Growing (with Capital Controls) like China
Growing (with Capital Controls) like China
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DOI：
10.1057/imfer.2014.18
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发表时间：
2014-08
影响因子：
4.3
通讯作者：
Zheng Song;Kjetil Storesletten;Fabrizio Zilibotti
中科院分区：
文献类型：
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作者：
Zheng Song;Kjetil Storesletten;Fabrizio Zilibotti
本文在中国经济转型模型中探讨了资本管制和利率、汇率调控政策的影响。它建立在Song、Storesletten和Zilibotti（2011）的基础上，他们构建了一个与中国近期增长经验的显著特征相一致的增长模型：高产出增长、持续的资本投资回报、制造业内部广泛的再分配、缓慢的工资增长和大量贸易顺差的积累。该理论的显著特征是不对称的财务缺陷和私营企业与国有企业之间的异质性生产率。资本管制和对银行存款利率的管制扼杀了银行业的竞争，阻碍了对生产性私营企业的贷款。取消此类监管将加速生产率和产出的增长。暂时低估的汇率降低了实际工资和消费，刺激了对高生产率企业部门的投资。这促进了生产率的增长和贸易顺差。高利率减轻了资金紧张的企业的劣势，降低了工资，并加快了从低生产率企业向高生产率企业过渡的速度。
This paper explores the effects of capital controls and policies regulating interest rates and the exchange rate in a model of economic transition applied to China. It builds on Song, Storesletten, and Zilibotti (2011) who construct a growth model consistent with salient features of the recent Chinese growth experience: high output growth, sustained returns on capital investment, extensive reallocation within the manufacturing sector, sluggish wage growth, and accumulation of a large trade surplus. The salient features of the theory are asymmetric financial imperfections and heterogeneous productivity across private and state-owned firms. Capital controls and regulation of banks’ deposit rates stifle competition in the banking sector and hamper the lending to productive private firms. Removing such regulation would accelerate the growth in productivity and output. A temporarily undervalued exchange rate reduces real wages and consumption, stimulating investments in the high-productivity entrepreneurial sector. This fosters productivity growth and a trade surplus. A high interest rate mitigates the disadvantage of financially constrained firms, reduces wages, and increases the speed of transition from low- to high-productivity firms.