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Financial Services Sector as a Driver of Productivity Growth in Hong Kong

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Author Info

  • Frank Leung

    (Research Department, Hong Kong Monetary Authority)

  • Gaofeng Han

    (Research Department, Hong Kong Monetary Authority)

  • Kevin Chow

    (Research Department, Hong Kong Monetary Authority)

Abstract

Hong Kong has seen strong growth in labour productivity since 2002. Sectoral breakdown shows that the advance in output per labour has been mainly supported by the expansion in financial and trade related activities attributable to the vibrant increase in offshore trade and exports of financial services. Using the data envelopment analysis (DEA) method, we find that the observed increase in labour productivity has been underpinned by the rise in total factor productivity (TFP). Based on a panel dataset of major economic sectors, regression analysis suggests that exports of services and the China factor are the two key determinants of TFP growth in Hong Kong.

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Bibliographic Info

Paper provided by Hong Kong Monetary Authority in its series Working Papers with number 0914.

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Length: 26 pages
Date of creation: Aug 2009
Date of revision:
Handle: RePEc:hkg:wpaper:0914

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Keywords: Total factor productivity; labour productivity; economic integration;

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References

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  1. Dong He & Wenlang Zhang, 2008. "How Dependent is the Chinese Economy on Exports and in What Sense has its Growth been Export-led?," Working Papers, Hong Kong Monetary Authority 0814, Hong Kong Monetary Authority.
  2. Carol Corrado & Paul Lengermann & Eric J. Bartelsman & J. Joseph Beaulieu, 2007. "Sectoral productivity in the United States: recent developments and the role of IT," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2007-24, Board of Governors of the Federal Reserve System (U.S.).
  3. Frank Leung & Kevin Chow & Jessica Szeto & Dickson Tam, 2008. "Service Exports: The Next Engine of Growth For Hong Kong?," Working Papers, Hong Kong Monetary Authority 0804, Hong Kong Monetary Authority.
  4. Francesco Crespi & Mario Pianta, 2008. "Demand and innovation in productivity growth," International Review of Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 22(6), pages 655-672.
  5. Dachraoui, Kais & Harchaoui, Tarek, 2003. "A Frontier Approach to Canada-U.S. Multifactor Productivity Performance," Economic Analysis (EA) Research Paper Series, Statistics Canada, Analytical Studies Branch 2003010e, Statistics Canada, Analytical Studies Branch.
  6. Kose, M. Ayhan & Prasad, Eswar & Terrones, Marco E., 2008. "Does Openness to International Financial Flows Contribute to Productivity Growth?," IZA Discussion Papers 3634, Institute for the Study of Labor (IZA).
  7. Anthony N. Rezitis, 2006. "Productivity growth in the Greek banking industry: A non-parametric approach," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 119-138, May.
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Cited by:
  1. Michael Cheng & Wai-Yip Alex Ho, 2009. "A Structural Investigation into the Price and Wage Dynamics in Hong Kong," Working Papers, Hong Kong Monetary Authority 0920, Hong Kong Monetary Authority.

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