East Asian Growth Before and after the Crisis

45 Pages Posted: 15 Feb 2006

See all articles by Nicholas Crafts

Nicholas Crafts

University of Warwick; Centre for Economic Policy Research (CEPR)

Date Written: September 1998

Abstract

This paper surveys the literature on the growth performance of the east Asian economies in recent decades, evaluates the sustainability of that performance, and provides a preliminary assessment of their long-term growth prospects in the aftermath of the current crisis. It highlights three special aspects of east Asian growth: unusually high factor accumulation, a favorable demographic transition, and the impact of rapid growth on financial and other institutions. The paper argues that there are downside risks to the east Asian "developmental state" model, despite its favorable attributes, and that an alternative model may become more attractive as these economies mature.

JEL Classification: N15, N25, N35, 011, 047

Suggested Citation

Crafts, Nicholas, East Asian Growth Before and after the Crisis (September 1998). IMF Working Paper No. 98/137, Available at SSRN: https://ssrn.com/abstract=882698

Nicholas Crafts (Contact Author)

University of Warwick ( email )

Gibbet Hill Rd.
Coventry, West Midlands CV4 8UW
United Kingdom

Centre for Economic Policy Research (CEPR)

London
United Kingdom

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