What’s Driving Investment in China?

• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2006
• Descrizione fisica: 1 online resource (41 p.)
• Soggetto topico: Investments, Foreign - China; Saving and investment - China; Flow of funds - China; Investments: General; Macroeconomics; Real Estate; Industries: Manufacturing; Industries: Financial Services; Investment; Capital; Intangible Capital; Capacity; Housing Supply and Markets; Aggregate Factor Income Distribution; Industry Studies: Manufacturing: General; Banks; Depository Institutions; Micro Finance Institutions; Mortgages; Property & real estate; Manufacturing industries; Finance; Gross fixed investment; Housing prices; Income; Manufacturing; Saving and investment; Housing; Prices
• Soggetto geografico: China, People's Republic of
• Note generali: "November 2006."
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: ""Contents""; ""I. INTRODUCTION""; ""II. RECENT DEVELOPMENTS IN INVESTMENT""; ""III. WHAT IS DRIVING MANUFACTURING INVESTMENT?""; ""IV. WHAT IS DRIVING REAL ESTATE INVESTMENT?""; ""V. CONCLUSION""; ""ANNEX I. INVESTMENT AND SAVING DATA BY SECTOR""; ""REFERENCES""
• Sommario/riassunto: Investment has grown rapidly in China in recent years, reaching more than 40 percent of GDP. Despite good progress on bank and enterprise reforms, weaknesses remain that could contribute to inefficient investment decisions. Manufacturing, infrastructure, and real estate have been the drivers of fixed asset investment. Econometric analysis presented in the paper suggests that manufacturing investment is strongly correlated with firms' liquidity, largely retained earnings. Analysis of residential real estate investment shows that it is weakly correlated with real household income growth and real mortgage interest rates. A policy implication of these findings is that reducing liquidity in firms, for example by requiring state-owned enterprises to pay dividends to the government, and using monetary policy to reduce liquidity increase real interest rates, would slow investment in manufacturing and real estate.
• Titolo autorizzato: What’s Driving Investment in China
• ISBN: 1-4623-6391-1; 1-4527-9957-1; 1-283-51788-4; 9786613830333; 1-4519-0978-0
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910788693103321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2006/265