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Are East Asian economies dynamically efficient?

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  • Are East Asian economies dynamically efficient?
  • Ahn, Kookshin
  • Chung-Ang University(Economic Research Institute)


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Title Are East Asian economies dynamically efficient?
Similar Titles
Material Type Articles
Author(English)

Ahn, Kookshin

Publisher

[Seoul]:Chung-Ang University(Economic Research Institute)

Date 2003-06
Journal Title; Vol./Issue Journal of Economic Development:vol. 28(no. 1)
Subject Country Japan(Asia and Pacific)
South Korea(Asia and Pacific)
Taiwan(Asia and Pacific)
File Type Link
Subject Economy < Macroeconomics
Economy < Economic Conditions
Holding Chung-Ang University

Abstract

This paper investigates dynamic efficiency of major East Asian economies based on the criterion of Abel, Mankiw, Summers and Zeckhauser(1989). It shows that both Korea and Taiwan are not necessarily dynamically efficient since they do not satisfy the sufficient
condition of dynamic efficiency. It also shows that, contrary to the claim by Abel, Mankiw, Summers and Zeckhauser(1989), Japan also does not satisfy the sufficient condition of dynamic efficiency. Possible causes and implications of these empirical results are briefly reviewed.