Growth and stagnation: The case of the Japanese economy (1981-2009)

Carlos Andres Ballesteros () and Carlos Posada

No 15661, Documentos de Trabajo de Valor Público from Universidad EAFIT

Abstract: The pace of Japanese economic growth was substantially higher than that exhibited by the group of developed economies between 1985 and 1995; later has been lower. What explains this "relative decline"? According to the econometric results of an exercise carried out, inspired by the model of Aghion and Howitt (2009), the hypotheses of insufficient investment or savings can be considered implausible to explain such performance, while an alternative hypothesis can be considered likely: The loss of efficiency of the Japanese society, compared with the other developed societies, to transform resources required in R&D into a high and constant rate of technical change.

Keywords: Economic growth; Slow and Schumpeter models; investment rate; R&D expenditures; capital stock pero efficiency uniits of labor (search for similar items in EconPapers)
JEL-codes: O33 O47 O57 (search for similar items in EconPapers)
Pages: 25
Date: 2017-05-01
New Economics Papers: this item is included in nep-ino
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Persistent link: https://EconPapers.repec.org/RePEc:col:000122:015661

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