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Alternative Estimates of Productivity Growth in the NICs: A Comment on the Findings of Chang-Tai Hsieh


  • Alwyn Young


Dual estimates of productivity growth by Chang-Tai Hsieh have raised questions about the accuracy of the East Asian national accounts, suggesting that productivity growth in the NICs, particularly Singapore, may have been substantially higher than previously estimated. This paper shows that once one corrects for computational and methodological errors, dual estimates, using Hsieh's own data, are not that far removed from the results implied by primal sources. Further, Hsieh's criticisms of the accuracy of the national accounts capital formation figures are shown to be invalid. Finally, other data exist which support the picture of declining real rentals painted by the national accounts capital formation figures.

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  • Alwyn Young, 1998. "Alternative Estimates of Productivity Growth in the NICs: A Comment on the Findings of Chang-Tai Hsieh," NBER Working Papers 6657, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:6657
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    References listed on IDEAS

    1. Alwyn Young, 1992. "A Tale of Two Cities: Factor Accumulation and Technical Change in Hong Kong and Singapore," NBER Chapters,in: NBER Macroeconomics Annual 1992, Volume 7, pages 13-64 National Bureau of Economic Research, Inc.
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    Cited by:

    1. John Fernald & Brent Neiman, 2011. "Growth Accounting with Misallocation: Or, Doing Less with More in Singapore," American Economic Journal: Macroeconomics, American Economic Association, vol. 3(2), pages 29-74, April.
    2. Giannetti, Mariassunta, 2003. " Bank-Firm Relationships and Contagious Banking Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 35(2), pages 239-261, April.
    3. Giannetti, Mariassunta, 2003. "On the Causes of Overlending: Are Guarantees on Deposits the Culprit?," CEPR Discussion Papers 4055, C.E.P.R. Discussion Papers.
    4. Kogel, Tomas, 2005. "Youth dependency and total factor productivity," Journal of Development Economics, Elsevier, vol. 76(1), pages 147-173, February.

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