A Real Model of Transitional Growth and Competitiveness in China:
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 w...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2008
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 08/99 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | 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 |
| Beschreibung: | 1 Online-Ressource (31 p) |
| ISBN: | 1451869606 9781451869606 |
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| index_date | 2024-07-03T20:13:25Z |
| indexdate | 2024-07-10T09:35:34Z |
| institution | BVB |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Lipschitz, Leslie Verfasser aut A Real Model of Transitional Growth and Competitiveness in China Lipschitz, Leslie Washington, D.C International Monetary Fund 2008 1 Online-Ressource (31 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 08/99 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 Online-Ausg Rochon, Céline Sonstige oth Verdier, Geneviève Sonstige oth http://elibrary.imf.org/view/IMF001/09208-9781451869606/09208-9781451869606/09208-9781451869606.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Lipschitz, Leslie A Real Model of Transitional Growth and Competitiveness in China |
| title | A Real Model of Transitional Growth and Competitiveness in China |
| title_auth | A Real Model of Transitional Growth and Competitiveness in China |
| title_exact_search | A Real Model of Transitional Growth and Competitiveness in China |
| title_exact_search_txtP | A Real Model of Transitional Growth and Competitiveness in China |
| title_full | A Real Model of Transitional Growth and Competitiveness in China Lipschitz, Leslie |
| title_fullStr | A Real Model of Transitional Growth and Competitiveness in China Lipschitz, Leslie |
| title_full_unstemmed | A Real Model of Transitional Growth and Competitiveness in China Lipschitz, Leslie |
| title_short | A Real Model of Transitional Growth and Competitiveness in China |
| title_sort | a real model of transitional growth and competitiveness in china |
| url | http://elibrary.imf.org/view/IMF001/09208-9781451869606/09208-9781451869606/09208-9781451869606.xml |
| work_keys_str_mv | AT lipschitzleslie arealmodeloftransitionalgrowthandcompetitivenessinchina AT rochonceline arealmodeloftransitionalgrowthandcompetitivenessinchina AT verdiergenevieve arealmodeloftransitionalgrowthandcompetitivenessinchina |