Koji Nomura

ASEAN's Regional Growth Account: Accumulation-Led Growth, Intermittent Productivity Gains

Productivity Research Notes (PRN Series), No. 2620 This note constructs a regional growth account for the ten ASEAN member economies as of 2024, covering 1970–2024. Real output grew by an average of 5.3% per year, with capital contributing 3.1 percentage points, labor 1.6 points,...

Half the Capital Stock, One Premise: Japan's ¥1 Quadrillion of Implicit Power-System Credit

Productivity Research Notes (PRN Series), No. 2619 Reliable electricity at economically viable prices underpins long-lived capital. Using a bottom-up classification of more than 170 asset categories, this note estimates Japan's electricity-dependent capital stock at ¥1,000.8 tril...

Half the Capital Stock, One Premise: Japan's ¥1 Quadrillion of Implicit Power-System Credit

Productivity Research Notes (PRN Series), No. 2619 Reliable electricity at economically viable prices underpins long-lived capital. Using a bottom-up classification of more than 170 asset categories, this note estimates Japan's electricity-dependent capital stock at ¥1,000.8 tril...