Total factor productivity growth for 12 Asian economies: The past and the future
This study examines the importance of TFP growth in the long-term past and future economic growth of 12 Asian economies. We analyze the pattern of past growth based on a calculation of TFP growth, investigate the TFP dynamics by estimations of a TFP growth model, decompose the factors affecting TFP growth, and offer long-term projections of TFP growth. The main findings are as follows. First, results suggest that the growth accounting paradigm has shifted in the recent decade toward a productivity-based growth paradigm. Second, the catch-up effect is the major source of TFP growth in past decades, and the human capital contribution to TFP growth is gradually rising in Hong Kong, Korea, Singapore, and Taiwan in the most recent decade but is stagnated or weakened for other Asian economies. Third, the results project strong TFP growth for the two subperiods of 2010–2020 and 2020–2030 and thus suggest that the productivity-based growth will continue in the future long-term growth of the Asian economies.
References listed on IDEAS
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.:
- Margaret S. McMillan & William A. Masters, 2000.
"Climate and scale in economic growth,"
CSAE Working Paper Series
2000-13, Centre for the Study of African Economies, University of Oxford.
- Masters, William A. & McMillan, Margaret S., 2001. "Climate And Scale In Economic Growth," Miscellaneous Papers 11845, Agecon Search.
- William A. Masters & Margaret S. McMillan, 2000. "Climate and Scale In Economic Growth," CID Working Papers 48, Center for International Development at Harvard University.
- William A Masters & Margaret S McMillan, 2000. "Climate and Scale in Economic Growth," Economics Series Working Papers WPS/2000-13, University of Oxford, Department of Economics.
- Benhabib, Jess & Spiegel, Mark M., 1994. "The role of human capital in economic development evidence from aggregate cross-country data," Journal of Monetary Economics, Elsevier, vol. 34(2), pages 143-173, October.
- Felipe, J., 1997.
"Total Factor Productivity Growth in East Asia: A Critical Survey,"
65, Asian Development Bank.
- Jesus Felipe, 1999. "Total factor productivity growth in East Asia: A critical survey," Journal of Development Studies, Taylor & Francis Journals, vol. 35(4), pages 1-41.
- Barry P. Bosworth & Susan M. Collins, 2003. "The Empirics of Growth: An Update," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(2), pages 113-206.
- Robert J. Barro & Jong-Wha Lee, 2010.
"A New Data Set of Educational Attainment in the World, 1950-2010,"
NBER Working Papers
15902, National Bureau of Economic Research, Inc.
- Barro, Robert J. & Lee, Jong Wha, 2013. "A new data set of educational attainment in the world, 1950–2010," Journal of Development Economics, Elsevier, vol. 104(C), pages 184-198.
- Peter Klenow & Andrés Rodríguez-Clare, 1997. "The Neoclassical Revival in Growth Economics: Has It Gone Too Far?," NBER Chapters, in: NBER Macroeconomics Annual 1997, Volume 12, pages 73-114 National Bureau of Economic Research, Inc.
- Stanley Fischer, 1993.
"The Role of Macroeconomic Factors in Growth,"
NBER Working Papers
4565, National Bureau of Economic Research, Inc.
- Mohsin S. Khan & Shigeru Iwata & Hiroshi Murao, 2002. "Sources of Economic Growth in East Asia; A Nonparametric Assessment," IMF Working Papers 02/13, International Monetary Fund.
- Peter J. Klenow & Mark Bils, 2000. "Does Schooling Cause Growth?," American Economic Review, American Economic Association, vol. 90(5), pages 1160-1183, December.
- Alwyn Young, 1995. "The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience," The Quarterly Journal of Economics, Oxford University Press, vol. 110(3), pages 641-680.
- Lee, Jong-Wha & Hong, Kiseok, 2012.
"Economic growth in Asia: Determinants and prospects,"
Japan and the World Economy,
Elsevier, vol. 24(2), pages 101-113.
- Lee, Jong-Wha & Hong, Kiseok, 2010. "Economic Growth in Asia: Determinants and Prospects," ADB Economics Working Paper Series 220, Asian Development Bank.
- Tsao, Yuan, 1985. "Growth without productivity: Singapore Manufacturing in the 1970s," Journal of Development Economics, Elsevier, vol. 19(1-2), pages 25-38.
- Alwyn Young, 1992. "A Tale of Two Cities: Factor Accumulation and Technical Change in Hong Kong and Singapore," NBER Chapters, in: NBER Macroeconomics Annual 1992, Volume 7, pages 13-64 National Bureau of Economic Research, Inc.
- Dinopoulos, Elias & Thompson, Peter, 2000. "Endogenous growth in a cross-section of countries," Journal of International Economics, Elsevier, vol. 51(2), pages 335-362, August.
- Pack, Howard & Page, John Jr., 1994. "Accumulation, exports, and growth in the high-performing Asian economies," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 40(1), pages 199-235, June.
- Michael Sarel, 1997. "Growth and Productivity in Asean Countries," IMF Working Papers 97/97, International Monetary Fund.
- Phillip Arestis & Michelle Baddeley & John S.L. McCombie (ed.), 2007. "Economic Growth," Books, Edward Elgar Publishing, number 3958.
- Young, Alwyn, 1994. "Lessons from the East Asian NICS: A contrarian view," European Economic Review, Elsevier, vol. 38(3-4), pages 964-973, April.
When requesting a correction, please mention this item's handle: RePEc:eee:japwor:v:24:y:2012:i:2:p:114-127. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei)
If references are entirely missing, you can add them using this form.