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Drivers of Developing Asia's Growth: Past and Future


  • Park , Donghyun

    (Asian Development Bank)

  • Park, Jungsoo

    (Asian Development Bank)


While developing Asia has recovered strongly from the global crisis, the region faces the medium- and long-term challenge of sustaining growth beyond the crisis. The central objective of this paper is to empirically investigate the sources of economic growth in 12 developing Asian economies during 1992–2007 via a two-stage analysis. In the first stage, we estimate total factor productivity growth (TFPG) and account for the relative importance of labor, capital, and TFPG in growth. In the second stage, we examine the effect of fundamental determinants of growth such as human capital on both economic growth and TFPG. Our most significant finding is that TFPG is becoming relatively more important as a source of developing Asia’s growth. Our results also confirm the relevance of supply-side factors, in particular human capital and openness to trade, for developing Asia’s medium- and long-term growth. The overarching implication for policy makers is that supply-side policies that foster productivity growth will be vital for sustaining developing Asia’s future growth in the postcrisis period

Suggested Citation

  • Park , Donghyun & Park, Jungsoo, 2010. "Drivers of Developing Asia's Growth: Past and Future," ADB Economics Working Paper Series 235, Asian Development Bank.
  • Handle: RePEc:ris:adbewp:0235

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    References listed on IDEAS

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    2. Chai Park, 1983. "Preference for Sons, Family Size, and Sex Ratio: An Empirical Study in Korea," Demography, Springer;Population Association of America (PAA), vol. 20(3), pages 333-352, August.
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    5. Buchinsky, Moshe, 1994. "Changes in the U.S. Wage Structure 1963-1987: Application of Quantile Regression," Econometrica, Econometric Society, vol. 62(2), pages 405-458, March.
    6. Jean Drèze & Mamta Murthi, 2001. "Fertility, Education, and Development: Evidence from India," Population and Development Review, The Population Council, Inc., vol. 27(1), pages 33-63.
    7. Eric R. Eide & Mark H. Showalter, 1999. "Factors Affecting the Transmission of Earnings across Generations: A Quantile Regression Approach," Journal of Human Resources, University of Wisconsin Press, vol. 34(2), pages 253-267.
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    Cited by:

    1. Asian Development Bank Institute, 2015. "Asian Development Outlook 2015 Financing Asia’s Future Growth," Working Papers id:6666, eSocialSciences.
    2. Ajai Chopra, 2015. "Financing Productivity- and Innovation-Led Growth in Developing Asia: International Lessons and Policy Issues," Working Paper Series WP15-6, Peterson Institute for International Economics.
    3. Dorrucci, Ettore & Pula, Gabor & Santabárbara, Daniel, 2013. "China's economic growth and rebalancing," Occasional Paper Series 142, European Central Bank.
    4. Manuk Ghazanchyan & Janet Gale Stotsky & Qianqian Zhang, 2015. "A New Look at the Determinants of Growth in Asian Countries," IMF Working Papers 15/195, International Monetary Fund.

    More about this item


    Growth; total factor productivity; factor accumulation; growth accounting; determinants of growth; panel data; Asia;

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence


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