Confucianism and the East Asian Miracle

Ming-Yih Liang

American Economic Journal: Macroeconomics, 2010, vol. 2, issue 3, 206-34

Abstract: We examine two behavioral traits essential to Confucianism, and put forward hypotheses as to whether these behavioral traits impede or are conducive to "leading" or "follower" mode growth. A dynamic leader-follower general equilibrium model with appropriately specified "Confucian" parameters is shown to generate results that correspond to some of the main features of East Asian economies: their miracle growths, subsequent slowdowns, trade surpluses, and persistent accumulations of foreign exchange reserves. We calibrate the model to assess the quantitative importance of these cultural effects and examine their implications for future evolution of these economies. (JEL E23, O17, O41, O47, P24, Z12, Z13)

JEL-codes: E23 O17 O41 O47 P24 Z12 Z13 (search for similar items in EconPapers)
Date: 2010
Note: DOI: 10.1257/mac.2.3.206
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Citations: View citations in EconPapers (17)

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