摘要
在我国,资本边际收益率似乎并没有随投资的高速增长而递减,并且高资本收益率还和大量外汇盈余和银行储蓄共存。通过构建一个包含劳动者、私营部门和国营部门的三部门增长模型,试图解析这种经济现象。
It has been a mysterious phenomenon that the marginal return of capital does not seem to diminish with the rapid growth of investment in China; besides, high returns on capital is found to coexist with tremendous foreign exchange surplus as well as bank savings. To explain such an economic ＂myth＂ , this paper constructs a three-sector growth model encompassing labor, private sector and public sector.
关键词
投资高增长
资本收益率
外汇盈余
信贷约束
全要素生产率
Return on capital
Foreign exchange surplus
Credit constraints
Total factor productivity （TFP）
