Confucianism and the East Asian Miracle
研究了儒家思想中的两种行为特质，通过动态领导者-追随者一般均衡模型，解释了东亚经济体的高速增长、后续放缓、贸易顺差和外汇储备积累等特征。
We examine two behavioral traits essential to Confucianism, and put forward hypotheses as to whether these behavioral traits impede or are conducive to “leading” or “follower” mode growth. A dynamic leader-follower general equilibrium model with appropriately specified “Confucian” parameters is shown to generate results that correspond to some of the main features of East Asian economies: their miracle growths, subsequent slowdowns, trade surpluses, and persistent accumulations of foreign exchange reserves. We calibrate the model to assess the quantitative importance of these cultural effects and examine their implications for future evolution of these economies.