Exploring the Sources of Growth and Slowdowns for Growth Successes

Japan, South Korea, and Taiwan experienced unprecedented high growth after World War II but failed to sustain the high growth after the 1990s. Why did these growth successes fail to sustain their high growth? This study shows that the dynamics of total factor productivity growth has been crucial in...

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Bibliographic Details
Published in:Jing ji lun wen cong kan 2020-12, Vol.48 (4), p.517-546
Main Authors: 盧姝璇(Shu-Shiuan Lu), 簡元佑(Yuan-Yu Chien)
Format: Article
Language:English
Subjects:
Business cycles
Business growth
Capital markets
Economic growth
Efficiency
Labor market
Productivity
Recessions
Stagnation
Online Access:Get full text
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Summary:Japan, South Korea, and Taiwan experienced unprecedented high growth after World War II but failed to sustain the high growth after the 1990s. Why did these growth successes fail to sustain their high growth? This study shows that the dynamics of total factor productivity growth has been crucial in driving the overall output dynamics. Moreover, the long-term stagnation was exacerbated by labor market frictions and sometimes prolonged by capital market frictions.
ISSN:1018-3833
DOI:10.6277/TER.202012_48(4).0002