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



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Autore: Lipschitz Leslie Visualizza persona
Titolo: A Real Model of Transitional Growth and Competitiveness in China / / Leslie Lipschitz, Genevieve Verdier, Celine Rochon Visualizza cluster
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  Visualizza cluster
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
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Serie: IMF Working Papers; Working Paper ; ; No. 2008/099