Growth and stagnation: The case of the Japanese economy (1981-2009)
The pace of Japanese economic growth was substantially higher than that exhibited by the group of developed economies between 1985 and 1995; later has been lower. What explains this "relative decline"? According to the econometric results of an exercise carried out, inspired by the model o...
- Autores:
-
Ballesteros, Carlos
Posada, Carlos Esteban
- Tipo de recurso:
- Fecha de publicación:
- 2017
- Institución:
- Universidad EAFIT
- Repositorio:
- Repositorio EAFIT
- Idioma:
- eng
- OAI Identifier:
- oai:repository.eafit.edu.co:10784/11434
- Acceso en línea:
- http://hdl.handle.net/10784/11434
- Palabra clave:
- Key words: Economic growth
Solow and Schumpeter models
investment rate
R&D expenditures
capital stock per efficiency units of labor.
- Rights
- License
- Acceso abierto
| Summary: | The pace of Japanese economic growth was substantially higher than that exhibited by the group of developed economies between 1985 and 1995; later has been lower. What explains this "relative decline"? According to the econometric results of an exercise carried out, inspired by the model of Aghion and Howitt (2009), the hypotheses of insufficient investment or savings can be considered implausible to explain such performance, while an alternative hypothesis can be considered likely: The loss of efficiency of the Japanese society, compared with the other developed societies, to transform resources required in R&D into a high and constant rate of technical change. |
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