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American Economic Journal: Macroeconomics: Vol. 2 No. 3 (July 2010)

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Confucianism and the East Asian Miracle

Article Citation

Liang, Ming-Yih. 2010. "Confucianism and the East Asian Miracle." American Economic Journal: Macroeconomics, 2(3): 206-34.

DOI: 10.1257/mac.2.3.206

Abstract

We examine two behavioral traits essential to Confucianism, and put forward hypotheses as to whether these behavioral traits impede or are conducive to "leading" or "follower" mode growth. A dynamic leader-follower general equilibrium model with appropriately specified "Confucian" parameters is shown to generate results that correspond to some of the main features of East Asian economies: their miracle growths, subsequent slowdowns, trade surpluses, and persistent accumulations of foreign exchange reserves. We calibrate the model to assess the quantitative importance of these cultural effects and examine their implications for future evolution of these economies. (JEL E23, O17, O41, O47, P24, Z12, Z13)

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Authors

Liang, Ming-Yih (National Taiwan U)

JEL Classifications

E23: Macroeconomics: Production
O17: Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
O41: One, Two, and Multisector Growth Models
O47: Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
P24: Socialist Systems and Transitional Economies: National Income, Product, and Expenditure; Money; Inflation
Z12: Cultural Economics: Religion
Z13: Economic Sociology; Economic Anthropology; Social and Economic Stratification

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