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Estimates of Total Factor Productivity, the Contribution of ICT, and Resource Reallocation Effects in Japan and Korea

In: Industrial Productivity in Europe

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  • Kyoji Fukao
  • Tsutomu Miyagawa
  • Hak Kil Pyo
  • Keun Hee Rhee

Abstract

This book analyzes growth at the total economy and industry level from an international perspective, providing unique cross-country comparisons. The authors focus on the EU-25 countries but also include the US, Japan and Korea. The chapters explore growth patterns from a long-run perspective, although greater attention is paid to the period of expansion from 1995–2007 and the post 2008 period of crisis. Each contribution builds on a common methodology based on a detailed database providing a high degree of disaggregation with respect to the industries and factors accounting for growth. The role played by ICT is expertly emphasized, in particular the different paths followed in the US and the EU.

Suggested Citation

  • Kyoji Fukao & Tsutomu Miyagawa & Hak Kil Pyo & Keun Hee Rhee, 2012. "Estimates of Total Factor Productivity, the Contribution of ICT, and Resource Reallocation Effects in Japan and Korea," Chapters, in: Matilde Mas & Robert Stehrer (ed.), Industrial Productivity in Europe, chapter 9, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:14369_9
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    1. Kyoji Fukao & Tsutomu Miyagawa & Miho Takizawa, 2007. "Productivity Growth and Resource Reallocation in Japan," Hi-Stat Discussion Paper Series d07-224, Institute of Economic Research, Hitotsubashi University.
    2. Dale Jorgenson & Mun Ho & Jon Samuels & Kevin Stiroh, 2007. "Industry Origins of the American Productivity Resurgence," Economic Systems Research, Taylor & Francis Journals, vol. 19(3), pages 229-252.
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    4. 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.
    5. Young, Alwyn, 1994. "Lessons from the East Asian NICS: A contrarian view," European Economic Review, Elsevier, vol. 38(3-4), pages 964-973, April.
    6. Mary O'Mahony & Marcel P. Timmer, 2009. "Output, Input and Productivity Measures at the Industry Level: The EU KLEMS Database," Economic Journal, Royal Economic Society, vol. 119(538), pages 374-403, June.
    7. Yuhn, Ky-Hyang, 1991. "Functional Separability and the Existence of Consistent Aggregates in U.S. Manufacturing," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 32(1), pages 229-250, February.
    8. Harberger, Arnold C, 1998. "A Vision of the Growth Process," American Economic Review, American Economic Association, vol. 88(1), pages 1-32, March.
    9. Berndt, Ernst R & Wood, David O, 1975. "Technology, Prices, and the Derived Demand for Energy," The Review of Economics and Statistics, MIT Press, vol. 57(3), pages 259-268, August.
    10. Berndt, Ernst R & Christensen, Laurits R, 1974. "Testing for the Existence of a Consistent Aggregate Index of Labor Inputs," American Economic Review, American Economic Association, vol. 64(3), pages 391-404, June.
    11. Pyo, Hak K. & Ha, Bongchan, 2007. "A Test of Separability and Random Effects in Production Function with Decomposed IT Capital," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 48(1), pages 67-81, June.
    12. Berndt, Ernst R. & Christensen, Laurits R., 1973. "The translog function and the substitution of equipment, structures, and labor in U.S. manufacturing 1929-68," Journal of Econometrics, Elsevier, vol. 1(1), pages 81-113, March.
    13. Sanghoon Ahn & Kyoji Fukao & Keiko Ito, 2008. "Outsourcing in East Asia and its impact on the Japanese and Korean Labour Markets," OECD Trade Policy Papers 65, OECD Publishing.
    14. Denny, Michael & Fuss, Melvyn A, 1977. "The Use of Approximation Analysis to Test for Separability and the Existence of Consistent Aggregates," American Economic Review, American Economic Association, vol. 67(3), pages 404-418, June.
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    Cited by:

    1. Akira Kohsaka & Jun-ichi Shinkai, 2013. "It's Not Structural Change, but Domestic Demand: Productivity Growth in Japan," OSIPP Discussion Paper 13E005, Osaka School of International Public Policy, Osaka University.
    2. Kyoji Fukao & YoungGak Kim & HyeogUg Kwon, 2021. "The Causes of Japan’s Economic Slowdown: An Analysis Based on the Japan Industrial Productivity Database," International Productivity Monitor, Centre for the Study of Living Standards, vol. 40, pages 56-88, Spring.
    3. Tsutomu Miyagawa & Miho Takizawa & Konomi Tonogi, 2017. "Can Intangible Investments Ease Declining Rates of Return on Capital in Japan?," International Productivity Monitor, Centre for the Study of Living Standards, vol. 33, pages 114-127, Fall.
    4. MIYAGAWA Tsutomu & TAKIZAWA Miho & TONOGI Konomi, 2016. "Declining Rate of Return on Capital and the Role of Intangibles in Japan," Discussion papers 16051, Research Institute of Economy, Trade and Industry (RIETI).
    5. Keun Hee Rhee, Hak K. Pyo, 2012. "Aggregate Total Factor Productivity and Resource Reallocation Effect of ICT Sectors in Korea: A Comparison with the USA, Japan and EU7," Korean Economic Review, Korean Economic Association, vol. 28, pages 189-219.
    6. Fukao, Kyoji & Ikeuchi, Kenta & Kim, YoungGak & Kwon, Hyeog Ug, 2016. "Why was Japan left behind in the ICT revolution?," Telecommunications Policy, Elsevier, vol. 40(5), pages 432-449.
    7. Serena Fatica, 2017. "Measurement and Allocation of Capital Inputs With Taxes: A Sensitivity Analysis for OECD Countries," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 63(1), pages 1-29, March.
    8. Hyunbae CHUN & MIYAGAWA Tsutomu & Hak Kil PYO & TONOGI Konomi, 2015. "Do Intangibles Contribute to Productivity Growth in East Asian Countries? Evidence from Japan and Korea," Discussion papers 15055, Research Institute of Economy, Trade and Industry (RIETI).

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