全球智库信息集成服务系统(G2TT): DP7169 Monetary Geography Before the Industrial Revolution

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP7169
	DP7169 Monetary Geography Before the Industrial Revolution
	Marc Flandreau; Clemens Jobst; Pilar Nogues-Marco; Christophe Galimard
发表日期	2009-02-09
出版年	2009
语种	英语
摘要	This paper constructs a growth model that is consistent with salient features of the Chinese growth experience since 1992: high output growth, sustained returns on capital investments, extensive reallocation within the manufacturing sector, falling labor share and accumulation of a large foreign surplus. The theory makes only minimal deviations from a neoclassical growth model. Its building blocks are financial imperfections and reallocation among firms with heterogeneous productivity. Some firms use more productive technologies than others, but low-productivity firms survive because of better access to credit markets. Due to the financial imperfections, high-productivity firms - which are run by entrepreneurs - must be financed out of internal savings. If these savings are sufficiently large, the high-productivity sector outgrows the low-productivity sector, and attracts an increasing employment share. During the transition, low wage growth sustains the return to capital. The downsizing of the financially integrated sector forces a growing share of domestic savings to be invested in foreign assets, generating a foreign surplus. We test some auxiliary implications of the theory and find robust empirical support.
主题	International Macroeconomics
关键词	China Economic growth Entrepreneurs Foreign surplus investment Productivity heterogeneity Rate of return on capital Reallocation State-owned firms.
URL	https://cepr.org/publications/dp7169
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/535999
推荐引用方式 GB/T 7714	Marc Flandreau,Clemens Jobst,Pilar Nogues-Marco,et al. DP7169 Monetary Geography Before the Industrial Revolution. 2009.