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American Economic Review: Vol. 92 No. 3 (June 2002)

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What Explains the Industrial Revolution in East Asia? Evidence From the Factor Markets

Article Citation

Hsieh, Chang-Tai. 2002. "What Explains the Industrial Revolution in East Asia? Evidence From the Factor Markets ." American Economic Review, 92(3): 502-526.

DOI: 10.1257/00028280260136372

Abstract

This paper presents dual estimates of total factor productivity growth (TFPG) for East Asian countries. While the dual estimates of TFPG for Korea and Hong Kong are similar to the primal estimates, they exceed the primal estimates by 1 percent a year for Taiwan and by more than 2 percent for Singapore. The reason for the large discrepancy for Singapore is because the return to capital has remained constant, despite the high rate of capital accumulation indicated by Singapore's national accounts. This discrepancy is not explained by financial market controls, capital income taxes, risk premium changes, and public investment subsidies. (JEL O11, O16, O47, O53)

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Hsieh, Chang-Tai (Department of Economics, Princeton University, Princeton, NJ 08544)


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