The paper surveys the literature on the growth performance of the East Asian economies, evaluates the sustainability of that performance, and provides a preliminary assessment of their long-term growth prospects in the aftermath of the current crisis. It highlights special features of East Asian growth, including unusually high factor accumulation and a favorable demographic transition, but argues that total factor productivity growth has generally been somewhat disappointing. It argues that there are downside risks to the East Asian "developmental state" model, and that it may become less attractive as these economies mature. Copyright 1999, International Monetary Fund
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Article provided by Palgrave Macmillan Journals in its journal IMF Staff Papers.
Find related papers by JEL classification: N15 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - Asia including Middle East N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East N35 - Economic History - - Labor and Consumers, Demography, Education, Income, and Wealth - - - Asia including Middle East O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
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