Search

Begin New Search Publication Year within 25 Years

32741. Tax Reforms for Enhancing the Stable Development of the Chinese Financial System

Author:
Lawrence J. Lau and Guijuan Wang
Publication Date:
09-2003
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
The Chinese economy has had the highest rate of growth in the world in the past two decades. However, despite its rapid growth and the significant improvements in its financial system, serious risks and problems still exist in both the commercial banking sector and the stock market, that may potentially threaten the stable development and growth of the entire economy. In this paper, these risks and problems in the stock market and the commercial banking sector are identified. Possible solutions are then discussed. Finally, tax reforms are proposed that have the effects of (1) eliminating the double taxation on cash dividends from corporate profits; (2) encouraging the substitution of new equity for existing debt by corporations, which can lower the P/E ratios without lowering the stock prices and improve quality of commercial bank assets by reducing the probability of new nonperforming loans; and (3) attracting new and longer-term investors, both domestic and foreign, to the Chinese stock market. It is also shown that the proposed tax reforms will not result in a significant reduction in total fiscal revenue.
Topic:
Economics and Government
Political Geography:
China and Asia

32742. Farmer's Willingness to Pay for Power in India

Author:
Rafiq Dossani and V. Ranganathan
Publication Date:
07-2003
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
Electric power for rural pumpset usage is subsidized by all the states in India, the subsidy being estimated at 1.1 percent of GDP. Users are charged a highly subsidized, flat, annual fee that varies with pumpset size. This fixed charge has encouraged waste and raised subsidies over time. Unwilling to bear these costs any longer, states have proposed a range of strategies, including independent regulation, metering of agricultural pumpsets, and raising prices.
Topic:
Economics and Government
Political Geography:
South Asia and India

32743. The Politics of China's Shareholding System

Author:
Mary Comerford Cooper
Publication Date:
06-2003
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
This paper considers two questions. First, why did the Chinese government establish stock markets? Second, how have political interests shaped the key features of these markets? Based on both interviews and statistical analysis, the paper argues that China's top Party-State leaders attempted to create stock market institutions that allow the state to maintain control over listed companies, and over “the market” as a whole.
Topic:
Economics and Government
Political Geography:
China, Israel, East Asia, and Asia

32744. Local Governments and the Chinese Stock Market

Author:
Mary Comerford Cooper
Publication Date:
04-2003
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
This paper examines a key aspect of the politics of stock markets in China—the distinct differences in interests between central government leaders and local governments. Central government leaders have a powerful incentive to promote macroeconomic stability and good performance of the stock market. Local leaders, for their part, are less concerned with the overall performance of the stock market than with gaining access to the stock market for companies under their own jurisdiction. The paper demonstrates that company listing brings tangible economic benefits to municipalities. Listed companies are associated with higher levels of gross domestic product (GDP), budgetary revenue, and industrial and commercial tax revenue. Therefore, it is not surprising that local officials put substantial effort into lobbying for the right to list additional companies on the national stock exchanges.
Topic:
Communism, Democratization, Economics, and Government
Political Geography:
China and Asia

32745. Addressing the North Korea Nuclear Challenge

Author:
Michael H. Armacost, Daniel I. Okimoto, and Gi-Wook Shin
Publication Date:
04-2003
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
North Korea's renewed bid for nuclear weapons poses an urgent, serious foreign policy challenge to the United States. The current situation—though it bears a resemblance to the events of 1993–1994—is far more dangerous and difficult. North Korea has developed longer-range ballistic missiles; South Korea's growing nationalism has put its U.S. relations on shakier ground; and the United States is distracted by the wars on terrorism and for regime change in Iraq.
Topic:
Nuclear Weapons and Weapons of Mass Destruction
Political Geography:
United States, Iraq, Israel, East Asia, Asia, South Korea, North Korea, and Palestine

32746. Sociological Dimensions of China's Economic Transition: Organization, Stratification, and Social Mobility

Author:
Andrew G. Walder
Publication Date:
04-2003
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
Despite skepticism about official economic statistics, there is little doubt that China since 1978 has undergone an economic transformation of historic proportions. This outcome stands in stark opposition to arguments that were once widely accepted in several scholarly communities, and which are still highly influential even today. In the early 1980s there was wide agreement that “partial” reform, under a single party dictatorship that sought indefinitely to preserve public ownership, was a recipe for failure. China specialists, students of comparative economic systems, and economists who advised governments and international agencies about postcommunist restructuring in Eurasia were initially in broad agreement on this point.
Topic:
Economics, Government, and Politics
Political Geography:
China and Asia

32747. International Organizations and Democratization: Testing the Effect of GATT/WTO Membership

Author:
Mary Comerford Cooper
Publication Date:
04-2003
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
Does the World Trade Organization promote democracy? A large part of the heated and protracted debate over China's application for WTO membership revolved around this question. Prior to China's WTO accession in December 2001, this debate had dragged on for nearly fifteen years. While one side argued that WTO membership would promote democratization in China, others argued that the wealth generated through economic integration would provide the resources to maintain authoritarian rule. Only time will tell whether WTO accession will contribute to pressures for democratization in China. In the meantime, however, this paper examines the empirical basis for these competing claims about the effects of GATT/WTO memberships on domestic political systems. Based on statistical analysis of a global data set, this paper concludes that members of the international trade regime are more likely than nonmembers to be democracies. However, there is little evidence that WTO membership in itself can promote democratic transition. Instead, it appears to be the case that democratic countries are more likely to seek to join the WTO.
Topic:
Communism, Democratization, Economics, and Government
Political Geography:
China and Asia

32748. Politics and Property in Transitional Economies: A Theory of Elite Opportunity

Author:
Andrew G. Walder
Publication Date:
04-2003
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
Command economies gave communist-era elites administrative control and material privilege but severely restricted money income and private wealth. Markets and privatization inject new value into public assets and create unprecedented opportunities for elite insiders to extract incomes or assume ownership. These opportunities vary with the extensiveness of regime change and the barriers to asset appropriation. Within these limits, they further vary with the concentration and form of economic assets and structural changes induced by reform. Elite advantages are smallest where regime change is extensive and barriers to asset appropriation are high, and in small-scale economies that grow rapidly. In China, there has been no regime change and privatization has been delayed and slow. In the rural economy, elites keep their posts as a source of economic advantage, while low entry barriers to household enterprise and rapid growth have created new entrepreneurial elites. After two decades, rural officials nonetheless enjoy large net income advantages that grow along with the expansion of labor markets and private entrepreneurship. These are not generic outcomes of market reform, but the product of market reform in distinctive political and structural conditions.
Topic:
Communism, Economics, Government, and International Trade and Finance
Political Geography:
China and Asia

32749. The Paradox of Korean Globalization

Author:
Gi-Wook Shin
Publication Date:
01-2003
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
Some months ago a Stanford freshman came to ask for help on his project on Korea. At the time, I thought he was a Korean American, given that his command of both English and Korean is excellent. To my surprise, I learned that he was educated until high school in Korea and had never been to the United States before coming to Stanford. He surprised me further when he told me about his high school, the Korean Minjok Leadership Academy (KMLA). Located in a remote area of Kwangwon province—arguably the more underdeveloped region in South Korea—KMLA aspires to be Korea's version of Eton. The school's goal is to produce Korea's future leaders, and to instill in them a strong national identity (see its website at http://www.minjok.hs.kr). Fascinated by what he told me, I made a visit to his high school in fall 2002.
Topic:
Economics, Globalization, and Nationalism
Political Geography:
United States, America, Asia, and Korea

32750. Matriarchy and Islam Post 9/11: The Case of the Minangkabau of Indonesia

Author:
Peggy Reeves Sanday
Publication Date:
04-2003
Content Type:
Working Paper
Institution:
Asia Society
Abstract:
The distinction made in Indonesia and elsewhere between political Islam (also called Islamism) and cultural Islam puts into sharp relief the reality that in many parts of the Islamic world communities subscribing to the "five pillars" of Islamic practice also live in syncretism with traditions that can be traced to centuries-old pre-Islamic traditions. Like Christianity and many of the world's other religious traditions, the spread of Islam was due to its ability to accommodate not abolish local tradition.
Topic:
Security, Religion, and Terrorism
Political Geography:
South Asia and Indonesia