Suchergebnisse

This paper presents a growth accounting exercise to uncover the sources of spectacular growth in the Guangdong Province in China, the so‐called "Fifth Dragon" in Asia, for the post‐open‐door period 1979–1994. A large fraction of Guangdong's output growth cannot be attributed to the growth in its capital and labor inputs. Of the unexplained residuals, foreign direct investment is a significant growth‐spurring engine while export expansion is not. In this sense, China's open door policy did not generate export‐led growth although it did stimulate capital accumulation through the importation of foreign capital."East Asia has a remarkable record of high and sustained economic growth. From 1965 to 1990 the twenty‐three economies of East Asia grew faster than all other regions of the world…. Most of this achievement is attributable to seemingly miraculous growth in just eight economies: Japan; the 'Four Tigers'—Hong Kong, the Republic of Korea, Singapore, and Taiwan, China; and three newly industrializing economies (NIEs) of Southeast Asia, Indonesia, Malaysia, and Thailand…."

Essays on the effects of information technology on the economy.One of the most important forces driving economic performance in the United States and other countries during the 1990s was the rise of information technology. The new technology has had such a significant impact on the economy that "the new economy" emerged as a popular term in both the media and academia.This book, written in an accessible style, examines basic questions about the effects of information technology on various aspects of the economy. The topics include the relationship between innovation and the stock market value of the innovating firm; competition policy; demand factors as determinants of growth; institutional aspects of the innovation process; and the effectiveness of monetary policy in stabilizing the economy.