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Factor Function Characteristics and Origin of Economic Growth of China

Author

Listed:
  • Zhiqing Dong

    (Center for Quantitative Economics, Jilin University, Changchun 130012, China)

  • Linhui Wang

    (School of Economics, Northeast Normal University, Changchun 130117, China)

  • Jia Sun

    (Economic Department, Changchun Taxation College, Changchun 130117, China)

Abstract

The paper makes an empirical study on factor contribution and its stage variation characteristics during 1952¨C2005 and 1978¨C2005 in China. GMM and OLS tests show that the robustness and significance level of the institution, the physical capital and human capital¡¯s contributions are much higher than other factors, and 70% of economic growth is boosted by the capital and the labor input. Factor contribution decomposition and TFP growth indicate trade has the most remarkable influence on economic growth. The state space model finds that physical capital, human capital, technological progress, finance, trade and institution have different effects on economic growth in different periods. Namely, factor contribution does have the characteristics of stage variation.

Suggested Citation

  • Zhiqing Dong & Linhui Wang & Jia Sun, 2011. "Factor Function Characteristics and Origin of Economic Growth of China," Frontiers of Economics in China-Selected Publications from Chinese Universities, Higher Education Press, vol. 6(2), pages 229-248, June.
    • Handle: RePEc:fec:journl:v:6:y:2011:i:2:p:229-248
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    File URL: http://journal.hep.com.cn/fec/EN/10.1007/s11459-011-0130-8
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    More about this item

    Keywords

    factor contribution; economic growth ; comparative empirical study;
    All these keywords.

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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