کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5047771 1370918 2010 10 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Savings, investment, and capital mobility within China
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Savings, investment, and capital mobility within China
چکیده انگلیسی

This paper addresses the capital mobility among regions within China. Using a range of panel estimators which deals with the non-stationarity of time series components, individual heterogeneity and common unobserved factors, we show that the savings and investment (both expressed as ratios to GDP) are positively correlated for a sample of 28 Chinese provinces over the period of 1978 to 2006. According to the Feldstein-Horioka's argument (1980, Economic Journal (90), pp.314-329), such a correlation can be interpreted as evidence of low capital mobility. In addition, by means of Granger causality test, we fail to provide consistent evidence to support the hypothesis of efficient capital allocation in China. Combining the results given above, it is believed that the capital may be inefficiently retained within the provincial confines. We conjecture that the intermarriage between financial power and local authorities is primarily responsible for this worrying phenomenon.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: China Economic Review - Volume 21, Issue 1, March 2010, Pages 14-23
نویسندگان
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