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Factor Accumulation without Diminishing Returns: the Case of East Asia

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  • Peter Debaere
  • Ufuk Demiroglu

Abstract

We investigate the similarity of the country endowments of the newly industrialized East Asian countries (NICs) and their major developed trading partners since the 1960s. In particular, we analyze their factor endowments in the years 1965, 1977, and 1990, using the lens condition of Deardorff (1994). Because of the similarity of endowments of the NICs and their developed‐country trading partners, we cannot reject the hypothesis that these countries are diversified economies, able to produce the same set of goods since the 1960s. This empirical evidence supports the theoretical analyses of the East Asian growth miracle of Mankiw (1995) and Ventura (1997) in an environment in which factor accumulation did not imply decreasing returns to capital.

Suggested Citation

  • Peter Debaere & Ufuk Demiroglu, 2006. "Factor Accumulation without Diminishing Returns: the Case of East Asia," Review of International Economics, Wiley Blackwell, vol. 14(1), pages 16-29, February.
    • Handle: RePEc:bla:reviec:v:14:y:2006:i:1:p:16-29
    DOI: 10.1111/j.1467-9396.2006.00558.x
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    Cited by:

    1. Catia Batista & Jacques Potin, 2007. "Heckscher-Ohlin Specialization and the Marginal Product of Capital, 1976-2000," Economics Series Working Papers 357, University of Oxford, Department of Economics.
    2. Batista Cátia & Potin Jacques, 2015. "International specialization and the return to capital," The B.E. Journal of Macroeconomics, De Gruyter, vol. 15(2), pages 467-508, July.
    3. Batista, Catia & Potin, Jacques, 2008. "International Specialization and the Return to Capital, 1976-2000," ESSEC Working Papers DR 08001, ESSEC Research Center, ESSEC Business School.
    4. Catia Batista & Jacques Potin, 2007. "Stages of diversification and specialization in an Heckscher-Ohlin world, 1976-2000," Economics Series Working Papers 356, University of Oxford, Department of Economics.

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