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Growth and Convergence in the Asia-Pacific Region: On the Role of Openness, Trade and Migration

  • Alan M. Taylor

This paper examines the relationship between openness, trade, and migration in the Asia-Pacific region during the post-1970 period. Conventional reduced-form empirical-growth specifications are augmented by an appeal to structural modelling, an extension that reveals a rich set of interactions between policy, distortions, factor accumulation and growth. A broad array of openness measures play a major role in the successful growth performance of the Asia-Pacific region, a key channel being the distortion-investment nexus. In contrast, the results suggest little role for migration as a quantitatively significant growth determinant, at least at the macro level, which is no surprise in this area of historically low net migration rates. However, I find that within-sample prediction for the Asia-Pacific region is harder to achieve -- 'good luck' as well as 'good policy' played a part.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5276.

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Date of creation: Sep 1995
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Publication status: published as International Trade and Migration in the APEC Region, ed. by P.J. Lloyd and L.S. Williams. Oxford Univ Press, 1997.
Handle: RePEc:nbr:nberwo:5276
Note: DAE
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