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Accumulation, Technical Progress, and Increasing Returns in the Economic Growth of East Asia

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Author Info

  • Jungsoo Park

    ()

  • Hang Ryu

    ()

Abstract

Adopting homothetic variable returns to scale functional specifications, this study identifies the returns to scale in the aggregate production functions of four East Asian newly industrialized economies–Hong Kong, Korea, Singapore, and Taiwan–and the Group of Five economies based on a maximum likelihood estimation. The study finds evidence of increasing returns in the early developmental stage of the East Asian economies. Separating out the scale contribution from the non-scale factor contributions, the decomposition of the sources of East Asian economic growth differs significantly from the conventional constant returns to scale results, indicating that the role of technical progress is overestimated when constant returns to scale is assumed. Copyright Springer Science+Business Media, LLC 2006

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File URL: http://hdl.handle.net/10.1007/s11123-006-7642-8
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Bibliographic Info

Article provided by Springer in its journal Journal of Productivity Analysis.

Volume (Year): 25 (2006)
Issue (Month): 3 (06)
Pages: 243-255

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Handle: RePEc:kap:jproda:v:25:y:2006:i:3:p:243-255

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Web page: http://www.springerlink.com/link.asp?id=100296

Related research

Keywords: East Asia; Economic growth; Homothetic production function; Increasing returns; Returns to scale; Total factor productivity; O47; D24; F43;

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References

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  1. Michael J. Boskin & Lawrence J. Lau, 2000. "Generalized Solow-Neutral Technical Progress and Postwar Economic Growth," NBER Working Papers 8023, National Bureau of Economic Research, Inc.
  2. Mohsin S. Khan & Shigeru Iwata & Hiroshi Murao, 2002. "Sources of Economic Growth in East Asia," IMF Working Papers 02/13, International Monetary Fund.
  3. A. Senhadji Semlali, 1999. "Sources of Economic Growth," IMF Working Papers 99/77, International Monetary Fund.
  4. Fuss, Melvyn & McFadden, Daniel & Mundlak, Yair, 1978. "A Survey of Functional Forms in the Economic Analysis of Production," Histoy of Economic Thought Chapters, in: Fuss, Melvyn & McFadden, Daniel (ed.), Production Economics: A Dual Approach to Theory and Applications, volume 1, chapter 4 McMaster University Archive for the History of Economic Thought.
  5. Michael Sarel, 1997. "Growth and Productivity in Asean Countries," IMF Working Papers 97/97, International Monetary Fund.
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Cited by:
  1. Ryu, Hang Keun, 2011. "Subjective model selection rules versus passive model selection rules," Economic Modelling, Elsevier, vol. 28(1-2), pages 459-472, January.
  2. Hsieh, Wen-jen, 2011. "The Global Economic Recession and Industrial Structure: Evidence from Four Asian Dragons," ADBI Working Papers 315, Asian Development Bank Institute.
  3. Krasnopjorovs, Olegs, 2013. "Latvijas ekonomikas izaugsmi noteicošie faktori
    [Factors of Economic Growth in Latvia]
    ," MPRA Paper 47550, University Library of Munich, Germany.

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