| Since the 2008 global financial crisis,world economic growth continued to decline,which has been a traditional mode of economic growth depended on the increasing of capital and labor in the new era under the background of the hand facing various constraints of resources and environment,on the other hand,the high resource intensive the type of investment in practice and can not really achieve macroeconomic sustained and stable growth.So we need to look for new economic growth points.It is generally believed that the impact of economic growth is nothing more than the quality and quantity of the two aspects:the amount of investment is usually refers to the number and type of increase,and the quality is the efficiency of economic growth.We usually use Solow's total factor productivity(TFP)to measure the efficiency of economic growth or performance.The research of East Asian economic problem is always a hot topic in the field of economics.East Asian countries after World War ?,especially in the beginning of 1950s,with Japan as a pilot,and is known as the "Asian four small" of South Korea,Singapore,Hongkong and Taiwan in 1960s began rapid growth,to the end of the year 70 at the beginning of 80s is mainly for the rapid rise of China economy,rapid development and a large number of East Asian countries such as Philippines,Indonesia,Malaysia etc..In China,for example,the total amount of GDP in 1991 was only $576 billion 600 million,in 2013 the total amount of GDP up to$49130,in just 23 years;the total economy increased by nearly 8 times.The reason why the East Asian countries can have such a rapid economic growth can not be separated from the "export-oriented" development strategy,but also inseparable from the East Asian countries have their own demographic dividend and human capital accumulation.Using the panel data of 12 countries and regions in East Asia for 1991-2013 years,this paper studies the impact of opening up and human capital investment and the combined effects of the two factors on TFP in these countries and regions.At the same time,taking into account the structural differences of human capital,the paper compares and analyzes the different effects of idiosyncratic human capital investment on TFP in East Asian countries.In addition,according to certain standards,the 12 countries of East Asia are divided into different regions,and further comparative studies are made on these regions,so as to draw some useful conclusions.The results show that the interaction of the opening and the human capital investment and the two significantly promote TFP in East Asian countries;different levels of human capital investment on TFP has the different influence,higher education and secondary education human capital investment has a significant positive effect on TFP increase;effect of TFP openness on East Asia with higher levels of development of countries and regions of the large investment in human capital is greater than the sound development of higher degree of countries and regions in total factor productivity development level of East Asian countries and regions of the lower.The results show that further improve the openness,increase the investment of human capital,play the role of government regulation,strengthen the supervision of financial development and to a certain extent,the per capita capital intensive improvement is feasible plan of East Asian countries to achieve the growth of TFP and sustained economic growth. |
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