Growing Like China

@article{Song2009GrowingLC,
  title={Growing Like China},
  author={Zheng Song and Kjetil Storesletten and Fabrizio Zilibotti},
  journal={Macroeconomics: Production \& Investment eJournal},
  year={2009}
}
This paper constructs a growth model that is consistent with salient features of the recent Chinese growth experience: high output growth, sustained returns on capital investment, extensive reallocation within the manufacturing sector, falling labor share and accumulation of a large foreign surplus. The building blocks of the theory are asymmetric financial imperfections and heterogeneous productivity. Some firms use more productive technologies, but low-productivity firms survive because of… 
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