金融研究
金融研究
금융연구
Journal of Financial Research
2012年
10期
15~28
,共null页
何东 张文朗 韩高峰 胡东安
何東 張文朗 韓高峰 鬍東安
하동 장문랑 한고봉 호동안
贸易和非贸易部门 内部实际汇率 全要素生产率
貿易和非貿易部門 內部實際彙率 全要素生產率
무역화비무역부문 내부실제회솔 전요소생산솔
Tradable and non - tradable sectors, Internal real exchange rate, Total factor productivity
目前对中国非贸易部门的(全要素)生产率知之甚少。本文通过研究非贸易部门相对贸易部门的价格波动,也就是内部实际汇率的变动。来估计非贸易部门的生产率增长。我们发现非贸易部门的价格增长速度显著快于贸易部门,而中国内部实际汇率的升水要比人民币的实际有效汇率快。同时,非贸易部门的生产率增长低于贸易部门,而这两部门生产率的差异在与其他经济体相比时尤为明显。如果非贸易部门的生产率增长一直保持低水平.那么未来,中国很可能在平衡中期的经济增长模式和缓和通胀压力时遇到困难。因此,政府部门有必要采取政策措施来提高非贸易部门的生产率。
目前對中國非貿易部門的(全要素)生產率知之甚少。本文通過研究非貿易部門相對貿易部門的價格波動,也就是內部實際彙率的變動。來估計非貿易部門的生產率增長。我們髮現非貿易部門的價格增長速度顯著快于貿易部門,而中國內部實際彙率的升水要比人民幣的實際有效彙率快。同時,非貿易部門的生產率增長低于貿易部門,而這兩部門生產率的差異在與其他經濟體相比時尤為明顯。如果非貿易部門的生產率增長一直保持低水平.那麽未來,中國很可能在平衡中期的經濟增長模式和緩和通脹壓力時遇到睏難。因此,政府部門有必要採取政策措施來提高非貿易部門的生產率。
목전대중국비무역부문적(전요소)생산솔지지심소。본문통과연구비무역부문상대무역부문적개격파동,야취시내부실제회솔적변동。래고계비무역부문적생산솔증장。아문발현비무역부문적개격증장속도현저쾌우무역부문,이중국내부실제회솔적승수요비인민폐적실제유효회솔쾌。동시,비무역부문적생산솔증장저우무역부문,이저량부문생산솔적차이재여기타경제체상비시우위명현。여과비무역부문적생산솔증장일직보지저수평.나요미래,중국흔가능재평형중기적경제증장모식화완화통창압력시우도곤난。인차,정부부문유필요채취정책조시래제고비무역부문적생산솔。
Little is known about the total factor productivity of the non - tradable sectors in China. In this paper we estimate productivity growth of the non - tradable sectors by studying the relative price movements of the non - tradable sectors vis - a - vis the tradable sectors, i.e. changes in the internal real exchange rate. We find that prices of the non - tradable sectors have risen significantly faster than those of the tradable sectors, and China's internal real exchange rate has appreciated at a faster pace than the renminbi real effective exchange rate. We also find the non - tradable sectors have seen much lower productivity growth than the tradable sectors, and such productivity differentials are large when compared to other economies. We argue that if productivity growth in the non - tradable sectors remains slow, China will likely see more difficulty in rebalancing its growth pattern and higher inflationary pressures in the medium term. As such, it is important for the authorities to take policy actions to raise productivity growth in the non -tradable sectors.