2004 Fiscal Year Final Research Report Summary
INDUSTRIAL STRUCTURE, PRODUCTIVITY AND ECONOMIC GROWTH IN JAPAN
| Project/Area Number |
15330043
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| Research Category |
Grant-in-Aid for Scientific Research (B)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Applied economics
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| Research Institution | HITOTSUBASHI UNIVERSITY |
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Principal Investigator |
FUKAO Kyoji HITOTSUBASHI UNIVERSITY, INSTITUTE OF ECONOMIC RESEARCH, PROFESSOR, 経済研究所, 教授 (30173305)
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| Co-Investigator(Kenkyū-buntansha) |
MIYAGAWA Tsutomu GAKUSHUIN UNIVERSITY, FACULTY OF ECONOMICS, PROFESSOR, 経済学部, 教授 (30272777)
INUI Tomohiko NIHON UNIVERSITY, COLLEGE OF ECONOMICS, PROFESSOR, 経済学部, 教授 (10328669)
KAWAI Hiroki KEIO UNIVERSITY, FACULTY OF ECONOMICS, ASSOCIATE PROFESSOR, 経済学部, 助教授 (00276396)
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| Project Period (FY) |
2003 – 2004
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| Keywords | JIP Database / Total Factor Productivity / IT Revolution / IT Capital / Factor Contents / Equilibrium Exchange Rate / Research and Development / Intra-industry Trade |
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| Research Abstract |
Using the newly compiled data, the Japan Industrial Productivity(JIP) Database, Fukao, Inui, Kawai and Miyagawa(2004) analyzed Japan's sectoral TFP growth in recent years. The main results are as follows. 1)After taking account of the quality of labor and the capacity utilization rate we found the decline in TFP growth at the macro-level from the 1980s to the 1990s not to be so great. The decline in TFP growth from the 1983-91 period to the 1991-98 period is 0.20 percentage-points. The slowdown in TFP growth mainly occurred in the manufacturing sector. The manufacturing sector's contribution to macro-TFP growth declined from 0.74 percentage-points in 1983-91 to -0.03 percentage-points in 1991-98. In contrast, TFP growth in the non-manufacturing sectors accelerated during the 1990s. Non-manufacturing sectors' contribution to macro-TFP growth increased from -0.34 percentage-points in 1983-91 to 0.22 percentage-points in 1991-98.
Miyagawa, Ito and Harada (2004) examine the contribution of
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IT investment to economic growth in Japan, and estimate the spillover effects of IT investment. We decompose labor productivity growth into four terms, following Sonobe and Otsuka (2001), and find out that intra-sectoral capital deepening effects is the dominant factor in productivity growth. However, the recent productivity slowdown is caused by the lack of reallocation effects of labor. Further, we estimate production functions and TFP growth functions, examining network externalities of IT capital. As a result, we find inter-industry spillover effects of input side as well as intra-industry spillover effects.
Fukao and Kwon (forthcoming) analyses the cause of the slowdown in Japan's TFP growth during the 1990s. Using firm level panel data covering the entire sector, we investigate the causes of the TFP slowdown and find that the reallocation of resources from less efficient to more efficient firms was very slow and limited. This "low metabolism" seems to be an important cause for the slowdown in Japan's TFP growth. Less
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