05739oam 22012254 450 991096771690332120250426110930.09786612840548978146231746214623174649781452784403145278440X9781451869606145186960697812828405461282840541(CKB)3170000000055004(EBL)1607841(SSID)ssj0000940027(PQKBManifestationID)11518978(PQKBTitleCode)TC0000940027(PQKBWorkID)10945933(PQKB)11123235(OCoLC)535146881(IMF)WPIEE2008099(MiAaPQ)EBC1607841(IMF)WPIEA2008099WPIEA2008099(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.9781451914146 1451914148 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 modelsAggregate Factor Income DistributionimfExports and ImportsimfFinanceimfForeign direct investmentimfGeographic Labor MobilityimfImmigrant WorkersimfIncome economicsimfIncomeimfInternational InvestmentimfInvestments, ForeignimfLabor economicsimfLabor Economics: GeneralimfLabor mobilityimfLaborimfLabourimfLong-term Capital MovementsimfMacroeconomicsimfWagesimfWages, Compensation, and Labor Costs: GeneralimfChinaEconomic conditionsEconometric modelsChinaEconomic policyEconometric modelsChina, People's Republic ofimfEconomic developmentEconometric models.Investments, ForeignEconometric models.Aggregate Factor Income DistributionExports and ImportsFinanceForeign direct investmentGeographic Labor MobilityImmigrant WorkersIncome economicsIncomeInternational InvestmentInvestments, ForeignLabor economicsLabor Economics: GeneralLabor mobilityLaborLabourLong-term Capital MovementsMacroeconomicsWagesWages, Compensation, and Labor Costs: General338.28394Lipschitz Leslie1816096Rochon Celine1816097Verdier Genevieve1816098IMF Institute.International Monetary Fund.DcWaIMFBOOK9910967716903321A Real Model of Transitional Growth and Competitiveness in China4371751UNINA