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On The Tyranny of Numbers: East Asian Miracles in World Perspective

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  • Pedro Cavalcanti Ferreira

    (EPGE/FGV)

  • Samuel de Abreu Pessôa

    (EPGE/FGV)

  • Fernando A. Veloso

    (IBMEC Business School - Rio de Janeiro)

Abstract

In a widely cited paper, Young (1995) showed that the East Asian miracles (Hong Kong, Korea, Singapore and Taiwan) grew mostly through input accumulation during the period 1966-1990. Using data for 83 countries taken from the Penn World Table, version 6.1, and Barro and Lee (2000), we use a common methodology in order to compare the growth performance of the East Asian miracles with the rest of the world. We find that, even though the TFP growth rates of the four East Asian miracles were not remarkable in absolute values, they were very high in relative terms. We argue that, since Young (1995) focused only on the four East Asian miracles, he did not notice that 1966-1990 was a period of particularly low TFP growth and particularly high factor accumulation in the world. Despite the fact that they had high rates of physical capital accumulation, the distinguishing feature of these miracles was their relative productivity growth performance.

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Bibliographic Info

Paper provided by Economics Research Group, IBMEC Business School - Rio de Janeiro in its series IBMEC RJ Economics Discussion Papers with number 2005-10.

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Date of creation: 30 Nov 2005
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Handle: RePEc:ibr:dpaper:2005-10

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Keywords: East Asian miracles; TFP Growth; Growth Decomposition;

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References

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Citations

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Cited by:
  1. Fernando Barbosa & Alexandre Cunha & Elvia Sallum, 2006. "Competitive equilibrium hyperinflation under rational expectations," Economic Theory, Springer, vol. 29(1), pages 181-195, September.
  2. Facundo Albornoz & Jayasri Dutta, 2007. "Political Regimes and Economic Growth in Latin America," Discussion Papers 07-06, Department of Economics, University of Birmingham.
  3. Antonio Paradiso & Saten Kumar & B. Bhaskara Rao, 2011. "The Growth Effects of Education in Australia," Working Papers 2011-05, Auckland University of Technology, Department of Economics.
  4. Li, Hongyi & Wei, Xiangdong & Xie, Danyang, 2009. "Competitiveness of the Hong Kong economy," China Economic Review, Elsevier, vol. 20(3), pages 573-586, September.
  5. Horowitz, Andrew W. & Flôres Junior, Renato Galvão, 2004. "Beyond indifferent players: On the existence of Prisoners Dilemmas in games with amicable and adversarial preferences," Economics Working Papers (Ensaios Economicos da EPGE) 576, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  6. Aloisio Araujo & Luciano I. de Castro Filho, 2004. "Pure Strategy Equilibria of Multidimensional and Non-Monotonic Auctions," Econometric Society 2004 Latin American Meetings 300, Econometric Society.
  7. Veloso, Fernando A. & Ferreira, Pedro Cavalcanti Gomes & Pessoa, Samuel de Abreu, 2004. "The evolution of international output differences (1960-2000): From factors to productivity," Economics Working Papers (Ensaios Economicos da EPGE) 548, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  8. Fabio Araujo & Joao Victor Issler, 2005. "Estimating the Stochastic Discount Factor without a Utility Function," Computing in Economics and Finance 2005 202, Society for Computational Economics.
  9. Athayde, Gustavo M. de & Flôres Junior, Renato Galvão, 2004. "Do Higher Moments Really Matter in Portfolio Choice?," Economics Working Papers (Ensaios Economicos da EPGE) 574, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  10. Barbosa, Fernando de Holanda, 2005. "The Contagion Effect of Public Debt on Monetary Policy: The Brazilian Experience," Economics Working Papers (Ensaios Economicos da EPGE) 591, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).

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