The Economics of Price Scissors: An Empirical Investigation for China
The Sah-Stiglitz ”Economics of Price Scissors” model，concerning the political economy of price scissors，formulates the optimal terms of trade against peasants. In the present paper，by extending this model to an open economy and allowing agricultural rationing，we first check if the model stands up to China”s data and，if so，we estimate its key structural parameters. Using province-level panel data from 1949-1992，we find that the importance of peasants in the government”s objective function is less than the importance of workers. In addition，the importance of consumption is also less than that of investment. Such findings are consistent the reality in China.
China Price Scissors Trade Political Economy
Justin Lin Miaojie Yu
China Center for Economic Research, Peking University, Beijing 100871, China
国内会议
北京
英文
1-41
2008-05-17（万方平台首次上网日期，不代表论文的发表时间）