欧阳韩初 发表于 2010-4-21 10:49
我院（复旦经院）宋铮老师的论文《Growing like China》已经被世界最顶级的杂志——《美国经济评论》接受并作为封面重点论文推出。该文从中国金融市场发展不完善的角度解释了中国为何会出现巨额外汇储备，论证了中国政府并没有通过操纵汇率来实现国际收支顺差。这对当前中美关于汇率问题的争论具有相当大的参考价值。这篇文章被《美国经济评论》的主编评价为：“it makes a very significant contribution to our understanding of the dynamics of growth in China”。

以下是本文的Abstract:
This paper constructs a growth model that is consistent with salient features of the recent Chinese growth experience: high output growth, sustained returns on capital investment, extensive reallocation within the manufacturing sector, falling labor share and accumulation of a large foreign surplus. The building blocks of the theory are asymmetric financial imperfections and heterogeneous productivity. Some firms use more productive technologies, but low-productivity firms survive because of better access to credit markets. Due to the financial imperfections, high-productivity firms -- which are run by entrepreneurs -- must be financed out of internal savings. If these savings are sufficiently large, the high-productivity firms outgrow the low-productivity firms and attract an increasing employment share. The downsizing of the financially integrated firms forces a growing share of domestic savings to be invested in foreign assets, generating a foreign surplus. A calibrated version of the theory can account quantitatively for China's growth experience during 1992-2007.

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