| This study attempts to advance understanding of the crucial links among technological change, human capital accumulation and openness and their impact on growth in per capita income in East Asia, particularly Korea. There has typically been a limited role for openness in explaining variations in growth rates across countries. Yet, many of the non-growth rate-related studies that have been done on East Asia and its so-called "economic miracle" argue that it is greater openness to trade, capital flows and technology that have distinguished the East Asian experience from that of other regions. Instead of assuming that technological catch-up is exclusively determined by the human capital stock, we hypothesize that it can also be affected by the country's openness to trade, capital and technology transfer. |
