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How Efficient Has Been China'S Investment? Empirical Evidence From National And Provincial Data

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  • Dong He
  • Wenlang Zhang
  • Jimmy Shek
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Abstract

This paper analyses both the allocative efficiency and the dynamic efficiency of China's spending on capital. We examine the relationship between investment flows and the marginal product of capital computed by estimating the Cobb-Douglas and CES production functions at both the national and provincial levels. We also investigate dynamic efficiency by comparing the share of capital in national income and the rate of investment. The main finding is that the allocative efficiency of capital in China has improved in recent years, but the high rate of investment may be a sign of dynamic inefficiency of the Chinese economy. Copyright 2007 The Authors Journal compilation 2007 Blackwell Publishing Ltd

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Pacific Economic Review.

Volume (Year): 12 (2007)
Issue (Month): 5 (December)
Pages: 597-617

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Handle: RePEc:bla:pacecr:v:12:y:2007:i:5:p:597-617

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1361-374X

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Cited by:
  1. Li, Kui-Wai & Liu, Tung, 2011. "Economic and productivity growth decomposition: An application to post-reform China," Economic Modelling, Elsevier, vol. 28(1-2), pages 366-373, January.
  2. Reisen, Helmut, 2008. "How to spend it: Commodity and non-commodity sovereign wealth funds," Research Notes 28, Deutsche Bank Research.
  3. Kan, Kamhon & Wang, Yong, 2013. "Comparing China and India: A factor accumulation perspective," Journal of Comparative Economics, Elsevier, vol. 41(3), pages 879-894.
  4. Dong He & Wenlang Zhang, 2008. "How Dependent is the Chinese Economy on Exports and in What Sense has its Growth been Export-led?," Working Papers 0814, Hong Kong Monetary Authority.
  5. Vendryes, Thomas, 2011. "Migration constraints and development: Hukou and capital accumulation in China," China Economic Review, Elsevier, vol. 22(4), pages 669-692.
  6. Papa N'Diaye & Ping Zhang & Wenlang Zhang, 2008. "Structural Reform, Intra-Regional Trade, and Medium-Term Growth Prospects of East Asia and the Pacific --- Perspectives from a new multi-region model," Working Papers 0817, Hong Kong Monetary Authority.
  7. Liu, Li-gang & Zhang, Wenlang, 2010. "A New Keynesian model for analysing monetary policy in Mainland China," Journal of Asian Economics, Elsevier, vol. 21(6), pages 540-551, December.
  8. Ashvin Ahuja & Lillian Cheung & Gaofeng Han & Nathan Porter & Wenlang Zhang, 2010. "Are House Prices Rising Too Fast in China?," Working Papers 1008, Hong Kong Monetary Authority.

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