Trajectories to High Income: Growth Dynamics in Japan, the People’s Republic of China, and the Republic of Korea
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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.
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Murach, Michael, Helmut Wagner, Jungsuk Kim, and Donghyun Park. 2022. "Trajectories to High Income: Comparing the Growth Dynamics in China, South Korea, and Japan with Cointegrated VAR Models." Structural Change and Economic Dynamics 62: 492–511. https://doi.org/10.1016/j.strueco.2022.06.007.
Note: ADB recognizes "China" as the People's Republic of China and "South Korea" as the Republic of Korea.