On the Two Catching-Up Mechanisms in Asian Development
On the Two Catching-Up Mechanisms in Asian Development
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DOI：
10.1142/s0116110521500074
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发表时间：
2021-09
影响因子：
1.5
通讯作者：
Takuma Kunieda;K. Okada;Y. Sawada;Akihisa Shibata
中科院分区：
文献类型：
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作者：
Takuma Kunieda;K. Okada;Y. Sawada;Akihisa Shibata
现有的研究确定了东亚和东南亚在过去50年奇迹般的经济表现背后的两个主要潜在机制：积累和技术追赶。本研究在统一的框架下实证考察了这两种机制在亚洲发展中的相对重要性。利用规范的跨经济面板数据，本研究得出了三个重要的发现。首先，虽然通过资本积累追赶的过程在全球范围内发挥着重要作用，但这种机制在亚洲比在地球仪其他经济体更加突出，特别是在该地区增长和发展的早期阶段。第二，人力资本形成对世界范围内的技术追赶进程具有显著的积极影响。特别是，人力资本的形成在亚洲比世界其他地区更有力地促进了技术的采用。第三，创新在促进亚洲经济体最近的增长方面也至关重要。这些结果表明，亚洲的资本积累驱动的增长在早期阶段诱导人力资本形成和国际技术转让在后期阶段，这两种类型的资本之间具有很强的互补性。亚洲经济体可能经历了三个阶段的追赶，即资本积累、技术模仿和创新。这些亚洲经济体过去几十年的经验为后来者的增长和发展提供了重要的教训。
Existing studies identify two major underlying mechanisms behind East and Southeast Asia’s miraculous economic performance in the past 5 decades: accumulation and technological catching-up. This study investigates empirically the relative importance of these two mechanisms in Asian development based on a unified framework. Using canonical cross-economy panel data, the study arrives at three important findings. First, while the process of catching-up through capital accumulation played an important role worldwide, this mechanism was more salient in Asia than in other economies around the globe, especially during the region’s early phase of growth and development. Second, human capital formation had a significant positive effect on the technological catching-up process worldwide. In particular, human capital formation promoted technology adoption more strongly in Asia than in the rest of the world. Third, innovation has also been critical in facilitating recent growth in Asian economies. These results suggest that Asia’s capital-accumulation-driven growth in the early phase induced human capital formation and international technological transfers at later phases, with strong complementarities between these two types of capital. Asian economies likely went through three phases of catching-up, that is, capital accumulation, technological imitation, and then innovation. The experiences of these Asian economies in the last several decades provide critical lessons for latecomer growth and development.