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100   $a20130124d2012      uy             0
101 0 $aeng
135   $aurcn|||||||||
181   $ctxt
182   $cc
183   $acr
200 10$aIs China over-investing and does it matter?$b[electronic resource] /$fIl Houng Lee, Murtaza Syed, and Liu Xueyan
210   $aWashington, D.C. $cInternational Monetary Fund$d2012
215   $a1 online resource (23 p.)
225  0$aIMF working paper ;$vWP/12/277
300   $a"November 2012" -- verso of t.p.
300   $aAt head of title: Asia and Pacific Department -- verso of t.p.
311   $a1-4755-6111-3 
311   $a1-4755-6267-5 
320   $aIncludes bibliographical references.
327   $aCover; Contents; I. Introduction; Figure; Figure 1. Gross Capital Formation, in percent GDP; II. Investment in China: Literature Review; III. Neoclassical Model Approach; Figure 2. Capital- and Investment-to-Output Ratio; Figure 3a. Growth and Capital-to-Output Ratio; Figure 3b. Growth and Investment-to-Output Ratio; IV. A Theoretical Framework of Optimal Investment; Figure 4a. Capital- and Investment-to-Output Ratio; Figure 4b. Capital- and Investment-to-Output Ratio; Figure 5a. Contribution of Investment to GDP growth; Figure 5b. Contribution to Growth (in percent of total)
327   $aFigure 6. Production Function V. What Can Aggregate Cross-Country Data Tell Us?; Table; Table 1. Investment Equations 1/ 2/; Figure 7. China: Investment-to-GDP; Table 2. Probit: Probability of crisis; Table 3. Evolution of variables in the lead-up to crisis (5-years); VI. Estimating the Hidden Costs of China's Investment; Figure 9. Profit Margin and Credit allocation between LCs and SMEs; Figure 10. Resource transfers and dead weight loss; Figure 11. Estimated Amount of Resource Transfer from Households to Large Corporate (In percent of GDP); VII. Conclusion; Data Appendix; References
330   $aNow close to 50 percent of GDP, this paper assesses the appropriateness of China's current investment levels. It finds that China's capital-to-output ratio is within the range of other emerging markets, but its economic growth rates stand out, partly due to a surge in investment over the last decade. Moreover, its investment is significantly higher than suggested by cross-country panel estimation. This deviation has been accumulating over the last decade, and at nearly 10 percent of GDP is now larger and more persistent than experienced by other Asian economies leading up to the Asian crisis.
410  0$aIMF Working Papers
606   $aInvestments, Chinese$xEconometric models
606   $aEconomic development$zChina$xEconometric models
608   $aElectronic books.
615  0$aInvestments, Chinese$xEconometric models.
615  0$aEconomic development$xEconometric models.
700   $aLee$b Il Houng$0879460
701   $aSyed$b Murtaza$f1975-$0907256
701   $aLiu$b Xueyan$0948588
712 02$aInternational Monetary Fund.$bAsia and Pacific Dept.
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910453124403321
996   $aIs China over-investing and does it matter$92144190
997   $aUNINA