Market-oriented Economic Reforms Research Articles

Examining the impact of the stock market development on Economic growth- KSA Tadawul.

The relationship between stock market development and economic growth has been a subject of debate, with arguments centered on the impact of a well-functioning stock market on economic growth. This study argues that economic growth is influenced by stock market development and economic reform indicators, while controlling for other determinants of growth. The research employs a comprehensive theoretical framework linking stock market development to economic growth, and it specifically focuses on the Tadawul stock market in Saudi Arabia. The empirical analysis, using sophisticated panel data econometric techniques, reveals a significant positive correlation between Tadawul stock market and economic growth, particularly in the oil sector. This suggests that the Tadawul stock market plays a crucial role in influencing and contributing to economic growth, especially within the context of the oil industry.

Dynamics of India Development Aid to Nigeria in the Post Cold War Era

Following the collapse of the Union of Soviet Socialist Republics (USSR) in 1991, and India pro- market economic reforms of 1991, have affected its relationship with outside world including Nigeria. This paper examines the development aid relations between Nigeria and India after the return of Nigeria to democratic rule from 1999-2007, especially the trade and investment activities of India in Nigeria particularly in area of agriculture, manufacturing, and extractive sector of Nigeria economy. The paper is anchored on dependency and underdevelopment theory to assess actual beneficiary of the development aid relations, and to demonstrates the asymmetric nature of the relationship between Nigeria and India. It has been revealed from the study that after the cold war development aid relations between Nigeria and India has been shifted from idealistic ideology to realistic pro- market economic ideology. It is also noted that, the asymmetric nature of the relationship has hampered the development of Nigeria. This was as a result of unequal trade and investment relations, has India have enormous advantage over Nigeria because of its technological and economic advancement. Therefore, the paper argued that for Nigeria to benefit from the India’s development aid relations, the relationship has to be redesigned to allow for transparency and equal opportunity

Wealth inequality: the Indian case

ABSTRACT Three decades have passed since India implemented market-oriented economic reforms. While levels of and trends in consumption and income inequality have been studied extensively, wealth inequality has not received the same level of attention. In this paper, we use nationally representative household surveys to show that the period of economic reforms has witnessed a sharp rise in interpersonal wealth inequality. A decomposition of this rising wealth inequality shows that wealth is increasingly concentrated in urban areas, among a few privileged social groups, and in the top decile of the Indian population.

Квазиведомственные нормативные правовые акты в энергетическом праве

In this article, the author reviews the existing views of legal theoreticians on internal acts of legal entities that have been lately acknowledged by legal publications as independent law sources. The paper singles out the main attribute that gives local acts of legal entities the statutory regulation quality, being the delegation of statutory regulation issuance powers to the company by the law or sanctioning by means of approval by a competent state authority. The author suggests that legal acts of legal entities issued without the delegation right or approval by the state but having statutory qualities should be reviewed on a standalone basis, as a separate law source. The article notes that a characteristic feature of such acts is their issuance by subjects of natural monopolies created as a result of market economic reforms held in Russia in the late 20th century based on branch ministries governing separate national economy sectors (electrical energy industry, gas and oil transportation system). It is the first case in legal publications when the author that makes an attempt at understanding the nature of these acts concludes that they differ from corporate and departmental acts. Due to the fact that law making by subjects of natural monopolies was actually replacing regulatory activities of ministries and other state departments, the author suggests naming the documents they issue quasi-divisional legal acts. Based on the obtained results, the author words the concept of quasi-divisional legal acts in the energy law as one of law sources.

Egalitarianism and redistributive reform in Serbia after 2000

We investigate post-communist redistributive policies in Serbia, focusing particularly on the period after 2000. Our main argument is that market fundamentalism, which posits that the market is the most efficient solution for the postcommunist transition, has failed to deliver on its promises. The expectation was that, after a temporary transitional sacrifice, the worse-off would benefit equally with the better-off by reaping the rewards of market economic reforms. The anticipated faster growth was supposed to generate more quality jobs as the most effective means to alleviate poverty. Unfortunately, growth has been sluggish, while inequalities in Serbia have experienced rapid and persistent growth since 2000. We look into redistributive reform measures to understand the reasons behind this outcome. Our approach combines applied political philosophy with economic policy analysis - a unique intersection of two social science disciplines. Firstly, our research explores the implicit and explicit normative foundations of postcommunist economic reforms. Secondly, we identify and analyse a pivotal juncture of policy reform in the early 2000s. During this period, the newly-adopted neoliberal taxation and social policies were combined with class- and ethnic-based discriminatory approaches inherited from the pre-1990s socialist era and the post-socialist 1990s, respectively. This combination resulted in distinct, notably pro-rich redistributive patterns in Serbia.

Can the marketization of urban land transfer improve energy efficiency?

Local government intervention in land resource allocation can lead to the misallocation of land resources and serious pollutant emissions. As an important market-oriented economic reform in China, the marketization of urban land transfer (MULT) might have the potential to contribute to improving resource allocation efficiency by curbing local government intervention. Therefore, this study aims to provide empirical evidence on the impact of MULT on energy efficiency. We improve the MULT evaluation method to test the mechanism through which MULT affects energy efficiency. The results show that, first, the proportion of land sold by allocation and listing methods, which is characterized by a low degree of marketization, has rapidly increased in recent years, lowering the overall level of MULT. Second, MULT has a direct and significant positive impact on improving energy efficiency. Third, the mechanism analysis indicates that MULT helps enhance energy efficiency by advancing industrial structure optimization and technological progress. Moreover, the heterogeneity analysis demonstrates that the impact of MULT on improving energy efficiency differs significantly in different reform stages and between central and peripheral cities. This study sheds light on the importance of land resource allocation in improving energy efficiency and thus has practical policy implications for promoting low-carbon energy transition in emerging countries.

Differential Growth Performance of Indian States during 1980-2018: A Club Convergence within Overall Divergence of Per Capita Incomes

Breaking free from the long stagnating growth rate of the previous three decades, India in the 1980s shifted to a higher growth trajectory. After embarking upon the market-oriented economic reform program in 1991, the country sustained high growth for about 25 years. The present paper examined growth performances at the sub-national level and found that the performances were uneven across states. States attracting higher FDI flows and having enriched human resources grew faster than the others. On the whole, real per capita incomes across states tended to diverge. But states comprising the western-southern part of the country and a pocket of two other states in the north broke away from the rest of the states towards club convergence at higher per capita income levels. However, real per capita incomes in states forming the central and eastern parts of the country continued to lag behind the all- India average real per capita income.

Explaining trends in adult height in China: 1950 to 1990

This paper explores the changing trend of adult height in China for cohorts born in 1950–90. We use information on household structure and local economic conditions during the individual’s childhood to explain the trend. We find that during the 40-year period, the growth rate of adult height increased, with the most substantial increase occurring in the 1980s. One important contributing factor to the growth of adult height is the continued increase in government per capita spending on health and education. The impressive growth in the 1980s was mainly due to the introduction of market-oriented economic reforms, rather than the advent of the One-Child Policy. We find that the positive effect of economic reforms was larger for urban dwellers than for their rural counterparts and within the rural areas the benefit was far greater for men than for women.

Kazakhstan’s Agricultural Economy after the Accession to WTO: Economic Transformation and Realistic Dilemma

As a country in modernization transition, Kazakhstan's economy has experienced a struggling process of integrating into the globalization for its accession to the WTO behind the dazzling prosperity, especially its vulnerable yet vital primary industry. Previous research stressed the agricultural economic management issues in Kazakhstan, emphasizing the static one-dimensional agricultural policy research. Compiling data analysis from the databases of the Republic of Kazakhstan Bureau of National Statistics, World Trade Organization, and World Bank, we aim to illustrate, from the theoretical perspective of new institutional economics, that while informal institutions standing still, the market economy reform, which is the transplant of the formal institution, has the endogenous dynamic effects on Kazakhstan's domestic economic sectors, especially its underdeveloped agriculture. Kazakhstan’s commitments to market access, domestic support, import subsidies, and technical barriers, are detrimental to the development of Kazakhstan's agriculture, followed by the influx of homogeneous goods, increased costs of agriculture, potential technological barriers, and even a dysfunctional industrial structure. With insufficient primary conditions, Kazakhstan's market-oriented economic reforms fluctuate the foundation of the industry, laying a hidden danger for the further modernization transformation. Actually, this dilemma of institutional transition is not a particular case in Kazakhstan, but a feature common to most developing countries undergoing modernization.

Multiculturalism in media representation

AbstractThis study explores the issue of multiculturalism in China’s journalism practice through the analysis of news coverage on the Sino-US trade war inChina Daily(CD) and theSouth China Morning Post(SCMP). Following a corpus-based critical discourse analysis approach, the study compares thematic dimensions as well as recurring semantic patterns associated with them that denote two newspapers’ evaluative positioning. The findings reveal that CD’s reporting seems to be nationalistic-centric with overly positive representation of China’s practices and policies, while SCMP’s representation is multiculturalism-oriented with the representation of multiple discourses and articulation of competing and diversified viewpoints towards the evaluation of China’s market access and economic reform. The study concludes by recommending China’s official media practice continues to explore a multiculturalism approach to build dialogues with the international community in tandem with efforts made in promoting political, economic and cultural power.

Decomposition of Output, Productivity and Market Structure Changes

Building on the recent development in the literature on production function identification and decomposition methods, in this paper we examine the sources of output and productivity growth in China’s manufacturing industries from 1998 to 2007 using firm-level data. We first decompose the industry output growth into contributions stemming from the growth of the surviving firms and market dynamics, and then further decompose the former into the input factor deepening and firm productivity growth. To accommodate heterogeneity across firms in terms of production technology and sources of growth, we consider a nonparametric production function and decompose firm output growth at both the mean and different quantiles of the output distribution. Nonparametric estimation techniques and recentered influence functions are used to facilitate our decomposition. In addition, we decompose the aggregate industry productivity growth into three sources, viz., survivors’ productivity growth, market dynamics, and reallocation of market shares. Given the market-oriented economic reforms undergoing in China during our sample period, contributions to aggregate productivity coming from dynamic ownership changes are also examined.

The implementation of market economies experience in social orientation of Ukraine's economy

The article examines the study of the experience of a market economy in the social orientation of the economy. To ensure the social orientation of economic development, its social competitiveness, solving social problems and maintaining social security, it is important to justify the possibility of introducing foreign experience for the economy of Ukraine, to offer an explanation of the national characteristics of each economy. It is determined that during market transformations the social priorities of the state policy were determined, national models of social protection systems were formed. It is emphasized that the processes of change are natural, which determine the ways and mechanisms of socio-economic processes and ways to solve social problems. It was found that the specifics of the mechanisms in each country are determined by objective and subjective factors of national character. This explains the different social effectiveness of market economic reform in different countries. The peculiarities of ensuring the social orientation of the economies of Sweden, Germany, and Japan are revealed. Criteria for achieving the goals of social orientation and measures for the implementation of social orientation of the economy of Ukraine are proposed.

The impact of land resource mismatch and land marketization on pollution emissions of industrial enterprises in China

Local governments' strategy of increasing the land supply by selling industrial land at low prices causes industrial land in China to be priced substantially below the market value. Whether under planned or market allocation, urban land is an important part of China's market-oriented economic reform. However, direct empirical research on the impact of industrial land transfer on environmental pollution is still lacking. Based on matched data, this study investigates the impact of land resource mismatch and land marketization on the pollution emissions of Chinese enterprises. Pollution emissions refer to the emission intensity of industrial enterprises' major pollutants, such as industrial water, industrial waste gas and sulfur dioxide, and it is calculated by the comprehensive index method. The impact of land resource mismatch and land marketization on the pollution emissions of Chinese enterprises is investigated using a panel fixed effect model, subsample regression, the instrumental variable method and a mediating effect model. The benchmark analysis shows that land resource mismatch increases pollution emissions. The influence mechanism analysis shows that land resource mismatch may increase the pollution emissions of enterprises by causing overinvestment and low productivity. In addition, the expanded analysis shows that China's land marketization can reduce the intensity of and have a long-term impact on the pollution emissions of enterprises. This paper provides a theoretical and scientific basis for correcting the mismatch of land resources and promoting the reform of land marketization in China.

Effects of China’s market-oriented economic reform, FDI inflows on electricity intensity

China’s reform and open-up policy has been implemented since 1978 that have reshaped China from many aspects. On the road to economic transformation from planned economy to market-oriented economy, foreign direct investment (FDI) has been regarded as a kind of ‘power engine’ in China’s economic growth. Based on the provincial panel data from 2000 to 2017, this paper contributes to conduct the impact of China’s market-oriented economic reform, foreign direct investment (FDI) on electricity intensity. The progress of China’s market-oriented economic reform was measured by NERI index (degree of marketization) developed by National Economic Research Institute Reform Foundation. We then construct a new set of indicators of FDI to measure its quantity and characteristics, which are the degree of FDI participation in host country, technological level of FDI, import-oriented foreign-invested enterprises and share of FDI invested in manufacturing sector. Meanwhile, in order to examine the degree of marketization on electricity intensity, the whole sample was divided into coastal and inland groups based on their development stage. The findings concluded that marketization is an important determinant in decreasing China’s electricity intensity. FDI can be a source of innovation that promotes energy efficiency in manufacturing sector. The high degree of FDI participation in host country will hinder the improvement of energy efficiency. While in general, it has the potential to advance energy efficiency with the progress of China’s marketization. The high-quality of FDI symbolized by technological level is an important contributor in improving energy efficiency, and its effect in China’s inland area is significantly greater than that in the coastal area. Trade liberalization shows a reverse impact on electricity intensity in coastal area and inland area. The investment in environmental pollution control has no significant impact in decreasing electricity intensity. As expected, the expansion of secondary industry will increase energy consumption per unit of GDP.

Explaining Trends in Adult Height in China: 1950 to 1990

This paper explores the changing trend of adult height in China for cohorts born in 1950-90. We use information on the household structure and local economic conditions during the individual's childhood to explain the trend. We find that during the 40-year period, the growth rate of adult height increased, with the most substantial increase occurring in the 1980s. One important contributing factor to the growth of adult height is the continued increase in government per capita spending on health and education. The impressive growth in the 1980s was mainly due to the introduction of market-oriented economic reforms, rather than the advent of the One-Child Policy. We find that the positive effect of economic reforms was larger for urban dwellers than for their rural counterparts and within the rural areas the benefit was far greater for men than for women.

Sustainable spatial development: a story of Novosibirsk and Krasnoyarsk agglomerations

Under the conditions of market-economic reforms that have been taking place in Russia over the past 30 years, the sectoral and territorial structure of the country’s economy has changed dramatically. The economy of some regions, that were successful during the Soviet times sagged and failed, while other regions experienced an actual economic take-off. This paper discusses the main aspects of the spatial organization of the Russian Federation and the development of the Novosibirsk and Krasnoyarsk agglomerations, which are the largest economic centers of Western and Eastern Siberia. To answer the main question of the study-whether thirty years of economic restructuring in the country could affect the leading position of Novosibirsk and make Krasnoyarsk the new regional leader of Siberia, the authors perform the comparative socio-economic analysis of both agglomerations.

Pattern of Public Expenditure on Social Sector in India

Human capital also enhances the productivity of high-technology physical capital. Available empirical evidence indicates that all countries that have managed persistent growth in income have also had large increases in the education and training of their labor forces. Empirical studies in the Indian context also reveal investments in human capital have a significant impact on economic growth. Like many other developing countries, the Government of India’s key policy documents, including economic reforms, have identified poverty eradication/alleviation and social development as two main challenges and expressed the government’s commitment towards social development and eradication of poverty. Indian government’s gradual adoption of marketoriented economic reform policies in the mid-1980s was accompanied by an expansionist fiscal strategy to counterbalance the redistributive effect of liberalization. These economic and political developments have tended to strongly influence social sector policies in India. If the expenditure is diverted towards development activities, it will promote the process development of the state. It becomes essential to study the patterns of social sector expenditure in India at national and state levels to ascertain how the social sector has been managed by the governments in India and to what extent the central and state governments in India have fulfilled their responsibility of developing the social sector in India.

Beyond the IFIs, beyond USAID in Chavista Venezuela

Many scholars assert that the U.S. state promotes free market economic policies abroad through the leverage it wields within international financial institutions (IFIs), such as the International Monetary Fund and the World Bank. Other scholars have focused on U.S. bilateral aid programs, such as those implemented by USAID, and their emphasis on free market economic policies. In many middle-income countries, though, IFIs and U.S. development agencies do not maintain economic development programs. If the U.S. state cannot promote free market policies through IFIs and its bilateral development agencies, how does it promote them at all in middle-income countries? In this paper, I provide a case study of U.S. foreign policy toward Venezuela, a middle-income country, under the government of President Hugo Chávez (1999–2013). I draw on interviews with U.S. state elites, including several former ambassadors and State Department employees, and U.S. state documents to show how the U.S. encourages free market economic reforms through its support for civil society organizations that embrace these reforms. In particular, I focus on the work of the Center for International Private Enterprise, which has explicitly linked political freedom with economic freedom. Through this organization, the U.S. works with free market think tanks and promotes free market initiatives, all in the form of political rather than economic assistance.

Industry Analysis of Pawnshop in the Philippine

ABSTRACT A consequence of shifting from a centralised to a decentralised market in China is the growing demand for legislation to regulate relationships between different market players. A system of consumer law is necessary to govern the dealings between business operators and consumers. In response to this need, a national consumer statute as well as statutes in other areas have been enacted to deal with various aspects of consumer protection. This paper discusses the roles of the relevant pieces of legislation in protecting consumers in China. This paper also discusses the recent developments in the Chinese consumer law under the revised criminal legislation and the consolidated contract statute, and their implications for investors. JEL: K39 Keywords: Business; China; Competition; Consumer protection; Contract law, Criminal law; Product quality I. INTRODUCTION There is a saying among foreign business operators that, even selling sewing needles, you can still make a fortune in China, if everyone buys one needle from you. This statement suggests the magnitude of the Chinese consumer market. China has nearly a quarter of the world's population. With its 1.25 billion people, all potential consumers, China has become a substantial world market. In addition to the huge population, China's market-oriented economic reform, its on-going open door policy for foreign investment, and its forthcoming entry to the World Trade Organisation is bringing about a blossoming of the commodity market. However, even under these favourable trading conditions, not all investments in China warrant a rich return. Instead some have suffered from crushing failure. One explanation for this is that foreign investors are unfamiliar with the legal environment in China, and are not aware of the growth of the Chinese consumer movement. Consumer protection is a relatively new area of law in China. In spite of its profound impact on traders in the Chinese market place, the study of Chinese consumer law is not popular amongst western scholars. Very little has been written in a foreign language about the legislation protecting consumers, even though it is part of the overall Chinese legal reform. (1) The primary aims of this paper are to increase foreign investors' awareness of legal protection of consumers in China, and to generate discussion in this area of law amongst foreign scholars. With these goals in mind, the paper is divided into four parts. In part one, the paper briefly discusses the major Chinese legislation relevant to consumer protection, such as the General Principles of Civil Law, the Product Quality Law, the Unfair Competition Law, the Advertising Law, and the Consumer Protection Law. In part two, the paper focuses on examining aspects of consumerism in recent enactments, namely, The Criminal Law of the People's Republic of China, and The Contract Law of the People's Republic of China. In part three, the paper discusses the implications of the Chinese consumer law and its latest developments for business operators. The final part submits that these legislations all have a distinct role in the consumer protection movement. They supplement rather than replace each other. II. THE LEGAL FRAMEWORK OF CHINESE CONSUMER PROTECTION--AN OVERVIEW The theory of consumer protection does not have a long history in contemporary China. This is partly because the establishment of the People's Republic of China in 1949 brought about a major change to the structure of the Chinese economy. From 1949 to 1978, the Chinese government adopted a model of planned economy, where the State controlled production and distribution of all commodities. (2) Since the government purchased all production from manufacturers, the latter were not concerned with profit-making. Furthermore, there was no incentive for business operators to behave unethically or dishonestly to obtain greater profits. …

Tensions between plan and market in a political factory in socialist Kosovo

This article provides a business history of the medium-sized wood processing enterprise Kosmet Šper, established for local development purposes in weakly-developed socialist Kosovo. It explores business reorganisations undertaken by local political elites and management aimed to align the enterprise’s continued operation with socialist Yugoslavia’s market-oriented economic reforms of the 1960s. The first part of the article scrutinises these interventions and argues that the locus of ultimate political decision-making shifted to the units of the federal state. The second part of the article looks at the increasing authority transferred to professional managers in return for keeping the underperforming enterprise running. This led to a paternalistic style of management, but the legitimacy of the management remained subject to overlapping challenges of function, ethnicity, and origin. Part three explores the labour force fluctuations caused by the shift of responsibility for the performance of the enterprise to internal production failures.