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The Republic of Korea's economic growth and catch-up : Implications for the People's Republic of China

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  • The Republic of Korea's economic growth and catch-up
  • Lee, Jong-Wha
  • Asian Development Bank Institute


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Title The Republic of Korea's economic growth and catch-up
Similar Titles
Sub Title

Implications for the People's Republic of China

Material Type Reports
Author(English)

Lee, Jong-Wha

Publisher

[Tokyo]:Asian Development Bank Institute

Date 2016-04
Series Title; No ADBI Working Paper Series / No. 571
Pages 30
Subject Country China(Asia and Pacific)
South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Macroeconomics
Holding ADBI

Abstract

This study investigates the economic growth and catch-up of the Republic of Korea (ROK) over the past half-century. The gap of output per worker between the ROK and the United States has decreased rapidly, as the ROK’s lower per capita income, relative to its potential level, has led to higher growth, confirming the prediction of a “conditional convergence” theory. Cross-country regression further suggests that the ROK’s strong catch-up to the United States is also attributable to strong investment, lower fertility, greater trade openness, and improvements in human resources and rule of law, while improvement in democracy tends to slow the pace of the catch-up. Yet as the ROK catches up to the United States and its steady-state level in per worker output, it is subject to growth slowdown unless it improves institutions and policy factors. (The rest omitted)