【主题】Servicification of Investment and Structural Transformation
We argue that the servicification of investment becomes an increasingly important reason for the rise of service. This study based on the input-output tables shows such a trend. We also build a dynamic model in which the investment technology changes as the productivities of three sectoral inputs evolve over time. We calibrate the model for China during 1981-2014 and perform simulation experiments. We find that investment technological change accounts for a 33.1% decline in the employment share of agriculture, 36.0% and 31.5% increases in the employment share of manufacturing and services over the period, respectively. Our findings can apply to other economies experiencing the servicification of investment.
郭凯明，中山大学岭南学院副教授，博士生导师，研究领域包括结构转型、人口发展、经济增长和中国宏观经济等，在《经济研究》《Economics of Transition》等期刊发表论文十余篇，为《经济研究》《管理世界》匿名审稿人。