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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"Sources of Economic Growth in East Asia; A Nonparametric Assessment,"
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.
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