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Books - NOMURA Koji

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Hydropower-Led Economic Growth in Bhutan: Development of Industry-Level Productivity Account, 1990–2022

Koji Nomura, Contemporary South Asian Studies, Springer, 2025.05, Page： 259

This book provides a comprehensive analysis of Bhutan’s economic growth and productivity dynamics from 1990 to 2022, with a special focus on hydropower development. Through the construction of detailed industry-level productivity accounts, the study addresses significant data gaps in Bhutan’s national accounts, measuring outputs and inputs across various sectors and developing quality-adjusted labor and capital input series. The analysis reveals the complexities of Bhutan’s hydropower-led growth strategy: while the sector has driven substantial economic growth, its contribution to overall productivity improvement has been limited. The electricity sector shows gains in labor productivity but declining capital productivity, resulting in stagnant Total Factor Productivity (TFP). The study also examines productivity trends in non-electricity sectors and addresses potential “Dutch disease” effects on manufacturing and agricultural competitiveness. International comparisons place Bhutan’s productivity performance in a regional context, revealing significant gaps in productivity performance, particularly when compared to India, Bhutan’s largest trading partner and a regional economic benchmark. This comparative analysis informs policy recommendations for achieving more balanced and sustainable economic growth. The findings are particularly relevant for Bhutan’s Thirteenth Five-Year Plan (2024–2029), which emphasizes productivity improvements across all economic sectors. The book serves as a valuable resource for policymakers, economists, and researchers interested in development economics, particularly those focused on the unique challenges faced by small, landlocked nations pursuing sustainable economic development.

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Energy Productivity and Economic Growth: Experiences of the Japanese Industries, 1955–2019

Koji Nomura, Springer, 2023.01, Page： 268

Energy costs in the economy amount to only a few percent of gross domestic product, but their importance to economic growth is much greater than their apparent number. Energy is used in almost all production and consumption activities, and energy price changes induce significant spillover effects throughout the economic system. More importantly, stable and affordable access to energy is a critical factor in determining the rate of capital accumulation in a domestic economy and, hence, labor productivity growth. The expansion of production per hour worked is achieved by using more and higher quality capital, which requires more energy to operate. This book aims to provide robust observational facts on energy productivity improvement (EPI) and to analyze the mechanisms of EPI achieved in Japan’s economic growth from 1955 to 2019. Linking the productivity account with energy statistics enables us to attempt not only to develop a better indicator of energy productivity but also to evaluate the EPI with other significant changes in the production process, such as capital productivity, labor productivity, and even the overall efficiency measured in terms of total factor productivity. This book is a valuable resource for researchers and policymakers seeking to understand the role of energy throughout the economy and for economic planners seeking to ensure the efficient use of energy now and into the future.

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APO Productivity Databook 2024

Koji Nomura and Mun S. Ho, Asian Productivity Organization, Keio University Press, 2024.09, Page： 201

This seventeenth edition of the APO Productivity Databook describes the quality of economic growth and productivity by providing comparable accounts across countries with different accounting systems. This is intended to serve as a useful resource for policymakers and researchers. Productivity gains, which enable an economy to produce more with the same inputs or to achieve the same output with fewer inputs, are crucial for ensuring sustainable economic growth in the long run. Improving national productivity performance is a key public policy objective, which requires reliable monitoring of past performance. This edition covers more than half a century of Asian economic development, from 1970 to 2022. Additionally, this edition includes projections for economic growth and labor productivity improvements up to 2035. Baseline economic growth and productivity indicators are calculated for 31 Asian economies, representing the 21 Asian Productivity Organization member economies (APO21) and the ten non-member economies in Asia.1 The APO21 consists of Bangladesh, Cambodia, the Republic of China (ROC), Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran (Iran), Japan, the Republic of Korea (Korea), the Lao People’s Democratic Republic (Lao PDR), Malaysia, Mongolia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, Turkiye, and Vietnam. The ten non-member economies in Asia are the Kingdom of Bhutan (Bhutan), Brunei Darussalam (Brunei), the People’s Republic of China (China), Myanmar, and the Gulf Cooperation Council (GCC), consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). In addition, Australia, the European Union (EU), France, Italy, Germany, New Zealand, the United Kingdom (UK), and the United States (US) are included as reference economies.

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Independent Energy Strategy by Non-Governmental Experts, 5th Edition (in Japanese)

Taishi Sugiyama, Koji Nomura, Yoshioaki Oka, Tomohiko Okano, Koko Kato, Naoki Tatsumi, Hiroshi Tanaka, Naoki Toda, Haruhisa Nakazawa, Tsuruhiko Nambu, Koji Hirai, Satoshi Matsuda, Ryuzo Yamamoto, Masami Kojima, Tetsuo Sawada, Yoshihiro Muronaka, Masayuki Yamaguchi, and Tadashi Watanabe, 2025.06, Page： 212

エネルギードミナンスとは、「強く豊かな日本を造るために、豊富、安価、安定なエネルギーを供給し、エネルギーに関する優勢（ドミナンス）を築く」という概念である。

この確立のため、我々は以下の11項目にわたる提言をする。

01. 光熱費を低減する。電気料金は東日本大震災前の水準を数値目標とする。エネルギーへの税や賦課金等は撤廃ないし削減する。
02. 原子力を最大限活用する。全電源に占める比率50％を長期的な数値目標とする。
03. 化石燃料の安定利用をCO2規制で阻害しない。
04. 太陽光発電の大量導入を停止する。
05. EV化により日本の自動車産業振興を妨げない。
06. 再エネなどの化石燃料代替技術は、性急な導入拡大をせず、コスト低減を優先する。
07. 過剰な省エネ規制を廃止する。
08. 電気事業制度を垂直統合型に戻す。
09. エネルギーの備蓄およびインフラ防衛を強化する。
10. CO2排出総量の目標を置かず、部門別の排出量の割当てをしない。
11. パリ協定を代替するエネルギードミナンス協定を構築する。

Energy Productivity in Japan's Economic Growth: Exploring Possibilities for Balancing Economy and Environment (in Japanese)

Koji Nomura, Keio University Press, 2021.06, Page： 288

拙速なエネルギー環境政策の強化が更なる経済停滞を招く危険を説いた警世の書。日本のエネルギー効率が「環境規制」によってではなく「経済成長」下で改善されてきた事実を示し、２０５０年「脱炭素社会」を見据え、その移行期における国際的に調和したエネルギー環境政策を提言する。

目次
第１章　経済成長とエネルギー
第２章　エネルギー生産性改善の源泉
第３章　エネルギー価格高騰に対する耐性
第４章　エネルギー生産性と全体効率
第５章　間接的な電力輸入
第６章　日本のエネルギー転換に向けて

Independent Energy Strategy by Non-Governmental Experts, 4th Edition (in Japanese)

Taishi Sugiyama, Koji Nomura, Yoshioaki Oka, Tomohiko Okano, Koko Kato, Naoki Toda, Haruhisa Nakazawa, Tsuruhiko Nambu, Koji Hirai, Satoshi Matsuda, Ryuzo Yamamoto, Masami Kojima, Tetsuo Sawada, Hiroshi Tanaka, Yoshihiro Muronaka, Masayuki Yamaguchi, and Tadashi Watanabe, 2024.06, Page： 177

「非政府の有志による第7次エネルギー基本計画」（以下、本計画）では、安全保障と経済成長を重視したエネルギー政策として、「エネルギードミナンス（優勢）」を提唱する。エネルギードミナンスとは、米国共和党で用いられてきた概念である。それはすなわち、豊富で、安定し、安価なエネルギーを供給することを指す。それによって、日本が経済発展をし、防衛力を高め、自由、民主といった普遍的価値を守り発展させることが可能になる。エネルギードミナンスを確立するために、我々は以下の11項目にわたる提言をする。

01. 光熱費を低減する。電気料金は東日本大震災前の水準を数値目標とする。エネルギーへの税や賦課金等は撤廃ないし削減する。
02. 原子力を最大限活用する。全電源に占める比率50％を長期的な数値目標とする。
03. 化石燃料の安定利用をCO2規制で阻害しない。
04. 太陽光発電の大量導入を停止する。
05. 拙速なEV推進により日本の自動車産業振興を妨げない。
06. 再エネなどの化石燃料代替技術は、性急な導入拡大をせず、コスト低減を優先する。
07. 過剰な省エネ規制を廃止する。
08. 電気事業制度を垂直統合型に戻す。
09. エネルギーの備蓄およびインフラ防衛を強化する。
10. CO2排出総量の目標を置かず、部門別の排出量の割当てをしない。
11. パリ協定を代替するエネルギードミナンス協定を構築する。

"A High-pressure Economy with a Sustainably Weak Yen is Desirable for the Japanese Economy" in Y. Harada and Y. Iida (eds.) What is High Pressure Economy (in Japanese))

Koji Nomura and Koichi Hamada, Kinzai, 2023.11, Page： 23

Contact page： 43–65

本稿は、戦後日本の経済成長の経験を振り返りながら、1980年後半以降の為替レートが多くの年で「過度の円高」であり、そして過度の円高が導く国内経済におけるコスト削減がどのように実現されたのかを解明する。見いだされることは、1980年代半ばまで「高圧経済」によって運営されていた日本経済が「低圧経済」へと移行してしまったことであり、それによる賃金抑制と生産性停滞こそが長期にわたり日本経済を苦しめてきたデフレ圧力の源泉となってきた。日本経済の復活に向け、高圧経済の実現への転換をいかにすべきかを論じる。

APO Productivity Databook 2023

Koji Nomura and Fukunari Kimura, Asian Productivity Organization, Keio University Press, 2023.10, Page： 205

The sixteenth edition of the APO Productivity Databook aims to provide a useful reference on the quality of economic growth and productivity, comparable across countries at different development stages in Asia. Productivity gains, which enable an economy to produce more for the same amount of inputs, or to consume less to produce the same amount of outputs, are the only route to sustainable economic growth in the long run. Monitoring and improving national productivity capability are important public policy targets. This edition covers more than half a century’s history of Asian economic development, from 1970 to 2021, with our projections of economic growth and labor productivity improvements out to 2030.
Baseline economic growth and productivity indicators are calculated for 31 Asian economies, representing the 21 Asian Productivity Organization member economies (APO21) and the ten non-member economies in Asia . The APO21 consists of Bangladesh, Cambodia, the Republic of China (ROC), Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran (Iran), Japan, the Republic of Korea (Korea), the Lao People’s Democratic Republic (Lao PDR), Malaysia, Mongolia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, Turkiye, and Vietnam. The ten non-member economies in Asia are the Kingdom of Bhutan (Bhutan), Brunei Darussalam (Brunei), the People’s Republic of China (China), Myanmar, and the Gulf Cooperation Council (GCC), consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). In addition, Australia, the European Union (EU), France, Italy, Germany, New Zealand, the United Kingdom (UK), and the United States (US) are included as reference economies.

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APO Productivity Databook 2022

Koji Nomura and Fukunari Kimura, Asian Productivity Organization, Keio University Press, 2022.10, Page： 212

This fifteenth edition of the APO Productivity Databook aims to provide a useful reference for the quality of economic growth and productivity, comparable across countries at different development stages in Asia. Productivity gains, which enable an economy to produce more for the same amount of inputs, or to consume less to produce the same amount of outputs, are the only route to sustainable economic growth in the long run. Thus, monitoring and improving national productivity capability are important public policy targets. This edition covers the half-century history of Asian economic development, from 1970 to 2020, with our projections of economic growth and labor productivity improvements through 2030.
Baseline economic growth and productivity indicators are calculated for 31 Asian economies, representing the 21 Asian Productivity Organization member economies (APO21) and the ten non-member economies in Asia. The APO21 consists of Bangladesh, Cambodia, the Republic of China (ROC), Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran (Iran), Japan, the Republic of Korea (Korea), the Lao People’s Democratic Republic (Lao PDR), Malaysia, Mongolia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, Turkey, and Vietnam. The ten non-member economies in Asia are the Kingdom of Bhutan (Bhutan), Brunei Darussalam (Brunei), the People’s Republic of China (China), Myanmar, and the Gulf Cooperation Council (GCC), consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). In addition, Australia, the European Union (EU), France, Italy, Germany, the United Kingdom (UK), and the United States (US) are included as reference economies.
The analyses in the Databook series are based on the comprehensive productivity accounts for Asian countries (APO Productivity Database), which have been developed by a joint research effort between the APO and the Keio Economic Observatory (KEO), Keio University, since 2007. In this edition of the Databook, the productivity accounts are developed for 25 Asian economies (Asia25), consisting of the APO21 plus Bhutan, Brunei, China, and Myanmar, along with the US as a reference economy.

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APO Productivity Databook 2021

Koji Nomura and Fukunari Kimura, Asian Productivity Organization, Keio University Press, 2021.10

Scope: 199

In the 60th anniversary year of the foundation of APO, we present the fourteenth edition of the APO Productivity Databook. The Databook aims to provide a useful reference for the quality of economic growth and productivity, which is comparable across countries at different development stages in Asia. This edition covers almost half a century, from 1970 to 2019, with our projections of economic growth and labor productivity improvements through 2030.
The only route to sustainable economic growth in the long run is through productivity gains that enable an economy to produce more for the same amount of inputs, or to consume less to produce the same amount of outputs. Thus, it follows that monitoring and improving national productivity are important targets of public policy.
Baseline indicators on economic growth and productivity are calculated for 31 Asian economies, representing the 21 Asian Productivity Organization member economies (APO21) and the 10 non-member economies in Asia. The APO21 consists of Bangladesh, Cambodia, the Republic of China (ROC), Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran (Iran), Japan, the Republic of Korea (Korea), the Lao People’s Democratic Republic (Lao PDR), Malaysia, Mongolia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, Turkey, and Vietnam. The 10 non-member economies in Asia are: the Kingdom of Bhutan (Bhutan), Brunei Darussalam (Brunei), the People’s Republic of China (China), Myanmar, and the Gulf Cooperation Council (GCC) consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). In addition, Australia, the European Union (EU), and the United States (US) are included as reference economies.
The analyses in the Databook series are based on the comprehensive productivity accounts (APO Productivity Database), which have been developed by a joint research effort between the APO and the Keio Economic Observatory (KEO), Keio University, since 2007. In this edition of the Databook, the productivity accounts are developed for 25 Asian economies (Asia25) – the APO21 plus Bhutan, Brunei, China, and Myanmar – along with the US as a reference economy. This edition reflects the revised productivity account for China in APO Productivity Database 2021, based on our study with Professor W. Erwin Diewert (University of British Columbia).

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APO Productivity Databook 2020

Koji Nomura and Fukunari Kimura, Asian Productivity Organization, Keio University Press, 2020.10, Page： 190

Productivity gains enable an economy to produce more for the same amount of inputs, or to consume less to produce the same amount of outputs. These gains are the only route to sustainable economic growth in the long run. Thus, it follows that monitoring and improving national productivity capability are important targets of public policy. In this thirteenth edition of the APO Productivity Databook series, a useful reference is provided for the quality of economic growth and productivity, which is comparable across countries at different development stages in Asia, covering the period from 1970 to 2018.

In this edition, baseline indicators on economic growth and productivity are calculated for 31 Asian economies, representing the 21 Asian Productivity Organization member economies (APO21) and the 10 non-member economies in Asia. The APO21 consists of Bangladesh, Cambodia, the Republic of China (ROC), Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran (Iran), Japan, the Republic of Korea (Korea), the Lao People’s Democratic Republic (Lao PDR), Malaysia, Mongolia, Nepal, Pakistan,the Philippines, Singapore, Sri Lanka, Thailand, Turkey, and Vietnam. The 10 non-member economies in Asia are: the Kingdom of Bhutan (Bhutan), Brunei Darussalam (Brunei), the People’s Republic of China (China), Myanmar, and the Gulf Cooperation Council (GCC) consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). In addition, Australia, the European Union (EU), and the United States (US) are included as reference economies.

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Benchmark 2011 Integrated Estimates of the Japan-US Price Level Index for Industry Outputs

Koji Nomura, Kozo Miyagawa, and Jon D. Samuels, Measuring Economic Growth and Productivity: Foundations, KLEMS Production Models, and Extensions, 2019.11

This paper provides new benchmark estimates of industry-level price differentials between Japan and the United States for 2011 based on a bilateral price accounting model anchored to the Japan-US input-output tables. We apply the model to translate available demand-side data on purchaser's price purchasing power parities (PPPs) for final uses (e.g., the Eurostat-OECD PPPs) and intermediate uses (e.g., the Ministry of Economy, Trade and Industry [METI] survey) to unmeasured producer's price PPPs for industry output. These PPPs allow us to produce price-level indexes at the industry level, which we use to assess price competitiveness between Japan and the United States We conclude that price competitiveness of Japanese service industries has considerably improved in the more recent time period. However, Japanese producers have a significant price disadvantage in comparison to their US counterparts in electricity and gas supply, and most of the agricultural producing industries.

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APO Productivity Databook 2019

Koji Nomura and Fukunari Kimura, Asian Productivity Organization, Keio University Press, 2019.09, Page： 184

In this twelfth edition in the APO Productivity Databook series, a useful reference is provided for the quality of economic growth and productivity, which are comparable across countries at different development stages in Asia. Productivity gains enable an economy to produce more for the same amount of inputs, or to consume less to produce the same amount of outputs. These gains are the only route to sustainable economic growth in the long run. Thus, it follows that monitoring and improving national productivity capability are important targets of public policy. Additionally, we develop the projections of economic growth and labor productivity improvements of Asian countries through 2030.
Asia is a diverse regional economy in which countries have embarked on their own journey of economic development at different times and different paces. In this edition of the Databook, baseline indicators on economic growth and productivity are calculated for 30 Asian economies, representing the 20 Asian Productivity Organization member economies (APO20) and the 10 non-member economies in Asia. The APO20 consists of Bangladesh, Cambodia, the Republic of China (ROC), Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran (Iran), Japan, the Republic of Korea (Korea), the Lao People’s Democratic Republic (Lao PDR), Malaysia, Mongolia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, and Vietnam. The 10 non-member economies in Asia are: the Kingdom of Bhutan (Bhutan), Brunei Darussalam (Brunei), the People’s Republic of China (China), Myanmar, and the Gulf Cooperation Council (GCC) consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). In addition, Australia, the European Union (EU), Turkey, and the United States (US) are included as reference economies. This edition covers the period from 1970 to 2017.

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APO Productivity Databook 2018

Koji Nomura and Fukunari Kimura, Asian Productivity Organization, Keio University Press, 2018.09, Page： 170

This is the eleventh edition in the APO Productivity Databook series. Productivity gains, which enable an economy to produce more for the same amount of inputs, or to consume less to produce the same amount of outputs, are the only route to sustainable economic growth in the long run. Thus, it follows that monitoring and improving national productivity capability are important targets of public policy. The Databook aims to provide a useful reference for the quality of economic growth and productivity, which are comparable across countries at different development stages in Asia. A significant achievement of this edition of the Databook is the projection out to 2030 of the future economic growth. In this edition of the Databook, baseline indicators on economic growth and productivity are calculated for 30 Asian economies, representing the 20 Asian Productivity Organization member economies (APO20) and the 10 non-member economies in Asia. The APO20 consists of Bangladesh, Cambodia, the Republic of China (ROC), Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran (Iran), Japan, the Republic of Korea (Korea), the Lao People’s Democratic Republic (Lao PDR), Malaysia, Mongolia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, and Vietnam. The 10 non-member economies in Asia are: the People’s Republic of China (China), the Kingdom of Bhutan (Bhutan), Brunei, Myanmar, and the Gulf Cooperation Council (GCC) that consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). In addition, Australia, the European Union (EU), Turkey, and the United States (US) are included as reference economies. This edition covers the period from 1970 to 2016.

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Green Productivity and Productivity Measurement Program for Myanmar

Koji Nomura et al., Asian Productivity Organization, 2018.09

Scope: pp.1-123

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"Productivity Growth in Asia and its Country Origins," in Deb Kusum Das (eds.) Productivity Dynamics in Emerging and Industrialized Countries

Koji Nomura, Routledge, 2018.04

Scope: Chapter 3 (pp.81-112)

© 2018 selection and editorial matter, Deb Kusum Das; individual chapters, the contributors. Recovery from the global financial crisis of 2008-09 has been notably slow in the European economy, with its growth rate for 2010-14 steady at 0.5 percent per annum on average, relative to 2.1 percent growth in the pre-crisis period of 2000-07 (as represented by 15 member countries of EU prior to enlargement). In contrast, the United States has managed to raise its growth rate to 1.9 percent for 2010-14, and is beginning to return to its long-term growth track. The Asian economy, which has become increasingly autonomous from the Western economies and even contributed to stabilizing the global economy at the time of the global financial crisis, has been maintaining a stable economic growth of 5.3 percent per annum on average during 2010-14. Yet, this represents a slowdown of 1 percentage point from the level recorded in the pre-crisis period. Our study indicates that it is mainly due to the reduction in the growth of total factor productivity (TFP) of the Asian economy.

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APO Productivity Databook 2017

Koji Nomura and Fukunari Kimura, Asian Productivity Organization, Keio University Press, 2017.09, Page： 166

This publication is the tenth edition in the APO Productivity Databook series. The Databook aims to provide a useful reference for the quality of economic growth in Asia. It presents authoritative estimates of productivity and its decomposition, which are comparable across countries at different development stages in the middle and long run. Productivity gains, which enable an economy to produce more for the same amount of inputs or to consume less to produce the same amount of outputs, are the only route to sustainable economic growth in the long run. Thus it follows that monitoring and improving national productivity capability are important targets of public policy.
In this edition of the Databook, baseline indicators on economic growth and productivity are calculated for 30 Asian economies, representing the 20 Asian Productivity Organization member economies (APO20) and the 10 non-member economies in Asia. The APO20 consists of Bangladesh, Cambodia, the Republic of China (ROC), Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran (Iran), Japan, the Republic of Korea (Korea), the Lao People’s Democratic Republic (Lao PDR), Malaysia, Mongolia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, and Vietnam. The 10 non-member economies in Asia are: the People’s Republic of China (China), the Kingdom of Bhutan (Bhutan), Brunei, Myanmar, and the Gulf Cooperation Council (GCC) that consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). In addition, Australia, the European Union (EU), Turkey, and the United States (US) are included as reference economies. This edition covers the period from 1970 to 2015.

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"A Half Century of Trans-Pacific Competition: Price Level Indices and Productivity Gaps for Japanese and U.S. Industries, 1955-2012," in D. W. Jorgenson, et al. (eds.) The World Economy – Growth or Stagnation?

Dale W. Jorgenson, Koji Nomura, and Jon D. Samuels, Cambridge University Press, 2016.11

Scope: Chapter 13 (pp.469-507)

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APO Productivity Databook 2016

Koji Nomura and Fukunari Kimura, Asian Productivity Organization, Keio University Press, 2016.09

Scope: pp.1-156

This is the ninth edition in the APO Productivity Databook series. The publication aims to provide a comprehensive cross-country comparison of economic growth, structural change, and productivity performance of Asian economies in relation to global and regional economies. Productivity gains, which enable an economy to produce more for the same amount of inputs, are the only route to sustainable economic growth in the long run. Therefore, it follows that monitoring and improving national productivity capability are important aspects of public policy, especially when many countries are facing aging population.
Baseline indicators on economic growth and productivity are calculated for 30 Asian economies, representing the 20 Asian Productivity Organization member economies (APO20) and the 10 non-member economies in Asia. The APO20 includes: Bangladesh, Cambodia, the Republic of China (ROC), Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran (Iran), Japan, the Republic of Korea (Korea), the Lao People’s Democratic Republic (Lao PDR), Malaysia, Mongolia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, and Vietnam. The 10 non-member economies in Asia are: the People’s Republic of China (China), the Kingdom of Bhutan (Bhutan), Brunei, Myanmar, and the Gulf Cooperation Council (GCC) that consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). In addition, Australia, the European Union (EU), Turkey, and the United States (US) are included as reference economies. This edition covers the period from 1970 to 2014.

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A Growth Accounting Framework for the Kingdom of Bhutan, 1990–2014

Koji Nomura, Development Policy and Analysis Division, United Nations Department of Economic and Social Affairs （UNDESA) , 2016.06, Page： 172

Scope: pp.1-172

The purpose of this study is to develop a comprehensive time-series database on outputs, intermediate inputs, and labor and capital inputs by industry and to provide a first result of the growth accounting framework for the Kingdom of Bhutan during 1990–2014. In particular, the hydropower electricity generation has had a considerable impact not only on the production-side of GDP, but also on the demand-side of GDP in the recent Bhutanese economic growth. Our growth accounting framework is designed to identify the impacts by electricity.
The structure of this report is as follows. In section 2, the time-series Supply and Use Tables (SUT) are newly developed, sustaining the basic consistency with the Bhutan system of national accounts (BTSNA). The development of the time-series use tables enables to provide the comprehensive estimates of prices and quantities in outputs and intermediate inputs (energy, material, and service) by industry. In the SUT, the economic transaction between Druk Green Power Corporation (DGPC) as a producer of hydropower electricity and Bhutan Power Corporation (BPC) as a distributor of electricity is described, sustaining a consistency with the physical tables in the Electricity Account by NSB (2015).
In section 3, this study newly develops the labor database consisting of the number of workers, hours worked per worker, and hourly wage, which are cross-classified by gender, education attainment, age, and employment status by industry. Based on the data we develop, the time-series estimates of compensation of employees (COE) are estimated and the quality-adjusted labor inputs (QALI), as an appropriate measure of labor inputs recommended in the 2008 SNA are estimated in each industry.
In section 4, the time-series matrices of investment and capital stock by type of assets and industry are newly developed. Based on the developed time-series use tables and capital stock matrices, the rate of returns are estimated endogenously by industry. Using the estimated use costs of capital by type of assets and industry, capital services by industry are estimated.
In section 5, based on the estimated outputs and capital, labor energy, material, and service (KLEMS) inputs for Bhutan, the TFP growths by industry are developed for the whole periods of our observation of 1990–2014. The first set of the results at the industry and the aggregate levels are introduced. References and the details of the estimated tables are presented in sections 6 and 7, respectively.

APO Productivity Databook 2015

Koji Nomura and Fukunari Kimura, Asian Productivity Organization, Keio University Press, 2015.09, Page： 150

The Databook 2015 is the eighth edition in the APO Productivity Databook series. The publication aims to provide a cross-country comparison of economic growth and productivity levels of Asian economies in relation to global and regional economies. The focus of the Databook is on long-term analysis. This is achieved by examining a country’s economic growth and productivity performance, as well as the sources and industry origins of the growth. This complete analysis provides readers with a more comprehensive description and comparison of a given country’s economic structure and characteristics. Baseline indicators on economic growth and labor productivity are calculated for 30 Asian economies, representing the 20 APO member economies and the 10 non-member economies in Asia. This edition covers the period from 1970 to 2013. The APO20 includes: Bangladesh, Cambodia, the Republic of China (ROC), Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran (Iran), Japan, the Republic of Korea (Korea), the Lao People’s Democratic Republic (Lao PDR), Malaysia, Mongolia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, and Vietnam. The 10 non-member economies in Asia are: the People’s Republic of China (China), the Kingdom of Bhutan (Bhutan) – newly covered in this edition, Brunei, Myanmar, and the Gulf Cooperation Council (GCC) that consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). In addition, Australia, the European Union (EU), Turkey, and the United States (US) are included as reference economies.

Access to Document (DOI)

APO Productivity Databook 2014

Koji Nomura and Fukunari Kimura, Asian Productivity Organization, Keio University Press, 2014.09

Scope: pp.1-137

This is the seventh edition in the APO Productivity Databook series. The publication aims to provide a cross-country comparison of economic growth and productivity levels of Asian economies in relation to global and regional economies. The focus of the Databook is on long-term analysis. This is achieved by examining a country’s economic growth and productivity performance, as well as the sources and industry origins of the growth. This complete analysis provides readers with a more comprehensive description and comparison of a given country’s economic structure and characteristics. Baseline indicators on economic growth and labor productivity are calculated for 29 Asian economies, representing the 20 Asian Productivity Organization (APO20) member economies and nine non-member economies in Asia. This edition covers the period 1970–2012. The APO20 include: Bangladesh, Cambodia, the Republic of China (ROC), Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran (Iran), Japan, the Republic of Korea (Korea), the Lao People’s Democratic Republic (Lao PDR), Malaysia, Mongolia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, and Vietnam. The nine non-member economies in Asia are: the People’s Republic of China (China), Brunei, Myanmar, and the Gulf Cooperation Council (GCC) that consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). These two groups combine to make the Asia29. In addition, Australia, the European Union (EU), Turkey, and the United States (US) are included as reference economies.

APO Productivity Databook 2013

Koji Nomura, Fukunari Kimura and Eunice Y. M. Lau, Asian Productivity Organization, Keio University Press, 2013.07, Page： 136

This is the sixth edition in the APO Productivity Databook series. The publication aims to provide a cross-country comparison of economic growth and productivity levels of Asian economies in relation to global and regional economies. Productivity analysis will allow valuable insights into the long-term growth potential of an economy. With a focus on long-term analysis, the APO Productivity Databook not only looks at a country’s productivity performance, but also its economic composition and sources of growth in order to provide readers with a more comprehensive description and comparison of a given country’s economic structure and characteristics.
　Baseline indicators are calculated for 29 Asian economies, representing the 20 Asian Productivity Organization (APO) member economies (referred to as the APO20) – Bangladesh, Cambodia, the Republic of China (ROC), Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran (Iran), Japan, the Republic of Korea (Korea), the Lao People’s Democratic Republic (Lao PDR), Malaysia, Mongolia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, and Vietnam, and nine non-member economies in Asia – the People’s Republic of China (China), Brunei, Myanmar, and the Gulf Cooperation Council (GCC) that consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). In addition, Australia, the European Union (EU), Turkey, and the United States (US) are included as reference economies. Turkey has been newly included in this edition as a reference country. This edition covers the period 1970–2011.
　New developments for the upgrading of statistics systems in APO member economies have resulted in Malaysia and Hong Kong publishing their accounts based on the 2008 SNA in May 2012 and September 2012, respectively. In May 2011, the Philippines published its new accounts based on the 1993 SNA and elements of the 2008 SNA. While there are movements toward upgrading the SNA, some countries, such as Cambodia and Indonesia, have still not fully introduced the 1993 SNA. The different statuses of SNA adaptions among the member economies can result in discrepancies between data definitions and coverage, calling for data harmonization in order to perform comparative productivity analyses. This Databook project tries to reconcile the national accounts variations that are based on the different concepts and definitions, and provide harmonized estimates for international comparison.

APO Productivity Databook 2012

Koji Nomura and Eunice Y. M. Lau, Asian Productivity Organization, Keio University Press, 2012.07, Page： 136

This is the fifth edition in the APO Productivity Databook series. The publication aims to provide a long-term cross-country comparison of economic growth and productivity levels of Asian economies in relation to global and regional economies. Baseline indicators are calculated for 29 Asian economies, representing the 20 Asian Productivity Organization (APO) member economies (referred to as the APO20) – Bangladesh, Cambodia, the Republic of China (hereafter ROC), Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran (hereafter Iran), Japan, the Republic of Korea (hereafter Korea), the Lao People’s Democratic Republic (hereafter Lao PDR), Malaysia, Mongolia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, and Vietnam, and nine non-member economies in Asia – the People’s Republic of China (hereafter China), Brunei, Myanmar, and the Gulf Cooperation Council (hereafter GCC) that consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (hereafter UAE). In addition, as reference economies, the United States (US), the European Union (EU), and Australia are included. This edition covers the period 1970–2010.
The productivity measures in this report are based on the estimates developed for the APO Productivity Database project conducted since September 2007 as a joint research effort between the APO and the Keio Economic Observatory (KEO), Keio University. The concepts of the estimates in this edition are mainly based on the System of National Accounts in 1993 (1993 SNA). In this edition, some significant revisions on the national accounts were incorporated. Observing new developments for upgrading of statistics systems in APO member economies, in December 2011, Thailand newly published its national accounts based on the 1993 SNA, and Japan published its national accounts with the new benchmark year 2005, which has considerable impacts on its gross domestic product (GDP). In August 2011, the Philippines published its new national accounts based on the 1993 SNA and partly on the 2008 SNA. While there are movements toward upgrading the SNA, some countries, such as Cambodia and Indonesia, still have not fully introduced the 1993 SNA. The variations of data definitions and coverage occur due to these different statuses of SNA adaptions among the member economies, calling for data harmonization for performing comparative productivity analyses. This Databook project tries to reconcile the national accounts variations that are based on the different concepts and definitions to provide harmonized estimates for international comparison.
To analyze the overall productivity improvement as well as partial productivity improvement (i.e., labor productivity and capital productivity), the Databook project constructs the estimates of capital services appropriate to the concept of capital input introduced in the 2008 SNA. Based on our estimates of capital services, the sources of economic growth in each economy are decomposed to factor inputs of labor and capital and total factor productivity (TFP) for 15 Asian economies – China, the ROC, Fiji, Hong Kong, India, Indonesia, Iran, Japan, Korea, Malaysia, Mongolia, the Philippines, Singapore, Thailand, and Vietnam – along with the US as a reference economy. In addition, TFP estimates for India and Iran are newly presented in this edition.

「復興に向けて求められる情報基盤」（伊藤滋・奥野正寛・大西隆・花崎正晴編『東日本大震災復興への提言―持続可能な経済社会の構築―』）

野村浩二, 東京大学出版会, 2011.07

APO Productivity Databook 2011

Koji Nomura and Eunice Y. M. Lau, Asian Productivity Organization, Keio University Press, 2011.05, Page： 140

This is the fourth publication in the APO Productivity Databook series. The publication aims to provide a cross-country comparison of economic growth and productivity levels of Asian countries in relation to global and regional economies. The productivity measures in this report are based on the estimates developed in the APO Productivity Database project conducted since September 2007 as a joint research effort of the APO and Keio Economic Observatory (KEO), Keio University, under consultancy of Professors Dale W. Jorgenson (Harvard University) and W. Erwin Diewert (University of British Columbia).
Baseline indicators are calculated for 29 Asian economies, representing the 20 APO member economies (referred to as the APO20) and nine non-member countries in Asia – the People’s Republic of China (hereafter China), Brunei, Myanmar, and the Gulf Cooperation Council (hereafter GCC) that consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (hereafter UAE), and two reference economies, the United States (US) and European Union (EU). The GCC countries are included in the APO Productivity Database for the first time in this publication to cover the Western Asian countries. The sources of economic growth are decomposed to factor inputs of labor and capital services and total factor productivity (TFP) during 1970–2008 for 13 Asian economies (China, the ROC, Fiji, Hong Kong, Indonesia, Japan, Korea, Malaysia, Mongolia, the Philippines, Singapore, Thailand, and Vietnam) and the US as reference economies.

APO Productivity Databook 2010

Koji Nomura, Eunice Y. M. Lau, and Hideyuki Mizobuchi, Asian Productivity Organization, Keio University Press, 2010.03, Page： 143

This is the third publication in the APO Productivity Databook series, based on the APO Productivity Database project that was established in September 2007. The results and analysis presented in this volume are constructed under the joint research effort of the APO and the Keio Economic Observatory (KEO), Keio University.
In this report, results presented in last year’s edition have been rerun with more harmonized data and definitions, made possible by the research progress of the APO Productivity Database. The APO questionnaire was revamped to meet the data requirements of the APO Productivity Database better, with an expanded list of economic indicators and estimates. In the questionnaire, national experts were requested to submit the whole time series. Consequently, the time series are not only updated with new data for 2007, but latest revisions to the back series are also included. Metadata of respective countries’ national accounts were also collected in a survey appended to the APO questionnaire to build a knowledge base of cross-country data comparability. Where there are discrepancies between the two editions, explanations are given.
Baseline indicators are calculated for 23 Asian economies, representing the 20 APO member economies (referred to as the APO20) and three non-member countries in Asia, which are the People’s Republic of China (hereafter China), Brunei and Myanmar, and two reference economies, the US and the EU. Brunei and Myanmar are included in the APO Productivity Database for the first time to complete the ASEAN group. Furthermore, final demand analysis and real income comparisons are conducted for 17 APO member economies, China and the two reference economies, whereas total factor productivity (TFP) estimates are constructed for seven APO member economies (the ROC, Fiji, Indonesia, Japan, Korea, the Philippines and Thailand) and for China and the US as reference economies. While maintaining the inclusion of all APO member economies in our analysis of the basic indicators, analysis of labor productivity is deepened for countries where the data demand can be supported.

「地球温暖化対策の経済評価」（茅陽一監修『CO2削減はどこまで可能か－温暖化ガス－25％の検証』）

NOMURA KOJI, エネルギーフォーラム, 2009.12

Scope: 第4章（pp.226-283）

"The Industry Origins of Japanese Economic Growth," in D. W. Jorgenson (eds.) The Economics of Productivity (International Library of Critical Writings in Economics)

Dale W. Jorgenson and Koji Nomura, Edward Elgar Pub, 2009.09

Scope: Chapter 14 (pp.421-481)

APO Productivity Databook 2009

Koji Nomura, Eunice Y. M. Lau, and Hideyuki Mizobuchi, Asian Productivity Organization, Keio University Press, 2009.03, Page： 143

This is the second publication in the APO Productivity Databook series, which was relaunched last year. The results and analysis presented in this volume are based on the APO Productivity Database, constructed under the joint research effort of the APO and the Keio Economic Observatory at Keio University. The APO Productivity Database project was established in September 2007. In the past year research effort has been focused on building the basic structure of the database. Among other work areas, the APO productivity questionnaire was revamped to meet the data requirements of the APO Productivity Database better, with an expanded list of economic indicators and estimates. Metadata of countries’ national accounts were also collected in a survey appended to the APO questionnaire to build a knowledge base of cross-country data comparability. These improvements are reflected in this edition of the APO Productivity Databook.
In this report, results presented in last year’s edition have been rerun with more harmonized data and definitions, made possible by the work input into the APO Productivity Database. In the questionnaire, national experts were requested to submit the whole time series. Consequently, the time series are not only updated with new data for 2006, but latest revisions to the back series are also included. Where there are discrepancies between the two editions, explanations are given.
New analysis and features have also been made available for this report. Baseline indicators (as presented in Databook 2008) are conducted for all 20 APO member economies (referred to as the　 APO20) and the three reference economies, namely the People’s Republic of China (hereafter China), the US and the EU. However, due to data limitations, further analysis is not possible for all countries. Progressively more sophisticated measurements and analysis are therefore conducted for two further layers of country subgroups. For example, final demand analysis and real income comparisons are conducted for 17 APO member economies and the three reference economies, whereas total factor productivity estimates are constructed for three APO member economies (the ROC, Japan and Korea) and two reference economies (China and the US). While maintaining the inclusion of all APO member economies in our analysis of the basic indicators, analysis of labor productivity is deepened for countries where the data demand can be supported.

APO Productivity Databook 2008

Koji Nomura, Eunice Y. M. Lau, and Hideyuki Mizobuchi, Asian Productivity Organization, Keio University Press, 2008.03, Page： 101

The aim of the APO Productivity Databook 2008 is to provide a regional perspective on economic and labor productivity performance among APO member countries and show how they compare with leading economies like the U.S. and EU. Comparisons are also made with the People’s Republic of China (hereafter China), which is not an APO member. In this transitional period, measures and analysis for labor productivity provided in this publication are simple and basic due to data limitations.The data issues will be more thoroughly addressed and investigated in the future PDB (Productivity Database) Project, conducted as a joint research work of APO and Keio Economic Observatory, Keio University.

「環境保全のコストと政策の在り方」（清野一治・新保一成編『地球環境保護への制度設計』）

黒田昌裕, 野村浩二, 東京大学出版会, 2007.01

Measurement of Capital and Productivity in Japan (in Japanese)

Koji Nomura, Keio University Press, 2004.11, Page： 660

わが国の資本形成から資本ストックの蓄積、資本サービスへの変換、資本サービス投入による経済成長への寄与まで、生産と資本、資本と生産を結ぶ整合ある測定を行い、日米比較とともに高度成長期から２０００年までの経済成長を描いた本格的実証分析。

目次
第１章　資本の測定
第２章　資本ストック
第３章　資本サービス価格
第４章　資本サービスと経済成長
補章
終章　結びとして

"Technological Change and Accumulated Capital: A Dynamic Decomposition of Japan's Growth," in Erik Dietzenbacher and Michael L. Lahr (eds.) Wassily Leontief and Input-Output Economics

Masahiro Kuroda and Koji Nomura, Cambridge University Press, 2004.03

Scope: Chapter 15 (pp.256-293)

"Cost of Reducing CO2 Emissions in Japan," in Chang C. , Mendelsohn R., and Shaw D. (eds.), Global Warming and the Asian Pacific

Masahiro Kuroda and Koji Nomura, Edward Elgar Publishing, 2003.10

Scope: Chapter 8, Contact page： 153-167

"Forecasting Baseline CO2 Emissions in Japan," in Chang C. , Mendelsohn R., and Shaw D. (eds.), Global Warming and the Asian Pacific

Masahiro Kuroda and Koji Nomura, Edward Elgar Publishing, 2003.10

Scope: Chapter 4, Contact page： 60-74

"Measurement of Total Factor Productivity in Japan: How to Evaluate Impacts of New Technologies on TFP Growth," in Tsu-Tan Fu (eds.), Economic Efficiency and Productivity Growth in the Asia-Pacific Region

Masahiro Kuroda and Koji Nomura, Edward Elgar Publishing, 1999

Scope: Chapter 11

KEO Database: Measurement of Output, Labor and Capital Inputs (in Japanese)

Masahiro Kuroda, Kazushige Shimpo, Koji Nomura, and Nobuyuki Kobayashi, Keio Economic Observatory, Keio University (KEO Monograph Series No.8), 1997.02, Page： 376

21世紀の幕開けを数年後に控えて、いまわれわれを取り巻く経済・社会の環境は大きな回天の期を迎えている。大規模生産技術に支えられた 20世紀の発展の構造への歴史的評価を踏まえて新たなる、よりグローバルな、そしてフレキシブルな経済・社会の構築が要請されている。それは、国際間の物流、人流のより流動化を可能ならしめる、情報技術に代表される革新的技術の開発に、その変化の礎をもとめることができるけれども、その技術に適合した一国の経済社会のシステムの構築は、いま始動をはじめたばかりと言って過言ではない。また一方で、その技術が招来する国際化社会での、種々異なった発展段階にある国々の相互依存の形態とその役割についても、新たな構図が描かれなければならない。このことは、わが国をはじめとする先進各国の人口構成の高齢化の現象、発展途上の国々における人口規模の更なる拡大の可能性というもうひとつの発展の制約因子と無関係には論ずることはできない。そしてまた、21世紀は、20世紀に比較的無頓着に費消してきた環境資源が発展の大きな制約となる時代でもある。技術特性の変容、国際社会の中での横断的依存の深化、世代間の人的資源の構造的変化、そして環境資源の制約といった経済・社会を取り巻く、いわば従来外延的と考えられてきた各種の因子の特性の変移が、もはや決して外延的因子として、楽天的に見過ごすことができない状況になってきていることに、ここでのわれわれが抱える問題の深刻さがあるといえるかもしれない。
　われわれの研究室では、経済の実証的分析をすすめるという観点から、従来からこうした課題に答える経済分析者としての責務を自覚し、実証科学としての経済の分析がどうあるべきかについて議論を進めてきた。20世紀の経済分析の発展は、経済の急速な発展の状況に支えられ、またある側面では、経済政策や制度の構築への指針を提供する形で、学問として飛躍的な進歩を遂げたとと評価することができるかもしれない。しかし、一方で精緻な理論展開が、ややもすれば実証的な観測事実の基礎を失って、理論と実証の乖離の幅を拡大させることになったという側面をもっているとの批判もうなずける。こうした20世紀の経済学に対する評価を考え、21 世紀にむけての経済学の飛躍を目指すとき、もう一度、迂遠ではあるが、経験科学としての原点に立ち戻って、経済現象の正確な観測から体系を再構築することがどうしても必要だと考えるに至っている。
本書の目的は、こうした発想に基づき、われわれの研究室においてこれまで蓄積してきた経済データの一部を体系的に整理し、報告することにある。ここでのデータベースは、公表の国民経済計算、産業連関表などの各種資料との整合性を保持しながら、産業43部門の投入・産出表を推計したものである。投入・産出表は、1960年から 1992年までの時系列で完成しており、価格デフレーターの推計も備わっている。また、この投入・産出表に対応した労働、資本などの要素投入に関しても推計をおこなっている。労働は、各産業部門別に、労働投入量を性別、年齢別、職能別、学歴別にクロス分類した労働者数、労働時間、賃金率の時系列資料となっている。また、資本投入に関しては、資本財（78商品分類）×産業部門の固定資本マトリックスの推計を投資フローとその累積ストックについて推計を試みている。これらの体系は、われわれが構想している経済データバンクの一部を構成するものであり、その完成にむけての一里塚であると考えている。

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