Measuring Transaction Costs in the Chinese Economy (1978-2007)
DOI:
https://doi.org/10.18836/2178-0587/ealr.v1n2p281-300Keywords:
Distúrbios músculo-esqueléticos, Exercícios com pesos, Idoso, ImunodeficiênciasAbstract
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 non-market 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.
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