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Japan’s Lost Decade Revisited: Total Factor Productivity and Economic Growth

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Authors
Lee, Jeong Yeon
Issue Date
2011-12
Publisher
Institute of International Affairs, Graduate School of International Studies, Seoul National University
Citation
Journal of International and Area Studies, Vol.18 No.2, pp. 65-73
Keywords
JapanEconomic growthTotal factor productivityMalmquist index
Abstract
This paper examines the decade-long economic slump in Japan during the 1990s. In the

neoclassical growth framework, a fall in total factor productivity growth is expected to slow down the

economy’s long-term growth. This paper’s findings based on the Malmquist index show that Japan’s

productivity growth rate in the 1990s is not only historically low but also lags considerably behind the

contemporaneous growth rates in other OECD nations. Building upon the Japanese experience, this

paper considers policy responses to the current global financial crisis.
ISSN
1226-8550
Language
English
URI
http://hdl.handle.net/10371/96521
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Graduate School of International Studies (국제대학원)Dept. of International Studies (국제학과)Journal of International and Area StudiesJournal of International and Area Studies vol.18 (2011)
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