Pub Date : 2020-07-10DOI: 10.3868/S060-011-020-0012-3
Y. Liu, Xi Qu, Wei Wang, Xiao Chang
There is no consensus on the impact of population aging on education investment. To explore this question, we first build an overlapping generations (OLG) model to theoretically analyze the effect of population aging on human capital investment in China, and then test our theory by conducting an empirical study based on micro household data. We find the following. (1) Theoretically, the OLG model shows that population aging has a crowding-out effect on education investment. (2) Empirically, the results show that the share of education and training expenditures decreases by 5.27 percentage points as the ratio of old people in the household increases by 100 percentage points, which confirms the crowding-out effect of population aging on human capital investment. (3) The crowding-out effect is far more intense on urban households than on rural households since health care expenditures will be greater in urban areas as population aging increases. (4) A quantile regression indicates that the negative effect of population aging on the share of educational expenditure is concentrated in households with higher shares of education expenditures. We confirm the robustness of our results using regional fixed effect and instrumental variable (IV) regressions.
{"title":"Does Population Aging Hinder the Accumulation of Human Capital? Evidence from China","authors":"Y. Liu, Xi Qu, Wei Wang, Xiao Chang","doi":"10.3868/S060-011-020-0012-3","DOIUrl":"https://doi.org/10.3868/S060-011-020-0012-3","url":null,"abstract":"There is no consensus on the impact of population aging on education investment. To explore this question, we first build an overlapping generations (OLG) model to theoretically analyze the effect of population aging on human capital investment in China, and then test our theory by conducting an empirical study based on micro household data. We find the following. (1) Theoretically, the OLG model shows that population aging has a crowding-out effect on education investment. (2) Empirically, the results show that the share of education and training expenditures decreases by 5.27 percentage points as the ratio of old people in the household increases by 100 percentage points, which confirms the crowding-out effect of population aging on human capital investment. (3) The crowding-out effect is far more intense on urban households than on rural households since health care expenditures will be greater in urban areas as population aging increases. (4) A quantile regression indicates that the negative effect of population aging on the share of educational expenditure is concentrated in households with higher shares of education expenditures. We confirm the robustness of our results using regional fixed effect and instrumental variable (IV) regressions.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"15 1","pages":"257-281"},"PeriodicalIF":0.8,"publicationDate":"2020-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47215014","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-07-10DOI: 10.3868/S060-011-020-0009-5
Xin Jin
This study proposes a full Bayesian nonparametric procedure to investigate the predictive power of exchange rates in relation to commodity prices for three commodity-exporting countries: Canada, Australia, and New Zealand. We propose a new time-dependent infinite mixture of a normal linear regression model of the conditional distribution of the commodity price index. The mixing weights follow a set of Probit stick-breaking priors that are time-varying. We find that exchange rates have a positive predictive effect in general, but accounting for time variation does not improve forecasting performance. By contrast, the intercept in the regression and the lagged dependent variable show signs of parameter change over time in most cases, which is important in forecasting both the mean and the density of commodity prices one period ahead. The results also suggest that the variance is a large source of the time variation in the conditional distribution of commodity prices.
{"title":"A Bayesian Nonparametric Investigation of the Predictive Effect of Exchange Rates on Commodity Prices","authors":"Xin Jin","doi":"10.3868/S060-011-020-0009-5","DOIUrl":"https://doi.org/10.3868/S060-011-020-0009-5","url":null,"abstract":"This study proposes a full Bayesian nonparametric procedure to investigate the predictive power of exchange rates in relation to commodity prices for three commodity-exporting countries: Canada, Australia, and New Zealand. We propose a new time-dependent infinite mixture of a normal linear regression model of the conditional distribution of the commodity price index. The mixing weights follow a set of Probit stick-breaking priors that are time-varying. We find that exchange rates have a positive predictive effect in general, but accounting for time variation does not improve forecasting performance. By contrast, the intercept in the regression and the lagged dependent variable show signs of parameter change over time in most cases, which is important in forecasting both the mean and the density of commodity prices one period ahead. The results also suggest that the variance is a large source of the time variation in the conditional distribution of commodity prices.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"15 1","pages":"179-210"},"PeriodicalIF":0.8,"publicationDate":"2020-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45125459","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-07-10DOI: 10.3868/S060-011-020-0011-6
S. Ongan, Ismet Gocer
This study revisits the Fisher effect using a different empirical method that considers a potential nonlinear relationship between interest rates (treasury bond rates) and inflation in China. The rising uncertainty and asymmetric information in financial markets between bond holders and bond issuers suggest such a potential nonlinear relationship. To this aim, we apply Shin et al.’s (2014) nonlinear autoregressive distributed lag (NARDL) model with asymmetric dynamic multipliers for the sample period 2002M7–2018M4. The empirical findings reveal symmetric and asymmetric partial Fisher effects for all sample bond rates in China. Furthermore, we find that 20-year bond rates experience the lowest partial Fisher effect.
{"title":"The Relationship between Interest Rates and Inflation: Examining the Fisher Effect in China","authors":"S. Ongan, Ismet Gocer","doi":"10.3868/S060-011-020-0011-6","DOIUrl":"https://doi.org/10.3868/S060-011-020-0011-6","url":null,"abstract":"This study revisits the Fisher effect using a different empirical method that considers a potential nonlinear relationship between interest rates (treasury bond rates) and inflation in China. The rising uncertainty and asymmetric information in financial markets between bond holders and bond issuers suggest such a potential nonlinear relationship. To this aim, we apply Shin et al.’s (2014) nonlinear autoregressive distributed lag (NARDL) model with asymmetric dynamic multipliers for the sample period 2002M7–2018M4. The empirical findings reveal symmetric and asymmetric partial Fisher effects for all sample bond rates in China. Furthermore, we find that 20-year bond rates experience the lowest partial Fisher effect.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"15 1","pages":"247-256"},"PeriodicalIF":0.8,"publicationDate":"2020-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46869767","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-07-10DOI: 10.3868/S060-011-020-0010-9
Yan Song
In this study, I explore smoking behavior among pregnant U.S. women using the 1979 cohort of the National Longitudinal Survey of Youth. The key aspect of this study is the availability of smoking participation data before and during pregnancy. I consider the probabilities of smoking cessation while pregnant as the outcome. I find that pregnant women who smoke are less responsive to price changes when they are more future-oriented. Women who are more present-oriented are more likely to smoke and consume more cigarettes given that they smoke more than those who are future-oriented. Moreover, those who discount the future more heavily are more sensitive to the money price of cigarettes than those who are more future-oriented. I focus on the role of time preference and the interaction between time preference and price in determining these outcomes.
{"title":"The Effect of the Interaction between Price and Time Preference on Cigarette Consumption among Pregnant Women","authors":"Yan Song","doi":"10.3868/S060-011-020-0010-9","DOIUrl":"https://doi.org/10.3868/S060-011-020-0010-9","url":null,"abstract":"In this study, I explore smoking behavior among pregnant U.S. women using the 1979 cohort of the National Longitudinal Survey of Youth. The key aspect of this study is the availability of smoking participation data before and during pregnancy. I consider the probabilities of smoking cessation while pregnant as the outcome. I find that pregnant women who smoke are less responsive to price changes when they are more future-oriented. Women who are more present-oriented are more likely to smoke and consume more cigarettes given that they smoke more than those who are future-oriented. Moreover, those who discount the future more heavily are more sensitive to the money price of cigarettes than those who are more future-oriented. I focus on the role of time preference and the interaction between time preference and price in determining these outcomes.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"15 1","pages":"211-246"},"PeriodicalIF":0.8,"publicationDate":"2020-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46590689","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-04-18DOI: 10.3868/S060-011-020-0006-4
Yifan Liu, Shidong Liang
Deviations from the efficient market hypothesis allow us to benefit from risk premium in ?nancial markets. We propose a three-pronged (R, s, H) theory to generalize the (R, s) model and present the formulation of a three-pronged (R, s, H) model and its Pareto-optimal solution. We de?ne the local-optimal weights (wR, ws,wH) that construct the triangle of the quasi-optimal investing subspace and further de?ne the centroid or incenter of the triangle as the optimal investing weights that optimize the mean return, risk premium, and volatility risk. By numerically investigating the Chinese stock market, we demonstrate the validity of this formulation method. The proposed theory provides investors of different styles (conservative or aggressive) an efficient way to design portfolios in ?nancial markets to maximize the mean return while minimizing the volatility risk.
{"title":"A Global-Optimal Portfolio Theory beyond the R-s Model","authors":"Yifan Liu, Shidong Liang","doi":"10.3868/S060-011-020-0006-4","DOIUrl":"https://doi.org/10.3868/S060-011-020-0006-4","url":null,"abstract":"Deviations from the efficient market hypothesis allow us to benefit from risk premium in ?nancial markets. We propose a three-pronged (R, s, H) theory to generalize the (R, s) model and present the formulation of a three-pronged (R, s, H) model and its Pareto-optimal solution. We de?ne the local-optimal weights (wR, ws,wH) that construct the triangle of the quasi-optimal investing subspace and further de?ne the centroid or incenter of the triangle as the optimal investing weights that optimize the mean return, risk premium, and volatility risk. By numerically investigating the Chinese stock market, we demonstrate the validity of this formulation method. The proposed theory provides investors of different styles (conservative or aggressive) an efficient way to design portfolios in ?nancial markets to maximize the mean return while minimizing the volatility risk.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"15 1","pages":"124-139"},"PeriodicalIF":0.8,"publicationDate":"2020-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42697815","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-04-18DOI: 10.3868/S060-011-020-0001-9
K. Huang, Zixi Liu, Guoqiang Tian
Twenty nineteen (2019) marked another year of lethargic growth in the Chinese economy amidst escalated internal and external complexities. Internally, the country’s macroeconomic landscape was overcast continuously by fallen consumption growth, plunged growth in manufacturing investment, rapid accumulation of household debt, risen income inequality, and the overhang of local government debt. The nation’s external conditions did not fare any better, with drastically declined growth in imports and exports, continued trade tensions with the US, and weakened external demand. Based on the IAR-CMM model, which takes account of both cyclical and secular factors, the baseline real GDP growth rate is projected to be 6.0% in 2020 (5.9% using more reliable rather than the official data), with a downside risk. Alternative scenario analyses and policy simulations are conducted, in addition to the benchmark forecast, to reflect the influences of various internal and external uncertainties. The findings emanated from these analyses lead us to stress the importance and urgency of deepening reform to achieve competitive neutrality for China’s transformation into a phase with sustainable and high-quality development.
{"title":"Promote Competitive Neutrality to Facilitate China’s Economic Development: Outlook, Policy Simulations, and Reform Implementation—A Summary of the Annual SUFE Macroeconomic Report (2019–2020)","authors":"K. Huang, Zixi Liu, Guoqiang Tian","doi":"10.3868/S060-011-020-0001-9","DOIUrl":"https://doi.org/10.3868/S060-011-020-0001-9","url":null,"abstract":"Twenty nineteen (2019) marked another year of lethargic growth in the Chinese economy amidst escalated internal and external complexities. Internally, the country’s macroeconomic landscape was overcast continuously by fallen consumption growth, plunged growth in manufacturing investment, rapid accumulation of household debt, risen income inequality, and the overhang of local government debt. The nation’s external conditions did not fare any better, with drastically declined growth in imports and exports, continued trade tensions with the US, and weakened external demand. Based on the IAR-CMM model, which takes account of both cyclical and secular factors, the baseline real GDP growth rate is projected to be 6.0% in 2020 (5.9% using more reliable rather than the official data), with a downside risk. Alternative scenario analyses and policy simulations are conducted, in addition to the benchmark forecast, to reflect the influences of various internal and external uncertainties. The findings emanated from these analyses lead us to stress the importance and urgency of deepening reform to achieve competitive neutrality for China’s transformation into a phase with sustainable and high-quality development.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"15 1","pages":"1-24"},"PeriodicalIF":0.8,"publicationDate":"2020-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48184830","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-04-18DOI: 10.3868/S060-011-020-0003-3
D. Ozdemir
Business cycle dynamics are determined by relatively large volatilities in output, consumption, and investment, which leads to cyclical fluctuations in interest rates. Using the Markov switching model, we model the nominal interest rate movements to explain the volatility regime shifts in a set of selected emerging Asian economies. The estimated results provide significant evidence of regime-dependent means, variances, and probabilities in both stable and volatile regimes in selected countries, confirming the existence of two distinct regimes in nominal interest rate movements. In addition, the smoothed probability results of switching autoregressive model show that the model is capable of capturing the two regimes for the corresponding nominal interest rate behaviors. Besides, the results reveal that the stables regimes have higher durations than the volatile regimes. This study also shows the advantage of Markov switching models over conventional regression models, allowing the identification of different regimes for the cyclical behavior of interest rates.
{"title":"Interest Rate Volatility Regimes in Selected Asian Countries: A Univariate Markov Switching Analysis","authors":"D. Ozdemir","doi":"10.3868/S060-011-020-0003-3","DOIUrl":"https://doi.org/10.3868/S060-011-020-0003-3","url":null,"abstract":"Business cycle dynamics are determined by relatively large volatilities in output, consumption, and investment, which leads to cyclical fluctuations in interest rates. Using the Markov switching model, we model the nominal interest rate movements to explain the volatility regime shifts in a set of selected emerging Asian economies. The estimated results provide significant evidence of regime-dependent means, variances, and probabilities in both stable and volatile regimes in selected countries, confirming the existence of two distinct regimes in nominal interest rate movements. In addition, the smoothed probability results of switching autoregressive model show that the model is capable of capturing the two regimes for the corresponding nominal interest rate behaviors. Besides, the results reveal that the stables regimes have higher durations than the volatile regimes. This study also shows the advantage of Markov switching models over conventional regression models, allowing the identification of different regimes for the cyclical behavior of interest rates.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"15 1","pages":"56-69"},"PeriodicalIF":0.8,"publicationDate":"2020-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48365338","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-04-18DOI: 10.3868/S060-011-020-0004-0
G. Xie
A dramatic surge in online peer-to-peer (P2P) lending emerged in China, where (under conditions of credit deficiency) it took only three years for the size of the P2P lending market in China to reach four times that of the United States and ten times that of the United Kingdom. The literature indicates that ownership structure is an important factor that influences P2P lending firms’ performance, while research on the underlying mechanisms remain insufficient. This study analyzes the data of P2P lending companies between June 2016 and March 2017. The results demonstrate that although ownership structure has minimal direct effect on the turnover volume and number of lenders and borrowers, it moderates the effects of firm age, interest rate, and loan term on firm performance. These results enrich the property theory and shed light on how P2P lending firms with different ownership structures could succeed when there is institutional deficiency.
{"title":"How Firms' Ownership Structure Impacts Online Peer-to-Peer Lending Performance in China","authors":"G. Xie","doi":"10.3868/S060-011-020-0004-0","DOIUrl":"https://doi.org/10.3868/S060-011-020-0004-0","url":null,"abstract":"A dramatic surge in online peer-to-peer (P2P) lending emerged in China, where (under conditions of credit deficiency) it took only three years for the size of the P2P lending market in China to reach four times that of the United States and ten times that of the United Kingdom. The literature indicates that ownership structure is an important factor that influences P2P lending firms’ performance, while research on the underlying mechanisms remain insufficient. This study analyzes the data of P2P lending companies between June 2016 and March 2017. The results demonstrate that although ownership structure has minimal direct effect on the turnover volume and number of lenders and borrowers, it moderates the effects of firm age, interest rate, and loan term on firm performance. These results enrich the property theory and shed light on how P2P lending firms with different ownership structures could succeed when there is institutional deficiency.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"15 1","pages":"70-102"},"PeriodicalIF":0.8,"publicationDate":"2020-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45041230","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-04-18DOI: 10.3868/S060-011-020-0002-6
F. Wang, Ho-don Yan, Duo Zhang
The ever-normal granary system was an official granary management system in ancient China. Throughout its existence, the system functioned as a major means of adjusting the price of grain and provided disaster relief. Few studies on the system touches upon the relationship between grain price fluctuation and the development of the grain market, or the ever-normal granary system and its related economic school of thoughts. Starting with the development of the grain market and the relationship between the price of grain and grain reserves, and through a systematic review of the debate on the ever-normal granary system and grain prices among high-level officials of the Qing government in the 13th year of Emperor Qianlong’s reign (1748), this paper analyzes the historical process and reasons for the change in thoughts on the ever-normal granary system and discusses the historical path of how economic phenomenon gave rise to the clash of economic thoughts that influenced the evolution of this economic institution.
{"title":"The Transition of Thoughts on Grain Control in the Qing Dynasty: A Survey of the Great Debate on the Ever-Normal Granary and Grain Prices in 1748","authors":"F. Wang, Ho-don Yan, Duo Zhang","doi":"10.3868/S060-011-020-0002-6","DOIUrl":"https://doi.org/10.3868/S060-011-020-0002-6","url":null,"abstract":"The ever-normal granary system was an official granary management system in ancient China. Throughout its existence, the system functioned as a major means of adjusting the price of grain and provided disaster relief. Few studies on the system touches upon the relationship between grain price fluctuation and the development of the grain market, or the ever-normal granary system and its related economic school of thoughts. Starting with the development of the grain market and the relationship between the price of grain and grain reserves, and through a systematic review of the debate on the ever-normal granary system and grain prices among high-level officials of the Qing government in the 13th year of Emperor Qianlong’s reign (1748), this paper analyzes the historical process and reasons for the change in thoughts on the ever-normal granary system and discusses the historical path of how economic phenomenon gave rise to the clash of economic thoughts that influenced the evolution of this economic institution.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"15 1","pages":"25-55"},"PeriodicalIF":0.8,"publicationDate":"2020-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43838050","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-04-18DOI: 10.3868/S060-011-020-0005-7
Xiaoheng Zhang, X. Tian
China has been the world's largest automobile producer since 2009, but it still lags behind other countries in terms of productivity. Based on the National Bureau of Statistics of China (NBSC) firm-level data and the improved approach proposed by Ackerberg et al. (2015), this paper investigates the contribution of total factor productivity (TFP) growth to the Chinese automobile industry and evaluates the impact of firm entry and exit on TFP growth. The empirical results show that the TFP of the Chinese automobile industry grows at 10.7% per year. Joint venture and foreign-owned firms have a significantly higher TFP growth rate than others. Large-scale firms have a higher TFP growth rate than do small-scale firms, but the latter have caught up after 2004. Moreover, the entry of new firms and exit of old firms significantly improve the aggregate TFP growth rate.
{"title":"Firm-Level TFP Growth in the Chinese Automobile Industry","authors":"Xiaoheng Zhang, X. Tian","doi":"10.3868/S060-011-020-0005-7","DOIUrl":"https://doi.org/10.3868/S060-011-020-0005-7","url":null,"abstract":"China has been the world's largest automobile producer since 2009, but it still lags behind other countries in terms of productivity. Based on the National Bureau of Statistics of China (NBSC) firm-level data and the improved approach proposed by Ackerberg et al. (2015), this paper investigates the contribution of total factor productivity (TFP) growth to the Chinese automobile industry and evaluates the impact of firm entry and exit on TFP growth. The empirical results show that the TFP of the Chinese automobile industry grows at 10.7% per year. Joint venture and foreign-owned firms have a significantly higher TFP growth rate than others. Large-scale firms have a higher TFP growth rate than do small-scale firms, but the latter have caught up after 2004. Moreover, the entry of new firms and exit of old firms significantly improve the aggregate TFP growth rate.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"15 1","pages":"103-123"},"PeriodicalIF":0.8,"publicationDate":"2020-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43190841","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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