Confucianism and the East Asian Miracle
AbstractWe 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 InfoArticle provided by American Economic Association in its journal American Economic Journal: Macroeconomics.
Volume (Year): 2 (2010)
Issue (Month): 3 (July)
Find related papers by JEL classification:
- E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
- O17 - Economic Development, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
- O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
- P24 - Economic Systems - - Socialist Systems and Transition Economies - - - National Income, Product, and Expenditure; Money; Inflation
- Z12 - Other Special Topics - - Cultural Economics - - - Religion
- Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Social and Economic Stratification
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- 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.
- Elaine Liu & Juanjuan Meng & Joseph Wang, 2013. "Confucianism and Preferences: Evidence from Lab Experiments in Taiwan and China," Working Papers 2013-199-49, Department of Economics, University of Houston.
- Liu, Elaine M. & Meng, Juanjuan & Wang, Joseph Tao-yi, 2013. "Confucianism and Preferences: Evidence from Lab Experiments in Taiwan and China," IZA Discussion Papers 7684, Institute for the Study of Labor (IZA).
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