Plant Turnover and TFP Dynamics in Japanese Manufacturing
AbstractThis study analyzes the cause of the slowdown in Japan's TFP growth during the 1990s. Many preceding studies, examining the issue at the macro- or industry-level, have found that the slowdown was primarily due to the stagnation in TFP growth in the manufacturing sector. Using establishment level panel data covering the entire sector, we investigate the causes of the TFP slowdown and find that the reallocation of resources from less efficient to more efficient firms was very slow and limited. This "low metabolism" seems to be an important reason for the slowdown in Japan's TFP growth.
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Bibliographic InfoPaper provided by Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University in its series CEI Working Paper Series with number 2006-17.
Length: 49 p.
Date of creation: Feb 2007
Date of revision:
Other versions of this item:
- Kyoji Fukao & Young Gak Kim & Hyeog Ug Kwon, 2006. "Plant Turnover and TFP Dynamics in Japanese Manufacturing," Hi-Stat Discussion Paper Series d06-180, Institute of Economic Research, Hitotsubashi University.
- O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
- O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-08-18 (All new papers)
- NEP-EFF-2007-08-18 (Efficiency & Productivity)
- NEP-ENT-2007-08-18 (Entrepreneurship)
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- KWON Hyeog Ug & NARITA Futoshi & NARITA Machiko, 2009. "Resource Reallocation and Zombie Lending in Japan in the '90s," Discussion papers 09052, Research Institute of Economy, Trade and Industry (RIETI).
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