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Economic growth in Asia: Determinants and prospects

Title
Economic growth in Asia: Determinants and prospects
Authors
Lee J.-W.Hong K.
Ewha Authors
홍기석
SCOPUS Author ID
홍기석scopus
Issue Date
2012
Journal Title
Japan and the World Economy
ISSN
0922-1425JCR Link
Citation
vol. 24, no. 2, pp. 101 - 113
Indexed
SSCI; SCOPUS WOS scopus
Abstract
Using a growth accounting framework, we find that developing Asia grew rapidly over the past three decades mainly due to robust growth in capital accumulation. The contributions of education and total factor productivity in the region's past economic growth remain relatively limited. We also make long-run growth projections for developing Asia by combining the growth accounting framework with growth regression approach. Our baseline projections based on the model of conditional convergence show that the gross domestic product (GDP) growth rates of the 12 developing Asian economies covered by this paper will be consistently lower for the next two decades than their historical performance. However, policy reforms in education, property rights, and research and development can substantially raise GDP growth in the region and partly offset the slowdown in growth caused by the convergence phenomenon. Even under the baseline scenario, the region's share in the world economy will increase from the current 34 percent in 2009 to close to a half in 2030. © 2012 Elsevier B.V.
DOI
10.1016/j.japwor.2012.01.005
Appears in Collections:
사회과학대학 > 경제학전공 > Journal papers
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