Financial Services Sector as a Driver of Productivity Growth in Hong Kong

Frank Leung (), Gaofeng Han and Kevin Chow
Additional contact information
Gaofeng Han: Research Department, Hong Kong Monetary Authority
Kevin Chow: Research Department, Hong Kong Monetary Authority

No 914, Working Papers from Hong Kong Monetary Authority

Abstract: Hong Kong has seen strong growth in labour productivity since 2002. Sectoral breakdown shows that the advance in output per labour has been mainly supported by the expansion in financial and trade related activities attributable to the vibrant increase in offshore trade and exports of financial services. Using the data envelopment analysis (DEA) method, we find that the observed increase in labour productivity has been underpinned by the rise in total factor productivity (TFP). Based on a panel dataset of major economic sectors, regression analysis suggests that exports of services and the China factor are the two key determinants of TFP growth in Hong Kong.

Keywords: Total factor productivity; labour productivity; economic integration (search for similar items in EconPapers)
JEL-codes: D24 F15 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2009-08
New Economics Papers: this item is included in nep-eff and nep-fdg
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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