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每一个成功都是必然的—复旦经院宋铮老师的论文被《美国经济评论》作为封面重点论文推出
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复旦经院宋铮老师的论文《Growing like China》已经被世界最顶级的杂志——《美国经济评论》接受并作为封面重点论文推出。该文从中国金 融市场发展不完善的角度解释了中国为何会出现巨额外汇储备，论证了中国政府并没有通过操纵汇率来实现国际收支顺差。这对当前中美关于汇率问题的争论具有相 当大的参考价值。这篇文章被《美国经济评论》的主编评价为：“it makes a very significant contribution to our understanding of the dynamics of growth in China”。
Abstract:：
This paper constructs a growth model that is consistent with salient features of the recent Chinese growth experience: high output growth, sustained returns on capital investment, extensive reallocation within the manufacturing sector, falling labor share and accumulation of a large foreign surplus. The building blocks of the theory are asymmetric financial imperfections and heterogeneous productivity. Some firms use more productive technologies, but low-productivity firms survive because of better access to credit markets. Due to the financial imperfections, high-productivity firms -- which are run by entrepreneurs -- must be financed out of internal savings. If these savings are sufficiently large, the high-productivity firms outgrow the low-productivity firms and attract an increasing employment share. The downsizing of the financially integrated firms forces a growing share of domestic savings to be invested in foreign assets, generating a foreign surplus. A calibrated version of the theory can account quantitatively for China's growth experience during 1992-2007.
http://ideas.repec.org/p/cpr/ceprdp/7149.html
pdf http://ideas.repec.org/p/cpr/ceprdp/7149.html
https://wap.sciencenet.cn/blog-285749-314799.html
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