【ECON201311】

勞動與發展經濟學研討會

【主題】Does Fiscal Decentralization Increase the Investment Rate Evidence from Chinese Dynamic Panel Data

【主講人】何其春          

【時間】10月25日周五中午12：00-1：30        

【地點】明德主樓 729　會議室。        

【摘要】In 1994, the Chinese government introduced a new fiscal system-the tax assignment system-to replace the old discretion-based system of revenue-sharing. Using this natural experiment and the dynamic provincial panel data during the following period 1995-2002, we find fiscal decentralization has a significant positive effect on the physical capital investment rate in both LSDV (Least squares dummy variables) regression and system GMM (Generalized method of moments) estimation that overcomes the endogeneity of fiscal decentralization. The results are robust to controlling for other variables, and province and time effects. The independence of the local governments is no free lunch. The local officials are not elected by the local constituents. Instead, the central government solely determines their appointment and thereby disciplines them by linking their promotion with the performance of the local economy. Therefore, it is rational for local officials to raise investment rate and thereby growth to maximize their chance of promotion, explaining our findings.

演講人簡介：何其春2007年從加拿大英屬哥倫比亞大學畢業，獲經濟學博士學位，目前是中央財經大學中國經濟與管理研究院的副教授。何其春副教授的研究領域包括宏觀經濟學、經濟增長理論、發展經濟學和中國經濟，曾經在《經濟研究》、《世界經濟》、Annals of Economics and Finance，Journal of Applied Economics等優秀的期刊上發表論文。              

歡迎各位老師同學參加。如有相關領域老師或研究人員有意將論文在研討會上報告，也可以聯系經濟學院孫文凱老師（sunwk@ruc.edu.cn）。          

中國人民大學經濟學院