Economic Reform, Growth and Convergence in China  

Oleh:

Maasoumi, Esfandiar

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Econometrics Journal vol. 11 no. 1 (2008), page 128-154.
Topik: China; Entropy; Cluster Analysis; Growth-Convergence; Reform Policy; Growth Distribution; Growth Clubs
Fulltext: 128.pdf (3.91MB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE39.4 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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In this paper, we propose a new concept of convergence which is based on the metric entropy measure recently proposed by Granger et al. (2004, Journal of Time Series Analysis 25, 649–69) to investigate economic convergence in China. This entropy measure compares whole distributions of growth rates across individual provinces. Separately, based on this same entropy measure, we also implement cluster analysis to identify any convergence clubs. Our four main conclusions are: (1) while we certainly reject the null hypothesis that there exists a nationwide convergence, we do find that there exist convergence clubs for both the pre- and post-reform periods, (2) we find a number of very small convergence clubs. In particular, there are eleven and six convergence clubs for the pre- and post-reform periods, respectively, (3) in comparing the number and size of convergence clubs for both the pre- and post-reform periods, it could be argued that the extent of convergence is more prevalent during the post-reform period than during the pre-reform period and (4) convergence groups cannot be simply characterized by such unique features as region or the extent of policy preference level that are commonly used in the literature.

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