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《Research on Financial and Economic Issues》 2008-05
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Research on the Central and Local Governments' Boundary in China's Economic Development——From the Perspective of Incomplete Contract Theory

PI Jian-cai(China Center for Economic Research,Peking University,Beijing 100871,China)  
This paper analyzes the relationship between the central government and local governments from the perspective of incomplete contract theory,and resolves their boundary based on above analysis in terms of economic efficiency.Our analyses show that centralization will reduce the local governments' motivation to exert effort,and that decentralization will increase the local governments' initiative.When the central government decides whether to centralize or decentralize,we should consider both the externalities that the central government and local governments impose on each other and the utility function forms which are used as the benchmark.The process of demarcating the boundary is a process of institutional change accompanied by economic development,which improves the economic efficiency.
【Fund】: 中国博士后科学基金资助项目(20070420008)
【CateGory Index】: D630
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