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Article: Adaptive efficiency and financial development in China: The role of contracts and contractual enforcement

TitleAdaptive efficiency and financial development in China: The role of contracts and contractual enforcement
Authors
Issue Date2008
PublisherOxford University Press. The Journal's web site is located at http://jiel.oxfordjournals.org/
Citation
Journal Of International Economic Law, 2008, v. 11 n. 2, p. 459-494 How to Cite?
AbstractThe existing literature on China's economic development has focused so far more on economic reform, decentralization, and the clarification and protection of property rights. There is, however, inadequate attention being paid to the adaptive efficiency of economic actors, in general and to experimenting with informal and formal contractual arrangements, in particular. In this article, the authors document and analyze the informal contracts developed in Wenzhou, and three types of formal contractual arrangements increasingly used in China. The authors argue that both informal and formal contractual mechanisms play important roles in China's economic development. The general pattern appears to be that economic actors rely first on self-enforcing, informal contractual arrangements and later adopt more formal arrangements when these are feasible. The authors, by focusing their analysis on the development and adaptation of selected contractual arrangements, submit that the process of legal development in China is consistent with the notion of adaptive efficiency. The implication from the study is that the development of a formal contract regime will become increasingly important as economic development reaches a more advanced stage. When economic actors are able to rely on more formal contractual arrangements, more complex, riskier transactions with higher technological content will be pursued. © Oxford University Press 2008, all rights reserved.
Persistent Identifierhttp://hdl.handle.net/10722/155990
ISSN
2015 Impact Factor: 1.177
2015 SCImago Journal Rankings: 0.702
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorYu, Gen_US
dc.contributor.authorZhang, Hen_US
dc.date.accessioned2012-08-08T08:39:22Z-
dc.date.available2012-08-08T08:39:22Z-
dc.date.issued2008en_US
dc.identifier.citationJournal Of International Economic Law, 2008, v. 11 n. 2, p. 459-494en_US
dc.identifier.issn1369-3034en_US
dc.identifier.urihttp://hdl.handle.net/10722/155990-
dc.description.abstractThe existing literature on China's economic development has focused so far more on economic reform, decentralization, and the clarification and protection of property rights. There is, however, inadequate attention being paid to the adaptive efficiency of economic actors, in general and to experimenting with informal and formal contractual arrangements, in particular. In this article, the authors document and analyze the informal contracts developed in Wenzhou, and three types of formal contractual arrangements increasingly used in China. The authors argue that both informal and formal contractual mechanisms play important roles in China's economic development. The general pattern appears to be that economic actors rely first on self-enforcing, informal contractual arrangements and later adopt more formal arrangements when these are feasible. The authors, by focusing their analysis on the development and adaptation of selected contractual arrangements, submit that the process of legal development in China is consistent with the notion of adaptive efficiency. The implication from the study is that the development of a formal contract regime will become increasingly important as economic development reaches a more advanced stage. When economic actors are able to rely on more formal contractual arrangements, more complex, riskier transactions with higher technological content will be pursued. © Oxford University Press 2008, all rights reserved.en_US
dc.languageengen_US
dc.publisherOxford University Press. The Journal's web site is located at http://jiel.oxfordjournals.org/en_US
dc.relation.ispartofJournal of International Economic Lawen_US
dc.rightsJournal of International Commercial Law. Copyright © Ashgate Publishing Ltd.-
dc.titleAdaptive efficiency and financial development in China: The role of contracts and contractual enforcementen_US
dc.typeArticleen_US
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.doi10.1093/jiel/jgn016en_US
dc.identifier.scopuseid_2-s2.0-44849096507en_US
dc.identifier.hkuros143848-
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-44849096507&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume11en_US
dc.identifier.issue2en_US
dc.identifier.spage459en_US
dc.identifier.epage494en_US
dc.identifier.isiWOS:000256761900006-
dc.publisher.placeUnited Statesen_US

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