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Resources Misallocation And Industrial Structure Change

Posted on:2019-07-04Degree:DoctorType:Dissertation
Country:ChinaCandidate:C Y GaoFull Text:PDF
GTID:1319330542479111Subject:National Economics
Abstract/Summary:PDF Full Text Request
The structural bonus hypothesis provides the theoretical basis for the importance of resources' allocation and industrial structure change.In the current transformation stage of China's economic development,the economic growth rate enters the lower reaches,the seriousness and importance of the industrial structure imbalance is highlighted: it is not only the difficulties of cultivating new growth momentum and promoting China's economic restructuring and development,but also the breakthrough of improving the efficiency of the economy,and achieving sustainable development.Resource misallocation research provides a more realistic perspective for the industrial structural research's in-depth analysis and breakthrough.Since Hsieh and Klenow(2007)put forward the concept of the misallocation of resources,the study of the resources misallocation's effect on economy,especially on economic efficiency(TFP)has been expanded,and the scope of the study not only includes resource misallocation among micro-enterprises,but also among the macro industrial sectors.Aoki(2008),Jones(2011)and other scholars,research on the structural resources misallocation between industrial sectors and its resulting of industrial structure imbalance as the starting point fot the impact of resource misallotion on the economic.However,there is not a specific definition of resource misalloction,and most of the research content is based on the analysis of the results of empirical research,lack of discussion of resource misallocation' formation and reserech of its impact process.In view of this,this paper constructs the analytical framework of resource misallocation,industrial structure imbalance and economic unbalanced growth in view of the economic structural problems in the current transformation stage of China.In this framework,it is not only analyse the conduction mechanism of the resource imallocation leads to the imbalance of industrial structure,but also sort out and summarize the typical facts related to the misallocation of resources,which is to provide the theoretical basis and empirical basis for the analysis of the economic impact of resource misallocation and industrial structure imbalance.Secondly,using the parameter method,the degree of mismatch of resources in China from 1978 to 2015 is measured.On this basis,the economic growth effect of industrial structure imbalance caused by it is measured.Finally,the reasons of resource misallocation is sorted and verified by empirical test.From the above analysis,the following main conclusions are formed: Firstly,unlike the traditional economic non-equilibrium growth theory under the assumption of perfect market competition condition,the non-equilibrium growth of multi-sector is affected not only by the ratio of technology development of various departments,but also by the misallocation of resource changes in the case of resource price distortions and resources' free flow limitation;Secondly,structural problems that exist in the transition phase of China's economy development,such as large income distribution gap,lack of domestic demand,and imbalanced market competition structure,the common essence of these problems is that there are resource misallocation at all levels of the economy;and the resource misalloction between the industries and the industry departments makes the path of industrial structure change away from the path of natural technology selection,so that the upgrading of industrial structure lacks the rationalization of industrial structure as the basis;Thirdly,the average output gapof total economy is up to 12.34% between 1978 and 2015 under the condition of resources misallocation exited.If the resource misallocation is eliminated,the average annual output level will increase by 0.76 percentage points.In the level of industry departments,the departments with more serious resource misallocation includes those with nature of natural resources monopoly,such as,mining industry,tobacco processing industry,electricity,gas supply industry,as well as those with deep degree of government intervention or nature of administrative monopoly,such as,the real estate industry,the financial industry and other services industry resources.Fourth,since the allocation of resources is the essence of industrial structure changes,the existence of resource misallocation naturally makes the efficiency of industrial structure change is low,and also makes the contribution ratio of industrial structure changes for the economic growth is low and cause economic growth efficiency loss,which lead to the trend of total factor productivity loss was as high as 24% in 2015,with the most serious loss of efficiency in the primary industry,and in the non-agricultural industry,the efficiency loss of the second industry is higher than that of the tertiary industry.Fifth,the formation of resource misallocation is not only related to the market mechanism,but also related to economic institution arrangement and economic policy regulation,and the misallocation of resources in China is mainly influenced by the latter,more than that,it is also related to the characteristics of political system.The imbalanced income distribution structure,the excessive proportion of secondary industry output,and the rapid development of urbanization is the main reason of industry level of resources misallocation,which also reflects the rapid economic growth in China does not depend on the release of structural bonus;The deep degree of financial incentives,the monopoly of state-owned enterprises and segmentation of factor market have significant effect on the formation of resource misalloction among industrial sectors.But international trade is an important factor to correct both of the industrial level and secotor level resources misallocation.Based on the above conclusions,this paper puts forward some policy suggestions on advancing the market reform,changing the government function,adjusting the industrial policy and the way of income distribution.It aims to correct the misallocation of resources,improve the efficiency of industrial structure change and release the structural bonus in economic growth.
Keywords/Search Tags:Resources Misallocation, Imblanced Industrial Structure, Structural Bonus, Economy Growth
PDF Full Text Request
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