East Asian Growth Before and After the Crisis

IMF Working Papers, September 1, 1998

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East Asian Growth Before and After the Crisis

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Bibliographic details

• Authors: N. F. R. Crafts
• Published: September 1, 1998
• Series: IMF Working Papers
• DOI: https://doi.org/10.5089/9781451855883.001

Overview and Purpose

• Author: N. F. R. Crafts
• Publication date: September 1, 1998
• Series: Working Paper No. 1998/137
• Issue: 137
• Volume: 1998
• Pages: 45
• DOI: https://doi.org/10.5089/9781451855883.001
• Stock No: WPIEA1371998
• ISBN: 9781451855883
• ISSN: 1018-5941
• 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.

Key findings and analysis

• Highlights three special aspects of east Asian growth:
  • unusually high factor accumulation
  • a favorable demographic transition
  • the impact of rapid growth on financial and other institutions
• Evaluative conclusion:
  • The paper argues that there are downside risks to the east Asian “developmental state” model, despite its favorable attributes.
  • It suggests that an alternative model may become more attractive as these economies mature.
• Focus areas in the analysis:
  • growth performance in recent decades
  • sustainability of past growth
  • preliminary assessment of long-term growth prospects after the crisis

Policy implications and considerations

• Implicit policy considerations derived from analysis:
  • Monitor and manage risks arising from the developmental state model as economies mature.
  • Assess the role of factor accumulation and demographic changes in shaping future growth strategies.
  • Strengthen financial and institutional frameworks to mitigate vulnerabilities associated with rapid growth.

Subjects and keywords (as listed)

• Subject: Expenditure, Labor, Labor productivity, Production, Productivity, Public expenditure review, Total factor productivity
• Keywords: Asia and Pacific, diminishing returns, East Asia, Europe, financial crisis, Labor productivity, Productivity, productivity gap, Public expenditure review, real GDP, TFP benchmark, TFP estimate, TFP growth, TFP level, Total factor productivity, Western Europe, WP

Source: IMF Working Papers, "East Asian Growth Before and After the Crisis", N. F. R. Crafts, September 1, 1998, Working Paper No. 1998/137.

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• East Asian Growth Before and After the Crisis - WP/98/137
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