希望对大家有用

Growing Like China∗
Zheng Song
Fudan University and Chinese University of Hong Kong
Kjetil Storesletten
Federal Reserve Bank of Minneapolis and CEPR
Fabrizio Zilibotti
University of Zurich and CEPR
November 2009 (First version: March 2008)
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.
JEL Codes. F43, G21, O16, O47, O53, P23, P31.
∗

这个...随便一google,到处都有.我还以为是AER排版好的....



1# jinghe1988

非常感谢分享

看了下，我觉得写的挺一般的。利率都是外生的，信贷约束也完全是假设掉。基本是在外生的制度框架下讨论新古典模型的结论，并解释中国问题。
总的来说，没有惊喜，虽然上了AER，个人觉得比起WENYI、LIUZHENG等人的文章还是差一个档次。