English, Article, Journal or magazine article edition: Endogenous Institution Formation under a Catching-up Strategy in Developing Countries1 Yifu Lin, Justin; Li, Zhiyun

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Bookmark: http://trove.nla.gov.au/version/163894
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Endogenous Institution Formation under a Catching-up Strategy in Developing Countries1
Author
  • Yifu Lin, Justin
  • Li, Zhiyun
Physical Description
  • preprint
Notes
  • This paper explores endogenous institution formation under a catching-up strategy in developing countries. Since the catching-up strategy is normally against the compartive advantages of the developing countries, it can not be implemented through laissez-faire market mechanisms, and a government needs to establish non-market institutions to implement the strategy. In a simple two-sector model, the authors show that an institutional complex of price distortion, output control, and a directive allocation system is sufficient to implement the best allocation for the catching-up strategy. Furthermore, removing any of the three components will make it no longer implementable. The analysis also compares the best allocation and prices under the catching-up strategy with their counterparts under no distortions. The results of this paper provide important implications for understanding the institution formation in the developing countries that were pursuing a catching-up strategy after World War II.
  • development strategy; institution; price distortion; output control; directive allocation system
  • RePEc:wbk:wbrwps:4794
Language
  • English
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