Substituting and Complementing Models of Economic Development in East Asia

Published in Global Economic Review, Vol. 34, No. 1, March 2005

Working Paper 2004-07, Department of Economics, NUS

41 Pages Posted: 18 Aug 2018

See all articles by Jang-Sup Shin

Jang-Sup Shin

National University of Singapore

Date Written: March 1, 2005

Abstract

This paper assesses the relative merits and demerits of different East Asian models by placing them in a historical perspective. It re-interprets Gerschenkron’s model of late industrialization, and extends it to compare East Asian economies in view of substituting and complementing models. It then explains divergent performances among East Asian economies from the late 1990s by examining the different challenges they faced as their economies became mature and more fully open to forces of globalization. In conclusion, the paper discusses the applicability of the East Asian models for today’s developing countries.

Keywords: East Asia, Korea, Taiwan, Singapore, Globalization, Institutional Transition, Catching-Up Strategy

JEL Classification: N10, F01, G30, L50, O10, O50, O53

Suggested Citation

Shin, Jang-Sup, Substituting and Complementing Models of Economic Development in East Asia (March 1, 2005). Published in Global Economic Review, Vol. 34, No. 1, March 2005, Working Paper 2004-07, Department of Economics, NUS, Available at SSRN: https://ssrn.com/abstract=3226108 or http://dx.doi.org/10.2139/ssrn.3226108

Jang-Sup Shin (Contact Author)

National University of Singapore ( email )

Singapore
Singapore

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