A Real Model of Transitional Growth and Competitiveness in China / / Leslie Lipschitz, Genevieve Verdier, Celine Rochon

• Autore: Lipschitz Leslie
• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2008
• Descrizione fisica: 1 online resource (36 p.)
• Soggetto topico: Economic development - China - Econometric models; Investments, Foreign - China - Econometric models; Exports and Imports; Labor; Macroeconomics; Labor Economics: General; Wages, Compensation, and Labor Costs: General; Geographic Labor Mobility; Immigrant Workers; International Investment; Long-term Capital Movements; Aggregate Factor Income Distribution; Labour; income economics; Finance; Wages; Labor mobility; Foreign direct investment; Income; Labor economics; Investments, Foreign
• Soggetto geografico: China Economic conditions Econometric models; China Economic policy Econometric models; China, People's Republic of
• Altri autori: VerdierGenevieve RochonCeline
• Note generali: "April 2008."; At head of title: IMF Institute.
• Nota di bibliografia: Includes bibliographical references (p. 28-30).
• Nota di contenuto: 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 Schock ; 5. 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; Appendix
• Sommario/riassunto: We 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.
• Titolo autorizzato: A Real Model of Transitional Growth and Competitiveness in China
• ISBN: 1-4623-1746-4; 1-4527-8440-X; 1-4518-6960-6; 9786612840548; 1-282-84054-1
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910788239903321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2008/099