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Rebalancing China’s Economy : What Does Growth Theory Tell Us? / Jahangir Aziz.
- Format:
- Book
- Government document
- Author/Creator:
- Aziz, Jahangir.
- Series:
- IMF Working Papers; Working Paper ; No. 2006/291
- IMF Working Papers
- Language:
- English
- Subjects (All):
- Business cycles--China--Econometric models.
- Business cycles.
- Economic development--China.
- Economic development.
- Capital market--China.
- Capital market.
- Consumption (Economics)--China.
- Consumption (Economics).
- Investments--China.
- Investments.
- Finance--China.
- Finance.
- China--Economic policy.
- China.
- Physical Description:
- 1 online resource (36 p.)
- Edition:
- 1st ed.
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 2006.
- Language Note:
- English
- Summary:
- This paper uses the standard one-sector neoclassical growth model to investigate why China's consumption has been low and investment high. It finds that the low cost of capital has been quantitatively an important factor. Theory predicts that the price of capital may have been significantly distorted in the 1990s and 2000s. The distortion could have been caused by nonperforming loans, borrowing constraints, and uncertainty over changes in government guidance in bank lending. If China is to rebalance growth towards relying more on consumption and less on exports and investment, banking sector reforms and financial market development could, therefore, turn out to be key.
- Contents:
- ""Contents""; ""I. INTRODUCTION""; ""II. CONSUMPTION, INVESTMENT, AND SAVINGS IN CHINA""; ""III. THE CHINESE ECONOMY AS A NEOCLASSICAL GROWTH MODEL""; ""IV. CALIBRATING THE GROWTH MODEL""; ""V. SIMULATING THE MODEL: THE FIRST CUT""; ""VI. INTRODUCING INVESTMENT WEDGE""; ""VII. FINANCIAL FRICTIONS AS INVESTMENT WEDGES""; ""VIII. CONCLUSIONS""; ""REFERENCES""
- Notes:
- "December 2006."
- Includes bibliographical references (p. 32-34).
- Description based on print version record.
- ISBN:
- 9786613825681
- 9781462376025
- 1462376029
- 9781452736006
- 1452736006
- 9781283513234
- 1283513234
- 9781451910049
- 1451910045
- OCLC:
- 568151134
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