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Economic Convergence in Seven Asian Economies

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  • Haizheng Li
  • Zhenhui Xu

Abstract

The impressive economic growth in a select group of Asian economies in the last several decades prompts some to argue that authoritarianism helps rapid economic growth while democracy hampers it. In this paper, we used the panel data approach to test this hypothesis for seven Asian economies, including South Korea, Singapore, and China. Our results reject the strong version of this hypothesis but fail to reject the weak version of it. Specifically, we found insignificant impacts of political freedom but significant effects of economic freedom on advancing economic convergence in these economies.

Suggested Citation

  • Haizheng Li & Zhenhui Xu, 2007. "Economic Convergence in Seven Asian Economies," Review of Development Economics, Wiley Blackwell, vol. 11(3), pages 531-549, August.
    • Handle: RePEc:bla:rdevec:v:11:y:2007:i:3:p:531-549
    DOI: 10.1111/j.1467-9361.2007.00367.x
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    References listed on IDEAS

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    1. Donald L. Kohn, 2003. "Business Checking Freedom Act of 2003, H.R. 758 and H. R. 859: testimony before the Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services, U.S. House of Rep," Speech 22, Board of Governors of the Federal Reserve System (U.S.).
    2. Robert J. Barro & Xavier Sala-i-Martin, 1991. "Convergence across States and Regions," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(1), pages 107-182.
    3. World Bank, 2003. "World Development Indicators 2003," World Bank Publications - Books, The World Bank Group, number 13920.
    4. Jeffrey D. Sachs & Andrew M. Warner, 1995. "Economic Convergence and Economic Policies," NBER Working Papers 5039, National Bureau of Economic Research, Inc.
    5. Barro, Robert J & Sala-i-Martin, Xavier, 1992. "Convergence," Journal of Political Economy, University of Chicago Press, vol. 100(2), pages 223-251, April.
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    Cited by:

    1. Joshi, Prathibha & Beck, Kris, 2021. "Economic Growth and the Rise of Democracy: A Granger Causality Analysis," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 74(4), pages 389-414.
    2. James E. Payne & James W. Saunoris & Saban Nazlioglu & Cagin Karul, 2023. "The convergence dynamics of economic freedom across U.S. states," Southern Economic Journal, John Wiley & Sons, vol. 89(4), pages 1216-1241, April.
    3. Pui Sun Tam, 2018. "Economic Transition and Growth Dynamics in Asia: Harmony or Discord?," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 60(3), pages 361-387, September.
    4. David B. Audretsch & Antje Fiedler, 2022. "The Vietnamese entrepreneurship paradox: how can entrepreneurs thrive without political and economic freedom?," The Journal of Technology Transfer, Springer, vol. 47(4), pages 1179-1197, August.
    5. Zhenhui Xu & Haizheng Li, 2008. "Political freedom, economic freedom, and income convergence: Do stages of economic development matter?," Public Choice, Springer, vol. 135(3), pages 183-205, June.

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