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Study on Impacting Mechanism of Institutional Quality for Economic Growth of China During Economic Transition Period

DOI: http://dx.doi.org/10.18836/2178-0587/ealr.v5n2p220-243

http://portalrevistas.ucb.br/index.php/EALR/index 

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Da Feng-yuan1

 

Resumo: Este trabalho é uma extensão do modelo de crescimento endógeno multi-setores incluindo o capital com base no modelo de Aghion e Howitt (1999). Ele define a instituição, o capital humano endógeno e inovação tecnológica em um quadro de análise unificada, e testa os efeitos da instituição, a acumulação de capital e inovação tecnológica para o crescimento econômico de longo prazo. Os resultados mostram que o crescimento econômico de longo prazo, não só depende da qualidade institucional e da inovação técnica, mas também depende da acumulação de capital e preferências do agregado familiar. O equilíbrio estável de longo prazo da taxa de crescimento positiva só ocorre quando a qualidade institucional atinge um determinado nível, e a melhoria da qualidade institucional irá melhorar a taxa de crescimento econômico de longo prazo, quando o equilíbrio existe. Além disso, a política de subsídios fiscais do governo também pode afetar o crescimento econômico de longo prazo. Este trabalho tem como objetivo fornecer apoio e sugestões políticas teóricas para o renascimento da reforma da China.

Palavras-chave: Qualidade Institucional; Acumulação de Capital; Inovação Tecnológica; Crescimento Econômico.

 

Abstract: This paper is an extension of the multi-sectors endogenous growth model including capital based on the model of Aghion and Howitt (1999). It sets the institution, endogenous human capital and technological innovation into a unified analysis framework, and tests the effects of the institution, capital accumulation and technological innovation on long-run economic growth. The results show that long-run economic growth not only depends on the institutional quality and the technical innovation, but also depends on the capital accumulation and household’s preferences. The long-run stable equilibrium of positive growth rate only occur when the institutional quality reaches a certain level, and the improvement of the institutional quality will improve the long-run economic growth rate when the equilibrium existing. In addition, government tax and subsidy policy can also affect the long-run economic growth. This paper aims to provide theoretical support and policy suggestions for the revival of China’s reform.

Key words: Institutional Quality; Capital Accumulation; Technological Innovation; Economic Growth.

 

1 School of Economics, Southwest University for Nationalities. E-mail: fengyuanda03@hotmail.com.

 

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