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Confucianism and the East Asian Miracle

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  • Ming-Yih Liang
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    Abstract

    We examine two behavioral traits essential to Confucianism, and put forward hypotheses as to whether these behavioral traits impede or are conducive to "leading" or "follower" mode growth. A dynamic leader-follower general equilibrium model with appropriately specified "Confucian" parameters is shown to generate results that correspond to some of the main features of East Asian economies: their miracle growths, subsequent slowdowns, trade surpluses, and persistent accumulations of foreign exchange reserves. We calibrate the model to assess the quantitative importance of these cultural effects and examine their implications for future evolution of these economies. (JEL E23, O17, O41, O47, P24, Z12, Z13)

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    Bibliographic Info

    Article provided by American Economic Association in its journal American Economic Journal: Macroeconomics.

    Volume (Year): 2 (2010)
    Issue (Month): 3 (July)
    Pages: 206-34

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    Handle: RePEc:aea:aejmac:v:2:y:2010:i:3:p:206-34

    Note: DOI: 10.1257/mac.2.3.206
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    Cited by:
    1. Elaine M. Liu & Juanjuan Meng & Joseph Tao-yi Wang, 2013. "Confucianism and Preferences: Evidence from Lab Experiments in Taiwan and China," NBER Working Papers 19615, National Bureau of Economic Research, Inc.
    2. Amavilah, Voxi Heinrich, 2014. "Sir W. Arthur Lewis and the Africans: Overlooked Economic Growth Lessons," MPRA Paper 57126, University Library of Munich, Germany.

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