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The Asian Growth Miracle: Factor Accumulation, The Demographic Transition And R&D-Driven Growth

Author

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  • Author-Name: Jakob B Madsen
  • James B. Ang

Abstract

The spectacular growth rates in the Asian miracle economies (AMEs) are often attributed to factor accumulation whilst ignoring the forces that have been responsible for it. Using data for six AMEs over the period from 1953 to 2009, this paper extends the conventional growth accounting exercise by allowing for the population growth drag and endogeneity of capital deepening, savings, labor force participation and schooling. It is shown that growth has been predominantly a result of the demographic transition and productivity growth, where the latter has been driven by R&D, knowledge spillovers through imports and R&D absorptive capacity.

Suggested Citation

  • Author-Name: Jakob B Madsen & James B. Ang, 2013. "The Asian Growth Miracle: Factor Accumulation, The Demographic Transition And R&D-Driven Growth," Monash Economics Working Papers 23-13, Monash University, Department of Economics.
    • Handle: RePEc:mos:moswps:2013-23
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    File URL: http://www.buseco.monash.edu.au/eco/research/papers/2013/index.html
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    Cited by:

    1. Aidar Abdychev & La-Bhus Fah Jirasavetakul & Mr. Andrew W Jonelis & Mr. Lamin Y Leigh & Ashwin Moheeput & Friska Parulian & Ara Stepanyan & Albert Touna Mama, 2015. "Increasing Productivity Growth in Middle Income Countries," IMF Working Papers 2015/002, International Monetary Fund.
    2. Jakob B. Madsen & Md. Rabiul Islam & Xueli Tang, 2020. "Was the post-1870 fertility transition a key contributor to growth in the West in the twentieth century?," Journal of Economic Growth, Springer, vol. 25(4), pages 431-454, December.

    More about this item

    Keywords

    Asian growth miracle; endogenous factor accumulation.;

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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