Michael Murach; Helmut Wagner; Jungsuk Kim; Donghyun Park2021-10-052021-10-052020-10N/AN/A2313-65372313-654https://www.adb.org/publications/trajectories-high-income-growth-dynamics-jpn-prc-rokhttps://hdl.handle.net/20.500.14540/5742This 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.48Economics