Japanese society : in Tokyo and in the country

204 Pages·1989·0.674 MB·English

by  coll.

D E V E L O P M E N T C E N T R E S E M I N A R S
DIFFERENT PATHS
TO A MARKET ECONOMY
China and European Economies in Transition
EDITED BY
OLIVIER BOUIN, FABRIZIO CORICELLI
AND
FRANÇOISE LEMOINE
DEVELOPEMENT CENTRE SEMINARS
DIFFERENT PATHS
TO A MARKET ECONOMY
China and European Economies in Transition
Edited by
Olivier Bouin, Fabrizio Coricelli
and
Franc¸oise Lemoine
CENTRE D’E´TUDES PROSPECTIVES ET D’INFORMATIONS INTERNATIONALES
CENTRE FOR ECONOMIC POLICY RESEARCH
DEVELOPMENT CENTRE
OF THE ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT
ORGANISATION FOR ECONOMIC CO-OPERATION
AND DEVELOPMENT
Pursuant to Article 1 of the Convention signed in Paris on 14th December 1960, and which came
into force on 30th September 1961, the Organisation for Economic Co-operation and
Development (OECD) shall promote policies designed:
– to achieve the highest sustainable economic growth and employment and a rising standard of
living in Member countries, while maintaining financial stability, and thus to contribute to the
development of the world economy;
– to contribute to sound economic expansion in Member as well as non-member countries in
the process of economic development; and
– to contribute to the expansion of world trade on a multilateral, non-discriminatory basis in
accordance with international obligations.
The original Member countries of the OECD are Austria, Belgium, Canada, Denmark, France,
Germany, Greece, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain,
Sweden, Switzerland, Turkey, the United Kingdom and the United States. The following countries
became Members subsequently through accession at the dates indicated hereafter: Japan
(28th April 1964), Finland (28th January 1969), Australia (7th June 1971), New Zealand
(29th May 1973), Mexico (18th May 1994), the Czech Republic (21st December 1995), Hungary
(7th May 1996), Poland (22nd November 1996) and Korea (12th December 1996). The Commission
of the European Communities takes part in the work of the OECD (Article 13 of the OECD
Convention).
The Development Centre of the Organisation for Economic Co-operation and Development was
established by decision of the OECD Council on 23rd October 1962 and comprises twenty-three
Member countries of the OECD: Austria, Belgium, Canada, the Czech Republic, Denmark, Finland,
France, Germany, Greece, Iceland, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, the
Netherlands, Norway, Poland, Portugal, Spain, Sweden and Switzerland, as well as Argentina and
Brazil from March 1994. The Commission of the European Communities also takes part in the
Centre’s Advisory Board.
The purpose of the Centre is to bring together the knowledge and experience available in
Member countries of both economic development and the formulation and execution of general
economic policies; to adapt such knowledge and experience to the actual needs of countries or
regions in the process of development and to put the results at the disposal of the countries by
appropriate means.
The Centre has a special and autonomous position within the OECD which enables it to enjoy
scientific independence in the execution of its task. Nevertheless, the Centre can draw upon the
experience and knowledge available in the OECD in the development field.
Publie´ en franc¸ais sous le titre :
LA CHINE ET LES E´CONOMIES EUROPE´ENNES EN TRANSITION
Les voies de la re´forme
THE OPINIONS EXPRESSED AND ARGUMENTS EMPLOYED IN THIS PUBLICATION ARE THE SOLE
RESPONSIBILITY OF THE AUTHORS AND DO NOT NECESSARILY REFLECT THOSE OF THE OECD OR OF
THE GOVERNMENTS OF ITS MEMBER COUNTRIES.
(cid:211) OECD, CEPII, CEPR, 1998
Permission to reproduce a portion of this work for non-commercial purposes or classroom use should be
obtained through the Centre franc¸ais d’exploitation du droit de copie (CFC), 20, rue des Grands-Augustins,
75006 Paris, France, Tel. [phone], Fax [phone], for every country except the United
States. In the United States permission should be obtained through the Copyright Clearance Center, Customer
Service, [phone], 222 Rosewood Drive, Danvers, MA 01923 USA, or CCC Online:
http://www.copyright.com/. All other applications for permission to reproduce or translate all or part of this
book should be made to OECD Publications, 2, rue Andre´-Pascal, 75775 Paris Cedex 16, France.
Foreword
This study was carried out under the Development Centre’s research programme
on “Reform and Growth of Large Developing Countries”.
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Centre d’Études Prospectives et d’Informations
Internationales (CEPII)
The Centre d’études prospectives et d’informations internationales (CEPII) is
France’s main centre for the study of international economics. Created in 1978 by
Prime Minister Raymond Barre, this public organisation is linked to the French Planning
Agency. The Centre’s research programme is set by its Board, which is composed of
leading government officials, business personalities, trade unionists and academics.
Since 1995, the Board has been chaired by Francis Mer, Chairman and Managing
Director of Usinor.
The CEPII takes particular care to provide expert advice, based on its research,
to actors in the public and private sector. It has regular contacts with France’s main
economic policy administrations, with public institutions (parliamentary assemblies,
the Banque de France etc.), with companies and with social partners. The Centre also
fosters the participation of French research in international economic policy debates,
via the expansion of collaborative projects with foreign research teams, and the
development of its publications in English. The CEPII has carried out studies for
various international institutions, especially in Europe.
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Centre for Economic Policy Research
The Centre for Economic Policy Research is a network of over 350 Research
Fellows, based primarily in European universities. The Centre co-ordinates its Fellows’
research activities and communicates their results to the public and private sectors.
CEPR is an entrepreneur, developing research initiatives with the producers, consumers
and sponsors of research. Established in 1983, CEPR is a European economics research
organisation with uniquely wide-ranging scope and activities.
CEPR is a registered educational charity. Institutional (core) finance for the Centre
is provided by major grants from the Economic and Social Research Council, under
which an ESRC Resource Centre operates within CEPR; the Esmée Fairbairn
Charitable Trust; the Bank of England; the European Monetary Institute and the Bank
for International Settlements; 21 national central banks and 37 companies. None of
these organisations gives prior review to the Centre's publications, nor do they
necessarily endorse the views expressed therein.
The Centre is pluralist and non-partisan, bringing economic research to bear on
the analysis of medium- and long-run policy questions. CEPR research may include
views on policy, but the Executive Committee of the Centre does not give prior review
to its publications, and the Centre takes no institutional policy positions. The opinions
expressed in this report are those of the authors and not those of the Centre for Economic
Policy Research.
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Table of Contents
Preface ....................................................................................................................... 9
Overview ....................................................................................................................... 11
PART ONE. FISCAL POLICY AND THE FISCAL SYSTEM
Fiscal Decline and Quasi-Fiscal Response: China’s Fiscal Policy
and System, 1978-94
Bert Hofman ................................................................................................................ 17
Fiscal Constraints and the Speed of Transition in the CEECs
Fabrizio Coricelli ........................................................................................................ 43
A Comment by Mark Schaffer........................................................................................... 57
PART TWO. TRADE POLICY AND TRADE PATTERNS
Economic Transition and Trade Policy Reform: Lessons from China
Kiichiro Fukasaku and H.-B. Solignac Lecomte ......................................................... 63
Trade Policy and Trade Patterns during Transition: China and the CEECs Compared
Françoise Lemoine....................................................................................................... 87
A Comment by Richard Pomfret ....................................................................................... 109
PART THREE. FINANCIAL INTERMEDIATION
Financial Discipline and State Enterprise Reform in China in the 1990s
Olivier Bouin ............................................................................................................... 115
Financial Intermediation in China
Wing Thye Woo ............................................................................................................ 153
Financial Structure of Firms in the CEECs
Francesca Cornelli, Richard Portes, Mark Schaffer................................................... 171
Banks During Recovery: Missing in Action?
A Comment by Jérôme Sgard ........................................................................................... 189
List of Participants............................................................................................................. 199
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Preface
This book is a follow-up to a conference organised by the Centre for Economic
Policy Research (CEPR), the Centre d’Études Prospectives et d’Informations
Internationales (CEPII) and the OECD Development Centre in Budapest in October
1995.
Its main purpose is to analyse and compare the transition to a market economy
in China and in Central and Eastern Europe. To focus the discussion, three principal
topics have been chosen:
i) Public finance and budgetary policy.
ii) Foreign trade and trade policy.
iii) Conditions of financial intermediation and their effect on companies.
The papers include contributions from several experts on economies in transition.
They analyse the reforms undertaken in different countries and the results obtained.
The experiences of transition in China and Central and Eastern Europe are placed
alongside each other. The editors aim to describe the great diversity of approaches,
not just between China and Central and Eastern Europe but also among the European
countries in question. The papers also show the specific nature of the economic and
financial structures which are emerging in different national contexts.
Jean Bonvin Jean Pisani-Ferry Richard Portes
President Director Director
OECD Development Centre CEPII CEPR
February 1998
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