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Article: Explaining total factor productivity trend in building construction: Empirical evidence from Hong Kong

TitleExplaining total factor productivity trend in building construction: Empirical evidence from Hong Kong
Authors
KeywordsCatching-Up Hypothesis
Hong Kong
Time Compression Diseconomies
Total Factor Productivity
Issue Date2009
PublisherThe Chinese Research Institute of Construction Management. The Journal's web site is located at http://www.bre.polyu.edu.hk/ijcm_Abstract/index.htm
Citation
International Journal Of Construction Management, 2009, v. 9 n. 2, p. 45-54 How to Cite?
AbstractThis paper attempts to explain the total factor productivity (TFP) trend in Hong Kong's building industry. Two major forces that shaped the TFP trend over the period 1972-2005 are identified. First, empirical evidence from Hong Kong suggests that technological progress from imported technologies has been the major source of long term TFP growth in the building industry. However this source of TFP growth is diminishing, as the technology gap between Hong Kong and other technologically advanced countries narrows over time. Second, short-term fluctuations in the TFP trend can be explained by movements in the real interest rate due to "time compression diseconomies". An increase in ex post real interest rate will increase the developer's cost of holding undeveloped land, which causes developers to accelerate the rate of development at the expense of the higher cost of construction. This will have a negative, but short term, impact on the industry level TFP trend.
Persistent Identifierhttp://hdl.handle.net/10722/168778
ISSN
2015 SCImago Journal Rankings: 0.203
References

 

DC FieldValueLanguage
dc.contributor.authorChau, KWen_US
dc.date.accessioned2012-10-08T03:32:21Z-
dc.date.available2012-10-08T03:32:21Z-
dc.date.issued2009en_US
dc.identifier.citationInternational Journal Of Construction Management, 2009, v. 9 n. 2, p. 45-54en_US
dc.identifier.issn1562-3599en_US
dc.identifier.urihttp://hdl.handle.net/10722/168778-
dc.description.abstractThis paper attempts to explain the total factor productivity (TFP) trend in Hong Kong's building industry. Two major forces that shaped the TFP trend over the period 1972-2005 are identified. First, empirical evidence from Hong Kong suggests that technological progress from imported technologies has been the major source of long term TFP growth in the building industry. However this source of TFP growth is diminishing, as the technology gap between Hong Kong and other technologically advanced countries narrows over time. Second, short-term fluctuations in the TFP trend can be explained by movements in the real interest rate due to "time compression diseconomies". An increase in ex post real interest rate will increase the developer's cost of holding undeveloped land, which causes developers to accelerate the rate of development at the expense of the higher cost of construction. This will have a negative, but short term, impact on the industry level TFP trend.en_US
dc.languageengen_US
dc.publisherThe Chinese Research Institute of Construction Management. The Journal's web site is located at http://www.bre.polyu.edu.hk/ijcm_Abstract/index.htmen_US
dc.relation.ispartofInternational Journal of Construction Managementen_US
dc.subjectCatching-Up Hypothesisen_US
dc.subjectHong Kongen_US
dc.subjectTime Compression Diseconomiesen_US
dc.subjectTotal Factor Productivityen_US
dc.titleExplaining total factor productivity trend in building construction: Empirical evidence from Hong Kongen_US
dc.typeArticleen_US
dc.identifier.emailChau, KW:hrrbckw@hkucc.hku.hken_US
dc.identifier.authorityChau, KW=rp00993en_US
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.scopuseid_2-s2.0-77949851975en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-77949851975&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume9en_US
dc.identifier.issue2en_US
dc.identifier.spage45en_US
dc.identifier.epage54en_US
dc.publisher.placeHong Kongen_US
dc.identifier.scopusauthoridChau, KW=24830082500en_US

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