While our results for the three countries are similar to Young's results for Hong Kong,they do not suggest that his model is necessarily the only explanation14.
In fact, as discussed
in the previous section, Korea and Taiwan have been contrasted in terms of structure and
industrial strategy, with Korea having a more interventionist government in terms of industrial
targeting, and with larger firms being a more important part of the economy. Thus, one might
think that the results on TFPG's contribution for Korea would be closer to those for
Singapore, and those for Taiwan closer to Hong Kong. However, this turns out not to be the
case.