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

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  • Carlos Andres Ballesteros
  • Carlos Esteban Posada

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.

Suggested Citation

  • Carlos Andres Ballesteros & Carlos Esteban Posada, 2017. "Growth and stagnation: The case of the Japanese economy (1981-2009)," Documentos de Trabajo de Valor Público 15661, Universidad EAFIT.
    • Handle: RePEc:col:000122:015661
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    File URL: https://repository.eafit.edu.co/handle/10784/11434#.WWk2QNPyvq0
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    More about this item

    Keywords

    Economic growth; Slow and Schumpeter models; investment rate; R&D expenditures; capital stock pero efficiency uniits of labor;
    All these keywords.

    JEL classification:

    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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