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Identifier to cite or link to this item: https://hdl.handle.net/10086/16422

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Title
Intangible Investment in Japan: New Estimates and Contribution to Economic Growth
Creator
Creator Name
Fukao, Kyoji Fukao, Kyoji
深尾, 京司 深尾, 京司
フカオ, キョウジ フカオ, キョウジ
Affiliation
Affiliation Name
Hitotsubashi University
Creator Name
Miyagawa, Tsutomu Miyagawa, Tsutomu
宮川, 努 宮川, 努
ミヤガワ, ツトム ミヤガワ, ツトム
Affiliation
Affiliation Name
Gakushuin University
Creator Name
Mukai, Kentaro Mukai, Kentaro
迎, 堅太郎 迎, 堅太郎
Affiliation
Affiliation Name
Cabinet Office, Government of Japan
Creator Name
Shinoda, Yukio Shinoda, Yukio
シノダ, ユキオ シノダ, ユキオ
Affiliation
Affiliation Name
Cabinet Office, Government of Japan
Creator Name
Tonogi, Konomi Tonogi, Konomi
外木, 好美 外木, 好美
トノギ, コノミ トノギ, コノミ
Affiliation
Affiliation Name
Hitotsubashi University
Editor
Contributor Name
社会科学の高度統計・実証分析拠点構築 = Research Unit for Statistical and Empirical Analysis in Social Sciences
Key Word
intangible investment
labor productivity
growth accounting
JEL
E22
O32
O47
Abstract
The purpose of this paper is to measure intangible assets, to construct the capital stock of intangible assets, and to examine the contribution of intangible capital to economic growth in Japan. We follow the approach of Corrado, Hulten, and Sichel (2005, 2006) to measure intangible investment using the 2008 version of the Japan Industrial Productivity (JIP) Database. We find that the ratio of intangible investment to GDP in Japan has risen during the past 20 years and now stands at 11.6%, which is lower than the ratio estimated for the United States in the early 2000s. The ratio of intangible to tangible investment in Japan is also lower than equivalent values estimated for the United States. In addition, we find that, in stark contrast with the United States, where intangible capital grew rapidly in the late 1990s, the growth rate of intangible capital in Japan declined from the late 1980s to the early 2000s. In order to examine the robustness of our results, we also conducted a sensitivity analysis and found that the slowdown of the contribution of intangible capital deepening to economic growth and the recovery in Multi-Factor Productivity (MFP) growth from the second half of the 1990s observed in our base case remain unchanged even if we take on-the-job training and Japanese data with respect to investment in firm-specific resources into account.
Description
This paper is a revised version of RIETI Discussion Paper 07-E-034.
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2008-12
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
Global COE Hi-Stat Discussion Paper Series ; No. 15
Number of Pages
48
Sponsorship
グローバルCOEプログラム = Global COE Program
Appears in Collections
Global COE Hi-Stat Discussion Paper Series
URL
https://hdl.handle.net/10086/16422