我国对外贸易形势:危机中存机遇

关于中国增长的最新预测2011年4月,国际货币基金组织发布的《世界经济展望》报告指出,根据购买力平价测算,2016年中国GDP将由2011年的11.2万亿美元(2010年按市场汇率计算约6万亿美元)升至19亿美元,而2016年美国GDP将由2011年的15.2万亿美元(2010年14.7万亿美     

我国对外贸易形势：危机中存机遇

关于中国增长的最新预测 2011年4月,国际货币基金组织发布的《世界经济展望》报告指出,根据购买力平价测算,2016年中国GDP将由2011年的11．2万亿美元（2010年按市场汇率计算约6万亿美元）升至19亿美元,而2016年美国GDP将由2011年的15．2万亿美元（2010年14．7万亿美元）增至18．8万亿美元,中国的GDP将超过美国。     

中国如何创造和增加国民财富——中美日印四国经济规模与财富比较

如何衡量一个国家的经济实力或经济规模呢?世界银行从80年代以来一直采用国民生产总值(GNP)或国内生产总值(GDP)美元值来作国际比较的，通常是按每三年平均汇率计算，以消除汇率短期波动的影响，但是用这种方法估计并不能反映相对价格的国际差距，以及各国实际经济规模。     

基于分组数据测度中国农村贫困和不平等:1995-2004

本文运用国家统计局公布的分组收入数据,通过估计Lorenz曲线测算了1995-2004年我国农村的贫困和不平等状况.文章分别用国家统计局绝对贫困线、1天1美元国际贫困线和相对贫困线测算农村贫困,并比较测算结果差异及其政策含义.     

职权结构、产权和经济停滞:中国的案例

中国在宋代(960?1279年)经历了前所未有的经济增长.据麦迪森(Maddison)的估计,当时之人均GDP从450元增加到600元(以1990年国际美元计).截然相反的是,在后来的明清两代(1368?1911年),中国的人均GDP几乎保持于600元不变.这就引发了中国经济史上一个有趣的问题??"为什么宋代中国的早期工业革命到了明清时期会变成停滞的农业经济?"我的观点是,中国的省制度在1370年代发生了变化,使得工商活动之产权执行不力,从而导致上述长期经济绩效的变迁.     

职权结构、产权和经济停滞：中国的案例

中国在宋代(960-1279年)经历了前所未有的经济增长。据麦迪森(Maddison)的估计，当时之人均GDP从450元增加到600元(以1990年国际美元计)。截然相反的是，在后来的明清两代(1368-1911年)，中国的人均GDP几乎保持于600元不变。这就引发了中国经济史上一个有趣的问题——“为什么采代中国的早期工业革命到了明清时期会变成停滞的农业经济?”我的观点是，中国的省制度在1370年代发生了变化，使得工商活动之产权执行不力，从而导致上述长期经济绩效的变迁。     

中国宏微观资本回报率的融合研究

Bai et al.(2006)和CCER“中国经济观察”研究组(2007)为中国宏微观两种数据来源的资本回报率研究奠定了方法论基础，但沿用上述两种方法开展后续研究存在两个有待解决的问题：第一，相似对象下两种方法的宏微观资本回报率测算结果不相等；第二，不同对象间两种方法的宏微观资本回报率测算结果不可比。本文从Cochrane(1991,1996)的资本回报率定义出发，利用投资的q理论构造单一测算思路——资本边际转换率测算方法，将宏微观两种数据来源的资本回报率融合在“资本回报率=资本边际转换率”的经济意义下，实现相似对象的宏微观资本回报率测算结果相等，并将不同对象宏微观资本回报率的对比建立在可比的资本边际转换率基础上。可以证明，Bai et al.(2006)和CCER“中国经济观察”研究组(2007)两种方法分别是本文方法在一定假设条件下的特定应用。综上，本文方法为未来中国资本回报率的相关研究提供了新的方法论基础，可以有效替代Bai et al.(2006)和CCER“中国经济观察”研究组(2007)两种方法。     

对河北省经济增长的评估与分析

在通常的经济分析中 ,一般用国内生产总值(GDP)的增长率作为衡量经济增长的指标。因此 ,我们也从 GDP开始 ,评估河北省经济增长统计数据的质量 ,并就各产业对河北省经济增长的贡献进行实证分析。分析结果表明 :近年来 ,由于经济增长的偏差 ,而使全省经济总量 (GDP)出现数十亿元的“水分”;三次产业中 ,第三产业的发展有悖常规。一、可比价 GDP的测算对可比价 GDP的测算可采用以下两种方法。方法 1:基于 GDP增长测算方法此法以某年为基期 ,根据可比价 GDP增长率直接测算可比价的 GDP。本文以 1995年为基期 ,设GDPt为 t年按 1995年…     

我们面临怎样的国际资金环境

当前正进入一个国际资金短缺的时代,我国利用外资正面临严峻的挑战。1990年据联合国估计,国际资金供需缺口为3000亿美元;1993年据国际货币基金组织估计,缺口额达4000～5000亿美元。另据美国摩根斯坦公司测算,到2010年全球资金缺口将达2.8万亿美元。这主要是取决于国际资金供需状况的变化。 一、国际资金供应的相对减少     

美国当前宏观经济运行的三大特征

一、美国当前主要宏观经济指标 1．实际GDP连续4年保持增长。到2005年的第4季度，美国经济已经历了17个季度的持续增长。2001年11月美国经济结束了3月以来的衰退，出现了正增长。到2005年第4季度，美国实际GDP比2001年第3季度增加了14％。2005年，美国实际GDP比2004年增长了3．5％，GDP的规模达到了12．735万亿美元。根据美国商务部的统计，2001年至2005年，美国实际GDP增长分别为0．8％、1．6％、2．7％、4．2％和3．5％。     

The impact of China's millennium labour restructuring program on firm performance and employee earnings1

Around the turn of the century, China experienced perhaps the largest labour restructuring program in the world. This paper uses a new dataset of Chinese industrial enterprises to examine what leads to downsizing, and tries to understand the effects of labour downsizing on firms’ technical efficiency, financial performance and employee wages. We find that downsizing is more prevalent in state‐owned enterprises (SOEs), and is more likely when enterprises are older, larger and have higher excess capacity. For both SOEs and private firms, downsizing is more likely when the prices of their products drop, but private firms respond more dramatically. Moreover, downsizing has serious short‐term costs in terms of total factor productivity (TFP). For mild downsizing, private firms suffer more deterioration in productivity. The distribution of surplus after downsizing is more favourable to labour in SOEs. For severe downsizing, both SOEs and private firms exhibit lower TFP growth with similar magnitudes. Our findings imply that private firms emphasize profit goals, while SOEs place a greater weight on labour protection.     

How Successful Has Chinese Enterprise Reform Been? Pitfalls in Opposite Biases and Focus

We analyze two new data sets: one on state-owned enterprises (SOEs) and another on town and village enterprises (IVEs). We find zero TFP growth in SOEs and positive TFP growth in COEs. The evidence suggests that the positive TFP growth in SOEs found by some recent studies might be due to underdeflation of gross output and overdeflation of intermediate inputs. The criterion for successful SOE reform should also include intertemporal efficiency and SOEs′ contribution so macroeconomic stability. Increases in technical efficiency do not necessarily improve SOEs′ financial performance. SOE personnel have received an increasing proportion of value added, hence creating a fiscal crisis for the state. J. Comp. Econom., June 1994, 18(3), pp. 410-437. University of California, Davis, California 95616; Fort Lewis College, Durango, Colorado 81301; University of California, Davis, California 95616; and Chinese Academy of Social Sciences, Beijing 100836, People′s Republic of China.     

From central planning towards a market economy: The role of ownership and competition in Vietnamese firms’ productivity

This paper examines the role of ownership and market competition in Vietnamese firms’ total factor productivity (TFP) from 2001 to 2011. Making use of a large panel dataset of manufacturing firms, we find that, on average, both foreign-owned enterprises (FOEs) and state-owned enterprises (SOEs) have performed better than privately owned enterprises (POEs) in terms of their TFP levels. However, while FOEs’ TFP ranked the highest in the period 2001–2006, SOEs “closed the gap” in the period 2007–2011. Moreover, we find that market competition has been effective in enhancing average firm productivity and in reducing the gaps in efficiency across ownership types. SOEs’ remarkable performance may be linked to several concurrent factors experienced during the period 2001–2011, namely, the process of restructuring the state sector during the 2000s, the increased economic integration due to the country's accession to the World Trade Organization (2007) and, finally, the preferential access to financial capital and land granted to SOEs. While some evidence supports SOEs’ equitization as an explanation for their remarkable productivity performance, WTO accession and cheaper access to inputs do not fully explain it.     

Accounting for human capital externalities with an application to the Nordic countries

Externalities caused by human capital accumulation have taken up considerable space in theoretical work on economic growth. However, less attention has been paid to this externality in traditional growth accounting exercises. This paper takes up the issue of growth accounting, suggesting a framework for quantifying human-capital externalities and illustrating it empirically using data from the five Nordic countries. Four sources of growth are identified, i.e. capital accumulation, labor force growth, and total factor productivity growth (TFP), where the traditional TFP measure is split into a part explained by human-capital formation and an unexplained part. By doing this I am able to attribute between 12 per cent and 33 per cent of growth in the Nordic countries to human capital investment.     

全要素生产率及其在农业领域的研究进展

全要素生产率在农业经济领域得到了广泛应用,成为观察中国农业增长模式和结构的重要分析工具。本文在对全要素生产率及其增长进行概念性阐释的基础上,重点对目前应用较为广泛的核算方法及其进展进行归纳、比较和述评,讨论了这一分析工具仍然存在的一些问题和技术性争议,进而从全要素生产率及其增长因素两个方面,对中国农业全要素生产率的研究进展进行综述性总结。     

Does the mixed-ownership reform improve the productivity of state-owned enterprises? Evidence from companies listed in Chinese stock

The Chinese government initiated a new round of state-owned enterprise (SOE) reform in 2015 to improve SOE's performance with a focus on introducing multiple ownership shareholders and strategic partners, known as the mixed-ownership reform (MOR). This paper examines the policy effectiveness of the current MOR, an ongoing quasi-experiment, for listed SOEs’ productivity from 2011 to 2019 using a time-varying difference-in-difference (DID) approach. Overall, the total factor productivity (TFP) of SOEs selected as pilots by the government improved significantly by 14.57% after the reform compared to other SOEs, providing evidence for the positive role of the current MOR. This positive impact is prolonged and tends to increase in the post-reform years. A series of robustness checks show that our empirical specification satisfies the basic assumptions of DID and our findings are robust. By comparing the two reform strategies in the MOR, we find that the restructuring and reorganization plan is the primary channel driving TFP growth, showing a 0.4% improvement after the reform, rather than the employee stock ownership plan. We also investigate the impact of MOR on other financial and non-financial indicators, but we only find a significant increase in the profitability of SOEs’ assets.     

融资约束视角下的运营资本对中国企业全要素生产率的贡献*

金融危机后中国经济增长缓慢，产业和总需求分析框架失灵。本文从供给侧动力和非正规金融入手，研究中国企业全要素生产率与运营资本的关系。本文利用1999—2013年非上市企业的动态面板数据，采用系统GMM的方法进行回归分析，研究发现运营资本对中国企业的全要素生产率有显著的影响，而且这种影响是非线性的。但是，这种关系只在民营企业和外资企业中成立，对国有企业并不成立。本文进一步引入融资约束机制，论证了运营资本是中国非国有企业突破融资困境、促进企业全要素生产率提高的重要金融中介。       

中国经济在改革发展中呈现效率驱动型特征——二论对“东亚奇迹”和中国经济的理论解释

现有文献表明，大多数学者认为改革以来中国经济快速增长属于要素投入驱动型增长．不可能持续。对此，本文在以前结构转换研究的基础上，指出通常使用的索洛增长因素核算方程中隐含的效率提高类型与实际不符，由此可导致严重低估实际的综合效率提高；而由Klenowand Rodriguez—Clare（1997）发展的核算方法才是封中国经济增长因素进行分解的正确方法。然後对以此方法对中国经济增长因素分解测算的结果进行了详细分析，据此得出了三个基本结论：第一、改革以来中国经济实现了效率提高型快速增长，综合效率提高作出了主要贡献，要素投入也有一定的贡献，但比重较小；第二、改革以来中国经济的增长模式不同于改革前，後者的特征被再次证明主要是依靠要素投入；第三、改革以来中国经济的综合效率提高，主要来源于二元结构转换效应和经济体制转轨效应，教育和科研开发的贡献属于成长中的因素。所以，也不同于发达市场经济的常规增长方式。这些就是中国式综合效率提高驱动型经济增长的特征。     

Can total factor productivity explain value added growth in services?

This paper examines the factors responsible for generating the services led growth witnessed in the Indian economy during 1980–2005. A sectoral growth accounting exercise shows that total factor productivity (TFP) growth was the fastest for services; moreover this TFP increase was significant in accounting for service sector value added growth. A growth model with agriculture, industry and services as three principal sectors is calibrated to Indian data using sectoral TFP growth rates. The baseline model performs well in accounting for the evolution of value added shares and their growth rates, but is unable to capture sectoral employment share trends. The performance of the model with respect to value added shares improves when the post 1991 increase in service sector TFP growth following the inception of market-based liberalization reforms is accounted for. A modified version of the model with public capital can better track trends in sectoral employment shares.     

Embodiment, productivity, and the age distribution of capital

An important theme in modern research on productivity has been that technological progress may be embodied in capital in the sense that traditional measures of TFP growth reflect unmeasured improvements in the quality of capital inputs as well as pure disembodied technological progress. It is commonly believed that an implication of this embodiment hypothesis is that there should be a negative relationship between measured TFP and the age of the measured capital stock. This paper presents empirical evidence which suggests that an increase in the age of the capital stock is actually associated with higher TFP growth. This surprising result may be due to the presence of a mis-measurement normally overlooked in this literature: With mis-measured improvements in capital quality, the usual depreciation rates used to construct empirical capital stocks are incorrect for growth accounting. This effect dominates the usual average age effect.