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Measuring Transaction Costs in the Chinese Economy (1978-2007)

DOI: http://dx.doi.org/10.18836/2178-0587/ealr.v1n2p281-300

http://portalrevistas.ucb.br/index.php/EALR/index 

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Fengyuan Da1

 

Resumo: Este artigo objetiva medir os custos de transação do setor comercial da China de 1978-2007 nos três níveis industriais e construir um modelo MIMIC empregando os princípios da Modelagem de Equação Estrutural para indiretamente mensurar os custos de transação não-mercadológicos (NTC) na China no nível macroscópico. Estima-se que tanto o valor absoluto quanto relativo dos custos de transação em relação ao PIB evoluíram substancialmente desde as transformações institucionais da China, mas ainda há um hiato relevante entre este pais e os países desenvolvidos. Os NTCs foram reduzidos com a transformação efetiva do sistema e o aperfeiçoamento da infra-estrutura. No entanto, influências negativas decorrentes da expansão de tentativas desarrazoadas de regulamentação pelo Governo estabilizaram a relação NTC/PIB na China. Consequentemente, urge-se pela implementação da reforma política institucional.

Palavras-chave: Custos de transação, Setores de transação, Custos de transação de não-mercado, Medida.

 

Abstract: This paper aims to measure transaction costs of transaction sectors in China during 1978 and 2007 on the three industries’ level, and construct a Multiple Indicators and Multiple Causes model by employing the principle of Structural Equation Modeling to measure nonmarket transaction costs (NTC) in China on the macroscopic level indirectly. It is found out both the absolute size of transaction costs and its proportion in GDP have achieved remarkable progress since China's institutional transformation, but there is still a big gap between China and developed countries. NTC has been reduced obviously with the effective transformation of system and the perfection of infrastructure. However, the negative influences caused by the unreasonable government regulatory control efforts have been expanded, which led to the stabilization of NTC/GDP in China. Consequently, it is urgent to carry out the political institutional reform.

Key words: Transaction Costs, Transaction Sectors, Non-Market Transaction Costs, Measurement.

 

1 Southwest University for Nationalities

 

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