The Analysis Of Macro-Transaction Cost Change In China

Transaction cost is one of the most important basic concepts in New Institutional Economics (NIE) .Measurement of the transaction cost is a key procedure to NIE transferring itself from theories to positive study. Because transaction cost plays an important role in assessment in the institution. Due to diversity of concepts of transaction cost, there is still lack of a unified theoretic framework. However, the measurement in macro and micro transaction costs and empirical studies have been advanced. The most representative reference is the paper of North and Wallis who did the pioneer attempt at macroeconomic measurement of transaction cost for the US economy in an economy wide context. The paper joins the discussion on macroeconomic interpretation of transaction costs started by Wallis and North, and attempts to measure transaction cost and transaction cost efficiency and hence the relationship between transaction cost and economic development as well as institutional change in china by using the data(1990-2003) of our country. This is also the innovation which the paper makes on the quantity analysis of transaction cost in china.The whole paper includes five parts. The first chapter proposes the research background and approach as well as question. Chapter two is a literature review on measuring transaction cost. Chapter three, this paper chooses the approach of Waills and North, and present detailed about their think and methodology of measurement of transaction cost, which provides a foundation to build the system of measurement of transaction cost in our country. Chapter four, the data of recent years are utilized to measure macro-transaction cost and transaction cost efficiency in china, and analyzes The changes of which. We find economic development and institutional change are the causes of change of macro-transaction cost and transaction cost efficiency. Finally, conclusions are presented in the chapter five.