The Evolving Role of Fiscal Policy in Centrally Planned Economies Under Reform: The Case of China

International Monetary Fund

No 1989/026, IMF Working Papers from International Monetary Fund

Abstract: Market-oriented economic reforms in centrally planned economies have altered the functions and objectives of key policy instruments, particularly in the case of fiscal policy. As a result of reform, economic management requires the use of “indirect” levers to regulate the behavior of increasingly autonomous economic agents. In this respect, fiscal policy becomes central and its macroeconomic role is enhanced. This paper studies the recent Chinese experience, reviewing fiscal developments and analyzing the effectiveness and appropriateness of available fiscal instruments in performing their newly enhanced macroeconomic role.

Keywords: WP; responsibility system; enterprise reform; decision-making autonomy; household enterprise; enterprise savings; enterprise sector; market forces; Budget planning and preparation; Income; Global (search for similar items in EconPapers)
Pages: 42
Date: 1989-01-01
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