File Download
There are no files associated with this item.
Links for fulltext
(May Require Subscription)
- Scopus: eid_2-s2.0-77949851975
- WOS: WOS:000212446600004
- Find via
Supplementary
- Citations:
- Appears in Collections:
Article: Explaining total factor productivity trend in building construction: Empirical evidence from Hong Kong
Title | Explaining total factor productivity trend in building construction: Empirical evidence from Hong Kong |
---|---|
Authors | |
Keywords | Catching-Up Hypothesis Hong Kong Time Compression Diseconomies Total Factor Productivity |
Issue Date | 2009 |
Publisher | The 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? |
Abstract | This 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 Identifier | http://hdl.handle.net/10722/168778 |
ISSN | 2023 Impact Factor: 3.4 2023 SCImago Journal Rankings: 1.085 |
ISI Accession Number ID | |
References |
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Chau, KW | en_US |
dc.date.accessioned | 2012-10-08T03:32:21Z | - |
dc.date.available | 2012-10-08T03:32:21Z | - |
dc.date.issued | 2009 | en_US |
dc.identifier.citation | International Journal Of Construction Management, 2009, v. 9 n. 2, p. 45-54 | en_US |
dc.identifier.issn | 1562-3599 | en_US |
dc.identifier.uri | http://hdl.handle.net/10722/168778 | - |
dc.description.abstract | This 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.language | eng | en_US |
dc.publisher | The Chinese Research Institute of Construction Management. The Journal's web site is located at http://www.bre.polyu.edu.hk/ijcm_Abstract/index.htm | en_US |
dc.relation.ispartof | International Journal of Construction Management | en_US |
dc.subject | Catching-Up Hypothesis | en_US |
dc.subject | Hong Kong | en_US |
dc.subject | Time Compression Diseconomies | en_US |
dc.subject | Total Factor Productivity | en_US |
dc.title | Explaining total factor productivity trend in building construction: Empirical evidence from Hong Kong | en_US |
dc.type | Article | en_US |
dc.identifier.email | Chau, KW:hrrbckw@hkucc.hku.hk | en_US |
dc.identifier.authority | Chau, KW=rp00993 | en_US |
dc.description.nature | link_to_subscribed_fulltext | en_US |
dc.identifier.scopus | eid_2-s2.0-77949851975 | en_US |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-77949851975&selection=ref&src=s&origin=recordpage | en_US |
dc.identifier.volume | 9 | en_US |
dc.identifier.issue | 2 | en_US |
dc.identifier.spage | 45 | en_US |
dc.identifier.epage | 54 | en_US |
dc.identifier.isi | WOS:000212446600004 | - |
dc.publisher.place | Hong Kong | en_US |
dc.identifier.scopusauthorid | Chau, KW=24830082500 | en_US |
dc.identifier.issnl | 1562-3599 | - |