Title: Measuring productivity growth in Asia
Description: "Recent research reports contradictory estimates of productivity growth for the newly industrialized economies (NIEs) of Asia.  In particular, estimates using real factor prices find relatively rapid TFP growth; estimates using quantities of inputs and output find relatively low TFP growth.  The difference is particularly notable for Singapore, where the difference is about 2-1/4 percentage-points per year.  We show that about 2/3 of that difference reflects differences in estimated capital payments.  We argue that these differences reflect economically interesting imperfections in output and capital markets, including sizeable economic profits in Singapore and government-directed credit.  We derive a measure of technology growth, corrected for the imperfections that we quantify"--Federal Reserve Bank of Chicago web site.