics, 2005, 120, 2, 729–61.
Part 9: Exchange Rate Regime
35. Morris Goldstein and Nicholas Lardy, ‘China’s Exchange Rate Policy Dilemma’, American Economic Review, 2006, 96, 2, 422–6.
36. Ronald McKinnon, ‘China’s Exchange Rate Trap: Japan Redux?’, American Economic Review, 2006, 96, 2, 427–31.
37. Rod Tyers and Jane Golley, ‘China’s Real Exchange Rate Puzzle’, Journal of Economic Integration, 2008, 23, 3, 547–74.
Volume III: Monetary policy
Part 10: Monetary Policy, Inflation, and Prices
38. Loren Brandt and Xiaodong Zhu, ‘Redistribution in a Decentralized Economy: Growth and Inflation in China Under Reform’, Journal of Political Economy, 2000, 108, 2, 422–39.
39. Loren Brandt, Carsten A. Holz, ‘Spatial Price Differences in China: Estimates and Implications’, Economic Development and Cultural Change, 2006, 55, 1, 43–86.
40. C. Simon Fan and Xiangdong Wei, ‘The Law of One Price: Evidence from the Transitional Economy of China’, Review of Economics and Statistics, 2006, 88, 4, 682–97.
Part 11: Reforming Capital Markets
41. Chong-En Bai, Chang-Tai Hsieh, and Yingyi Qian, ‘The Return to Capital in China’, Brookings Papers on Economic Activity, 2006, 2, 61–88.
42. Takao Kato and Cheryl Long, ‘Executive Compensation, Firm Performance, and Corporate Governance in China: Evidence from Firms Listed in the Shanghai and Shenzhen Stock Exchanges’, Economic Development and Cultural Change, 2006, 54, 4, 945–83.
43. Shing-Yi Wang, ‘State Misallocation and Housing Prices: Theory and Evidence from China’, American Economic Review, 2011, 101, 5, 2081–107.
44. Stephen Pudney and Limin Wang, ‘Housing Reform in Urban China: Efficiency, Distribution and the Implications for Social Security’, Economica, 1995, 62, 246, 141–59.
Part 12: Financial Regulation
45. Wendy Dobson and Anil K. Kashyap, ‘The Contradiction in China’s Gradualist Banking Reforms’, Brookings Papers on Economic Activity, 2006, 2006, 2, 103–48.
46. Loren Brandt, Hongbin Li, and Joanne Roberts, ‘Banks and Enterprise Privatization in China’, Journal of Law, Economics, & Organization, 2005, 21, 2, 524–46.
Volume IV: Fiscal and social policy
Part 13: Income Policies
47. Azizur Rahman Khan, Keith Griffin, and Carl Riskin, ‘Income Distribution in Urban China During the Period of Economic Reform and Globalization’, American Economic Review, 1999, 89, 2, 296–300.
48. Dennis Tao Yang, ‘Urban-Biased Policies and Rising Income Inequality in China’, American Economic Review, 1999, 89, 2, 306–10.
49. Shujie Yao, ‘Economic Development and Poverty Reduction in China Over 20 Years of Reforms’, Economic Development and Cultural Change, 2000, 48, 3, 447–74.
50. Ximing Wu and Jeffrey M. Perloff, ‘China’s Income Distribution, 1985–2001’, Review of Economics and Statistics, 2005, 87, 4, 763–75.
51. Jyotsna Jalan and Martin Ravallion, ‘Geographic Poverty Traps? A Micro Model of Consumption Growth in Rural China’, Journal of Applied Econometrics, 2002, 17, 4, 329–46.
Part 14: Savings Rate and Government Spending
52. Aart Kraay, ‘Household Saving in China’, World Bank Economic Review, 2000, 14, 3, 545–70.
53. Charles Yuji Horioka and Junmin Wan, ‘The Determinants of Household Saving in China: A Dynamic Panel Analysis of Provincial Data’, Journal of Money, Credit and Banking, 2007, 39, 8, 2077–96.
54. Marcos D. Chamon and Eswar S. Prasad, ‘Why are Saving Rates of Urban Households in China Rising?’, American Economic Journal: Macroeconomics, 2010, 2, 1, 93–130.
55. Shang-Jin Wei and Xiaobo Zhang, ‘The Competitive Saving Motive: Evidence from Rising Sex Ratios and Savings Rates in China’, Journal of Political Economy, 2011, 119, 3, 511–64.
Part 15: Fiscal Policy
56. Justin Yifu Lin and Zhiqiang Liu, ‘Fiscal Decentralization and Economic Growth in China’, Economic Development and Cultural Change, 2000, 49, 1, 1–21.
57. Raymond Fisman and Shang Jin Wei, ‘Tax Rates and Tax Evasion: Evidence from "Missing Imports" in China’, Journal of Political Economy, 2004, 112, 2, 471–96.
58. Mu Y. Li, ‘Public Finance and Economic Development in a Historical Institutional Perspective: China 1840–1911’, Journal of Economic History, 2004, 64, 2, 545–8.
59. Linda Yueh, ‘The Chinese Box: The Opaque Economic Borders of the Chinese State’, Oxford Review of Economic Policy, 2011, 27, 4, 658–79.
