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What Explains the Industrial Revolution in East Asia? Evidence from the Factor Markets

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Author Info
Chang-Tai Hsieh
Abstract

This paper presents dual estimates of total factor productivity growth (TFPG) for East Asian countries. While the dual estimates of TFPG for Korea and Hong Kong are similar to the primal estimates, they exceed the primal estimates by 1 percent a year for Taiwan and by more than 2 percent for Singapore. The reason for the large discrepancy for Singapore is because the return to capital has remained constant, despite the high rate of capital accumulation indicated by Singapore's national accounts. This discrepancy is not explained by financial market controls, capital income taxes, risk premium changes, and public investment subsidies.

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Publisher Info
Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 92 (2002)
Issue (Month): 3 (June)
Pages: 502-526
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Handle: RePEc:aea:aecrev:v:92:y:2002:i:3:p:502-526

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  1. Susan M. Collins & Barry P. Bosworth, 1996. "Economic Growth in East Asia: Accumulation versus Assimilation," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(1996-2), pages 135-204. [Downloadable!]
  2. Ermisch, J. F. & Huff, W. G., 1999. "Hypergrowth in an East Asian NIC: Public policy and capital accumulation in Singapore," World Development, Elsevier, vol. 27(1), pages 21-38, January. [Downloadable!] (restricted)
  3. repec:bin:bpeajo:v:54:y:1996:i:1996-2:p:135-204 is not listed on IDEAS
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Giannetti, Mariassunta, 2003. "On the Causes of Overlending: Are Guarantees on Deposits the Culprit?," CEPR Discussion Papers 4055, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  2. John Fernald & Brent Neiman, 2003. "Measuring productivity growth in Asia: do market imperfections matter?," Working Paper Series WP-03-15, Federal Reserve Bank of Chicago. [Downloadable!]
  3. Pedro Cavalcanti Gomes Ferreira & Samuel de Abreu Pessôa & Fernando A. Veloso, 2004. "On The Tyranny of Numbers: East Asian Miracles in World Perspective," Economics Working Papers (Ensaios Economicos da EPGE) 569, Graduate School of Economics, Getulio Vargas Foundation (Brazil). [Downloadable!]
    Other versions:
  4. Hiau Looi Kee, 2002. "Productivity in endowments : sectoral evidence for Hong Kong's aggregate growth," Policy Research Working Paper Series 2892, The World Bank. [Downloadable!]
  5. Jozef Konings & Hylke Vandenbussche, 2004. "Antidumping Protection and Markups of Domestic Firms: Evidence from Firm Level Data," LICOS Discussion Papers 14104, LICOS - Centre for Institutions and Economic Performance, K.U.Leuven. [Downloadable!]
  6. Hyeok Jeong & Robert M. Townsend, 2005. "Discovering the Sources of TFP Growth: Occupational Choice and Financial Deepening," IEPR Working Papers 05.19, Institute of Economic Policy Research (IEPR). [Downloadable!]
  7. John Fernald & Brent Neiman, 2006. "Measuring the miracle: market imperfections and Asia's growth experience," Working Paper Series 2006-17, Federal Reserve Bank of San Francisco. [Downloadable!]
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  8. Jozef Konings & Patrick Van Cayseele & Frederic Warzynski, 2002. "The Effects of Privatization and Competitive Pressure on Firms’ Price-cost Margins: Micro Evidence from Emerging Economies," LICOS Discussion Papers 12502, LICOS - Centre for Institutions and Economic Performance, K.U.Leuven. [Downloadable!]
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  9. W A Razzak, 2004. "Towards Building A New Consensus About New Zealand’s Productivity," GE, Growth, Math methods 0405002, EconWPA. [Downloadable!]
  10. Jozef Konings & Patrick Van Cayseele & Frederic Warzynski, 2003. "The Effects Of Privatization And International Competitive Pressure On Firms’ Price-Cost Margins: Micro Evidence From Emerging Economies1," William Davidson Institute Working Papers Series 2003-603, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  11. Robert M. Townsend & Hyeok Jeong, 2004. "Discovering the Sources of TFP Growth: Occupation Choice, Capital Heterogeneity, and Financial Deepening," Econometric Society 2004 North American Summer Meetings 405, Econometric Society. [Downloadable!]
  12. Hyeok Jeong & Robert M. Townsend, 2005. "Sources of TFP Growth: Occupational Choice and Financial Deepening," IEPR Working Papers 05.28, Institute of Economic Policy Research (IEPR), revised May 2005. [Downloadable!]
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  13. Ciccone, Antonio & Peri, Giovanni, 2003. "Skills' Substitutability and Technological Progress: U.S. States 1950-1990," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
  14. Hyeok Jeong & Yong Kim, 2006. "S-shaped Transition and Catapult Effects," IEPR Working Papers 06.53, Institute of Economic Policy Research (IEPR). [Downloadable!]
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  15. Francisco Alvarez-Cuadrado, 2006. "Growth Outside The Stable Path: Lessons From The European Reconstruction," Departmental Working Papers 2006-02, McGill University, Department of Economics. [Downloadable!]
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