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Port capital formation and economic development in Japan: A vector autoregression approach *
Author(s) -
Kawakami Tetsu,
Doi Masayuki
Publication year - 2004
Publication title -
papers in regional science
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.937
H-Index - 64
eISSN - 1435-5957
pISSN - 1056-8190
DOI - 10.1111/j.1435-5597.2004.tb01935.x
Subject(s) - vector autoregression , port (circuit theory) , economics , structural vector autoregression , capital formation , capital (architecture) , private capital , econometrics , monetary economics , macroeconomics , financial capital , profit (economics) , microeconomics , geography , engineering , production (economics) , archaeology , electrical engineering , monetary policy
Abstract. Applying the lag‐augmented vector autoregression approach developed by Toda and Yamamoto (1995), we analyse the causal relationships among GDP, private capital, transport user cost, and port capital in Japan, and investigates the dynamic and accumulated effects of port capital formation on other variables from 1966 to 1997. Results from our analysis indicate that the causal relationships between port capital and other variables are significant. Port capital development leads to accrual of considerable magnitudes of both flow and stock effects. We conclude that structural economic effects of forming port capital are substantial for Japan.