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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, Japan : Asian Development Bank Institute

Date 2016-04
Series Title; No ADBI Working Papers / 571
Pages 35
Subject Country China(Asia and Pacific)
South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Industry and Technology < Science/Technology
Holding Asian Development Bank Institute
License

Abstract

This study investigates the economic growth and catch-up of the Republic of Korea over the past half-century. The gap of output per worker between the Republic of Korea and United States has decreased rapidly, as the Republic of Korea’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 Republic of Korea’s 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 Republic of Korea 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)