The paper considers some of the problems associated with the indirectly measured components of financial service outputs in the System of National Accounts (SNA), termed FISIM (Financial Intermediation Services Indirectly Measured). The paper utilizes a user cost and supplier benefit approach to...

In this paper we analyze the levels of technical efficiency and productivity growth attained by Spanish insurance companies during a period of deregulation. We compute Malmquist productivity indexes using the estimates of parametric distance function for several specialized insurance branches....

In the neoclassical production functions model technical change (TC) is assumed to be exogenous and it is specified as a function of time. However, some exogenous external factors other than time can also affect the rate of TC. In this paper we model TC via a combination of time trend (purely...

This paper employs the industry of origin approach to compare value added and productivity of Singapore and Hong Kong's Distribution Trade Sector for the period 2001-2008. The direct comparison between these two economies was motivated by the statements of the Singapore government: Its services...

In the literature, two main ratio-based productivity indices have been defined in terms of a primal technology notion. While the Malmquist productivity index has become very popular, it has the problem that it is not always well-defined. By contrast, the less popular Hicks Moorsteen productivity...

We derive a primal Divisia technical change index based on the output distance function and further show the validity of this index from both economic and axiomatic points of view. In particular, we derive the primal Divisia technical change index by total differentiation of the output distance...

In Japan, as in many developed countries, the government's agencies for science have implemented several reforms to the scientic research system, which has concentrated research resources in the top research universities. However, the growth of research papers has stagnated in Japan during the...

Index Decomposition Analysis (IDA) has been extensively applied in studies of energy consumption and energy-related emissions. Most have focused on the impacts of industrial structural change and technology progress and a few have also looked at inter-fuel substitution. There has been no study...

There is policy interest in factoring productivity growth into technical progress and returns to scale components. Our approach uses exact index number methods to reduce the parameters that must be estimated, and allows us to exploit the cross-sectional dimension of plant-level panel data. We...

The 2008 version of the SNA has recommended capitalization of R&D expenditures. To implement this recommendation, we need to determine the depreciation rate of R&D capital. In this paper, we develop a simple model, based on a production function method that allows for monopolistic competition,...