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WP 2003-15Preliminary Comments Welcome Measuring Productivity Growth in Asia: Do Market Imperfections Matter?

By John Fernald and Brent NeimanJohn Fernald and Brent Neiman

Abstract

Abstract: Recent research reports contradictory estimates of productivity growth for the newly industrialized economies (NIEs) of Asia. In particular, estimates using real factor prices find relatively rapid TFP growth; estimates using quantities of inputs and output find relatively low TFP growth. The difference is particularly notable for Singapore, where the difference is about 2-1/4 percentage-points per year. We show that about 2/3 of that difference reflects differences in estimated capital payments. We argue that these differences reflect economically interesting imperfections in output and capital markets, including sizeable economic profits in Singapore and government-directed credit. We derive a measure of technology growth, corrected for the imperfections that we quantify. Please address correspondence to John Fernald a

Year: 2003
OAI identifier: oai:CiteSeerX.psu:10.1.1.199.1463
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