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Economic Growth Convergence in Asia, 1970-2003: Empirical Evidence from the Solow Model

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  • Georgios Karras

Abstract

This paper uses the Solow model to examine the economic growth and convergence in Asia and compares it with the experience of the rest of the world. The per capita income is positively correlated with savings rate and negatively correlated with population growth rate. The explanatory power of these two variables is much higher in the World dataset than the Asian dataset. The empirical findings are broadly supportive of conditional convergence at an estimated average annual rate of 0.25% in Asia, compared to 0.63% in the world. It is also shown that the speed of convergence is far from constant over time; it rapidly increased in the 1980s, but has since fallen off its maximum values, exhibiting a hump-shaped pattern in both the datasets.

Suggested Citation

  • Georgios Karras, 2009. "Economic Growth Convergence in Asia, 1970-2003: Empirical Evidence from the Solow Model," The IUP Journal of Monetary Economics, IUP Publications, vol. 0(3-4), pages 73-84, August.
    • Handle: RePEc:icf:icfjmo:v:07:y:2009:i:3-4:p:73-84
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