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Study on the Evolution of China’s Economic Structure (From 1952 to 2014) – Analysis of the Role of Profit Rate by Impulse Response Functions

In: Imperialism and Transitions to Socialism

Author

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  • Zhiming Long
  • Rémy Herrera

Abstract

This study first calculates a profit rate for China’s economy over the period 1952–2014; the rate shows a downward trend in the long term but also exhibits cyclical fluctuations. Then, structural vector autoregressive models are used to examine the Chinese economic structure and, thanks to impulse response functions, the role of the profit rate in investment, capital accumulation, and GDP growth rates. Then, based on a priori constraints relative to this structure, the study tests whether these assumptions are verified over the period studied in the context of the transformations of China. The impulse response functions are further examined by using Bayesian analysis. Finally, the authors conclude that the period from 1952 to 2014 should be divided into several sub-periods with distinct structural characteristics.

Suggested Citation

  • Zhiming Long & Rémy Herrera, 2021. "Study on the Evolution of China’s Economic Structure (From 1952 to 2014) – Analysis of the Role of Profit Rate by Impulse Response Functions," Research in Political Economy, in: Imperialism and Transitions to Socialism, volume 36, pages 95-119, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:rpeczz:s0161-723020210000036006
    DOI: 10.1108/S0161-723020210000036006
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