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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

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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Publication status: published as International Trade and Migration in the APEC Region, ed. by P.J. Lloyd and L.S. Williams. Oxford Univ Press, 1997.
Handle: RePEc:nbr:nberwo:5276

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Cited by:
  1. John F. Helliwell, 1997. "National Borders, Trade and Migration," NBER Working Papers 6027, National Bureau of Economic Research, Inc.
  2. Alan M. Taylor, 1996. "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.
  3. Thomas Osang, 2006. "External and internal determinants of development," Proceedings, Federal Reserve Bank of Dallas, pages 35-59.

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