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
There has been much discussion of the sources of China's growth slowdown but little formal econometric analysis of this question.Chen and Groenewold(2019)show that the slowdown was primarily supply-driven,but they...There has been much discussion of the sources of China's growth slowdown but little formal econometric analysis of this question.Chen and Groenewold(2019)show that the slowdown was primarily supply-driven,but they stopped short of identifying specific supply variables.This paper extends their analysis and distinguishes several potential supply components:labor supply,productivity,and capital accumulation.Our results confirm their main conclusion that supply dominates the explanation of the slowdown.A model with two supply factors(labor supply and productivity)reveals that both components contribute to the slowdown,although productivity makes the greater contribution.However,when capital stock is added to the model,the decline in the capital accumulation rate becomes an important factor in the growth slowdown,to some extent replacing the effects of both labor supply and productivity.展开更多
Abstract This paper investigates the impact of innovation on export decisions of Chinese high-tech firms during the period of 2005-2007. Using a parametric, instrumental variable approach and a non-parametric matching...Abstract This paper investigates the impact of innovation on export decisions of Chinese high-tech firms during the period of 2005-2007. Using a parametric, instrumental variable approach and a non-parametric matching method, we find that firm-level innovation efforts, measured by R＆D spending and new product output, play only a minor role for domestic exporters. Foreign-invested firms dominate the high-tech exports but do not rely on indigenous innovation activities. These results demonstrate that the success of Chinese high-tech exports does not result from heavy R＆D expenditure and technological progress. Moreover, different types of innovation measures show different impacts on the likelihood of exporting. The impacts of innovation on exporting vary widely across industries and Chinese regions.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There has been much discussion of the sources of China's growth slowdown but little formal econometric analysis of this question.Chen and Groenewold(2019)show that the slowdown was primarily supply-driven,but they stopped short of identifying specific supply variables.This paper extends their analysis and distinguishes several potential supply components:labor supply,productivity,and capital accumulation.Our results confirm their main conclusion that supply dominates the explanation of the slowdown.A model with two supply factors(labor supply and productivity)reveals that both components contribute to the slowdown,although productivity makes the greater contribution.However,when capital stock is added to the model,the decline in the capital accumulation rate becomes an important factor in the growth slowdown,to some extent replacing the effects of both labor supply and productivity.
文摘Abstract This paper investigates the impact of innovation on export decisions of Chinese high-tech firms during the period of 2005-2007. Using a parametric, instrumental variable approach and a non-parametric matching method, we find that firm-level innovation efforts, measured by R＆D spending and new product output, play only a minor role for domestic exporters. Foreign-invested firms dominate the high-tech exports but do not rely on indigenous innovation activities. These results demonstrate that the success of Chinese high-tech exports does not result from heavy R＆D expenditure and technological progress. Moreover, different types of innovation measures show different impacts on the likelihood of exporting. The impacts of innovation on exporting vary widely across industries and Chinese regions.
