Imf Staff Papers Volume 50 No 2

Download or read book IMF Staff Papers, Volume 50, No. 2 written by Mr.Robert P. Flood and published by International Monetary Fund. This book was released on 2003-07-11 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines sources of economic growth in East Asia. The conventional growth-accounting approach to estimating the sources of economic growth requires unrealistically strong assumptions about either competitiveness of factor markets or the form of the underlying aggregate production function. The paper outlines a new approach utilizing nonparametric derivative estimation techniques that does not require imposing these restrictive assumptions. The results for East Asian countries show that output elasticities of capital and labor tend to be different from the income shares of these factors. The paper also explores the compensating potential of private intergenerational transfers.