时间: 2016年3月17日下午1330
地点:财税学院305教室
报告人：蔡晓慧（金融学院）

报告论文：Growing like China （宋铮，Storesletten 和Zilibotti，2011）

论文简介：运用经典理论框架分析解释中国问题

论文摘要：We construct a growth model consistent with China’s economic
transition: high output growth, sustained returns on capital, real-
location within the manufacturing sector, and a large trade surplus.
Entrepreneurial firms use more productive technologies, but due to
financial imperfections they must finance investments through inter-
nal savings. State-owned firms have low productivity but survive
because of better access to credit markets. High-productivity firms
outgrow low-productivity firms if entrepreneurs have sufficiently high
savings. The downsizing of financially integrated firms forces domes-
tic savings to be invested abroad, generating a foreign surplus. A
calibrated version of the theory accounts quantitatively for China’s
economic transition.