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1、FiscalIncentivesandPolicyChoicesofLocalGovernments:EvidencefromChinaLiHan,JamesKai-SingKungyMarch29,2012AbstractThispaperexamineshow scalincentivesa ectthepolicychoicesoflocalgovern-mentsinthecontextofChina.Basedonexogenouschangesintheintergovernment
2、alrevenue-sharingscheme,weconstructasimulatedinstrumentalvariabletoresolvetheendogeneityproblem.We ndevidencethatlocalgovernmentsshiftedtheire ortsfromfosteringindustrialgrowthtourbanizing"China,i.e.,todevelopingthereales-tateandconstructionsectors,w
3、hentheirretentionrateofenterprisetaxrevenuewasreduced.Theincreasefromthenewrevenuesourcecompensatedforhalfofthelossesinrevenuethatresultedfromthereassignmentof scalrights.Thereassignmenthadalsothee ectofretardingtheindustrialgrowthofdomestically-owned
4、 rmsinparticular.(JEL:H77,H70,H39)Keywords:FiscalFederalism,FiscalIncentives,RevenueSharing,LocalGovern-ments,LandConveyance,Urbanization,SimulatedInstrumentalVariable.Email:lihan@ust.hk.DivisionofSocialScience,TheHongKongUniversityofScienceandTech-n
5、ology.yCorrespondingauthor.Email:sojk@ust.hk.DivisionofSocialScience,TheHongKongUniversityofScienceandTechnology.WethankRogerGordon,MichelleWhite,JamesPoterba,SatoruShimokawa,YanShen,andvariousparticipantsatHKUST,SWUFE,PKUworkshopsandthePublicFinanceI
6、ssuesinChinaConference(2011)forhelpfulcomments,FeizhouZhouforprovidingthedataonlandsales,XiulinSunandShuoChenfortheirexcellentresearchassistance,andaresearchgrantfromtheChiangChing-kuoFoundation(grantno.:CCK08/09.HSS02).11IntroductionFiscaldecentraliz
7、ationhasbeenacleartrendaroundthedevelopingworldoverthepastthreedecades.Alargeliteraturehasbeendevotedtounderstandingitsimpactsoneco-nomicdevelopment.Fiscalarrangementsthatallowlocalgovernmentstocapturealargerproportionoflocalrevenueareoftencorrelatedw
8、ithfastereconomicgrowth.1However,thetheoreticalunderpinningsforthedecentralization-developmentnexusremainunclear(seeareviewbyMartinez-VazquezandMcNab,2003).Somescholarshavenotedthatthe scalincentivesoflocalgovernmentsdirectlyin
uencetheirpolic
