GROWTH MIRACLES REEXAMINED

Chris Papageorgiou () and Fidel Perez Sebastian

Working Papers. Serie AD from Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie)

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.

Keywords: Transitional Dynamics; R&D; Input Complementarity. (search for similar items in EconPapers)
Pages: 35 pages
Date: 2001-01
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Persistent link: https://EconPapers.repec.org/RePEc:ivi:wpasad:2001-03

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