The rapid rise of economies in Asia over the past few decades has been phenomenal. According to (Steven, Jeffrey and Jong-Wha, 1997), Asian countries such as Hong Kong, Singapore, Taiwan, Korea, China, Malaysia, Thailand and Indonesia grew at an average of over 5.5% per year in per capita terms between 1965 and 1990. The mentioned 08 Asian countries are also known as the eight high-performing Asian economies (HPAEs). With exception to some post-war European countries, such growth rates at this magnitude