• Title, Summary, Keyword: 총요소생산성

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Empirical Analysis on the Estimation of Total Factor Productivity and its Determinants in the Korean Manufacturing and Service Industries (한국의 총요소생산성 추정과 생산성 결정요인에 관한 실증연구)

  • Zhu, Yan Hua
    • International Area Studies Review
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    • v.22 no.4
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    • pp.19-35
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    • 2018
  • This paper is to estimate the total factor productivity(TFP) in the Korean manufacturing and service industries during the period 1975:1-2016:4 using the stochastic frontier analysis model. In order to analyze the determinants for the total factor productivity the paper estimates the industry-specific determinant elasticities of TFP using the autoregressive distributed model. The industry-specific determinants, which reflect the industrial structure and properties include markup, the ratio of capital to labor(KL), and the ratio of foreign intermediate goods (FIG) to industrial output. The average value for total factor productivity growth was estimated to be 0.0199 in manufacturing and 0.0063 in the service industry. The markup and KL elasticities of TFP were estimated to be 2.481 and 0.651 in manufacturing respectively and -1.403 and 0.042 in the service industry respectively. The empirical results suggest that the industrial markup and the ratio of capital to labor have had decisive effects on the changes in the total factor productivity in the Korean manufacturing and service industries during the period 1975:1-2016:4.

A Study on Measurement of TFP and Determinant factor (IT제조업의 총요소생산성 추정 및 결정요인 분석)

  • Lee, Young-Soo;Kim, Jung-Un;Jung, Hyun-Joon
    • Journal of the Korea Industrial Information Systems Research
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    • v.13 no.1
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    • pp.76-86
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    • 2008
  • This paper estimates the TFP in IT manufacturing (total factor productivity) by employment size of establishment and analyses the determinants of it. And the panel data is consisted of time series and cross section data of 4 employment size of establishment over $1990{\sim}2004$. During the period from 1991 to 1997 TFP increased positively irrespective of the employment size of establishment, but from 1998 to 2004 TFP increase rate turned negative except large size(more than 300) of establishment. TFP assume macro variables and policy variables as the determinants of IT manufacturing TFP. The analysis of whole size of establishment shows that sales growth rate is significantly positive, which makes us conclude that there is a teaming by doing effect and economy of scale. But some variables(i.e. IT capital stock, policy financing, and openness etc.) are significant in only a few models. So there may be different effect by employment size of establishment. In TFP determinants analysis by employment size of establishment, we find that coefficients of policy financing and openness variables are significantly positive. The larger employment size of establishment is, the larger scale economy is. And for large size(more than 300) establishment, IT capital stock helps propel the increase of the productivity.

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Long-run Relationship between R&D Expenditures and Economic Growth (공적분 관계를 고려한 연구개발과 경제성장의 상호관계 연구)

  • Han, Woongyong;Jeon, Yongil
    • International Area Studies Review
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    • v.20 no.1
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    • pp.147-165
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    • 2016
  • We empirically examine the validity of second generation endogenous growth theory suing 21 OECD countries' panel data(1981~2011). Due to non-stationarity in all variables, we test the cointegrated relationships strongly supporting the semi-endogenous growth model. In the estimation of total factor productivity growth function, the growth of domestic and foreign R&D investment levels statistically significantly affect total factor productivity growth. R&D intensity, however, has significant impacts on the total factor productivity growth only in a few models, and international technology gap also has positive impacts on GDP growth. Thus the semi-endogenous growth model is relatively supported while fully endogenous growth model is weakly and occasionally supported in OECD countries. The policy implication of supporting the semi-endogenous growth model is that the sustaining growth requires increasing R&D expenditures.

Total Factor Productivity Growth and the Decomposition Components of Korean Port-Logistics Industry (항만물류산업의 총요소생산성과 그 분해요인분석)

  • Gang, Sang-Mok;Lee, Ju-Byeong
    • Journal of Korea Port Economic Association
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    • v.24 no.4
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    • pp.47-70
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    • 2008
  • The purpose of this study is to estimate total factor productivity(TFP) growth by stochastic frontier function and to grasp contributing factors of its growth rate by decomposing the total factor productivity into efficiency change, technical progress, scale change, and allocation change. Annual growth rate of total factor productivity for 1990-2003 is 0.019 (1.9%), higher than that of overall industry (0.010). The main component of TFP growth is not efficiency change but technical progress. Contributing factors of total factor productivity growth are change of allocation efficiency in port industry, technical progress in sea-transportation industry, and change of scale efficiency in transportation-equipment industry. The change of total factor productivity shows a decreasing trend since late in the 1990s. The annual technical efficiency of port-logistics industry is less than that of overall industry. Capital elasticity for output (0.391) is higher than labor elasticity (0.227), but scale economy of port-logistics industry is 0.618, which is far from optimal scale economy.

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Entry, Exit, and Aggregate Productivity Growth: Evidence on Korean Manufacturing (진입·퇴출의 창조적 파괴과정과 총요소생산성 증가에 대한 실증분석)

  • Hahn, Chin Hee
    • KDI Journal of Economic Policy
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    • v.25 no.2
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    • pp.3-53
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    • 2003
  • Using the plant level panel data on Korean manufacturing during 1990-98 period, this study tries to assess the role of entry and exit in enhancing aggregate productivity, both qualitatively and quantitatively. Main findings of this study are summarized as follows. First, plant entry and exit rates in Korean manufacturing seem quite high: they are higher than in the U.S. or several developing countries for which comparable studies exist. Second, in line with existing studies on other countries, plant turnovers reflect underlying productivity differential in Korean manufacturing, with the "shadow of death" effect as well as selection and learning effects all present. Third, plant entry and exit account for as much as 45 and 65 percent in manufacturing productivity growth during cyclical upturn and downturn, respectively. The findings of this study show that the entry and exit of plants has been an important source of productivity growth in Korean manufacturing. Plant birth and death are mainly a process of resource reallocation from plants with relatively low and declining productivity to a group of heterogeneous plants, some of which have the potential to become highly efficient in future. The most obvious lesson from this study is that it is important to establish policy or institutional environment where efficient businesses can succeed and inefficient businesses fail.

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Relationship Between Climate Change and Total Factor Productivity (기후변화와 국가별 총요소생산성의 관계)

  • Choi, Young Jun;Park, Hyun Yong
    • Environmental and Resource Economics Review
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    • v.24 no.2
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    • pp.343-363
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    • 2015
  • This study is to analyze the effects of climate change on national total factor productivity. Changes in temperature and rainfalls which are the representative climate variables are used as main factors to measure climate change. Not only average values of the variables but those highest values are used as independent variables in the model, in order to consider the characteristic pattern of recent climate change, the high volatilities. The OLS results are corresponding to previous literature that average temperature has a negative relationship with productivities while average rainfalls have a positive relationship. However, the results of panel analysis contradict the argument of the negative relationship between average temperature and productivities since human beings can adapt the climate change. Therefore adaptation capacity is important to forecast the effects of climate changes on economies.

The Relative Productivity to the Technology Frontier and Korea's Productivity Growth (기술선도국과의 상대적 생산성 수준과 한국 제조업 생산성간의 관계)

  • Choi, Yong-Seok
    • International Area Studies Review
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    • v.12 no.2
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    • pp.99-123
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    • 2008
  • In this paper, technology gap between Korea's manufacturing industries compared to technology frontier countries was estimated in order to take into account Korea's status as a technology follower country. Then by using this measure the role of technology gap was investigated in explaining total factor productivity growth of the Korean manufacturing at industry level. The main empirical findings are as follows: First, the conventional factors that were emphasized in the previous literature such as R&D intensity, trade openness and human capital play important role in explaining the growth rate of Korea's total factor productivity. Second, the larger the technology gap between Korea and technology leader country (and the faster the technology growth rate in the leader country), the higher the growth rate of total factor productivity in Korea as well. Third when the technology gap is large, the most efficient way of absorbing higher technology from frontier country seems to be the international trade channel rather than R&D or human capital accumulation.

TFP Measurement to Analyze the Effectiveness of Government Supported R&D Projects for SMEs (정부지원 R&D사업의 효과성 분석을 위한 중소기업 TFP 측정)

  • Han, Ju-Dong;Jin, Young-Hyun;Kim, Hongbum;Lee, Sang-Heon
    • Journal of Technology Innovation
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    • v.28 no.2
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    • pp.63-100
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    • 2020
  • This study analyzes the effectiveness of government supported R&D program for SMEs by measuring TFP improvements. We estimate TFP for Korean companies from 2011 to 2018 using Levinsohn and Petrin (2003) method which reduces endogenous problem. Then government R&D beneficiary companies were extracted from the NTIS and linked to TFP estimates. The empirical results are as follows. First, as a result of estimating production function, the contribution of TFP to value-added is more important than in the past. Second, the TFP gap between large firms and SMEs continues to wide and there is no sign of easing.(from 3.72 times in 2011 to 5.23 times in 2018). Third, SMEs beneficiaries show higher TFP level than non-beneficiaries. However their TFP was on the decline until government support. After government supported R&D program, it reverses upward. Fourth, although one-year TFP improvement of beneficiaries is bigger than non-beneficiaries, it is smaller than the control group through PSME. Because SMEs participating in government R&D programs had showed downward trend of TFP until R&D program, it is necessary to examine whether there is a fundamental discordance between the demand of SMEs for R&D program and governments policy goal. More sophisticated program design will be required to escape the recognition that government R&D programs for SMEs are just charity.

Evaluating TFP Growth of the Korean Economy in 2000s through the Comparison of Growth Accounting Methods (한국경제의 2000년대 생산성 증가세 평가: 성장회계 분석방법 비교·분석)

  • Shin, Sukha
    • KDI Journal of Economic Policy
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    • v.36 no.2
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    • pp.137-174
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    • 2014
  • This paper examines whether the TFP growth of the Korean economy slowed down in 2000s based on growth accounting, focusing on how sensitive the results are to the particular aspects of the growth accounting method. There has been no consensus on this issue as the previous studies have provided very diverse results due to the differences in the details of the growth accounting method. Main results of this paper are as follows. First, it is how to calculate the labor income of the self-employed that has the most significant impacts on the estimated TFP growth. Measuring capital stock also matters. Second, the TFP growth of the Korean economy appears to be sustained in 2000s when the extreme assumptions on the labor income of the self-employed are excluded and capital stock is measured by the most frequently-adopted method in the previous studies. For more reliable estimation of the TFP growth, further studies on measuring the labor income of the self-employed are needed.

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The Cyclicality of Productivity, Market Power, and Returns to Scale in the Korean Open Economy: An Empirical Analysis 1975-2010 (한국경제의 총요소생산성의 순환성에 관한 실증분석(1975-2010))

  • Park, Sehoon;Zhu, Yan Hua
    • International Area Studies Review
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    • v.15 no.3
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    • pp.239-261
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    • 2011
  • The cyclicality of productivity has been one of the essential issues in macroeconomics. Since Solow(1957) developed the dominant approach to the measurement of productivity growth, Solow's approach, which assumes the perfect competition, the constant returns to scale, and the full use of input factor has been modified particularly in Hall's(1990) and Basu's(1996) works. Their researches take account of market power, returns to scale, and variable factor utilization. This paper establishes the empirical model based on Hall's(1990) and Basu's(1996) models, estimates 4 types of Solow's reidual in manufacturing and 2 service industries over the period 1975:1-2010:4, and analyzes the cyclicality of measured productivity. The result proved the measured productivity to be procyclical in manufacturing industries and electricity and water industry, and in contrast to the Basu's, the variable factor utilization transformed the countercyclicality of measured productivity into its procyclicality in the Korean economy.