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Structural Transformation in China and India: The Role of Macroeconomic Policies

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  • Codrina Rada
  • Rudiger von Arnim

Abstract

This paper explores macroeconomic policies that can sustain structural change in China and India. A two--sector open--economy model with endogenous productivity growth, demand driven output and income distribution as an important determinant of economic activity is calibrated to a 2000 SAM for China and a 1999/2000 SAM for India. Short-- run analysis concerns temporary equilibria for output, productivity and employment growth rates in the formal sector. In the long--run, the model allows for multiple equilibria which can describe cases of (a) underdevelopment and structural heterogeneity or (b) sustained growth and development. Several simulation exercises are conducted. Specifically, we consider how changes in investment, wages, labor productivity trend and a depreciation of currency affect the macroeconomy and job creation in the formal sector.

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Bibliographic Info

Paper provided by University of Utah, Department of Economics in its series Working Paper Series, Department of Economics, University of Utah with number 2011_05.

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Length: 25 pages
Date of creation: 2011
Date of revision:
Handle: RePEc:uta:papers:2011_05

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Related research

Keywords: Structural change; endogenous productivity; dual economy; China; India JEL Classification: O11; O41; E26;

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  1. Rudiger von Arnim & Steve Bannister & Nathan Perry, 2013. "A global model of recovery and rebalancing," Cambridge Journal of Economics, Oxford University Press, vol. 37(4), pages 889-920.
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Cited by:
  1. Antoine Godin, 2012. "Job Guarantee: a Structuralist Perspective," DEM Working Papers Series 016, University of Pavia, Department of Economics and Management.
  2. Rada, Codrina & von Arnim, Rudiger, 2014. "India's structural transformation and role in the world economy," Journal of Policy Modeling, Elsevier, vol. 36(1), pages 1-23.

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