Year: 2016
Type: conference-paper
Abstract: Economic growth has been considered to be central authorities' function in traditional theory.However, after sub-prime mortgage crisis broke out in USA in 2007 and threatened the world economy, provincial and municipal governments in China actually released measures positively to stimulate economic growth.The institutional reasons of local governments' behavior are: Faced with more severe financial crisis, central authority implements institutional innovations with the aid of local governments; decentralization reform strengthens fiscal incentives of local authorities and their investment impulsion; the unique urban management model causes the local authorities highly care about real estate market; regional separation strengthens the regulatory effect of local governments.The local authorities' behavior possibly leads to investment-pulling growth, increased fiscal risk and environmental pressure in future.
Authors: Hui Mao, Sheng-Nan Zhang
Institution: Zhongnan University of Economics and Law
Language: English
Field: Social Sciences
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W2556740349