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Interpreting East Asian GrowthVan H. PhamBaylor University - Department of Economics Henry Wan Jr.Cornell University - Department of Economics 1997 DYNAMICS, ECONOMIC GROWTH, AND INTERNATIONAL TRADE, Bjarne Jensen & Kar-yiu Wong, eds., University of Michigan Press, 1997 Abstract: In this paper, we review the econometric studies of East Asian growth by Kim and Lau (1994) as well as Young (1994). Constructing a multi-sectoral model of technological transfer, we affirm the complementarity thesis of Kim and Lau: knowledge capital and physical capital accumulation (as well as trade) are all necessary for sustained, rapid growth a la the Asian NIEs. Trade being strategic to emulation, it is no surprise that a similar performance is observed in both Korea under state guidance and Hong Kong under laissez faire. Extending the analysis to a product cycle framework, we manage to reproduce the persistent technological gap result of Kim and Lau. Since Asian NIEs emulate foreign innovative designs, they are not likely to suffer the Soviet fate of obsolescent product designs. Accepted Paper Series Date posted: March 5, 2009 ; Last revised: March 12, 2009Suggested CitationContact Information
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