IMF Staff Papers, Volume 50, No. 2

IMF Staff Papers, July 11, 2003

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Bibliographic details

• Authors: Robert P Flood
• Published: July 11, 2003
• Series: IMF Staff Papers
• Volume: 50
• DOI: https://doi.org/10.5089/9781589062023.024

Study focus and context

• Examines sources of economic growth in East Asia.
• Critiques the conventional growth-accounting approach for requiring unrealistically strong assumptions about either competitiveness of factor markets or the form of the underlying aggregate production function.
• Outlines a new approach utilizing nonparametric derivative estimation techniques that does not require imposing these restrictive assumptions.

Methodology

• Introduces nonparametric derivative estimation techniques as an alternative to parametric growth-accounting methods.
• Emphasizes avoiding restrictive assumptions on factor-market competitiveness and the aggregate production function.

Key findings

• Output elasticities of capital and labor tend to be different from the income shares of these factors for East Asian countries.
• The paper explores the compensating potential of private intergenerational transfers.

Subject areas and keywords

• Subject: Aging, Balance of payments, Current account deficits, Demographic change, Financial crises, Financial institutions, Population and demographics, Production, Stocks, Total factor productivity
• Keywords: Africa, Aging, Current account deficits, East Asia, financing constraint, Global, government benevolence, incumbent government, investment function, market distortion, North America, ruling elite, SP, Stocks, Sub-Saharan Africa, Total factor productivity