• Environmental and Resource Economics Review
• /
• v.18 no.1
• /
• pp.53-73
• /
• 2009

This study examines the existence of ${\beta}$-convergence of carbon dioxide emissions in 24 countries over the period 1971~2002. For that purpose, The model of economic growth developed by Barro and Sala-i-Martin (1995) is extended and conducted Dynamic panel analysis and unit root testing by employing the panel stationarity test of Levin et al. (2002) and 1m et al. (2003). A dynamic panel estimation is well known method including capacity to control for both the endogeneity problem and the unobserved country-specific effects problem. Dynamic panel estimation method has been widely used in similar empirical studies. therefore, we also used the dynamic panel estimation method in our estimation. The result show that evidence of ${\beta}$-convergence exists among both the Obligatory GHG reduction countries (Annex) and the Non-obligatory GHG reduction countries (Non-Annex). but China discharge amount of $CO_2$ gas more than any other country. This fact can cause some bias in overall test. and so we reexamined test of convergence for Non-annex countries excluding china. As expected, in the Non-annex countries excluding china, I couldn't find any evidence of convergence.

• The Korean Journal of Financial Studies
• /
• v.6 no.1
• /
• pp.171-192
• /
• 2000

본 논문은 한국에서 상장기업의 주가와 주당순이익의 관계에 대한 계량분석이다. 특히, 주가나 주당순이익이 모두 비안정적 자료임에 착안하였고, 최근 개발되어 발전하고 있는 '패널자료에서의 단위근검정 및 공적분검정' 방법을 이용하였다. 분석결과, 주가 및 주당순이익은 모두 단위근을 갖고 있었으며, 주가수익비율인 PER도 개별단위근 검정에서는 단위근을 갖는 것으로 나왔다. 또한, 개별기업 차원에서는 주가와 주당순이익 사이에도 공적분관계가 없는 것으로 나타났다. 하지만, 패널 단위근방법을 이용하여 검정하였을 때는 PER이 안정적인 것으로 나타났으며, 패널공적분방법을 이용했을 때는 주가와 EPS사이에도 공적분관계가 있다는 결과를 얻었다. 이는, 우리나라의 주식시장에서도, 최소한 기업 전체적으로는, 주가가 주당순이익을 반영한다는 것을 의미한다. 본 논문에서는, PER이 어떤 일정한 수준으로부터 벗어나는 경우, 그 괴리가 반으로 줄어드는 데는 전체기업 평균적으로 볼 때 4개월$\sim$16개월 정도 걸리는 결과를 얻었다.

• International Commerce and Information Review
• /
• v.14 no.3
• /
• pp.307-322
• /
• 2012

The purpose of this paper is to examine determinants of export to the East Asia region, using panel unit root, panel cointegration framework, panel VECM (vector error correction model), panel FMOLS (fully modified OLS). Different panel unit root tests confirm that the data series are integrated processes with unit roots. When applying cointegration tests to long-run effect for aggregate panel data, a primary concern is to construct the estimators in a way that does not constrain the transitional dynamics to be similar among different countries of the panel. The regression equations are estimated by various panel cointegration estimators. The panel data causality results reveal that exchange rates has unidirectional effects on export and GDP, and there exists bidirectional causality between export and GDP. Also, the results from the panel FMOLS tests overwhelmingly reject the null hypothesis of zero coefficient. The panel cointegrating vectors show that the export has positive relationship with the GDP and ODI (overseas direct investment).

• International Area Studies Review
• /
• v.16 no.1
• /
• pp.3-27
• /
• 2012

This paper adopts recently developed panel unit root test that is cross-sectionally robust. Cointegration test is also used to find whether regional house prices are in line with gross regional domestic production (GRDP) in the long run in Korea during 1989-2009. Based on the panel VECM and the panel ARDL models, we examine causal relationships among the variables and estimate the long-run elasticity. We find evidence of cointegration and bidirectional causal relationships between regional house prices and GRDP. The results of long-run estimates, using both fixed effect and ARDL models, show that house prices positively and significantly influence on the GRDP and vice versa. Together with these results, the findings of ARDL-ECM imply that there exists a long-run equilibrium relationship between house prices and regional economic variables even if there is a possibility of short-run deviation from its long-run path.

• International Area Studies Review
• /
• v.12 no.3
• /
• pp.153-169
• /
• 2008

This paper examines the recently empirical test for the two types of endogenous growth models, which one is more fitted to real data. We adopt the non-stationary panel data methodologies for seeking empirical implication by using productivity and R&D data in the OECD over the past two decades. The Empirical tests show that there is a robust relationship Total Factor Productivity and R&D variables implied by semi-endogenous growth model. The relationship suggested by fully endogenous growth theory, however, is sensitive to R&D variables. Therefore, the estimation results provide empirical evidence in favour of endogenous growth theory of R&D expenditure role for sustaining economic growth. The sustained Total Factor Productivity, however, is maintained by more increasing R&D inputs for overcoming diminishing return to R&D efforts.

• International Area Studies Review
• /
• v.22 no.3
• /
• pp.67-84
• /
• 2018

The purpose of this paper is to investigate the Balassa-Samuelson effect that real exchange rate could deviate from its long-run equilibrium. To analyze this effect, I estimated the long-run relationship between real exchange and productivity using the dynamic panel ordinary least square(DOLS) and panel error correction model(ECM) after conducting the unit root and cointegration test. The results show that all variables except for the real exchange rate have the unit root. Then I conducted the cointegration test to find out whether there exist the stable long-run relationships. The results show that the variables are cointegrated and significant statistically. The DOLS and ECM methods are used to estimate the coefficient of the cointegrated variables. The major finding are that the estimates are statistically significant and that they show the same sign as the economic theory predicts.

• Proceedings of the Korea Technology Innovation Society Conference
• /
• 2003.11a
• /
• pp.5-21
• /
• 2003

본 연구는 1980년부터 2000년 동안 9개 산업에서 정보통신 관련 자본(IT Capital Stock)을 이용하여, 해당 산업의 기술혁신에 기여도를 분석하였다. 순차적 분석방법에 따른 결과는 기술혁신을 나타내는 대리변수인 총요소생산성과 정보통신자본량이 단위근을 갖는 것으로 나타났으며, 두 변수사이에 장기적인 공분산 관계가 성립하였다. 정보통신자본이 기술혁신에 기여도를 분석한 결과는 사용하는 계량 추정량에 따라 정보통신자본의 1단위증가는 0.19에서 0.07까지 기술혁신에 기여하는 것으로 나타났다. 따라서 우리나라의 경우 정보통신자본의 Solow(1989)의 "생산성 역설"가설은 장기적 패널자료를 사용하여 분석한 결과는 정보통신자본의 Solow(1989)의 "생산성 역설"가설을 뒷받침하지 않는 것으로 나타났다.을 뒷받침하지 않는 것으로 나타났다.

• Journal of Korea Technology Innovation Society
• /
• v.9 no.3
• /
• pp.606-625
• /
• 2006

This Study is to show the impact of IT capital stock accumulation on the total factor productivity in 9 industries during 1980 through 2000. We construct the If capital stock using input and output table provided by Bank of Korea (2000). Using sequence testing methodologies, we investigate the nonstationary characteristics of the relevant data and test the cointegration relationship between total factor productivity and IT capital stock. Over the past two decades, IT capital stock contributed between 0.19 to 0.07 percentage point per IT capital stock on total factor productivity. Our empirical results, therefore, do not support Solow's IT paradox in using the long period panel data case in Korea.

• Economic Analysis
• /
• v.25 no.2
• /
• pp.96-131
• /
• 2019

Initially entering into the job market during hard times with unfavorable market institutions has a persistent, negative effect on young workers' subsequent employment. This paper analyzes hysteresis in youth unemployment by using a composite fixed-effect panel data model. Data sets for the age-cohort unemployment rate and for labor market institutions are constructed from OECD statistics from 21 advanced economies, including Korea, from 1985 to 2017, and are then readjusted to match with the peculiarities of the Korean market. In Korea, with a less-aggressive stance on active labor market policy spending, a male worker who experiences a one percentage point higher youth unemployment rate when he was 20- to 29-years-old has a 0.146 percentage point higher unemployment rate at the ages of 30-to 34-years-old and a 0.035 percentage point higher unemployment rate at the age of 35- to 39-years-old. These figures are larger than those in most countries that have more aggressive spending schemes. These findings point out that hysteresis in the Korean labor market can be mitigated by expanding active labor market policy spending more aggressively and more effectively.

• Management & Information Systems Review
• /
• v.37 no.2
• /
• pp.209-233
• /
• 2018

This study investigates the question of how political and economic factors may affect the export of renewable energy technologies. The relationships are tested using panel data for 19 OECD member countries over the period 1992-2012. Before establishing the empirical model, the current study checks the characteristics of the panel data, which includes various panel framework analyses, such as tests for the presence of normality, structural breaks, first-order autocorrelation, heteroscedasticity, cross-sectional dependence, panel unit-root. From the panel framework analyses, a dynamic panel model is established to test the relationship between the variables examined in this study. In order to reduce the bias of the estimation of the dynamic panel model and obtain efficient parameters, this study uses the bias-corrected least square dummy variable(LSDVC) estimator to estimate the empirical model. The results of this study show that governmental policies expressed as coercive pressure and market size positively affect the export growth of renewable energy technologies. However, public pressure and traditional energy industry have no significant effects on export performance. Policy implications are presented based on the results of this study.