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
Volume (Year): 25 (2006)
Issue (Month): 3 (06)
|Contact details of provider:|| Web page: http://www.springer.com|
|Order Information:||Web: http://www.springer.com/economics/microeconomics/journal/11123/PS2|
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.:
- Michael Sarel, 1997. "Growth and Productivity in Asean Countries," IMF Working Papers 97/97, International Monetary Fund.
- Abdelhak S Senhadji, 1999. "Sources of Economic Growth; An Extensive Growth Accounting Exercise," IMF Working Papers 99/77, 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 1-1.
- 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.
- 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.
- 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. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:kap:jproda:v:25:y:2006:i:3:p:243-255. 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: (Sonal Shukla)or (Rebekah McClure)
If references are entirely missing, you can add them using this form.