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Estimates of multifactor productivity, ICT contributions and resource reallocation effects in Japan and Korea

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  • Estimates of multifactor productivity, ICT contributions and resource reallocation effects in Japan and Korea
  • Fukao, Kyoji; Miyagawa, Tsutomu; Pyo, Hak K. et al.
  • The Research Institute of Economy, Trade and Industry


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Title Estimates of multifactor productivity, ICT contributions and resource reallocation effects in Japan and Korea
Similar Titles
Material Type Reports
Author(English)

Fukao, Kyoji; Miyagawa, Tsutomu; Pyo, Hak K. et al.

Publisher

[Tokyo]:The Research Institute of Economy, Trade and Industry

Date 2009-04
Series Title; No RIETI Discussion Paper Series / 09-E-021
Subject Country Japan(Asia and Pacific)
South Korea(Asia and Pacific)
Language English
File Type Link
Subject Industry and Technology < General
Industry and Technology < IT
Holding RIETI

Abstract

As the studies of Krugman (1994), Young (1994), and Lau and Kim (1994) showed, the East Asian economic miracle may be characterized as `input-led' growth. However, both the stagnation in investment and the decrease in average working hours combined with a decrease in the fertility rate require a productivity surge for renewed, sustainable growth in East Asia. The purpose of our study is to identify the sources of economic growth based on a KLEMS model for Japan and the Republic of Korea, which experienced a “Lost Decade” and a financial crisis in 1997-1998, respectively. We report estimates of multifactor productivity in the market economy of Japan and Korea based on the dataset of a 72-industry classification following EU KLEMS project guidelines. We also identify the contributions of ICT assets and resource reallocations in two economies. (The rest omitted)