Role Of Economic Structural Adjustment For Long‐Term Economic Stability In China: Estimation Based On Variance Decomposition
Based on the variance decomposition method of Eggers and Ioannides, the sources of long-term stability of the Chinese economy since the mid‐1990s are estimated and the potential influence of structural optimization is predicted. Results show that: (i) the contribution of industrial structural adjustment was a negative 46.38%; and (ii) if the share of the expenditure structure was adjusted to the average level in the early period, the contribution of structural optimization would be approximately 38.25%. Moreover, it is believed that a reasonable economic structure can be achieved only through the implementation of a development strategy that takes comparative advantage into consideration.
Volume (Year): 15 (2010)
Issue (Month): 5 (December)
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