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,...

This paper analyzes the effects of allocative efficiency on productivity in the manufacturing sector of Korea following Hsieh and Klenow (2009). The results of this research indicate that the overall allocative efficiency declined from 1990 to 2012. Using the method of Oberfield (2013), which...

We modify the concept of the middle-income trap (MIT) against the background of the Fourth Industrial Revolution and the (future) challenges of automation (creating the concept of the "MIT 2.0") and discuss the implications for developing Asia. In particular, we analyze the impacts of...

This paper reconsiders two questions relating to India's economic growth: structural breaks in growth and the impact of equipment investment on aggregate economic growth. First, statistical tests of structural change show that economic growth in post-independence India has witnessed four...

Since the late 1970s, the Chinese government has been undertaking major efforts in developing their countries economy by means of industrial policy. However, a more narrow approach to industrial policy has been pursued only since 2010, with the initiation of the 'Strategic Emerging Industries'...

To investigate the causes of Korea's growth slowdown over the past thirty years, we estimate the contributions of major developmental factors, including i) demographic factors (changes in population growth and workforce age due to the demographic transition), ii) quality-of-life-related choice...

In a reply to Felipe and McCombie (2010a), Temple (2010) has largely ignored the main arguments that underlie the accounting identity critique of the estimation of production functions using value data. This criticism suggests that estimates of the parameters of aggregate production functions...

In a reply to Felipe and McCombie (2010a), Temple (2010) has largely ignored the main arguments that underlie the accounting identity critique of the estimation of production functions using value data. This criticism suggests that estimates of the parameters of aggregate production functions...

China is well-placed to avoid the so-called “middle-income trap” and to continue to converge towards the more advanced economies, even though growth is likely to slow from near double-digit rates in the first decade of this millennium to around 7% at the 2020 horizon. However, in order to...

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,...