摘要
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。
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.
出处
《金融研究》
CSSCI
北大核心
2012年第10期15-28,共14页
Journal of Financial Research
关键词
贸易和非贸易部门
内部实际汇率
全要素生产率
Tradable and non - tradable sectors, Internal real exchange rate, Total factor productivity
