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Using municipal cities during China’s reform era as the setting, we investigate how different aspects of financial development affect resource misallocation in an integrated framework. Using different identification strategies, we find that local government-driven finance exacerbates the...
Persistent link: https://www.econbiz.de/10013406501
The development of the service sector in the People's Republic of China has not kept pace with the country's overall economic development. The share of employment in services is still lagging behind that of output and is also below the international norm. Moving from traditional services to...
Persistent link: https://www.econbiz.de/10009781167
high-growth entrepreneurs. Our respondents together account for nearly $1 trillion in assets under management. Each …
Persistent link: https://www.econbiz.de/10013405399
high-growth entrepreneurs. Our respondents together account for nearly $1 trillion in assets under management. Each …
Persistent link: https://www.econbiz.de/10013334380
emerged. The term MIT usually refers to countries that have experienced rapid growth and thus reached the status of a middle …-income economies. In particular, since the beginning of the growth slowdown of the economy of the People's Republic of China (PRC) in …
Persistent link: https://www.econbiz.de/10011661331
economies, even though growth is likely to slow from near double-digit rates in the first decade of this millennium to around 7 …% at the 2020 horizon. However, in order to sustain vigorous growth and improve the well-being of most citizens, renewed …-friendly growth. …
Persistent link: https://www.econbiz.de/10010231008
bank loans, self-raised funds, and foreign investment. The result of the panel data study shows that the growth of … provincial output is positively related to the growth of national bank loans and self-raised funds. State appropriation is still … sources. The paper concludes that nonstate sources of funding are generally more efficient in promoting output growth …
Persistent link: https://www.econbiz.de/10013011152
We propose a theory linking imperfect information to resource misallocation and hence to aggregate productivity and output. In our setup, firms look to a variety of noisy information sources when making input decisions. We devise a novel empirical strategy that uses a combination of firm-level...
Persistent link: https://www.econbiz.de/10013032125
This paper studies two striking stylized facts about China's reform: that the output growth in the early stage of the … reform is mainly due to productivity growth, and that the income inequality is increasing over time. This paper is a … problem into the AK model developed in Rebelo (1991). On the positive side, it is found that both economic growth rate and …
Persistent link: https://www.econbiz.de/10014146355
) and the United States decreases, the growth rate of labor productivity within the country decreases. In other words, the … higher the level of productivity in an industry, the lower its growth rate, showing a convergence to the productivity …
Persistent link: https://www.econbiz.de/10013076053