Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/128512 
Year of Publication: 
2010
Series/Report no.: 
ADB Economics Working Paper Series No. 235
Publisher: 
Asian Development Bank (ADB), Manila
Abstract: 
While developing Asia has recovered strongly from the global crisis, the region faces the medium- and long-term challenge of sustaining growth beyond the crisis. The central objective of this paper is to empirically investigate the sources of economic growth in 12 developing Asian economies during 1992-2007 via a two-stage analysis. In the first stage, we estimate total factor productivity growth (TFPG) and account for the relative importance of labor, capital, and TFPG in growth. In the second stage, we examine the effect of fundamental determinants of growth such as human capital on both economic growth and TFPG. Our most significant finding is that TFPG is becoming relatively more important as a source of developing Asia's growth. Our results also confirm the relevance of supply-side factors, in particular human capital and openness to trade, for developing Asia's medium- and long-term growth. The overarching implication for policy makers is that supply-side policies that foster productivity growth will be vital for sustaining developing Asia's future growth in the postcrisis period
Subjects: 
Growth
total factor productivity
factor accumulation
growth accounting
determinants of growth
panel data
Asia
JEL: 
O40
O47
Persistent Identifier of the first edition: 
Creative Commons License: 
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Document Type: 
Working Paper

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