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Sources of TFP Growth: Occupational Choice and Financial Deepening

Hyeok Jeong () and Robert Townsend

No 05.28, IEPR Working Papers from Institute of Economic Policy Research (IEPR)

Abstract: We develop a method of growth accounting based on the integrated use of transitional growth models and micro data. We decompose total factor productivity (TFP) growth into the occupational-shift effect, financial-deepening effect, capital-heterogeneity effect, and sectoral-Solow-residuals. Applying this method to Thailand, which experienced rapid growth with enormous structural changes between 1976 and 1996, we find that 73 percent of TFP growth is explained by occupational shifts and ?nancial deepening, without presuming exogenous technical progress. Expansion of credit is a major part. We also show the role of endogenous interaction between factor price dynamics and the wealth distribution for TFP.

Keywords: Total Factor Productivity; Occupation Choice; Financial Deepening (search for similar items in EconPapers)
JEL-codes: O47 O16 J24 D24 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2005-03, Revised 2005-05
New Economics Papers: this item is included in nep-dev and nep-eff
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Published in Review of Economics, March 1999, pages 1-23

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Journal Article: Sources of TFP growth: occupational choice and financial deepening (2007) Downloads
Working Paper: Sources of TFP Growth: Occupational Choice and Financial Deepening (2007) Downloads
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