Human capital and growth in Japan: Converging to the steady state in a 1% world

Annual growth in GDP/adult in Japan has declined from over 10% in 1969 to an average of 1% since the financial crisis in 1991. I showthat a dynamic Solow growth model, augmented with human capital, weekly hours worked, and oil prices, explains Japan’s annual growth rates from 1969 to 2007 as conditi...

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Autores:
Breton,Theodore R
Tipo de recurso:
Fecha de publicación:
2015
Institución:
Universidad EAFIT
Repositorio:
Repositorio EAFIT
Idioma:
eng
OAI Identifier:
oai:repository.eafit.edu.co:10784/7513
Acceso en línea:
http://hdl.handle.net/10784/7513
Palabra clave:
Japan
Human capital
Schooling
Productivity
Economic growth
Convergence
Rights
License
restrictedAccess
id REPOEAFIT2_382b5feebfeb129bdf031fb574fa4689
oai_identifier_str oai:repository.eafit.edu.co:10784/7513
network_acronym_str REPOEAFIT2
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repository_id_str
spelling 2015-062015-11-06T16:24:57Z2015-062015-11-06T16:24:57Z0889-1583http://hdl.handle.net/10784/751310.1016/j.jjie.2015.03.001Annual growth in GDP/adult in Japan has declined from over 10% in 1969 to an average of 1% since the financial crisis in 1991. I showthat a dynamic Solow growth model, augmented with human capital, weekly hours worked, and oil prices, explains Japan’s annual growth rates from 1969 to 2007 as conditional convergence to a steady-state rate of 1%/year. Each year of average adult schooling attainment raised GDP/adult directly or indirectly by 20 percent, and weekly hours worked had an output elasticity of 0.5. The marginal product of schooling in 2005 is double the marginal product of physical capital.engElsevierJournal of the Japanese and International Economies. Vol.36(74), 2015, pp.73-89http://www.sciencedirect.com.ezproxy.eafit.edu.co/science/article/pii/S088915831500012Xhttp://www.sciencedirect.com.ezproxy.eafit.edu.co/science/article/pii/S088915831500012XrestrictedAccess© 2015 Elsevier Inc. All rights reserved.Acceso restringidohttp://purl.org/coar/access_right/c_16ecJournal of the Japanese and International Economies. Vol.36(74), 2015, pp.73-89Human capital and growth in Japan: Converging to the steady state in a 1% worldarticleinfo:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionArtículoObra publicadapublishedVersionhttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1JapanHuman capitalSchoolingProductivityEconomic growthConvergenceEscuela de Economía y FinanzasEconomíaBreton,Theodore RUniversidad Eafit,Escuela de Economía y Finanzas, Medellín, Antioquia, ColombiaEstudios en Economía y EmpresaJournal of the Japanese and International Economies3674738910784/7513oai:repository.eafit.edu.co:10784/75132015-11-06 16:35:24.9metadata.onlyhttps://repository.eafit.edu.coRepositorio Institucional Universidad EAFITrepositorio@eafit.edu.co
dc.title.eng.fl_str_mv Human capital and growth in Japan: Converging to the steady state in a 1% world
title Human capital and growth in Japan: Converging to the steady state in a 1% world
spellingShingle Human capital and growth in Japan: Converging to the steady state in a 1% world
Japan
Human capital
Schooling
Productivity
Economic growth
Convergence
title_short Human capital and growth in Japan: Converging to the steady state in a 1% world
title_full Human capital and growth in Japan: Converging to the steady state in a 1% world
title_fullStr Human capital and growth in Japan: Converging to the steady state in a 1% world
title_full_unstemmed Human capital and growth in Japan: Converging to the steady state in a 1% world
title_sort Human capital and growth in Japan: Converging to the steady state in a 1% world
dc.creator.fl_str_mv Breton,Theodore R
dc.contributor.department.spa.fl_str_mv Escuela de Economía y Finanzas
Economía
dc.contributor.author.spa.fl_str_mv Breton,Theodore R
dc.contributor.affiliation.spa.fl_str_mv Universidad Eafit,Escuela de Economía y Finanzas, Medellín, Antioquia, Colombia
dc.contributor.program.spa.fl_str_mv Estudios en Economía y Empresa
dc.subject.keyword.eng.fl_str_mv Japan
Human capital
Schooling
Productivity
Economic growth
Convergence
topic Japan
Human capital
Schooling
Productivity
Economic growth
Convergence
description Annual growth in GDP/adult in Japan has declined from over 10% in 1969 to an average of 1% since the financial crisis in 1991. I showthat a dynamic Solow growth model, augmented with human capital, weekly hours worked, and oil prices, explains Japan’s annual growth rates from 1969 to 2007 as conditional convergence to a steady-state rate of 1%/year. Each year of average adult schooling attainment raised GDP/adult directly or indirectly by 20 percent, and weekly hours worked had an output elasticity of 0.5. The marginal product of schooling in 2005 is double the marginal product of physical capital.
publishDate 2015
dc.date.available.none.fl_str_mv 2015-11-06T16:24:57Z
dc.date.issued.none.fl_str_mv 2015-06
dc.date.accessioned.none.fl_str_mv 2015-11-06T16:24:57Z
dc.date.none.fl_str_mv 2015-06
dc.type.eng.fl_str_mv article
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
dc.type.coarversion.fl_str_mv http://purl.org/coar/version/c_970fb48d4fbd8a85
dc.type.coar.fl_str_mv http://purl.org/coar/resource_type/c_6501
http://purl.org/coar/resource_type/c_2df8fbb1
dc.type.local.spa.fl_str_mv Artículo
dc.type.hasVersion.spa.fl_str_mv Obra publicada
dc.type.hasVersion.eng.fl_str_mv publishedVersion
status_str publishedVersion
dc.identifier.issn.none.fl_str_mv 0889-1583
dc.identifier.uri.none.fl_str_mv http://hdl.handle.net/10784/7513
dc.identifier.doi.none.fl_str_mv 10.1016/j.jjie.2015.03.001
identifier_str_mv 0889-1583
10.1016/j.jjie.2015.03.001
url http://hdl.handle.net/10784/7513
dc.language.iso.eng.fl_str_mv eng
language eng
dc.relation.ispartof.spa.fl_str_mv Journal of the Japanese and International Economies. Vol.36(74), 2015, pp.73-89
dc.relation.isversionof.none.fl_str_mv http://www.sciencedirect.com.ezproxy.eafit.edu.co/science/article/pii/S088915831500012X
dc.relation.uri.none.fl_str_mv http://www.sciencedirect.com.ezproxy.eafit.edu.co/science/article/pii/S088915831500012X
dc.rights.eng.fl_str_mv restrictedAccess
dc.rights.spa.fl_str_mv © 2015 Elsevier Inc. All rights reserved.
dc.rights.coar.fl_str_mv http://purl.org/coar/access_right/c_16ec
dc.rights.local.spa.fl_str_mv Acceso restringido
rights_invalid_str_mv restrictedAccess
© 2015 Elsevier Inc. All rights reserved.
Acceso restringido
http://purl.org/coar/access_right/c_16ec
dc.publisher.eng.fl_str_mv Elsevier
dc.source.spa.fl_str_mv Journal of the Japanese and International Economies. Vol.36(74), 2015, pp.73-89
institution Universidad EAFIT
repository.name.fl_str_mv Repositorio Institucional Universidad EAFIT
repository.mail.fl_str_mv repositorio@eafit.edu.co
_version_ 1814110120596996096

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