Hyunbae Chun, Tsutomu Miyagawa, Hak Pyo, Konomi Tonogi, 09 October 2015

Economists increasingly stress the importance of investment in intangibles such as human and knowledge capital as a way to stimulate economic growth. This column examines how intangibles contribute to economic growth in Japan and Korea. Though intangible investment has increased in both countries in recent decades, the amount of tangible investment has been greater. This is different from what is observed in western advanced economies, which can be explained by the less developed financial markets in eastern Asia.


CEPR Policy Research