Physical Capital Accumulation in Asia-12: Past Trends and Future Projections

Etsuro Shioji, T. Vu
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引用次数: 13

Abstract

The pace of capital accumulation in East Asia has simply been stunning. In this paper, we investigate sources of this fast accumulation and make projections for the future to see if the trend is likely to continue. East Asian economies under consideration are the People’s Republic of China; Hong Kong, China; Indonesia; the Republic of Korea; Malaysia, the Philippines; Singapore; Taipei, China; Thailand; and Viet Nam, including India and Pakistan from South Asia. We estimate a “convergence” equation for physical capital per capita, which is derived from an open economy growth model, using a pooled cross-country, across-decade sample of the entire world. Based on the estimation results, we decompose past growth in physical capital per capita of the emerging Asian economies. We also conduct projections for the next two decades and study determinants of the investment rate for those economies.
亚洲-12的物质资本积累:过去趋势和未来预测
东亚的资本积累速度简直令人震惊。在本文中,我们调查了这种快速积累的来源,并对未来进行了预测,看看这种趋势是否有可能继续下去。审议中的东亚经济体包括中华人民共和国;中国香港;印尼;大韩民国;马来西亚、菲律宾;新加坡;台北,中国;泰国;越南,包括南亚的印度和巴基斯坦。我们估计了人均物质资本的“收敛”方程,该方程来源于一个开放的经济增长模型,使用了一个汇集的跨国、跨十年的全球样本。根据估算结果,我们对亚洲新兴经济体过去人均有形资本的增长进行了分解。我们还对未来二十年进行预测,并研究这些经济体投资率的决定因素。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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