中国经济的动态效率：1992-2003

Assessing Dynamic Efficiency in China's Economy:1992～2003

动态效率是资本积累和经济增长的核心问题。本文基于索洛模型和拉姆齐-卡斯-库普曼斯模型，讨论了宏观经济最优资本存量的黄金律规则及修正的黄金律规则，并基于世代交叠模型，讨论了判断经济动态效率的AMSZ准则，利用该准则对1992-2003年中国经济的动态效率进行了检验，主要结论是：样本期间中国经济动态效率是波动的，其中大部分年份处于动态无效状态，中国经济的动态效率与投资率负向相关。

The issue of dynamic efficiency is central to capital accumulation and economic growth. This paper discusses the golden rule level of capital with reference to the Solow growth model and Ramsey-Cass-Koopmans model. The possibility of dynamic inefficiency in a free economy is also explored based on the overlapping generations model. On these bases, we have investigated the dynamic efficiency of Chinese economy with the AMSZ criterion, drawing the main conclusion that the economic operation in China has been in a state of dynamic inefficiency for most part of sample periods （1992-2003）, and the economic efficiency of China is negatives correlation with the rate of investment in China.