Купить СНПЧ А7 Архангельск, оперативня доставка


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

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



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


Literatura Citada

Aiting, X. & Xu, J. L. (2007) The size of non-observed economy in China - a new discovery based on MIMIC model and economics census data. Statistical Research, v.9, p.30-36.

Becker, G.. S. (1965). A theory of allocation of time. The Economics Journal, v.75, p.493-517. http://dx.doi.org/10.2307/2228949

Benham, A. & Benham, L. (1998) Measuring the costs of exchange. The Ronald Coase Institute and Washington university in St. Louis.

Benham, A. & Benham, L. (2001) The cost of exchange. The Ronald Coase Institute and Washington university in St. Louis.

Benham, A. & Benham, L. (2004). The costs of exchange: an approach to measuring transactions costs. The Ronald Coase Institute and Washington university in St. Louis, 2004.

Bollen, K. A. (1989) Structural Equations with Latent Variables. New York: John Wiley &Sons.

Campos, N. & Nugent, J. (1999) Development performance and the institutions of governance: evidence from East Asian and Latin America. World Development, v.27, p.439-452. http://dx.doi.org/10.1016/S0305-750X(98)00149-1

Changzheng, Z., Huan, Z. & Li, H. (2006) An empirical study on education equality based on education Gini coefficient in China: 1978-2004, Tsinghua Journal of Education, v.2, p.10-14.

Cooley, W. W. (1978) Explanatory observational studies. Educational Researcher, p.9-15. http://dx.doi.org/10.3102/0013189X007009009

Dagnino-Pastore, J. M. & Farina, P. E. (1999) Transaction costs in Argentina Paper presented at ISNIE.

Yi, D. (2008) Methods and Application of Structural Equation Modeling. Beijing: Press of People’s University of China.

Dell’Anno, R. (2003) Re-estimating the shadow economy in Italy: a structural equation approach, university of Aarhus, Department of Economics, DK, Working paper, 7.

De Soto, H. (1989) The Other Path. New York: Harper & Row.

Dollery, , B. & Leong, W. H. (1998). Measuring the transaction sector in the Australian economy, 1911-1991. Australian Economic History Review, v.38, p.207-231. http://dx.doi.org/10.1111/1467-8446.00031

Eigen Zucchi, C. (2001) The Measurement of transaction costs, unpublished doctoral dissertation, department of Economics, George Mason University, USA.

Gabre-Madhin, E. Z. (2001) Market institutions, transaction costs and social capital in Ethiopian grain market. International Food Policy Research Institute, Washington D. C.

Ghertman, M. (1998, September) Measuring macro-economic transaction costs: a comparative perceptive and possible implications, second Annual Meeting of the International Society for New Institutional Economics, Paris.

Giles, D. E. A. (1998) The underground economy: minimizing the size of government. Working Paper, department of Economics, University of Victoria, Canada.

Hall, R. & Jones, C. (1999) Why do some countries produce so much more output per worker than others?Quarterly Journal of Economics, v.114, p.83-116.

Hendriks, P. (1999) Why share knowledge, the influence of ICT on motivation for knowledge sharing. Knowledge and Process Management, v. 6, p.91-100. http://dx.doi.org/10.1002/(SICI)1099-1441(199906)6:2%3C91::AID-KPM54%3E3.0.CO;2-M

Zhao, H., Yin, B. & Sun, C. (2006). Transaction efficiency, industrialization and urbanization: a model and empirical evidence to understand China’s economic development. China Economic Quarterly, v.7, p.1041-1063.

Joreskog, K.G. & Goldberger, A. S. (1975) Estimation of a model with multiple indicators and multiple causes of a single latent variable, journal of American Statistical Association, v.70, p.631-639.

Cheng, L. (2008) Co-integration analysis on the relationship between educational equity and social equity. Journal of Zhongnan University of Economics and Law, v.3, p.21-25.

Renbin, M. & Chen, Z. (2002) Transaction costs and economic growth in China. Statistical Research, v.8, p.4-21.

Wang, N. (2003) Measuring transaction costs, an incomplete survey. The Ronald Coase Institute, working Paper Series, v.2, p.1-16.

North, D.C. (1990) Institutions, institutional change and economic performance. Cambridge University Press.

Pant, S. & Hsu, C. (1996) Business on the web: strategies and economics. Computer Networks and ISDN System, v.28, p.1481-1492. http://dx.doi.org/10.1016/0169-7552(96)00041-4

Sachs, J. D., Warner, A. M. (1995) Economic convergence and economic policies. Cambridge, NBER Working Paper.

Smith, M. R. (1990) What is new in “new structuralist” analyses of earnings? American Sociological Review, v.55, p.827-845.

Schultz, T. W. (1961) Investment in human capital. The American Economic Review, v.51, p.1-17.

Schneider, F. & Eneste, D. H. (2000) Shadow economics around the world: size, causes, and consequences. Journal of Economic Literature, v.3, p.77-144. http://dx.doi.org/10.1257/jel.38.1.77

Stapleton, D.C. (1978) Analyzing political participation data with a MIMIC model. Sociological Methodology, v.15, p.52-57. http://dx.doi.org/10.2307/270803

Thomas, J. (1992) Informal Economic Activity. LSE Handbooks in Economics, London: Harvester Wheatsheaf.

Van Dallen, H. P., Van Vuuren, A. (2005) Greasing the wheels of trade: A profile of the Dutch transaction sector. De Economist, v.153, p.139-165. http://dx.doi.org/10.1007/s10645-005-2933-4

Wallis, J. J. & North, D.C. (1986) Measuring the transaction sector in the American economy: 1870-1970. with a comment by Lance Davis, in long-term factors in American economic growth, edited by Stanley L. E. and Robert E. G., University of Chicago Press.

Wang, H. M., Lin, Y., & Yu, H. K.A. (2006) MIMIC approach to modeling the underground economy in Taiwan. Physica A, v.371, p.536-542. http://dx.doi.org/10.1016/j.physa.2006.03.060

Williamson, E. (1985). The Economic Institutions of Capitalism. New York: The Free Press, 1985.

Wright, E.O. (1979) Class Structure and Income Determination. New York: Academic Press, 1979.

Lu, X. & Zhu, Q. (2006). A summarizing of the interrelation of two levels in measuring the transaction cost. Quantitative and Technical Economics Research, v.7, p.97-108.

Lu X. & Li, X. (2008). Institutional transition, economic growth and transaction costs - empirical analysis on Chinese provinces and cities. Economist, v.3, p.56-64.

Jin, Y. Chen, Z. & Lu, M. (2006). Industry agglomeration in China: economic geography, New Economic Geography and Policy. Economic Research Journal, v.4, p.79-89.

Jin, Y. (2001). The contribution of macro-system changes to China's economic growth during the transition period. Finance and Economics, v.4, p.24-28.

Jin, Y. & Zhang, W. The statistical measuring of the external transaction cost in China: 1991-2002, and the calculation of system transition performance. China Soft Science Magazine, v.1, p.35-40 (2005).