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Inter-sectoral Capital Flow, Labor Transfer, and Land Circulation in China: A Simultaneous Equations Approach

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  • Dong, Qi

Abstract

This study builds a simultaneous equation system of inter-sectoral factors flows and constructed supply-and-demand models of sectoral capital investment with the effects of inter-sectoral factors flows taken into account. Then, it adopts the three-stage estimation to model the simultaneous equation system and the supply-and-demand models using China’s macro data. The empirical results confirm the inner relationship between capital flow, labor transfer, and land circulation during China’s structural transformation. More specially, we find that inter-sectoral capital flow and land circulation are mutually reinforced by each other. Rural-urban migration promotes the land circulation from the agricultural sector to the non-agricultural sector but the land circulation from the agricultural sector to the non-agricultural sector hinders labor transfer. Labor transfer is confirmed to have a positive effect on capital flow but the opposite is not true.

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Handle: RePEc:ags:aes025:356740
DOI: 10.22004/ag.econ.356740
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File URL: https://ageconsearch.umn.edu/record/356740/files/Qi_Dong_Inter_sectoral_Capital_Flow__Labor_Transfer__and_Land_Circulation_in_China__A_Simultaneous_Equations_Approach%20%281%29.pdf
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