Trajectories to High Income: Growth Dynamics in Japan, the People’s Republic of China, and the Republic of Korea
Date
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
Description
This paper analyzes the economic growth patterns of Japan, the People’s Republic of China (PRC), and the Republic of Korea. It finds a striking similarity between the growth experiences of the PRC and the Republic of Korea.
Japan and the Republic of Korea quickly graduated from middle-income to high-income status and offer valuable lessons for the PRC. This paper uses Cobb–Douglas production functions to assess the long-run equilibrium relationships between per capita gross domestic product, capital, and labor by means of cointegrated vector autoregressive models.