Confucianism and the East Asian Miracle | Zendy

MingYih Liang | Zendy

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Confucianism and the East Asian Miracle

Author(s) -

MingYih Liang

Publication year - 2010

Publication title -

american economic journal macroeconomics

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 10.443

H-Index - 61

eISSN - 1945-7707

pISSN - 1945-7715

DOI - 10.1257/mac.2.3.206

Subject(s) - miracle , east asia , economics , mode (computer interface) , cultural exchange , foreign exchange reserves , economy , keynesian economics , history , philosophy , monetary policy , ancient history , computer science , china , theology , archaeology , operating system

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. (JEL E23, O17, O41, O47, P24, Z12, Z13)

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