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Estimates of the Steady State Growth Rates for Selected Asian Countries with an Extended Solow Model

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Rao, B. Bhaskara

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Abstract

This paper develops an extended version of the Solow (1956) growth model in which total factor productivity is assumed a function of two important externalities viz., learning by doing and openness to trade. Using this framework we show that these externalities have played an important role to improve the long run growth rats of six Asian countries viz., Singapore, Malaysia, Thailand, Hong Kong, Korea and the Philippines. A few broad policies to improve their long run growth rates are suggested.

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File URL: http://mpra.ub.uni-muenchen.de/9724/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 9724.

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Date of creation: 25 Jul 2008
Date of revision: 01 Jul 2008
Handle: RePEc:pra:mprapa:9724

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Related research
Keywords: Solow Growth Model; Endogenous Growth; Learning by Doing; Trade Openness; Steady State Growth Rate; Newly Developing Asian Countries.;

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Find related papers by JEL classification:
O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions
O19 - Economic Development, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
C01 - Mathematical and Quantitative Methods - - General - - - Econometrics

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  1. Rebelo, Sergio, 1991. "Long-Run Policy Analysis and Long-Run Growth," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 500-521, June. [Downloadable!] (restricted)
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  2. Michael Sarel, 1995. "Growth in East Asia: What We Can and What We Cannot Infer From It," RBA Annual Conference Volume, in: Palle Andersen & Jacqueline Dwyer & David Gruen (ed.), Productivity and Growth Reserve Bank of Australia. [Downloadable!]
  3. Sequeira, Tiago Neves, 2008. "On the effects of human capital and R&D policies in an endogenous growth model," Economic Modelling, Elsevier, vol. 25(5), pages 968-982, September. [Downloadable!] (restricted)
  4. Rao, B. Bhaskara & Singh, Rup & Kumar, Saten, 2008. "Do we need time series econometrics?," MPRA Paper 6627, University Library of Munich, Germany. [Downloadable!]
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  5. Lau, Sau-Him Paul, 2008. "Using an error-correction model to test whether endogenous long-run growth exists," Journal of Economic Dynamics and Control, Elsevier, vol. 32(2), pages 648-676, February. [Downloadable!] (restricted)
  6. Bee Yan Aw & Sukkyun Chung & Mark J. Roberts, 2002. "Productivity, Output, and Failure: A Comparison of Taiwanese and Korean Manufacturers," NBER Working Papers 8766, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. Neil R. Ericsson & James G. MacKinnon, 2002. "Distributions of error correction tests for cointegration," Econometrics Journal, Royal Economic Society, vol. 5(2), pages 285-318, 06. [Downloadable!] (restricted)
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  8. Kevin D. Hoover & Stephen J. Perez, . "Truth and Robustness in Cross-country Growth Regressions," Department of Economics 01-01, California Davis - Department of Economics. [Downloadable!]
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  9. Barro, Robert J, 1990. "Government Spending in a Simple Model of Endogenous Growth," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S103-26, October. [Downloadable!] (restricted)
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  10. Mankiw, N Gregory & Romer, David & Weil, David N, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 407-37, May. [Downloadable!] (restricted)
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  11. Michael Sarel, 1995. "Growth in East Asia: What We Can and What We Cannot Infer From It," IMF Working Papers 95/98, International Monetary Fund.
  12. Sala-i-Martin, Xavier, 1997. "I Just Ran Two Million Regressions," American Economic Review, American Economic Association, vol. 87(2), pages 178-83, May. [Downloadable!] (restricted)
  13. Greiner, Alfred, 2008. "Fiscal policy in an endogenous growth model with human capital and heterogenous agents," Economic Modelling, Elsevier, vol. 25(4), pages 643-657, July. [Downloadable!] (restricted)
  14. Young, Alwyn, 1995. "The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience," The Quarterly Journal of Economics, MIT Press, vol. 110(3), pages 641-80, August. [Downloadable!] (restricted)
  15. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July. [Downloadable!] (restricted)
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