East Asian Growth Before and After the Crisis

Author/Editor:

N. F. R. Crafts

Publication Date:

September 1, 1998

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

This paper surveys the literature on the growth performance of the east Asian economies in recent decades, evaluates the sustainability of that performance, and provides a preliminary assessment of their long-term growth prospects in the aftermath of the current crisis. It highlights three special aspects of east Asian growth: unusually high factor accumulation, a favorable demographic transition, and the impact of rapid growth on financial and other institutions. The paper argues that there are downside risks to the east Asian “developmental state” model, despite its favorable attributes, and that an alternative model may become more attractive as these economies mature.

Series:

Working Paper No. 98/137

Subject:

English

Publication Date:

September 1, 1998

ISBN/ISSN:

9781451855883/1018-5941

Stock No:

WPIEA1371998

Format:

Paper

Pages:

45

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