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Growth determinants in low-income and emerging Asia: a comparative analysis

Author

Listed:
  • Ari Aisen

    (Asia and Pacific Department, International Monetary Fund; Central Bank of Chile)

Abstract

This paper investigates the determinants of economic growth in low-income countries in Asia. Estimates from standard growth regressions using data for 146 developing countries for the period 1970-2000 indicate that a higher investment-to-GDP ratio, openness, primary school enrolment and rule of law all positively affect growth. Conversely, a higher government expenditure-to-GDP ratio is associated with lower growth. In addition, a comparative exercise between emerging countries and low-income countries in Asia shows that investment raises growth significantly more efficiently in the former. The paper concludes by recommending policy directions, based on the empirical results, that could help spur growth throughout low-income Asia.

Suggested Citation

  • Ari Aisen, 2007. "Growth determinants in low-income and emerging Asia: a comparative analysis," Asia-Pacific Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 14(2), pages 1-22, December.
    • Handle: RePEc:unt:jnapdj:v:14:y:2007:i:2:p:1-22
    as

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    File URL: http://www.unescap.org/sites/default/files/apdj-14-2-1-Aisen.pdf
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    References listed on IDEAS

    as
    1. Barro, Robert J, 1996. "Democracy and Growth," Journal of Economic Growth, Springer, vol. 1(1), pages 1-27, March.
    2. William Easterly, 1995. "Explaining Miracles: Growth Regressions Meet the Gang of Four," NBER Chapters, in: Growth Theories in Light of the East Asian Experience, pages 267-299, National Bureau of Economic Research, Inc.
    3. Robert J. Barro & Xavier Sala-i-Martin, 2003. "Economic Growth, 2nd Edition," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262025531, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Economic growth; Emerging Asia; Developing Asia;
    All these keywords.

    JEL classification:

    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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