Can the augmented Solow model explain China’s remarkable economic

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1、JournalofComparativeEconomics37(2009)432–452ContentslistsavailableatScienceDirectJournalofComparativeEconomicsjournalhomepage:www.elsevier.com/locate/jceCantheaugmentedSolowmodelexplainChina’sremarkableeconomicgrowth?Across-countrypaneldataanalysisSaiDing*,JohnKnightUniversityofOxford,ManorRoadBu

2、ilding,OxfordOX13UQ,UKarticleinfoabstractArticlehistory:Ding,Sai,andKnight,John—CantheaugmentedSolowmodelexplainChina’sremarkableReceived17July2008economicgrowth?Across-countrypaneldataanalysisRevised24March2009Availableonline8June2009China’seconomygrewatanaverageannualrateof9%overthelastthreedec

3、ades.Despitethevastempiricalliteratureontestingtheneoclassicalmodelofeconomicgrowthusingdataonvariousgroupsofcountries,veryfewcross-countryregressionsincludeChinaJELclassification:O11andnoneofthemparticularlyfocusesontheexplanationofChina’sremarkableeconomicO47growth.Weattempttofillthisgapbyutilisi

4、ngpaneldataon146countriesovertheperiod1980–2004toexaminetheextenttowhichtherapidgrowthofChinaandthehugegapinKeywords:thegrowthratebetweenChinaandothercountriescanbeexplainedbytheaugmentedChinaSolowmodel.UsingsystemGMMestimationtechniques,wefindthat,inspiteoftheEconomicgrowthrestrictiveassumptionsi

5、nvolved,theSolowmodelaugmentedbybothhumancapitalAugmentedSolowmodelandstructuralchangeprovidesafairlygoodaccountofinternationalvariationineconomicCross-countrygrowthregressionStructuralchangegrowth.Inparticular,China’srelativesuccessineconomicgrowthisduetohighphysicalcapitalinvestment,conditional

6、convergencegain,dramaticchangesinthestructureofemploymentandoutput,andlowpopulationgrowth.JournalofComparativeEconomics37(3)(2009)432-452.UniversityofOxford,ManorRoadBuilding,OxfordOX13UQ,UK.Ó2009AssociationforComparativeEconomicStudies.PublishedbyElsevierInc.Allrightsreserved.1.IntroductionFewco

7、untrieshavebeenabletomatchthepaceofChina’ssustainedeconomicgrowth.Sincethestartofeconomicreformin1978,Chinahasmaintainedaremarkablegrowthrate.AccordingtoofficialChinesestatistics,theaverageGDPgrowthrateduringtheperiod19