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The Return to Capital in China
Abstract
China's investment rate is one of the highest in the world, which naturally leads one to suspect that the return to capital in China must be quite low. Using the data from China's national accounts, we estimate the rate of return to capital in China. We find that the aggregate rate of return to capital averaged 25% during 1978-1993, fell during 1993-1998, and has become flat at roughly 20% since 1998. This evidence suggests that the aggregate return to capital in China does not appear to be significantly lower than the return to capital in the rest of the world. We also find that the standard deviation of the rate of return to capital across Chinese provinces has fallen since 1978.
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Citations
Cited by
Song, Z., Storesletten, K., & Zilibotti, F. (2011) · American Economic Review · doi:10.1257/aer.101.1.196 · Cited by 1,741
Demographic Patterns and Household Saving in China
Curtis, C. C., Lugauer, S., & Mark, N. C. (2015) · American Economic Journal: Macroeconomics · doi:10.1257/mac.20130105 · Cited by 212
Changes in China’s wage structure
Ge, S., & Yang, D. T. (2014) · Journal of the European Economic Association · doi:10.1111/jeea.12072 · Cited by 177
Metadata
- Authors
- Bai, C.-E., Hsieh, C.-T., & Qian, Y.
- Venue
- Brookings Papers on Economic Activity
- Publisher
- Project MUSE
- Published
- 2006
- Volume
- 2006
- Issue
- 2
- Pages
- 61-101
- ISSN
- 0007-2303 (ISSN-L)
- 1533-4465
- OpenAlex
- W3124316220
- Cited by
- 228
- References
- 0
- FWCI
- 9.56
- Type
- journal article
- Language
- en
- Open access
- closed
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- Bai, C.-E., Hsieh, C.-T., & Qian, Y. (2006). The Return to Capital in China. Brookings Papers on Economic Activity. https://doi.org/10.1353/eca.2007.0000
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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