Financial Services Sector as a Driver of Productivity Growth in Hong Kong
AbstractHong 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Hong Kong Monetary Authority in its series Working Papers with number 0914.
Length: 26 pages
Date of creation: Aug 2009
Date of revision:
Contact details of provider:
Postal: 55th Floor, Two International Finance Centre, 8 Finance Street, Central
Web page: http://www.info.gov.hk/hkma/
More information through EDIRC
Total factor productivity; labour productivity; economic integration;
Find related papers by JEL classification:
- D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
- F15 - International Economics - - Trade - - - Economic Integration
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-09-11 (All new papers)
- NEP-EFF-2009-09-11 (Efficiency & Productivity)
- NEP-FDG-2009-09-11 (Financial Development & Growth)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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
2007-24, Board of Governors of the Federal Reserve System (U.S.).
- Carol Corrado & Paul Lengermann & Eric J. Bartelsman & J. Joseph Beaulieu, 2007. "Sectoral Productivity in the United States: Recent Developments and the Role of IT," German Economic Review, Verein für Socialpolitik, vol. 8, pages 188-210, 05.
- He, Dong & Zhang, Wenlang, 2010.
"How dependent is the Chinese economy on exports and in what sense has its growth been export-led?,"
Journal of Asian Economics,
Elsevier, vol. 21(1), pages 87-104, February.
- 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 0814, Hong Kong Monetary Authority.
- Dachraoui, Kais Harchaoui, Tarek, 2003. "A Frontier Approach to Canada-U.S. Multifactor Productivity Performance," Economic Analysis (EA) Research Paper Series 2003010e, Statistics Canada, Analytical Studies Branch.
- Frank Leung & Kevin Chow & Jessica Szeto & Dickson Tam, 2008. "Service Exports: The Next Engine of Growth For Hong Kong?," Working Papers 0804, Hong Kong Monetary Authority.
- 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).
- 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.
- Francesco Crespi & Mario Pianta, 2008. "Demand and innovation in productivity growth," International Review of Applied Economics, Taylor and Francis Journals, vol. 22(6), pages 655-672.
- Michael Cheng & Wai-Yip Alex Ho, 2009. "A Structural Investigation into the Price and Wage Dynamics in Hong Kong," Working Papers 0920, Hong Kong Monetary Authority.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Simon Chan).
If references are entirely missing, you can add them using this form.