TFPG Controversies, Institutions, and Economic Performance in East Asia
AbstractThe controversy over the appropriate partitioning of East Asian growth into accumulation versus technical change has overlooked a fundamental indeterminacy in measurement. As a result, we cannot rule out the possibility that East Asia has in fact experienced a tremendous amount of technological progress of the labour-saving kind. Second, an index of institutional quality (drawn from work by Knack and Keefer (1995) and Easterly and Levine (1996)) does exceptionally well in rank-ordering East Asian countries according to their growth performance. A parsimonious specification containing only initial income, initial education, and institutional quality accounts for virtually all of the variation in the growth performance in the region, even when institutional quality is instrumented. Finally, the experience of Hong Kong, which has had a flat investment ratio since the 1960s, is consistent with the idea that making the transition from a low-investment economy to a high-investment economy requires a hands-on government.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1587.
Date of creation: Mar 1997
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Other versions of this item:
- Dani Rodrik, 1997. "TFPG Controversies, Institutions, and Economic Performance in East Asia," NBER Working Papers 5914, National Bureau of Economic Research, Inc.
- F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
- O30 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - General
- O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
- O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
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