Latin America and East Asia: Revisiting the Evidence
The occasion of this conference offers me an opportunity to express once again in a public forum the great esteem in which I hold the two economists whom we are here to honor — T.C. Liu and S.C. Tsiang. My friendship with them began in the summer if 1950, when we shared a suite of offices at the International Monetary Fund. Little did I know at that time that my two new friends would go on to spark the takeoff of the Taiwanese economy, and to continue for many years as the guides and custodians of this “Taiwan miracle.” Nor did I realize then that they both would also soon move back into the academic world, each building there an enviable record as a teacher and a scholar. Few people in our profession have managed, as they did so amply, to contribute directly through their policy advice to the welfare of a people, to leave their mark through their teaching on a whole generation of students, and beside all this to make notable contributions to our professional literature. I am most grateful to the conference organizers for giving me this opportunity to once more pay my heartfelt homage to these two great friends, great economists, great men.
KeywordsExchange Rate Total Factor Productivity Real Exchange Rate Latin American Country East Asian Country
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- 2.These weights are 0.42 for the U.S. dollar, 0.19 for the German mark, and 0.13 each for the French franc, the Japanese yen and the British pound.Google Scholar
- 3.It must be a dollar price index because the exchange rate is that between each given currency and the U.S. dollar. This price index would decrease, however, to reflect a depreciation of the nominal exchange rate of, say, the United Kingdom or Germany vis a vis the dollar.Google Scholar
- 4.For two mutually exclusive and exhaustive categories of goods, their compensated own-price elasticities of demand, summed together are equal in absolute value to the elasticity of substitution between them.Google Scholar