2007 Fiscal Year Final Research Report Summary
An Analysis on Various Types of Economic Reforms and Evolutionary Game Theory-Comparative Analysis of China with Central and Eastern Europe and Russia-
| Project/Area Number |
17530213
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Economic policy
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| Research Institution | Hiroshima University |
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Principal Investigator |
MORITA Ken Hiroshima University, Graduate School of Social Sciences, Professor (10133795)
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| Project Period (FY) |
2005 – 2007
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| Keywords | Economic Policy / Economic Reform / Systemic Transition / China / Central and Eastern Europe / Capital Market / Futures Market / Evolutionary Game |
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| Research Abstract |
The research on this project was implemented with mainly focusing on the systemic transition in China by comparing to the situations in Central and Eastern Europe and Russia.
Various results gained by this research, particularly on the Chinese characteristic features taking into consideration Central and Eastern Europe and Russia, are the following five; (1) regarding both China as a whole and particular region including Shanghai, Zhejiang and Jiangsu in the Yangtze River Delta, we could easily recognize the “path dependence" phenomena. (2)The characteristic features on both China as a whole and the particular region are the “Chinese people" human network. (3) The existence of “path dependence" means the existence of “introversion", which also shows the obstacle against close relationships with foreign countries and foreign regions. In this research, we have tried to explain the obstacles shown by foreign direct investment cases. (4) From viewpoints of the neo-institutionalism, it is pointed out that to break away from “path dependence" is necessary to transform from “introversion" to “extroversion". (5) By investigating the Chinese economic model and Chinese political model, we could recognize complicated relationships between “market failure" and “government failure" and also recognize the Chinese logic of change in the “authoritarian development system".
This research has been also concentrated on Chinese peoples' behaviors. By studying with the evolutionary game approach, behaviors of Chinese participants in futures markets seem to be consistent with the hypothesis of “behavioral finance" theory. Also we could show that the futures markets in Shanghai and Zhengzhou have been rather efficient.
With such mentioned research results, we could insist that the tendency towards market oriented system in China has been successfully in progress.
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