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Testing the Neoclassical Theory of Economic Growth: Evidence from Chinese Provinces

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Author Info
Hong Li
Zinan Liu ()
Ivonia Rebelo
Abstract

There has been renewed empirical work recently on testing the neoclassical model of economic growth using data on various groups of countries. But none of the cross-country regressions includes China, the largest developing economy in the world. This study utilises both cross-sectional and panel data on provinces of China over the reform period 1978–1995 to examine the extent to which the growth process in this country can be explained by the augmented Solow-Swan model. We found that in spite of restrictive assumptions used, the model provides a fairly good description of cross-sectional data. The levels and growth rates of GDP per capita are shown to be higher in regional economies with lower population growth, greater openness to foreign countries and more investment in physical and human capital. In addition, regional economies are shown to converge both conditionally and unconditionally over the reform period. However, the quantitative implications of the augmented Solow-Swan model are not borne out in panel data. Copyright Kluwer Academic Publishers 1998

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File URL: http://hdl.handle.net/10.1023/A:1003571107706
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Publisher Info
Article provided by Springer in its journal Economics of Planning.

Volume (Year): 31 (1998)
Issue (Month): 2 (May)
Pages: 117-132
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Handle: RePEc:kap:ecopln:v:31:y:1998:i:2:p:117-132

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Keywords: economic growth; neo-classical model; China;

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  1. Chen, Jian & Fleisher, Belton M., 1996. "Regional Income Inequality and Economic Growth in China," Journal of Comparative Economics, Elsevier, vol. 22(2), pages 141-164, April. [Downloadable!] (restricted)
  2. Mundlak, Yair, 1978. "On the Pooling of Time Series and Cross Section Data," Econometrica, Econometric Society, vol. 46(1), pages 69-85, January. [Downloadable!] (restricted)
  3. Quah, Danny, 1993. "Galton's Fallacy and Tests of the Convergence Hypothesis," CEPR Discussion Papers 820, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  4. Swan, Trevor W, 2002. "Economic Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 375-80, December. [Downloadable!] (restricted)
  5. Paul M. Romer, 1987. "Crazy Explanations for the Productivity Slowdown," NBER Chapters, in: NBER Macroeconomics Annual 1987, Volume 2, pages 163-210 National Bureau of Economic Research, Inc. [Downloadable!]
  6. Mankiw, N Gregory & Romer, David & Weil, David N, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 407-37, May. [Downloadable!] (restricted)
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  7. Jian, Tianlun & Sachs, Jeffrey D. & Warner, Andrew M., 1996. "Trends in regional inequality in China," China Economic Review, Elsevier, vol. 7(1), pages 1-21. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Gholami, Roghieh & Lee, Sang-Yong Tom & Heshmati, Almas, 2005. "The Causal Relationship between ICT and FDI," Working Papers RP2005/26, World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
  2. Artelaris, Panagiotis & Arvanitidis, Paschalis & Petrakos, George, 2006. "Theoretical and Methodological Study on Dynamic Growth Regions and Factors Explaining their Growth Performance," Papers DYNREG02, Economic and Social Research Institute (ESRI). [Downloadable!]
  3. Derek C. Jones & Cheng Li & Ann L. Owen*, 2003. "Growth and Regional Inequality in China During the Reform Era," William Davidson Institute Working Papers Series 2003-561, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
    Other versions:
  4. Sai Ding & John Knight, 2008. "Why has China Grown So Fast? The Role of Physical and Human Capiital Formation," Economics Series Working Papers 414, University of Oxford, Department of Economics. [Downloadable!]
  5. DOBSON, Steve & RAMLOGAN, Carlyn & STROBL, Eric, 2003. "Why do rates of convergence differ ? A meta-regression analysis," CORE Discussion Papers 2003020, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]
  6. Bulent Unel & Harm Zebregs, 2006. "The Dynamics of Provincial Growth in China: A Nonparametric Approach," IMF Working Papers 06/55, International Monetary Fund. [Downloadable!]
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  7. Sai Ding & John Knight, 2008. "Why has China Grown So Fast? The Role of Structural Change," Economics Series Working Papers 415, University of Oxford, Department of Economics. [Downloadable!]
  8. Sylvie Demurger & Jeffrey D. Sachs & Wing Thye Woo & Shuming Bao, Gene Chang & Andrew Mellinger, 2002. "Geography, Economic Policy, and Regional Development in China," NBER Working Papers 8897, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  9. Maasoumi, Esfandiar & Wang, Le, 2006. "Economic Reform, Growth and Convergence in China," Departmental Working Papers 0602, Southern Methodist University, Department of Economics. [Downloadable!]
    Other versions:
  10. Jahangir Aziz & Christoph Duenwald, 2001. "China's Provincial Growth Dynamics," IMF Working Papers 01/3, International Monetary Fund. [Downloadable!]
  11. Hong Li, 2003. "Dynamics of Income Distribution across Chinese Provinces during 1978-98," Journal of Chinese Economic and Business Studies, Taylor and Francis Journals, vol. 1(2), pages 145-157, January. [Downloadable!] (restricted)
  12. Jahangir Aziz & Christoph Duenwald, 2001. "China's Provincial Growth Dynamics," Development and Comp Systems 0012004, EconWPA. [Downloadable!]
  13. Kanta Marwah & Akbar Tavakoli, 2004. "The Effect of Foreign Capital and Imports on Economic Growth: Further Evidence from Four Asian Countries," Carleton Economic Papers 04-02, Carleton University, Department of Economics. [Downloadable!]
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