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Growth Theories in Light of the East Asian Experience

The contributors to this volume analyze the growth experiences of Japan, Korea, China, Hong Kong, Singapore, and Taiwan in light of the recently developed endogenous growth theory to provide an understanding of the economic boom in East Asia.

The theory explored in this volume attributes the phenomenal economic success of these countries to, among other factors, the role of an outward orientation—a focus on exporting rather than on protecting home markets. In addition, the importance of exchange rate behavior, of the supportive role of government policy, and of the accumulation and promotion of physical and human capital are explored in detail. This collection also examines the extent to which growth in each country became self-sustaining once it began.

Demonstrating the relevance of endogenous growth theory for studying this important region, this fourth volume in the NBER-East Asia Seminar on Economics series will be of interest to observers of East Asian affairs.

Table of Contents

Takatoshi Ito and Anne O. Krueger
1: East Asian Experience and Endogenous Growth Theory
Anne O. Krueger
2: Long-Run Growth Theories and Empirics: Anything New?
T. N. Srinivasan
3: The Open Door Policy and China’s Rapid Growth: Evidence from City-Level Data
Shang-Jin Wei
4: Old and New Development Models: The Taiwanese Experience
Ji Chou
5: Debt Financing, Public Investment, and Economic Growth in Taiwan
Chen-Min Hsu
6: The Role of Trade and Exchange Rate Policy in Korea’s Growth
Chong-Hyun Nam
7: The Role of the Government in Promoting Industrialization and Human
Capital Accumulation in Korea
Joon-Kyung Kim, Sang Dal Shim, and Jun-Il Kim
8: Japan’s Development Cooperation and Economic Development in East Asia
Hirohisa Kohama
9: A Time-Series Test of the Endogenous Growth Model with Human Capital
Hak K. Pyo
10: Conditional Convergence in East Asian Countries: The Role of Exports in Economic Growth
Shin-ichi Fukuda and Hideki Toya
11: Explaining Miracles: Growth Regressions Meet the Gang of Four
William Easterly
Author Index
Subject Index

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