05540oam 22011414 450 991081888090332120240402050121.01-4623-1746-41-4527-8440-X1-4518-6960-697866128405481-282-84054-1(CKB)3170000000055004(EBL)1607841(SSID)ssj0000940027(PQKBManifestationID)11518978(PQKBTitleCode)TC0000940027(PQKBWorkID)10945933(PQKB)11123235(OCoLC)535146881(IMF)WPIEE2008099(MiAaPQ)EBC1607841(EXLCZ)99317000000005500420020129d2008 uf 0engurcn|||||||||txtccrA Real Model of Transitional Growth and Competitiveness in China /Leslie Lipschitz, Genevieve Verdier, Celine Rochon1st ed.Washington, D.C. :International Monetary Fund,2008.1 online resource (36 p.)IMF Working Papers"April 2008."At head of title: IMF Institute.1-4519-1414-8 Includes bibliographical references (p. 28-30).Contents; I. Introduction; II. Stylized Facts; III. Model; A. Households; B. Firms; C. Exogenous Shocks; D. Equilibrium; IV. Results; A. Calibration; B. Impulse Response Functions; C. Simulation; D. Transition to Steady State; V. Conclusion; Tables; 1. National Saving Rate, 2006; 2. Relative Hourly Wage in Manufacturing, Selected Economies, 2002; 3. Income of Urban and Rural Households and the Urban-Rural Gap (RMB); 4. Summary Indicators of Saving and Investment; Figures; 1. Net Capital Flows into China; 2. Saving and Investment; 3. Productivity Shock; 4. Foreign Interest Rate Schock5. Foreign Output Shock 6. Transition to Steady State when 10/l* = z0/z* = 0.9; 5. Convergence and Transition Half Life α = 1; 6. Convergence and Transition Half Life α = 1; 7. Simulation Results; References; AppendixWe present a stylized real model of the Chinese economy with the objective of explaining two features: (1) domestic production is highly competitive in the sense that an accumulation of capital that raises the marginal product of labor elicits increases in employment and output rather than only in wages; and (2) even though the domestic saving rate is high, foreign direct investment is also substantial. We explain these features in terms of a conventional neoclassical growth model-with no monetary or nominal exchange rate policy-by including two aspects of the economy explicitly in the model: (1) low production wages are sustained by a large reserve army of rural labor which drives internal migration, and (2) domestic capital is distinct from importable capital and complementary with it in production. The results suggest that underlying real phenomena are important in explaining recent history; while nominal renmimbi appreciation may dampen price and wage increases, it would probably not change the real factors that have sustained rapid growth.IMF Working Papers; Working Paper ;No. 2008/099Economic developmentChinaEconometric modelsInvestments, ForeignChinaEconometric modelsExports and ImportsimfLaborimfMacroeconomicsimfLabor Economics: GeneralimfWages, Compensation, and Labor Costs: GeneralimfGeographic Labor MobilityimfImmigrant WorkersimfInternational InvestmentimfLong-term Capital MovementsimfAggregate Factor Income DistributionimfLabourimfincome economicsimfFinanceimfWagesimfLabor mobilityimfForeign direct investmentimfIncomeimfLabor economicsimfInvestments, ForeignimfChinaEconomic conditionsEconometric modelsChinaEconomic policyEconometric modelsChina, People's Republic ofimfEconomic developmentEconometric models.Investments, ForeignEconometric models.Exports and ImportsLaborMacroeconomicsLabor Economics: GeneralWages, Compensation, and Labor Costs: GeneralGeographic Labor MobilityImmigrant WorkersInternational InvestmentLong-term Capital MovementsAggregate Factor Income DistributionLabourincome economicsFinanceWagesLabor mobilityForeign direct investmentIncomeLabor economicsInvestments, Foreign338.28394Lipschitz Leslie1683019Verdier Genevieve1683020Rochon Celine1623776IMF Institute.International Monetary Fund.DcWaIMFBOOK9910818880903321A Real Model of Transitional Growth and Competitiveness in China4053518UNINA