Economic Growth and Transition: Econometric Analysis of Lim's S-Curve Hypothesis

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More About This Textbook


Professor Lim Chong Yah's S-Curve hypothesis is a simple yet highly insightful theory. By augmenting the mathematical and econometrical sophistication of the hypothesis, this book extends the S-Curve hypothesis to provide further insights into economic growth and transition, technological diffusion and technological leadership, capital accumulation and capital-output ratios of developing countries, convergence and divergence of the world economy, and development experience of Japan and Singapore.

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Product Details

  • ISBN-13: 9789814291835
  • Publisher: World Scientific Publishing Company, Incorporated
  • Publication date: 4/16/2010
  • Pages: 130
  • Product dimensions: 6.00 (w) x 9.00 (h) x 0.60 (d)

Table of Contents

Preface vii

Acknowledgments ix

List of Figures xiii

List of Tables xv

List of Abbreviations xvii

Chapter 1 Introduction and Overview 1

1.1 Introduction 1

1.2 Review of the S-Curve Hypothesis 2

1.3 Interpretations of the S-Curve 6

1.4 Empirical Support of the S-Curve Hypothesis 9

1.5 Insight and Implications of the S-Curve Hypothesis 13

1.6 Conclusion 15

Chapter 2 Microeconomic Foundation of the S-Curve Hypothesis: A Stochastic Technological Diffusion Model 17

2.1 Introduction 17

2.2 Barro and Sala-i-Martin's Technological Diffusion Model 20

2.3 Interpretation and Enhancement of the Productivity Parameter 22

2.4 The Stochastic Technological Diffusion Model 27

2.5 Result 42

2.6 Conclusion 43

Chapter 3 Testing of Growth Convergence and Economic Transition Under the Framework of the S-Curve Hypothesis 47

3.1 Introduction 47

3.2 Review of Phillips and Sul's Methodology 52

3.3 Analysis of Transition Paths 56

3.4 Econometric Testing of Growth Convergence 63

3.5 Conclusion 67

3.6 Appendix: List of Economies and Their Abbreviations 68

Chapter 4 Hypothesis of the S-Curve of Capital Accumulation and Its Implied Capital-Output Ratios 71

4.1 Introduction 71

4.2 Hypothesis of the S-Curve of Capital Accumulation 74

4.3 Capital-Output Ratios and Economic Development 77

4.4 International Evidence on Capital Accumulation and Economic Development 82

4.5 Capital Accumulation and Economic Development of Singapore 88

4.6 Capital Growth and Total Factor Productivity Growth of Singapore 95

4.7 Conclusion 98

4.8 Appendix 1: Constructing Singapore's Capital Stock Data 99

4.9 Appendix 2: Difficulties in the Measurement of Incremental Capital-Output Ratio 104

5 The S-Curves of Singapore and Japan 107

5.1 Introduction 107

5.2 The S-Curve of Singapore's Economy 108

5.3 The S-Curve of Japan's Economy 110

5.4 Economic Transformation of Japan from Horse to Elephant Economy 112

5.5 Is Singapore an Elephant Economy? 119

5.6 Conclusion: Pushing the Envelope of Growth Potential of Singapore 122

Bibliography 123

Index 129

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