LEADER 05540oam 22011414 450 001 9910818880903321 005 20240402050121.0 010 $a1-4623-1746-4 010 $a1-4527-8440-X 010 $a1-4518-6960-6 010 $a9786612840548 010 $a1-282-84054-1 035 $a(CKB)3170000000055004 035 $a(EBL)1607841 035 $a(SSID)ssj0000940027 035 $a(PQKBManifestationID)11518978 035 $a(PQKBTitleCode)TC0000940027 035 $a(PQKBWorkID)10945933 035 $a(PQKB)11123235 035 $a(OCoLC)535146881 035 $a(IMF)WPIEE2008099 035 $a(MiAaPQ)EBC1607841 035 $a(EXLCZ)993170000000055004 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 12$aA Real Model of Transitional Growth and Competitiveness in China /$fLeslie Lipschitz, Genevieve Verdier, Celine Rochon 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (36 p.) 225 1 $aIMF Working Papers 300 $a"April 2008." 300 $aAt head of title: IMF Institute. 311 $a1-4519-1414-8 320 $aIncludes bibliographical references (p. 28-30). 327 $aContents; 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 Schock 327 $a5. Foreign Output Shock 6. Transition to Steady State when 10/l* = z0/z* = 0.9; 5. Convergence and Transition Half Life ? = 1; 6. Convergence and Transition Half Life ? = 1; 7. Simulation Results; References; Appendix 330 3 $aWe present a stylized real model of the Chinese economy with the objective of explaining two features: (1) domestic production is highly competitive in the sense that an accumulation of capital that raises the marginal product of labor elicits increases in employment and output rather than only in wages; and (2) even though the domestic saving rate is high, foreign direct investment is also substantial. We explain these features in terms of a conventional neoclassical growth model-with no monetary or nominal exchange rate policy-by including two aspects of the economy explicitly in the model: (1) low production wages are sustained by a large reserve army of rural labor which drives internal migration, and (2) domestic capital is distinct from importable capital and complementary with it in production. The results suggest that underlying real phenomena are important in explaining recent history; while nominal renmimbi appreciation may dampen price and wage increases, it would probably not change the real factors that have sustained rapid growth. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/099 606 $aEconomic development$zChina$xEconometric models 606 $aInvestments, Foreign$zChina$xEconometric models 606 $aExports and Imports$2imf 606 $aLabor$2imf 606 $aMacroeconomics$2imf 606 $aLabor Economics: General$2imf 606 $aWages, Compensation, and Labor Costs: General$2imf 606 $aGeographic Labor Mobility$2imf 606 $aImmigrant Workers$2imf 606 $aInternational Investment$2imf 606 $aLong-term Capital Movements$2imf 606 $aAggregate Factor Income Distribution$2imf 606 $aLabour$2imf 606 $aincome economics$2imf 606 $aFinance$2imf 606 $aWages$2imf 606 $aLabor mobility$2imf 606 $aForeign direct investment$2imf 606 $aIncome$2imf 606 $aLabor economics$2imf 606 $aInvestments, Foreign$2imf 607 $aChina$xEconomic conditions$xEconometric models 607 $aChina$xEconomic policy$xEconometric models 607 $aChina, People's Republic of$2imf 615 0$aEconomic development$xEconometric models. 615 0$aInvestments, Foreign$xEconometric models. 615 7$aExports and Imports 615 7$aLabor 615 7$aMacroeconomics 615 7$aLabor Economics: General 615 7$aWages, Compensation, and Labor Costs: General 615 7$aGeographic Labor Mobility 615 7$aImmigrant Workers 615 7$aInternational Investment 615 7$aLong-term Capital Movements 615 7$aAggregate Factor Income Distribution 615 7$aLabour 615 7$aincome economics 615 7$aFinance 615 7$aWages 615 7$aLabor mobility 615 7$aForeign direct investment 615 7$aIncome 615 7$aLabor economics 615 7$aInvestments, Foreign 676 $a338.28394 700 $aLipschitz$b Leslie$01683019 701 $aVerdier$b Genevieve$01683020 701 $aRochon$b Celine$01623776 712 02$aIMF Institute. 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910818880903321 996 $aA Real Model of Transitional Growth and Competitiveness in China$94053518 997 $aUNINA