Industry Origins of Energy Productivity Improvement

Koji Nomura

Chapter Chapter 2 in Energy Productivity and Economic Growth, 2022, pp 19-80 from Springer

Abstract: Abstract This chapter measures the industry origins of the sustained energy productivity improvement (EPI) in postwar Japan from 1955 to 2019 by explicitly considering changes in energy quality, such as the progress of electrification, and changes in industrial structure. The golden age of energy productivity according to its gross measure, which is a simple economy-wide indicator, was seen in Period-II (post-oil crisis: 1973–1990) when the annual growth rate of EPI accelerated to 2.7% from 1.3% in the preceding Period-I (high economic growth: 1955–1973). However, the adjusted EPI peaked in Period-I when energy quality and industrial structure changes are controlled (1.5%). It then decelerated to 1.4% in Period-II and almost zero in Period-III (post-bubble economy: 1990–2008). In Period-IV (post-global financial crisis: 2008–2019), the adjusted EPI recovered to 0.5%, largely because of changes in composition at the product level. Under certain assumptions, the baseline estimate of future gross EPI is expected to be 1.0% per annum, much lower than the policy target of 2.5% set by the Japanese government in 2021.

Keywords: Energy productivity improvement (EPI); Energy quality; Industrial structural change; Industry origins; Energy account (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-19-6494-7_2

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DOI: 10.1007/978-981-19-6494-7_2

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