The Asian Growth Miracle: Factor Accumulation, The Demographic Transition And R&D-Driven Growth
AbstractThe spectacular growth rates in the Asian miracle economies (AMEs) are often attributed to factor accumulation whilst ignoring the forces that have been responsible for it. Using data for six AMEs over the period from 1953 to 2009, this paper extends the conventional growth accounting exercise by allowing for the population growth drag and endogeneity of capital deepening, savings, labor force participation and schooling. It is shown that growth has been predominantly a result of the demographic transition and productivity growth, where the latter has been driven by R&D, knowledge spillovers through imports and R&D absorptive capacity.
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Bibliographic InfoPaper provided by Monash University, Department of Economics in its series Monash Economics Working Papers with number 23-13.
Length: 28 pages
Date of creation: Jul 2013
Date of revision:
Contact details of provider:
Postal: Department of Economics, Monash University, Victoria 3800, Australia
Web page: http://www.buseco.monash.edu.au/eco/
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Find related papers by JEL classification:
- O30 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - General
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
- O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-08-05 (All new papers)
- NEP-DEM-2013-08-05 (Demographic Economics)
- NEP-EFF-2013-08-05 (Efficiency & Productivity)
- NEP-SEA-2013-08-05 (South East Asia)
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