Revisiting the Growth of Hong Kong, Singapore, South Korea, and Taiwan through the Lens of a Neoclas
2008/10/21
研討會日期 : 2008-10-21
時間 : 14:30
主講人 : 盧姝璇助理教授
地點 : C棟103室
演講者簡介 : 盧書璇教授為美國加州大學洛杉磯分校(University of California, Los Angeles )經濟學博士(2007)。目前為清華大學經濟系助理教授。其主要研究領域為經濟發展、總體經濟學及國際金融。
演講摘要 : This paper studies the sources of growth for the East Asian Newly Industrializing Countries (NICs) – Hong Kong (1976-2006), Singapore (1973-2006), South Korea (1970-2006), and Taiwan (1961-2006) – using a diagnostic tool, known as business cycle accounting, developed in the recent business cycle literature. Compared with growth accounting, this approach provides complete characterization of these growth experiences from a neoclassical perspective and shed light on why these NICs grew fast and rapidly accumulated capital and labor. The results show that these NICs have different growth patterns. The growth in Singapore is mainly driven by transitional dynamics. For the other NICs, improvement in total factor productivity (TFP) is crucial in explaining the growth, especially for output and capital accumulation. The effect of TFP improvement on growth is strongest on Taiwan whereas the effect is the weakest on Hong Kong. In addition, time-varying wedges in capital and labor market also account for the growth, especially on labor choices.
