Procyclical Productivity and Output Growth in China: An Econometric Analysis

被引:0
作者
Massimo Caruso
机构
[1] Banca d'Italia,Main Rome Branch, Economic Research Unit
来源
Open Economies Review | 2002年 / 13卷
关键词
economic growth; economies in transition; total factor productivity; labor hoarding; openness;
D O I
暂无
中图分类号
学科分类号
摘要
This paper analyzes the procyclical behavior of Chinese Total Factor Productivity (TFP). It shows that measured Solow residuals are correlated to the growth rate of real imports per worker and to other macroeconomic variables that fluctuate at cyclical frequencies. The magnitude of the trend shift in TFP after the start of economic reforms in 1978 is found to be robust to the introduction of cyclical factor utilization and other systematic influences on productivity. The propagation mechanisms of macroeconomic shocks to output are also evaluated on the basis of a seven-variable VAR system. The empirical results indicate that the growing openness of the economy has contributed to sustaining the observed long run productivity increases and has raised spatial inequality.
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页码:251 / 274
页数:23
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