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The Definition of Economic Transitional Period: An Analysis of the Experience Drawn from Japan and Four Asian Tigers(No.33, 2017)
2017-05-08
By Yang Guangpu, Research Team on “Risk Prevention and Countermeasures in the Course of Economic Transition”, DRC
Research report No.33, 2017 (Total 5108) 2017-3-20
Abstract: Viewing from the past economic development, most of the economic operations are featured by a tiered-shape performance. In the meantime, the transition from one phase to another cannot be accomplished overnight and usually takes some time. The transitional period between different phases is called economic transitional period. Considering the directions of economic transition, this paper will give an illustration of economic transition during the landing period. This paper mainly focuses on the cases of Japan and the four Asian tigers (That refer to Hong Kong, Singapore, South Korea and Taiwan) and tries to define the transitions of these five economies from three perspectives including economic growth rate, per capita income and economic structure. Based on comparative research, we have reached two findings: first, most of the economic transitions are initiated by crises. In other words, most of the deep-seated and structural changes and problems are induced by and epitomized during crises. Second, it will tally more likely with realities if the definition of economic transitional period is made in accordance with economic growth rate as the changes of economic system, operation mode, resource allocation mechanism, as well as market, industrial and regional structures will eventually find expression in economic growth rate.
Key words： economic transitional period, Japan, four Asian tigers
