Important laws governing China's macro-economy

Economic laws concerning the working of the Chinese macro-economy are provided. * Conclusions are valid for the entire period 1952-2013 when there were extensive institutional changes. * Permanent income hypothesis for consumption and the accelerations principle for investment are confirmed econometrically. * Roles of government expenditure and money supply in the determination of national income in China are examined. This paper presents economic laws that are valid for China's macro-economy from 1952 to 2013 in spite of the many institutional changes during this period. The laws include a co... Mehr ...

Verfasser: Chow, Gregory C
Dokumenttyp: Artikel
Reihe/Periodikum: Journal of comparative economics
Verlag/Hrsg.: Amsterdam, Elsevier
Sprache: Englisch
ISSN: 0147-5967
Weitere Identifikatoren: doi: 10.1016/j.jce.2015.10.011
Permalink: https://search.fid-benelux.de/Record/olc-benelux-1974856852
URL: NULL
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Datenquelle: Online Contents Benelux; Originalkatalog
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Link(s) : http://dx.doi.org/10.1016/j.jce.2015.10.011
http://dx.doi.org/10.1016/j.jce.2015.10.011

Economic laws concerning the working of the Chinese macro-economy are provided. * Conclusions are valid for the entire period 1952-2013 when there were extensive institutional changes. * Permanent income hypothesis for consumption and the accelerations principle for investment are confirmed econometrically. * Roles of government expenditure and money supply in the determination of national income in China are examined. This paper presents economic laws that are valid for China's macro-economy from 1952 to 2013 in spite of the many institutional changes during this period. The laws include a consumption function based on the adaptive expectations hypothesis of Friedman (1957) or the rational expectations hypothesis of Hall (1978), an investment function derived from the accelerations principle and the roles of government expenditure and money supply. It extends the analyses of Chow (1985, 2010 and 2011) to cover longer periods and study additional issues.