Bridging the Gap Between Growth Theory and Policy in Asia: An Extension of the Solow Growth Model

Bridging the Gap Between Growth Theory and Policy in Asia: An Extension of the Solow Growth Model

Rup Singh (University of the South Pacific, Fiji)
Indexed In: SCOPUS
Release Date: March, 2014|Copyright: © 2014 |Pages: 312
DOI: 10.4018/978-1-4666-5848-6
ISBN13: 9781466658486|ISBN10: 1466658487|EISBN13: 9781466658493
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Description & Coverage
Description:

Although economic growth is amongst the oldest of debates in Economics, there has been little advancement in growth theory since the classic works of Solow. As such, clear-cut answers to the context-specific determinants of growth, especially for developing countries, are rare.

Bridging the Gap Between Growth Theory and Policy in Asia: An Extension of the Solow Growth Model adds to the works of Solow by showing how his original model can be extended and used for policy, discussing issues in growth econometrics, including the theoretical underpinnings of growth models, and some of the important challenges in empirical studies on economic growth. This simpler manual will be highly useful for applied economists, policy makers, and graduate students.

Coverage:

The many academic areas covered in this publication include, but are not limited to:

  • Convergence Debate
  • Development Trends
  • Empirical Growth Literature
  • Estimates of Steady-State Growth Rates
  • Impact of Trade Openness in China
  • Major Theories of Economic Growth
  • Model Specification
  • Robustness Tests
  • Sources of Economic Growth
Reviews & Statements

Singh applies his extension of Solow's exogenous growth model to test the effect of the growth enhancing factors in Asian economies, and compares the results with three other methods for estimating the growth effects of variables with time series and panel datasets. A further application of the extension to the impact of trade openness in China's growth rate finds a positive and linear growth effect that can be amplified by investment and government spending. An analysis of the growth accounts of ten Asian countries confirms the dominant role of factor accumulation while the lack of productivity advancements implies an eventual decline in Asian growth rates.

– ProtoView Book Abstracts (formerly Book News, Inc.)
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Editor/Author Biographies
Rup Singh teaches Macro and Growth Economics at the University of the South Pacific (Suva), Fiji Islands. He has published in the areas of Macroeconomics, Monetary Policy, Trade, and Economic Growth. Rup is a recipient of the Oceania Development Network Research Award (2012) and the Vice Chancellor’s Research Award for quality publication (2010). Rup completed his PhD in Growth Economics under the supervision of (late) Professor Bill Rao and Professor Biman Prasad. He was an honorary fellow at the University of Western Sydney (Australia), where he completed the substantial part of the PhD research. Dr Singh’s research, Macroeconometric Model for the Fiji Economy, was awarded a gold medal award for quality publication in 2006 and is published by Nova Science Publishers (USA). Rup has also been actively involved with various UN agencies on research assignments. His current research focus is urbanization and economic growth.
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