The Welfare Effect of the Chinese-Style Development Path
This paper builds a multi-sector DSGE model incorporating the political promotion tournament to analyze the welfare effect of the Chinese-style development path with the combination of the effective government and the efficient market,taking the role of state-owned enterprises in the national economy under the Chinese-characteristics vertical struc-ture as a point of penetration.Our findings are as follows:(ⅰ)The impacts of the political promotion shock on social welfare change in the U-shaped curve,and the upstream-downstream linkage shock decreases social welfare,but weakening the political promotion tournament and at the same time reducing the upstream-downstream linkage can help improve social welfare;(ⅱ)Promoting financial reform and reducing the financing constraints of non-state-owned enterprises can increase social welfare;(ⅲ)If the government sector withdraws the appropriate support to state-owned enterprises,the role of the effective government will be curbed and this will do harm to social welfare.Hence,in the Chinese-style development path,we should pay full attention to the role of the political promotion tournament and the vertical structure,and strengthen the confidence in the path.
Chinese-style development pathwelfare effectpolitical promotion tournamentvertical structure
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