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The Role of Structural Transformation in the Potential of Asian Economic Growth

Author

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  • Foster-McGregor, Neil

    (UNU-Merit)

  • Verspagen, Bart

    (UNU-Merit)

Abstract

The transition from low-income developing country to high-income developed country involves a deep process of structural transformation in which the productive structure of an economy changes. In this paper we examine this process of structural change and its link to productivity growth for a sample of Asian countries. In particular, the paper addresses the following questions: What is the typical pattern of structural change that countries experience when they catch up from low-income levels to the economic frontier?; To what extent and in which form did structural change contribute to productivity growth in Asia since 1990?; How does the contribution of structural change to productivity growth compare to the effects of deviations of actual growth from potential growth?; How does the effect of structural change differ between total factor productivity growth and labor productivity growth?; And, what is the order of magnitude of the productivity effects that can be expected from further convergence of Asian countries to the economic structure that characterizes middle-income and high-income countries?

Suggested Citation

  • Foster-McGregor, Neil & Verspagen, Bart, 2016. "The Role of Structural Transformation in the Potential of Asian Economic Growth," ADB Economics Working Paper Series 479, Asian Development Bank.
    • Handle: RePEc:ris:adbewp:0479
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    File URL: https://www.adb.org/publications/structural-transformation-potential-asian-economic-growth
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    References listed on IDEAS

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    1. Lanzafame, Matteo & Felipe, Jesus & Sotocinal, Noli & Bayudan-Dacuycuy, Connie, 2016. "The Pillars of Potential Growth and the Role of Policy: A Panel Data Approach," ADB Economics Working Paper Series 482, Asian Development Bank.
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    Cited by:

    1. Fukao, Kyoji & Paul, Saumik, 2018. "A Framework to Study the Role of Structural Transformation in Productivity Growth and Regional Convergence," ADBI Working Papers 833, Asian Development Bank Institute.
    2. King Yoong Lim, 2017. "Assessing The Double-Edged Sword Of Using Imitation As A Stepping Stone To Innovation: A Case Of Malaysia’S K-Economy Puzzle," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 65(01), pages 131-159, November.
    3. Paul, Saumik & Fukao, Kyoji, 2017. "The Role of Structural Transformation in Regional Productivity Growth and Convergence in Japan: 1874 - 2008," CEI Working Paper Series 2016-12, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    4. Fukao, Kyoji & 深尾, 京司 & Paul, Saumik, 2017. "The Role of Structural Transformation in Regional Convergence in Japan: 1874-2008," SSPJ Discussion Paper Series DP17-001, Service Sector Productivity in Japan: Determinants and Policies, Institute of Economic Research, Hitotsubashi University.
    5. Taghizadeh-Hesary, Farhad & Rasoulinezhad, Ehsan & Yoshino, Naoyuki, 2018. "Volatility Linkages between Energy and Food Prices: Case of Selected Asian Countries," ADBI Working Papers 829, Asian Development Bank Institute.
    6. Khatiwada, Sameer & Flaminiano, John Paul, 2019. "Prospects for Decent Work in Services," ADBI Working Papers 940, Asian Development Bank Institute.
    7. Fukao, Kyoji & Paul, Saumik, 2017. "The Role of Structural Transformation in Regional Convergence in Japan: 1874-2008," Discussion Paper Series 665, Institute of Economic Research, Hitotsubashi University.

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    More about this item

    Keywords

    labor productivity; structural decomposition; total factor productivity;
    All these keywords.

    JEL classification:

    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • 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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