Accumulation, Technical Progress, and Increasing Returns in the Economic Growth of East Asia
Adopting homothetic variable returns to scale functional specifications, this study identifies the returns to scale in the aggregate production functions of four East Asian newly industrialized economies–Hong Kong, Korea, Singapore, and Taiwan–and the Group of Five economies based on a maximum likelihood estimation. The study finds evidence of increasing returns in the early developmental stage of the East Asian economies. Separating out the scale contribution from the non-scale factor contributions, the decomposition of the sources of East Asian economic growth differs significantly from the conventional constant returns to scale results, indicating that the role of technical progress is overestimated when constant returns to scale is assumed. Copyright Springer Science+Business Media, LLC 2006
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Volume (Year): 25 (2006)
Issue (Month): 3 (06)
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References listed on IDEAS
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- Abdelhak S Senhadji, 1999. "Sources of Economic Growth; An Extensive Growth Accounting Exercise," IMF Working Papers 99/77, International Monetary Fund.
- Mohsin S. Khan & Shigeru Iwata & Hiroshi Murao, 2002.
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IMF Working Papers
02/13, International Monetary Fund.
- Shigeru Iwata & Mohsin S. Khan & Hiroshi Murao, 2003. "Sources of Economic Growth in East Asia: A Nonparametric Assessment," IMF Staff Papers, Palgrave Macmillan, vol. 50(2), pages 1.
- Michael Sarel, 1997. "Growth and Productivity in Asean Countries," IMF Working Papers 97/97, International Monetary Fund.
- Michael J. Boskin & Lawrence J. Lau, 2000. "Generalized Solow-Neutral Technical Progress and Postwar Economic Growth," NBER Working Papers 8023, National Bureau of Economic Research, Inc.
- Fuss, Melvyn & McFadden, Daniel & Mundlak, Yair, 1978. "A Survey of Functional Forms in the Economic Analysis of Production," Histoy of Economic Thought Chapters, in: Fuss, Melvyn & McFadden, Daniel (ed.), Production Economics: A Dual Approach to Theory and Applications, volume 1, chapter 4 McMaster University Archive for the History of Economic Thought.
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