9_8_Notes - also has its strength to be studied. The...

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Econ 4730 F2008 (9/8/2008) As mentioned before, also from data in the Thorbecke and Wan paper on the blackboard, East Asian development exhibits superior performance in catching up, in a manner characterized by the benchmark model, and the only other group of economies showing similar, but slower, growth is in West Europe, and neighboring economies. Thus, What showed by benchmark model is no fluke, it is a theme (like the tgrend in tgime series analysis), from which deviations should be explained. East Asian development represents a group of outliers, both replicable in general, but
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Unformatted text preview: also has its strength to be studied. The surpassing of Argentina by Japan, both with positive growth in the long run, is characterized that after WWII, Japan succeeded in partially catching up with America while Argentina failed to keep up with America, and all tghese happened in a world where trade outgrows output, with Japanese-America trade booming at rates outp[acing the Argentinean-American trade. West Non-West Latin America Africa W. Europe E. Asia USA Leader Followers The benchmark model Jpn Arg...
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