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

  • Frank Leung

    (Research Department, Hong Kong Monetary Authority)

  • Gaofeng Han

    (Research Department, Hong Kong Monetary Authority)

  • Kevin Chow

    (Research Department, Hong Kong Monetary Authority)

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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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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  1. 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.
  2. 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).
  3. 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.
  4. Francesco Crespi & Mario Pianta, 2008. "Demand and innovation in productivity growth," International Review of Applied Economics, Taylor & Francis Journals, vol. 22(6), pages 655-672.
  5. 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.
  6. 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.
  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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