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Knowledge Economy Gaps, Policy Syndromes and Catch-up Strategies: Fresh South Korean Lessons to Africa

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  • Asongu, Simplice A

Abstract

Africa’s overall knowledge index fell between 2000 and 2009. South Korea’s economic miracle is largely due to a knowledge-based development strategy that holds valuable lessons for African countries in their current pursuit towards knowledge economies. Using updated data (1996-2010), this paper presents fresh South Korean lessons to Africa by assessing the knowledge economy (KE) gaps, deriving policy syndromes and providing catch-up strategies. The 53 African frontier countries are decomposed into fundamental characteristics of wealth, legal origins, regional proximity, oil-exporting, political stability and landlockedness. The World Bank’s four KE components are used: education, innovation, information & communication technology (ICT) and economic incentives & institutional regime. Absolute beta and sigma convergence techniques are employed as empirical strategies. With the exception of ICT for which catch-up is not very apparent, in increasing order it is visible in: innovation, economic incentives, education and institutional regime. The speed of catch-up varies between 8.66% and 30.00% per annum with respective time to full or 100% catch-up of 34.64 years and 10 years. Based on the trends and dynamics in the KE gaps, policy syndromes and compelling catch-up strategies are discussed. Issues standing on the way to KE in Africa are dissected with great acuteness before South Korean relevant solutions are provided. The paper is original in its provision of practical policy initiatives drawn from the Korean experience to African countries embarking on a transition to KE.

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  • Asongu, Simplice A, 2014. "Knowledge Economy Gaps, Policy Syndromes and Catch-up Strategies: Fresh South Korean Lessons to Africa," MPRA Paper 58758, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:58758
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    Cited by:

    1. Asongu, Simplice & Kodila-Tedika, Oasis, 2015. "Is Poverty in the African DNA (Gene)?," MPRA Paper 67849, University Library of Munich, Germany.
    2. Asongu, Simplice & Nwachukwu, Jacinta, 2017. "Building Knowledge Economies in Africa: A Survey of Policies and Strategies," MPRA Paper 81701, University Library of Munich, Germany.
    3. Oasis Kodila-Tedika & Simplice Asongu, 2014. "Does Intelligence Affect Economic Diversification?," Working Papers 14/039, African Governance and Development Institute..
    4. Asongu, Simplice A. & Tchamyou, Vanessa S. & Minkoua N., Jules R. & Asongu, Ndemaze & Tchamyou, Nina P., 2018. "Fighting terrorism in Africa: Benchmarking policy harmonization," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 492(C), pages 1931-1957.
    5. Simplice Asongu & Vanessa Tchamyou & Paul Acha-Anyi, 2017. "Who is Who in Knowledge Economy in Africa?," Working Papers 17/043, African Governance and Development Institute..
    6. Asongu, Simplice & Nwachukwu, Jacinta, 2017. "Openness, ICT and Entrepreneurship in Sub-Saharan Africa," MPRA Paper 83070, University Library of Munich, Germany.
    7. Asongu, Simplice, 2014. "Reinventing foreign aid for inclusive and sustainable development: a survey," MPRA Paper 65300, University Library of Munich, Germany.
    8. Simplice Asongu & Jacinta C. Nwachukwu, 2015. "Foreign aid volatility and lifelong learning: demand-side empirics to a textual literature," Working Papers 15/016, African Governance and Development Institute..
    9. Simplice Asongu, 2015. "Rational Asymmetric Development: Transfer Pricing and Sub-Saharan Africa’s Extreme Poverty Tragedy," Working Papers 15/017, African Governance and Development Institute..
    10. Simplice Asongu & Jacinta Nwachukwu, 2017. "The Role of Openness in the Effect of ICT on Governance," Working Papers 17/050, African Governance and Development Institute..
    11. Simplice Asongu, 2017. "Persistence in Incarcerations: Global Comparative Evidence," Working Papers 17/056, African Governance and Development Institute..
    12. NGUENA Christian-Lambert & NANFOSSO Roger, 2014. "Macroeconomic Factors and Dynamics of Financial Deepening: An empirical Investigation applied to the CEMAC Sub-region," Working Papers 14/015, African Governance and Development Institute..
    13. Simplice Asongu & Jacinta C. Nwachukwu, 2017. "Educational Quality Thresholds in the Diffusion of Knowledge with Mobile Phones for Inclusive Human Development in Sub-Saharan Africa," Working Papers 17/057, African Governance and Development Institute..
    14. Asongu, Simplice A. & Nwachukwu, Jacinta C., 2017. "Quality of Growth Empirics: Comparative gaps, benchmarking and policy syndromes," Journal of Policy Modeling, Elsevier, vol. 39(5), pages 861-882.
    15. Simplice Asongu & Ivo Leke, 2017. "External Flows and Inclusive Human Development in Sub-Saharan Africa," Working Papers 17/058, African Governance and Development Institute..

    More about this item

    Keywords

    Knowledge economy; Catch-up; South Korea; Africa;

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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