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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

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

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  1. Sergio Rebelo, 1999. "Long Run Policy Analysis and Long Run Growth," Levine's Working Paper Archive 2114, David K. Levine.
  2. B. Bhaskara Rao & Rup Singh & Saten Kumar, 2010. "Do we need time series econometrics?," Applied Economics Letters, Taylor & Francis Journals, vol. 17(7), pages 695-697.
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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.
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  8. Neil R. Ericsson & James G. MacKinnon, 1999. "Distributions of error correction tests for cointegration," International Finance Discussion Papers 655, Board of Governors of the Federal Reserve System (U.S.).
  9. Carmen Alvarez Albelo & Antonio Manresa, 2005. "Internal Learning By Doing And Economic Growth," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 30(2), pages 1-23, December.
  10. 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.
  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.
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  13. Kocherlakota, Narayana R & Yi, Kei-Mu, 1996. "A Simple Time Series Test of Endogenous vs. Exogenous Growth Models: An Application to the United States," The Review of Economics and Statistics, MIT Press, vol. 78(1), pages 126-34, February.
  14. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  15. Peter Thompson, 2001. "How Much Did the Liberty Shipbuilders Learn? New Evidence for an Old Case Study," Journal of Political Economy, University of Chicago Press, vol. 109(1), pages 103-137, February.
  16. 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.
  17. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  18. 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.
  19. 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.
  20. Mark Rogers, 2003. "A Survey of Economic Growth," The Economic Record, The Economic Society of Australia, vol. 79(244), pages 112-135, 03.
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Citations

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Cited by:
  1. Ronald Ravinesh Kumar & Radika Kumar, 2012. "Exploring sectoral elasticity vis-�-vis per worker income with a focus to agriculture: a study of Sub-Saharan Africa," African Journal of Economic and Sustainable Development, Inderscience Enterprises Ltd, vol. 1(1), pages 27-48.
  2. Kumar, Saten & Pacheco, Gail, 2012. "What determines the long run growth rate in Kenya?," Journal of Policy Modeling, Elsevier, vol. 34(5), pages 705-718.
  3. Kumar, Ronald/R, 2011. "Role of Trade, Aid, Remittances and Financial Development in Pakistan," MPRA Paper 38871, University Library of Munich, Germany.
  4. Kumar, Saten & Pacheco, Gail, 2010. "What Determines the Long run Growth in Kenya?," MPRA Paper 24338, University Library of Munich, Germany.
  5. Rao, B. Bhaskara & Cooray, Arusha, 2010. "Determinants of the long-run growth rate in the South-Asian countries," MPRA Paper 26493, University Library of Munich, Germany.
  6. Kumar, Saten & Pacheco, Gail & Rossouw, Stephanie, 2010. "How to Increase the Growth Rate in South Africa?," MPRA Paper 26105, University Library of Munich, Germany.
  7. Kumar, Ronald Ravinesh, 2013. "Remittances and economic growth: A study of Guyana," Economic Systems, Elsevier, vol. 37(3), pages 462-472.
  8. Arusha Cooray & Sushanta Mallick, 2011. "What explains cross-country growth in South Asia? Female education and the growth effect of international openness," Brooks World Poverty Institute Working Paper Series 14511, BWPI, The University of Manchester.
  9. Kumar, Ronald Ravinesh & Kumar, Radika, 2013. "Effects of energy consumption on per worker output: A study of Kenya and South Africa," Energy Policy, Elsevier, vol. 62(C), pages 1187-1193.

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