Growing Like China

• 成果类型: Article
• 署名作者: Song, Zheng; Storesletten, Kjetil; Zilibotti, Fabrizio
• 署名单位: Fudan University; Chinese University of Hong Kong; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Zurich
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.101.1.196
• 发表日期: 2011
• 页码: 196-233
• 关键词: growth; frictions; WEALTH; TRADE

摘要

We construct a growth model consistent with China's economic transition: high output growth, sustained returns on capital, reallocation within the manufacturing sector, and a large trade surplus. Entrepreneurial firms use more productive technologies, but due to financial imperfections they must finance investments through internal savings. State-owned firms have low productivity but survive because of better access to credit markets. High-productivity firms outgrow low-productivity firms if entrepreneurs have sufficiently high savings. The downsizing of financially integrated firms forces domestic savings to be invested abroad, generating a foreign surplus. A calibrated version of the theory accounts quantitatively for China's economic transition. (JEL E21, E22, E23, F43, L60, O16, O53, P23, P24, P31)