中國(guó)服務(wù)業(yè)增長(zhǎng)和波動(dòng)的區(qū)制轉(zhuǎn)換與非對(duì)稱性研究

摘要： 在當(dāng)前服務(wù)業(yè)景氣"微波化"的背景下,采用四區(qū)制馬爾科夫混頻動(dòng)態(tài)因子模型,從增長(zhǎng)速度和波動(dòng)強(qiáng)度的雙重角度對(duì)中國(guó)服務(wù)業(yè)景氣不同階段的運(yùn)行特征進(jìn)行詳細(xì)考察。結(jié)果表明,中國(guó)服務(wù)業(yè)景氣波動(dòng)主要呈現(xiàn)低增長(zhǎng)―低波動(dòng)狀態(tài),其次為高增長(zhǎng)―低波動(dòng)狀態(tài),且不同階段之間的轉(zhuǎn)移概率呈現(xiàn)非對(duì)稱性;中國(guó)服務(wù)業(yè)在經(jīng)濟(jì)新常態(tài)背景下可能會(huì)在以低增長(zhǎng)―低波動(dòng)為主要特征的"L"型底部運(yùn)行,也可能會(huì)在低波動(dòng)水平上呈現(xiàn)高增長(zhǎng)和低增長(zhǎng)狀態(tài)交替的"W"型波動(dòng)態(tài)勢(shì)。
In the current context,China's service sector is in the stage of narrowing-fluctuation cycles.Markov-switching process is applied to the intercept item and variance item of the mixed frequency dynamic factor model.A detailed investigation is conducted to analyze the service sector's cyclical characteristics on different states,which from angles of the growth rate and fluctuation degree.The results indicate that service sector's cyclical fluctuation is dominated by "low growth-low fluctuation" state,and "high growth-low fluctuation" is the second last state.There is asymmetry in the transition probability between different states.In the context of the new normal in China,service sector might run on the bottom of L-shape pattern with the characteristic of "low growth-low fluctuation" or appear a W-shape pattern with the characteristic of "high growth" and "low growth" states alternate on the low-fluctuation level.