East Asian Growth Before and After the Crisis

Nicholas Crafts

No 1998/137, IMF Working Papers from International Monetary Fund

Abstract: This paper surveys the literature on the growth performance of the east Asian economies in recent decades, evaluates the sustainability of that performance, and provides a preliminary assessment of their long-term growth prospects in the aftermath of the current crisis. It highlights three special aspects of east Asian growth: unusually high factor accumulation, a favorable demographic transition, and the impact of rapid growth on financial and other institutions. The paper argues that there are downside risks to the east Asian “developmental state” model, despite its favorable attributes, and that an alternative model may become more attractive as these economies mature.

Keywords: WP; TFP growth; diminishing returns; productivity gap; real GDP; financial crisis; TFP benchmark; TFP level; TFP estimate; Total factor productivity; Public expenditure review; Productivity; Labor productivity; East Asia; Western Europe; Europe; Asia and Pacific (search for similar items in EconPapers)
Pages: 45
Date: 1998-09-01
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Citations: View citations in EconPapers (8)

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Journal Article: East Asian Growth Before and After the Crisis (1999)
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Persistent link: https://EconPapers.repec.org/RePEc:imf:imfwpa:1998/137

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