RIEBセミナー
RIEBセミナー（科研基盤研究 （C）「先進国の金融政策正常化により新興国において発生するリスクに対するマクロ経済政策」／国際金融研究部会共催）
RIEBセミナー
科研基盤研究 （C）「先進国の金融政策正常化により新興国において発生するリスクに対するマクロ経済政策」／国際金融研究部会共催
| 日時 | 2019年5月29日（水）13:30 ～ 15:00 |
|---|---|
| 会場 | 神戸大学経済経営研究所 会議室（新館2階） |
| 対象 | 教員、院生、および同等の知識をお持ちの方 |
| 使用言語 | 英語 |
13：30 ～ 15：00
- 論題
- Skill Premium and Preferential Policy: The Case of China
- 報告者
- Qing LIU (School of Economics and Management, Tsinghua University)
- 概要
- Using the national sample of Urban Household Surveys, we document a new stylized fact in China: the skill premium was rising over the past decades until 2008, but started to decline substantially after 2009. What is the cause of this abrupt decline? This paper interprets this change as a reflection of a long-lasting change in the structure of the Chinese economy. That is, starting from 2009, the government offered its preferred firms cheap credit. Since many of these preferred firms are unskilled labor intensive, with a lower financing cost, they increase investment and hire more unskilled workers, thereby reducing the skill premium. A calibrated version of the model accounts for most of the decline of the skill premium in the data. Moreover, the model also predicts a surge in the aggregate investment rate, which is also in line with the data.