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Shift from Input‐based Growth to Productivity‐based Growth in Korean Manufacturing Industry
Asian Economic Journal ( IF 1.121 ) Pub Date : 2020-02-19 , DOI: 10.1111/asej.12191
Chao Wu 1 , Taegi Kim 2 , Keunyeob Oh 3
Affiliation  

The Korean economy has entered a period of relatively sluggish growth after experiencing very dynamic and high economic growth since the 1970s. The recent growth rate has been around 3 percent, which is similar to that in many advanced countries. According to growth accounting, economic growth is possible because of input increases and productivity increases. Productivity growth is much more important than input increases for long‐term economic growth. We investigated whether there was a structural break in the Korean manufacturing industry and whether the main factor contributing to economic growth shifted from input to productivity. Using various econometric methods, we tested this question and found some interesting results. First, there was an important change in the 1990s, and the productivity trend seemed to show a big structural break at that time. Second, an input increase was the main factor contributing to economic growth before the break and productivity became more important after the break. Third, there was also a major change in the relationship between international trade and productivity.

中文翻译:

韩国制造业从以投入为基础的增长向以生产率为基础的增长转变

自1970年代以来,韩国经济经历了非常活跃的高增长之后,进入了一个相对缓慢的增长时期。最近的增长率约为3%,与许多先进国家的增长率相似。根据增长核算,由于投入增加和生产率提高,经济增长是可能的。对于长期经济增长而言,生产率增长比投入增长更为重要。我们调查了韩国制造业是否出现结构性断裂,以及促成经济增长的主要因素是否从投入转向生产率。我们使用各种计量经济学方法测试了这个问题,并发现了一些有趣的结果。首先,1990年代发生了重大变化,当时的生产率趋势似乎显示出重大的结构性断裂。其次,投入增加是休息前促进经济增长的主要因素,而休息后生产率变得更加重要。第三,国际贸易与生产力之间的关系也发生了重大变化。
更新日期:2020-02-19
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