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Estimates of total factor productivity, the contribution of ICT, and resource reallocation effects in Japan and Korea

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  • Estimates of total factor productivity, the contribution of ICT, and resource reallocation effects in Japan and Korea
  • Fukao, Kyoji; Miyagawa, Tsutomu; Pyo, Hak K. et al.
  • Hitotsubashi University


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Title Estimates of total factor productivity, the contribution of ICT, 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:Hitotsubashi University

Date 2011-03
Series Title; No Global COE Hi-Stat Discussion Paper Series / 177
Pages 41
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Industry and Technology < Energy
Industry and Technology < IT
Holding Hitotsubashi University

Abstract

The purpose of our study is to identify the sources of economic growth based on a KLEMS model for Japan and Korea. We also identify the growth contribution of ICT assets and resource reallocation effects in the two economies. Both Japan and Korea enjoyed high TFP growth in ICT-producing sectors but suffered low TFP growth in ICT-using sectors. For Japan, we find that the main factor underlying the Lost Decade is the slow-down in TFP growth. We also found that Korea’s TFP growth was slow until the Asian financial crisis of 1997-1999 but then accelerated after the crisis. It seems that before the crisis, Korea was following a catch-up process with developed economies that was predominantly input-led and manufacturing-based, as documented by Timmer (1999) and Pyo (2001). (The rest omitted)