The lack of capital stock statistics for empirical research of the Chinese economy has for a long time been one of the major impediments in the profession. Professor Gregory Chow is one of the pioneers who attempted t...The lack of capital stock statistics for empirical research of the Chinese economy has for a long time been one of the major impediments in the profession. Professor Gregory Chow is one of the pioneers who attempted to deal with this matter. His seminal paper on China＇s capital formation and economic growth was published in 1993 （Chow, 1993）. Since then many authors have estimated their own capital stock data series. However, most authors have focused on investigations at the national level and their findings are not without controversies. In particular, few studies have provided estimates of capital stock for China＇s regional economies. This paper adds to the existing literature in several ways. First, it presents a critical review of the methods and findings in the existing literature. Second, it proposes an alternative approach to estimate China＇s capital stock series by region as well as across three economic sectors （agriculture, industry and services）. Finally, preliminary analyses of the derived capital stock statistics are conducted to examine growth, disparity and convergence in China＇s regional economies.展开更多
Pressured by a slowdown in exports, cost increases and dwindling returns to manufacturing investments, China's manufacturing capital has begun to shift to the real-estate and stock markets. As a matter of fact, th...Pressured by a slowdown in exports, cost increases and dwindling returns to manufacturing investments, China's manufacturing capital has begun to shift to the real-estate and stock markets. As a matter of fact, the stock market had already felt a shock a couple of years ago when top domestic manufacturers like Midea, Gree, TCL and LMZ started to invest their idle capital in the real-estate and stock markets. Investments of manufacturing capital in both the real estate and stock markets have increased fluid capital and pushed up the value of both markets. Booms in both markets have in turn guaranteed investment returns of manufacturing capital, which further increased the stock market valuations of manufacturing capital. Such a cycle has created interest chains between listed manufacturers, the stock market and the real-estate market. Along with the ups and downs of the stock and real-estate markets, manufacturing capital now faces a dilemma: to escape or to persist? Where should it escape? When can the markets be profitable again? Just like the classic Shakespearean question: to be or not to be, that is the question.展开更多
This paper formulates a kind of dynamical macro economic model based on Sidrauski's work,then presents the sufficient and necessary conditions of the stability of model at equilibrium states,and shows some result...This paper formulates a kind of dynamical macro economic model based on Sidrauski's work,then presents the sufficient and necessary conditions of the stability of model at equilibrium states,and shows some results for special production functions.展开更多
Based on the concept of productive capital stock, this paper estimated capital input by three asset types of China’s 36 service industries in 2003–2015, and compared with the results of wealth capital stock. This st...Based on the concept of productive capital stock, this paper estimated capital input by three asset types of China’s 36 service industries in 2003–2015, and compared with the results of wealth capital stock. This study found that the wealth capital stock method underestimates the actual capital input in each sector in varying degrees, and it may interference the accuracy of productivity evaluation in sectors. According to the new estimation results of capital input, this paper further applied four stages bootstrap-DEA method to estimate industrial productivity, and calculated its confidence intervals. This study found that, the years of education and the average wage have a significant positive impact on the productivity of service industries; the productive services have a short board effect in the whole service industry.展开更多
The forest ecosystem goods and services and the natural capital stocks that produce them make great contribution to national economy and human welfare both directly and indirectly. This paper evaluates the economic va...The forest ecosystem goods and services and the natural capital stocks that produce them make great contribution to national economy and human welfare both directly and indirectly. This paper evaluates the economic value of natural capital stock and the annual output flow of forest ecosystem goods and services taking Qingdao City and its eight districts as case study. The results of the valuation study showed, that the stock value of forest natural capital of Qingdao was RMB 13.46 billion at the end of 2007. The flow value of annual output of forest ecosystem goods and services of Qingdao was RMB 26.76 billion which amounted to 7.07% of its GDP of 2007. However, the share of forest goods and services actually included in its GDP of 2007, in accordance with the current national accounting system, was only 0.71%. Among the annual flows the value of intangible forest ecosystem services alone accounted for 70.90% of total flows which was 2.44 times the value of forest material goods. These non- market forest benefits mainly contributed to the non-forestry sectors of the economy and to the social groups who did not own and manage the forests. Extensive policy implications were analyzed as per the results of the forest valuation study.展开更多
文摘The lack of capital stock statistics for empirical research of the Chinese economy has for a long time been one of the major impediments in the profession. Professor Gregory Chow is one of the pioneers who attempted to deal with this matter. His seminal paper on China＇s capital formation and economic growth was published in 1993 （Chow, 1993）. Since then many authors have estimated their own capital stock data series. However, most authors have focused on investigations at the national level and their findings are not without controversies. In particular, few studies have provided estimates of capital stock for China＇s regional economies. This paper adds to the existing literature in several ways. First, it presents a critical review of the methods and findings in the existing literature. Second, it proposes an alternative approach to estimate China＇s capital stock series by region as well as across three economic sectors （agriculture, industry and services）. Finally, preliminary analyses of the derived capital stock statistics are conducted to examine growth, disparity and convergence in China＇s regional economies.
文摘Pressured by a slowdown in exports, cost increases and dwindling returns to manufacturing investments, China's manufacturing capital has begun to shift to the real-estate and stock markets. As a matter of fact, the stock market had already felt a shock a couple of years ago when top domestic manufacturers like Midea, Gree, TCL and LMZ started to invest their idle capital in the real-estate and stock markets. Investments of manufacturing capital in both the real estate and stock markets have increased fluid capital and pushed up the value of both markets. Booms in both markets have in turn guaranteed investment returns of manufacturing capital, which further increased the stock market valuations of manufacturing capital. Such a cycle has created interest chains between listed manufacturers, the stock market and the real-estate market. Along with the ups and downs of the stock and real-estate markets, manufacturing capital now faces a dilemma: to escape or to persist? Where should it escape? When can the markets be profitable again? Just like the classic Shakespearean question: to be or not to be, that is the question.
基金Supported by Sichuan Youth Science and Technology Foundation(2 61 ) and Laboratory of Manage-mentDecision and Information Sy
文摘This paper formulates a kind of dynamical macro economic model based on Sidrauski's work,then presents the sufficient and necessary conditions of the stability of model at equilibrium states,and shows some results for special production functions.
文摘Based on the concept of productive capital stock, this paper estimated capital input by three asset types of China’s 36 service industries in 2003–2015, and compared with the results of wealth capital stock. This study found that the wealth capital stock method underestimates the actual capital input in each sector in varying degrees, and it may interference the accuracy of productivity evaluation in sectors. According to the new estimation results of capital input, this paper further applied four stages bootstrap-DEA method to estimate industrial productivity, and calculated its confidence intervals. This study found that, the years of education and the average wage have a significant positive impact on the productivity of service industries; the productive services have a short board effect in the whole service industry.
基金funded by the International Tropical Timber Organization (PD 39/98 and PD 295/04)
文摘The forest ecosystem goods and services and the natural capital stocks that produce them make great contribution to national economy and human welfare both directly and indirectly. This paper evaluates the economic value of natural capital stock and the annual output flow of forest ecosystem goods and services taking Qingdao City and its eight districts as case study. The results of the valuation study showed, that the stock value of forest natural capital of Qingdao was RMB 13.46 billion at the end of 2007. The flow value of annual output of forest ecosystem goods and services of Qingdao was RMB 26.76 billion which amounted to 7.07% of its GDP of 2007. However, the share of forest goods and services actually included in its GDP of 2007, in accordance with the current national accounting system, was only 0.71%. Among the annual flows the value of intangible forest ecosystem services alone accounted for 70.90% of total flows which was 2.44 times the value of forest material goods. These non- market forest benefits mainly contributed to the non-forestry sectors of the economy and to the social groups who did not own and manage the forests. Extensive policy implications were analyzed as per the results of the forest valuation study.
