Transactional activities and total factor productivity growth in Taiwan |
| |
Authors: | Scott M Fuess Jr. Hendrik Van den Berg |
| |
Affiliation: | Scott M. Fuess,Jr. ∗ University of Nebraska, 340 College of Business Administration, Department of Economics, Lincoln, NE 68588-0489 USA;Hendrik Van den Berg ∗ University of Nebraska, Department of Economics USA |
| |
Abstract: | Total factor productivity (TFP) growth shows how rapidly an economy is enhancing technology and the efficiency with which it allocates resources. It has been argued that “miraculous” growth in East Asian economies may not be sustainable, due to relatively low rates of TFP growth. Among these economies, it appears that Taiwan has indeed exhibited substantial technological progress. Failure to control for transactional activities, however, can distort the impression of TFP growth. This study recalculates Taiwan's TFP growth for the 1957–1993 sample period, adjusting for transaction costs in the government and private sectors. For the early years of the sample, 1957–1973, the economy's technological progress is better than GDP-based calculations suggest. In recent years, 1983–1993, productivity improvement has been overstated, but the economy has still exhibited relatively fast TFP growth. |
| |
Keywords: | JEL classification: O.47 O.53 |
本文献已被 ScienceDirect 等数据库收录! |
|