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Growth Miracles Reexamined

Author

Listed:
  • Chris Papageorgiou

    (Louisiana State University)

  • Fidel Pérez Sebastián

    (Universidad de Alicante)

Abstract

In this paper we propose a growth model in which the combined effect of human capital and technology adoption is the key factor in replicating and explaining growth miracles. Using standard technologies and parameterization, we show that the calibrated model generates output growth paths consistent with the ones displayed by miracle economies, such as Japan and South Korea. The driving force of our result is twofold: (a) the complementarity between human capital and technological adoption; (b) the reallocation of labor across sectors along the adjustment path.

Suggested Citation

  • Chris Papageorgiou & Fidel Pérez Sebastián, 2001. "Growth Miracles Reexamined," Working Papers. Serie AD 2001-03, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    • Handle: RePEc:ivi:wpasad:2001-03
    as

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    References listed on IDEAS

    as
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