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China's Economic Growth
Xiaoming Li
其他書名
Evidence from Multiple-Break Unit Root Tests
出版SSRN, 2007
URLhttp://books.google.com.hk/books?id=23rjzwEACAAJ&hl=&source=gbs_api
註釋This paper performs multiple-break unit root tests on the data of China's national and sectoral output and labour productivity, with finite-sample critical values bootstrapped through Monte Carlo simulations. We find strong evidence against the unit-root hypothesis in favour of the segmented-trend-stationarity alternative. Based on breaking trend functions, the steady-state and transitional growth rates of output and productivity are computed and compared. While slowdowns characterise the economy in the 1960s and 1970s, the last two decades feature faster steady-state growth of both output and productivity in most cases, indicating that China's economic growth is sustainable.