[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/24861.html
   My bibliography  Save this paper

The capital-intensity reversal in the postwar Japanese economy: Why did Japan grow so fast during 1955-1975?

Author

Listed:
  • Takahashi, Harutaka
Abstract
Our main result is the following: during the high-speed growth era, from 1955 to 1973, the investment sector was more capital-intensive than the consumption sector. Just after the 1973 oil-shock, around 1975, the consumption sector turned out to be more capital-intensive than the investment sector. Since then, the consumption sector has been capital-intensive through the stable-growth era, from 1975 to 1984, and the Bubble era, from 1985 to 1995. In other words, we observe the appearance of a so-called “capital-intensity reversal” around 1975. Due to the 1973 oil shock, the economic structure of the Japanese economy has totally changed. Thus many researchers believe that this external shock brought the Japanese high-speed growth era to an end. On the contrary, as our empirical study has shown here, the capital-intensity reversal of the Japanese economy could have endogenously occurred as a result of the demand effect accruing from the high economic growth.

Suggested Citation

  • Takahashi, Harutaka, 2004. "The capital-intensity reversal in the postwar Japanese economy: Why did Japan grow so fast during 1955-1975?," MPRA Paper 24861, University Library of Munich, Germany, revised Feb 2008.
    • Handle: RePEc:pra:mprapa:24861
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/24861/1/MPRA_paper_24861.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Durlauf, Steven N. & Quah, Danny T., 1999. "The new empirics of economic growth," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 4, pages 235-308, Elsevier.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Guo, Baoping, 2015. "Leontief Paradox Explored A New Trade Pattern When Countries Have Different Technologies," MPRA Paper 96929, University Library of Munich, Germany, revised Nov 2019.
    2. Guo, Baoping, 2015. "Heckscher-Ohlin Trade, Leontief Trade, and Factor Conversion Trade When Countries Have Different Technologies," MPRA Paper 95161, University Library of Munich, Germany, revised Jul 2019.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Gianfranco DI VAIO & Michele BATTISTI, 2010. "A Spatially-Filtered Mixture of Beta-Convergence Regression for EU Regions, 1980-2002," Regional and Urban Modeling 284100013, EcoMod.
    2. Roberto Martino & Phu Nguyen-Van, 2014. "Labour market regulation and fiscal parameters: A structural model for European regions," Working Papers of BETA 2014-19, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    3. Massimiliano Affinito, 2011. "Convergence clubs, the euro-area rank and the relationship between banking and real convergence," Temi di discussione (Economic working papers) 809, Bank of Italy, Economic Research and International Relations Area.
    4. Andrés Rodríguez-Pose & Yannis Psycharis & Vassilis Tselios, 2012. "Public investment and regional growth and convergence: Evidence from Greece," Papers in Regional Science, Wiley Blackwell, vol. 91(3), pages 543-568, August.
    5. Durlauf, Steven N., 2001. "Manifesto for a growth econometrics," Journal of Econometrics, Elsevier, vol. 100(1), pages 65-69, January.
    6. Rok Spruk & Mitja Kovac, 2018. "Inefficient Growth," Review of Economics and Institutions, Università di Perugia, vol. 9(2).
    7. Campos, Nauro & Nugent, Jeffrey B, 2000. "Investment and Instability," CEPR Discussion Papers 2609, C.E.P.R. Discussion Papers.
    8. Charles Ka Yui Leung & Joe Cho Yiu Ng & Edward Tang, 2020. "Why is the Hong Kong Housing Market Unaffordable? Some Stylized Facts and Estimations," Globalization Institute Working Papers 380, Federal Reserve Bank of Dallas.
    9. Campi, Mercedes & Dueñas, Marco, 2020. "Volatility and economic growth in the twentieth century," Structural Change and Economic Dynamics, Elsevier, vol. 53(C), pages 330-343.
    10. Bagella, Michele & Becchetti, Leonardo & Hasan, Iftekhar, 2004. "The anticipated and concurring effects of the EMU: exchange rate volatility, institutions and growth," Journal of International Money and Finance, Elsevier, vol. 23(7-8), pages 1053-1080.
    11. Steven N. Durlauf & Andros Kourtellos & Chih Ming Tan, 2008. "Empirics of Growth and Development," Chapters, in: Amitava Krishna Dutt & Jaime Ros (ed.), International Handbook of Development Economics, Volumes 1 & 2, volume 0, chapter 3, Edward Elgar Publishing.
    12. Pozzolo, Alberto Franco, 2004. "Endogenous Growth in Open Economies - A Survey of Major Results," Economics & Statistics Discussion Papers esdp04020, University of Molise, Department of Economics.
    13. Matthew Higgins & Daniel Levy & Andrew T. Young, 2003. "Growth and Convergence across the US: Evidence from County-Level Data," Working Papers 2003-03, Bar-Ilan University, Department of Economics.
    14. Fiaschi, Davide & Lavezzi, Andrea Mario, 2007. "Nonlinear economic growth: Some theory and cross-country evidence," Journal of Development Economics, Elsevier, vol. 84(1), pages 271-290, September.
    15. Måns Söderbom & Francis Teal, 2003. "Openness and human capital as sources of productivity growth: An empirical investigation," CSAE Working Paper Series 2003-06, Centre for the Study of African Economies, University of Oxford.
    16. Christopher H. Wheeler, 2006. "Human capital growth in a cross section of U.S. metropolitan areas," Review, Federal Reserve Bank of St. Louis, vol. 88(Mar), pages 113-132.
    17. Costain, James S. & Reiter, Michael, 2008. "Business cycles, unemployment insurance, and the calibration of matching models," Journal of Economic Dynamics and Control, Elsevier, vol. 32(4), pages 1120-1155, April.
    18. Paul Beaudry & Fabrice Collard & David Green, 2005. "Demographics and recent productivity performance: insights from cross-country comparisons," Canadian Journal of Economics, Canadian Economics Association, vol. 38(2), pages 309-344, May.
    19. K.P. Gluschenko (glu@nsu.ru ), 2010. "Income inequality in Russian regions: comparative analysis," Journal "Region: Economics and Sociology", Institute of Economics and Industrial Engineering of Siberian Branch of RAS, vol. 4.
    20. A M Spiru, 2007. "Inflation convergence in the new EU member states," Working Papers 590260, Lancaster University Management School, Economics Department.

    More about this item

    Keywords

    capital-intensity reversal; I-O table; input-output analysis; Leontief matrix;
    All these keywords.

    JEL classification:

    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:24861. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.