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GDP vs genuine progress quantification of economic performance in South Korea and Malaysia

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  • Mastura Hashim
  • Imtiaz Mohammad Sifat
  • Azhar Mohamad

Abstract

Malaysia and South Korea, successful graduates of Asian Financial Crisis, employed different paths to recovery via Capital Control and IMF bail-out respectively. This paper tracks recovery trajectories of the two nations via orthodox and emergent growth indicators: GDP and GPI. We report unemployment, open-trade, fixed capital accumulation, and prior crisis to be influential determinants of both metrics, while credit and foreign exchange rate lack significance.

Suggested Citation

  • Mastura Hashim & Imtiaz Mohammad Sifat & Azhar Mohamad, 2018. "GDP vs genuine progress quantification of economic performance in South Korea and Malaysia," Economics and Business Letters, Oviedo University Press, vol. 7(4), pages 169-178.
    • Handle: RePEc:ove:journl:aid:12779
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    File URL: https://reunido.uniovi.es/index.php/EBL/article/view/12779
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    References listed on IDEAS

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    1. Talberth, John & Bohara, Alok K., 2006. "Economic openness and green GDP," Ecological Economics, Elsevier, vol. 58(4), pages 743-758, July.
    2. Simon Feeny & Heather Mitchell & Christine Tran & Matthew Clarke, 2013. "The Determinants of Economic Growth Versus Genuine Progress in South Korea," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 113(3), pages 1055-1074, September.
    3. Posner, Stephen M. & Costanza, Robert, 2011. "A summary of ISEW and GPI studies at multiple scales and new estimates for Baltimore City, Baltimore County, and the State of Maryland," Ecological Economics, Elsevier, vol. 70(11), pages 1972-1980, September.
    4. Othman, J & Jafari, Y & Sarmidi, T, 2014. "Economic Growth, Foreign Direct Investment, Macroeconomic Conditions and Sustainability in Malaysia," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 14(1), pages 215-226.
    5. Bleys, Brent & Whitby, Alistair, 2015. "Barriers and opportunities for alternative measures of economic welfare," Ecological Economics, Elsevier, vol. 117(C), pages 162-172.
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