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Growth and Convergence in the Asia-Pacific Region: On the Role of Openness, Trade and Migration

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Alan M. Taylor

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Abstract

This paper examines the relationship between openness, trade, and migration in the Asia-Pacific region during the post-1970 period. Conventional reduced-form empirical-growth specifications are augmented by an appeal to structural modelling, an extension that reveals a rich set of interactions between policy, distortions, factor accumulation and growth. A broad array of openness measures play a major role in the successful growth performance of the Asia-Pacific region, a key channel being the distortion-investment nexus. In contrast, the results suggest little role for migration as a quantitatively significant growth determinant, at least at the macro level, which is no surprise in this area of historically low net migration rates. However, I find that within-sample prediction for the Asia-Pacific region is harder to achieve -- 'good luck' as well as 'good policy' played a part.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5276.

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Date of creation: Sep 1995
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Handle: RePEc:nbr:nberwo:5276

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Find related papers by JEL classification:
E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Thomas Osang, 2006. "External and internal determinants of development," Proceedings, Federal Reserve Bank of Dallas, pages 35-59. [Downloadable!]
  2. John F. Helliwell, 1999. "National Borders, Trade and Migration," NBER Working Papers 6027, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Alan M. Taylor, 1999. "On the Costs of Inward-Looking Development: Historical Perspectives on Price Distortions, Growth, and Divergence in Latin American from 1930s - 1980s," NBER Working Papers 5432, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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