Historical market genes, marketization and economic growth in China

Renyu Li, Zhongxin Ma and Xirong Chen

Economic Modelling, 2020, vol. 86, issue C, 327-333

Abstract: This paper provides a historical perspective toward understanding the relationship between marketization and economic development in China. The market genetic inheritance hypothesis, which associates the current marketization with cities’ historical market “genes” in China is tested. Empirical results show that historical market genes are important factors for the prediction of the current level of marketization in China. Furthermore, historical market genes serve as valid instruments to test the causality impact of marketization on the urban economic development. Marketization increases by one standard deviation, will increase the GDP per capita by around 0.858–0.960 standard deviations.

Keywords: Marketization; Economic development; Historical market genes; Historical instrumental variables (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (20)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecmode:v:86:y:2020:i:c:p:327-333

DOI: 10.1016/j.econmod.2019.09.025

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