China's Fiscal Decentralization and Regional Economic Growth
China's Fiscal Decentralization and Regional Economic Growth
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中国财政分权与区域经济增长
DOI：
10.1111/jere.12013
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发表时间：
2013
影响因子：
1.2
通讯作者：
X.-P. Zheng(鄭小平)
中科院分区：
文献类型：
--
作者：
J. Chu;X.-P. Zheng(鄭小平)
本文运用卢卡斯的内生增长理论和斯蒂格利茨的地方公共产品理论，构建了一个由五个联立方程组成的计量经济模型，考察了中国的财政分权对区域经济增长的影响。该模型利用1996-2005年中国31个省的一组面板数据，采用两阶段最小二乘法进行估计。测算结果表明，中国的财政分权增加了地方政府在物质基础设施和教育方面的支出，从而分别导致地方实物资本存量和人力资本水平的上升，进而促进了区域经济的增长。
The present paper applies Lucas’s theory of endogenous growth and Stiglitz’s theory of local public goods to build an econometric model consisting of five simultaneous equations to study China’s fiscal decentralization effects on regional economic growth. The model is estimated by two-stage least squares using a set of panel data on 31 Chinese provinces during 1996–2005. The estimated results show that China’s fiscal decentralization increased the local governments’ expenditure on physical infrastructure and education, which led to the rising local physical capital stock and human capital levels, respectively, and then resulted in the growth of regional economies.