题目：Industrial Subsidies, Exit Barriers and Productivity Stagnation
讲座人：Tianshu Chu教授 西南财经大学
时间： 2012年4月19日（星期四）16：30—18：00
地点：厦门大学经济楼D110
主办单位：厦门大学王亚南经济研究院 厦门大学经济学院
摘要：Subsidies of some forms are adopted in almost all economies; in particular, many developing economies implement it as a mean to promote industrialization. It is widely agreed that industrial subsidies are distortions that might lead to economic inefficiency; however, the predicted loss by thories may look moderate. We develop a dynamic general equilibrium theory to explain the substantial long-term cost of industrial subsidies, which serve as government interventions preventing firms from exiting the market. We find, by stopping the creative destruction of industrial firms, even though the GDP level may look good at the beginning, these countries end up with an inefficient industrial sector in the long term. We calibrate the model to the case of China with a substantial state sector, compute the dynamic equilibrium paths, and demonstrate substantial long-term costs of these government interventions.
