The rise of the middle class and economic growth in ASEAN
We present instrumental variables estimates of the relationship between the share of income accruing to the middle class and GDP per capita. The increase in GDP per capita that ASEAN economies experienced during 1970–2010 significantly contributed to a higher share of income accruing to the middle class in these countries. Econometric model estimates show that the impact of a rise of the middle class on economic growth depends on initial levels of GDP per capita. In the majority of ASEAN...[Show more]
|Collections||ANU Research Publications|
|Source:||Journal of Asian Economics|
|Access Rights:||Open Access|
|1-s2.0-S1049007817300714-main.pdf||361.78 kB||Adobe PDF|
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