"Investment Wave, Vintage Spike and Productivity: Rethinking "Industrial Rationalization" in Postwar Japan"(in Japanese)
AbstractIn the early 1950s, "industrial rationalization," i.e. renovation and modernization of industrial equipments became the focus of the industrial policy as well as the corporate strategy. In this paper, I explored its historical background and implication. Estimating the vintage of capital stock from 1916 to 1964, I found that the wave of investment during the war brought about a sharp spike in the time-series of the vintage. At the same time, equipment-level vintage data on the iron and steel industry indicate that the vintage distribution in 1949 had a spike reflecting the wartime investment wave. "Industrial rationalization" can be interpreted as a measure to prevent a potential surge of the average vintage due to the vintage spike caused by the wartime investment wave. Through an analysis of establishment-level data of steel-making, it was confirmed that increase of the vintage gave a substantial negative impact on labor productivity.
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 CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE J-Series with number CIRJE-J-199.
Length: 27 pages
Date of creation: Aug 2008
Date of revision:
Contact details of provider:
Postal: Hongo 7-3-1, Bunkyo-ku, Tokyo 113-0033
Web page: http://www.cirje.e.u-tokyo.ac.jp/index.html
More information through EDIRC
This paper has been announced in the following NEP Reports:
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CIRJE administrative office).
If references are entirely missing, you can add them using this form.