Trajectories to High Income: Growth Dynamics in Japan, the People’s Republic of China, 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.
- Literature Review
- Empirical Analyses