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首页> 外文期刊>Applied Economics >Has the capital accumulation in the Asian miracle economies been fuelled by growth?
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Has the capital accumulation in the Asian miracle economies been fuelled by growth?

机译：亚洲奇迹经济体的资本积累是否受到增长的推动？

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摘要

The Asian growth miracle is often attributed to factor accumulation under the implicit assumption that savings, broadly defined, have been high and increasing due to exogenous forces. Using data for India, Indonesia, Korea, Singapore and Taiwan over the period 1870-2011 this article examines the causal relationship between growth and saving. The response of growth to savings is first estimated using instruments to generate exogenous variation in savings rates. The residual variation in growth that is not driven by savings is then used as an instrument to estimate the effect of growth on savings. The estimates show that the spectacular saving rates in the Asian miracle economies have been fuelled by growth, and not the other way around.
机译：亚洲经济增长的奇迹通常归因于隐性假设的要素积累，即广义上的储蓄已经很高，并且由于外来力量而增加。本文使用1870-2011年间印度，印度尼西亚，韩国，新加坡和台湾的数据，考察了增长与储蓄之间的因果关系。首先使用工具产生储蓄率的外生变化来估算增长对储蓄的响应。然后，不受储蓄驱动的增长的剩余变化被用作估计增长对储蓄的影响的工具。估算表明，亚洲奇迹经济体惊人的储蓄率是由增长推动的，而不是相反。

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