What Explains the Industrial Revolution in East Asia? Evidence From the Factor Markets
用双重法估算东亚国家的全要素生产率增长，发现韩国和香港的双重估计与原始估计相近，但台湾和新加坡的差异较大，新加坡的差异源于资本回报率在资本快速积累下保持不变。
This paper presents dual estimates of total factor productivity growth (TFPG) for East Asian countries. While the dual estimates of TFPG for Korea and Hong Kong are similar to the primal estimates, they exceed the primal estimates by 1 percent a year for Taiwan and by more than 2 percent for Singapore. The reason for the large discrepancy for Singapore is because the return to capital has remained constant, despite the high rate of capital accumulation indicated by Singapore's national accounts. This discrepancy is not explained by financial market controls, capital income taxes, risk premium changes, and public investment subsidies.