The Sun Also Rises: Productivity Convergence Between Japan and the USA |
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Authors: | Gavin Cameron |
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Institution: | (1) Department of Economics, University of Oxford, Manor Road, OX1 3UQ, UK |
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Abstract: | The growth process for a technological leader is different from that of a follower. While followers can grow through imitation
and capital deepening, a leader must undertake original research. This suggests that as the gap between the leader and the
follower narrows, the follower must undertake more genuinely innovative R&D and possibly face a slower overall growth rate.
The results of a dynamic panel equilibrium-correction model of productivity growth suggest that the productivity gap with
the USA had a strong effect on the growth of Japanese manufacturing, and that changes in R&D intensity also made a significant
contribution. Moreover, the effect of the productivity gap was significantly higher in industries that had higher R&D intensities,
higher levels of human capital, and were more open to exports.
This paper is based upon Chapter 5 of my D.Phil. thesis at the University of Oxford. It was partly written while I was a Visiting
Scholar at the Foundation for Advanced Information & Research, Tokyo, and was supported by a Sanwa Bank Foundation Research
Fellowship and ESRC grants R000234954 and R000237500. |
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Keywords: | economic growth total factor productivity catch-up innovation heterogeneous dynamic panel data scale effects |
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