Alternative Estimates of Productivity Growth in the NICs: A Comment on the Findings of Chang-Tai Hsieh / Alwyn Young.

By:

Young, Alwyn

Contributor(s):

National Bureau of Economic Research

Material type: Text

TextSeries: Working Paper Series (National Bureau of Economic Research) ; no. w6657.Publication details: Cambridge, Mass. National Bureau of Economic Research 1998.Description: 1 online resource: illustrations (black and white)Online resources:

Available additional physical forms:

Hardcopy version available to institutional subscribers

Abstract: Dual estimates of productivity growth by Chang-Tai Hsieh have raised questions about the accuracy of the East Asian national accounts, suggesting that productivity growth in the NICs, particularly Singapore, may have been substantially higher than previously estimated. This paper shows that once one corrects for computational and methodological errors, dual estimates, using Hsieh's own data, are not that far removed from the results implied by primal sources. Further, Hsieh's criticisms of the accuracy of the national accounts capital formation figures are shown to be invalid. Finally, other data exist which support the picture of declining real rentals painted by the national accounts capital formation figures.

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July 1998.

Dual estimates of productivity growth by Chang-Tai Hsieh have raised questions about the accuracy of the East Asian national accounts, suggesting that productivity growth in the NICs, particularly Singapore, may have been substantially higher than previously estimated. This paper shows that once one corrects for computational and methodological errors, dual estimates, using Hsieh's own data, are not that far removed from the results implied by primal sources. Further, Hsieh's criticisms of the accuracy of the national accounts capital formation figures are shown to be invalid. Finally, other data exist which support the picture of declining real rentals painted by the national accounts capital formation figures.