Productivity or Endowments? Sectoral Evidence for Hong Kong's Aggregate Growth

The author provides sectoral evidence that sheds new light on the current debate regarding the sources of growth of the East Asian miracle. The author tests both the productivity-driven and endowment-driven hypotheses using Hong Kong's sectora...

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Main Author:	Hiau Looi Kee
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	ACCOUNTING AGGREGATE LEVEL AGRICULTURE AVERAGE ANNUAL GROWTH AVERAGE PRODUCTIVITY BASE YEAR BOOK VALUE CAPITAL ACCUMULATION CAPITAL FORMATION CAPITAL INPUT CAPITAL INVESTMENT CAPITAL STOCK COAL CONDITIONS CONSTANT RETURNS CONSTANT RETURNS TO SCALE DIMINISHING RETURNS ECONOMISTS ELASTICITIES ELASTICITY EMPIRICAL ANALYSIS EMPIRICAL EVIDENCE EQUATIONS EQUILIBRIUM EXPORT GROWTH FACTOR ACCUMULATION FACTOR RETURNS FACTOR SUPPLIES FISHING FREE TRADE GDP GDP DEFLATOR GROSS OUTPUT GROWTH ACCOUNTING GROWTH LITERATURE GROWTH RATE GROWTH RATES GROWTH THEORY IMPORTS INDUSTRIAL PRODUCTION INPUT PRICES INSURANCE INTEREST RATES INTERMEDIATE INPUT INTERNATIONAL TRADE INVENTORY LABOR FORCE LEVEL OF CAPITAL MAXIMUM LIKELIHOOD ESTIMATION OPEN ECONOMIES PERFECT COMPETITION POLICY MAKERS PRICE ELASTICITIES PRICE ELASTICITY PRODUCTION FUNCTION PRODUCTION FUNCTIONS PRODUCTION TECHNOLOGY PRODUCTIVITY PRODUCTIVITY GROWTH RANDOM WALK RATE OF RETURN SECTORAL GROWTH RATES SERVICES SECTOR SHARE OF OUTPUT SIC TECHNOLOGICAL PROGRESS TERMS OF TRADE TFP TOTAL FACTOR PRODUCTIVITY TOTAL OUTPUT TRANSPORT VALUE ADDED EAST ASIA EMERGING ECONOMIES ENDOWMENTS SERVICE INDUSTRIES MANUFACTURING SECTOR LABOR INTENSIVE INDUSTRIES REALLOCATION ALLOCATION OF RESOURCES AGGREGATES ROBUST STATISTICS ENDOGENOUS VARIABLES REGRESSION ANALYSIS ELASTICITY (ECONOMIC)
Online Access:	http://documents.worldbank.org/curated/en/2002/09/2028948/productivity-endowments-sectoral-evidence-hong-kongs-aggregate-growth http://hdl.handle.net/10986/19285

id	okr-10986-19285
recordtype	oai_dc
spelling	okr-10986-192852021-04-23T14:03:42Z Productivity or Endowments? Sectoral Evidence for Hong Kong's Aggregate Growth Hiau Looi Kee ACCOUNTING AGGREGATE LEVEL AGRICULTURE AVERAGE ANNUAL GROWTH AVERAGE PRODUCTIVITY BASE YEAR BOOK VALUE CAPITAL ACCUMULATION CAPITAL FORMATION CAPITAL INPUT CAPITAL INVESTMENT CAPITAL STOCK COAL CONDITIONS CONSTANT RETURNS CONSTANT RETURNS TO SCALE DIMINISHING RETURNS ECONOMISTS ELASTICITIES ELASTICITY EMPIRICAL ANALYSIS EMPIRICAL EVIDENCE EQUATIONS EQUILIBRIUM EXPORT GROWTH FACTOR ACCUMULATION FACTOR RETURNS FACTOR SUPPLIES FISHING FREE TRADE GDP GDP DEFLATOR GROSS OUTPUT GROWTH ACCOUNTING GROWTH LITERATURE GROWTH RATE GROWTH RATES GROWTH THEORY IMPORTS INDUSTRIAL PRODUCTION INPUT PRICES INSURANCE INTEREST RATES INTERMEDIATE INPUT INTERNATIONAL TRADE INVENTORY LABOR FORCE LEVEL OF CAPITAL MAXIMUM LIKELIHOOD ESTIMATION OPEN ECONOMIES PERFECT COMPETITION POLICY MAKERS PRICE ELASTICITIES PRICE ELASTICITY PRODUCTION FUNCTION PRODUCTION FUNCTIONS PRODUCTION TECHNOLOGY PRODUCTIVITY PRODUCTIVITY GROWTH RANDOM WALK RATE OF RETURN SECTORAL GROWTH RATES SERVICES SECTOR SHARE OF OUTPUT SIC TECHNOLOGICAL PROGRESS TERMS OF TRADE TFP TOTAL FACTOR PRODUCTIVITY TOTAL OUTPUT TRANSPORT VALUE ADDED EAST ASIA EMERGING ECONOMIES PRODUCTIVITY PRODUCTIVITY GROWTH ENDOWMENTS SERVICE INDUSTRIES MANUFACTURING SECTOR LABOR INTENSIVE INDUSTRIES REALLOCATION ALLOCATION OF RESOURCES AGGREGATES ROBUST STATISTICS ENDOGENOUS VARIABLES REGRESSION ANALYSIS ELASTICITY (ECONOMIC) The author provides sectoral evidence that sheds new light on the current debate regarding the sources of growth of the East Asian miracle. The author tests both the productivity-driven and endowment-driven hypotheses using Hong Kong's sectoral data. The results show that most of the growth in the services sector is driven by the rapidly accumulating capital endowments, and not by productivity growth. In addition, productivity growth in the manufacturing sector is also unimpressive. The manufacturing sector is more labor intensive and its growth is hindered by the reallocation of resources into the services sector as a result of the growth of capital endowments and imports. Overall, sectoral evidence supports the endowment-driven hypothesis for Hong Kong's aggregate growth. 2014-08-11T21:30:15Z 2014-08-11T21:30:15Z 2002-09 http://documents.worldbank.org/curated/en/2002/09/2028948/productivity-endowments-sectoral-evidence-hong-kongs-aggregate-growth http://hdl.handle.net/10986/19285 English en_US Policy Research Working Paper;No. 2892 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research East Asia and Pacific China, Hong Kong SAR
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ACCOUNTING AGGREGATE LEVEL AGRICULTURE AVERAGE ANNUAL GROWTH AVERAGE PRODUCTIVITY BASE YEAR BOOK VALUE CAPITAL ACCUMULATION CAPITAL FORMATION CAPITAL INPUT CAPITAL INVESTMENT CAPITAL STOCK COAL CONDITIONS CONSTANT RETURNS CONSTANT RETURNS TO SCALE DIMINISHING RETURNS ECONOMISTS ELASTICITIES ELASTICITY EMPIRICAL ANALYSIS EMPIRICAL EVIDENCE EQUATIONS EQUILIBRIUM EXPORT GROWTH FACTOR ACCUMULATION FACTOR RETURNS FACTOR SUPPLIES FISHING FREE TRADE GDP GDP DEFLATOR GROSS OUTPUT GROWTH ACCOUNTING GROWTH LITERATURE GROWTH RATE GROWTH RATES GROWTH THEORY IMPORTS INDUSTRIAL PRODUCTION INPUT PRICES INSURANCE INTEREST RATES INTERMEDIATE INPUT INTERNATIONAL TRADE INVENTORY LABOR FORCE LEVEL OF CAPITAL MAXIMUM LIKELIHOOD ESTIMATION OPEN ECONOMIES PERFECT COMPETITION POLICY MAKERS PRICE ELASTICITIES PRICE ELASTICITY PRODUCTION FUNCTION PRODUCTION FUNCTIONS PRODUCTION TECHNOLOGY PRODUCTIVITY PRODUCTIVITY GROWTH RANDOM WALK RATE OF RETURN SECTORAL GROWTH RATES SERVICES SECTOR SHARE OF OUTPUT SIC TECHNOLOGICAL PROGRESS TERMS OF TRADE TFP TOTAL FACTOR PRODUCTIVITY TOTAL OUTPUT TRANSPORT VALUE ADDED EAST ASIA EMERGING ECONOMIES PRODUCTIVITY PRODUCTIVITY GROWTH ENDOWMENTS SERVICE INDUSTRIES MANUFACTURING SECTOR LABOR INTENSIVE INDUSTRIES REALLOCATION ALLOCATION OF RESOURCES AGGREGATES ROBUST STATISTICS ENDOGENOUS VARIABLES REGRESSION ANALYSIS ELASTICITY (ECONOMIC)
spellingShingle	ACCOUNTING AGGREGATE LEVEL AGRICULTURE AVERAGE ANNUAL GROWTH AVERAGE PRODUCTIVITY BASE YEAR BOOK VALUE CAPITAL ACCUMULATION CAPITAL FORMATION CAPITAL INPUT CAPITAL INVESTMENT CAPITAL STOCK COAL CONDITIONS CONSTANT RETURNS CONSTANT RETURNS TO SCALE DIMINISHING RETURNS ECONOMISTS ELASTICITIES ELASTICITY EMPIRICAL ANALYSIS EMPIRICAL EVIDENCE EQUATIONS EQUILIBRIUM EXPORT GROWTH FACTOR ACCUMULATION FACTOR RETURNS FACTOR SUPPLIES FISHING FREE TRADE GDP GDP DEFLATOR GROSS OUTPUT GROWTH ACCOUNTING GROWTH LITERATURE GROWTH RATE GROWTH RATES GROWTH THEORY IMPORTS INDUSTRIAL PRODUCTION INPUT PRICES INSURANCE INTEREST RATES INTERMEDIATE INPUT INTERNATIONAL TRADE INVENTORY LABOR FORCE LEVEL OF CAPITAL MAXIMUM LIKELIHOOD ESTIMATION OPEN ECONOMIES PERFECT COMPETITION POLICY MAKERS PRICE ELASTICITIES PRICE ELASTICITY PRODUCTION FUNCTION PRODUCTION FUNCTIONS PRODUCTION TECHNOLOGY PRODUCTIVITY PRODUCTIVITY GROWTH RANDOM WALK RATE OF RETURN SECTORAL GROWTH RATES SERVICES SECTOR SHARE OF OUTPUT SIC TECHNOLOGICAL PROGRESS TERMS OF TRADE TFP TOTAL FACTOR PRODUCTIVITY TOTAL OUTPUT TRANSPORT VALUE ADDED EAST ASIA EMERGING ECONOMIES PRODUCTIVITY PRODUCTIVITY GROWTH ENDOWMENTS SERVICE INDUSTRIES MANUFACTURING SECTOR LABOR INTENSIVE INDUSTRIES REALLOCATION ALLOCATION OF RESOURCES AGGREGATES ROBUST STATISTICS ENDOGENOUS VARIABLES REGRESSION ANALYSIS ELASTICITY (ECONOMIC) Hiau Looi Kee Productivity or Endowments? Sectoral Evidence for Hong Kong's Aggregate Growth
geographic_facet	East Asia and Pacific China, Hong Kong SAR
relation	Policy Research Working Paper;No. 2892
description	The author provides sectoral evidence that sheds new light on the current debate regarding the sources of growth of the East Asian miracle. The author tests both the productivity-driven and endowment-driven hypotheses using Hong Kong's sectoral data. The results show that most of the growth in the services sector is driven by the rapidly accumulating capital endowments, and not by productivity growth. In addition, productivity growth in the manufacturing sector is also unimpressive. The manufacturing sector is more labor intensive and its growth is hindered by the reallocation of resources into the services sector as a result of the growth of capital endowments and imports. Overall, sectoral evidence supports the endowment-driven hypothesis for Hong Kong's aggregate growth.
format	Publications & Research :: Policy Research Working Paper
author	Hiau Looi Kee
author_facet	Hiau Looi Kee
author_sort	Hiau Looi Kee
title	Productivity or Endowments? Sectoral Evidence for Hong Kong's Aggregate Growth
title_short	Productivity or Endowments? Sectoral Evidence for Hong Kong's Aggregate Growth
title_full	Productivity or Endowments? Sectoral Evidence for Hong Kong's Aggregate Growth
title_fullStr	Productivity or Endowments? Sectoral Evidence for Hong Kong's Aggregate Growth
title_full_unstemmed	Productivity or Endowments? Sectoral Evidence for Hong Kong's Aggregate Growth
title_sort	productivity or endowments? sectoral evidence for hong kong's aggregate growth
publisher	World Bank, Washington, DC
publishDate	2014
url	http://documents.worldbank.org/curated/en/2002/09/2028948/productivity-endowments-sectoral-evidence-hong-kongs-aggregate-growth http://hdl.handle.net/10986/19285
_version_	1764439678235181056

Productivity or Endowments? Sectoral Evidence for Hong Kong's Aggregate Growth

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