The Multisector Model of the Korean Economy: Structure and Coefficients

한국경제(韓國經濟)의 다부문모형(多部門模型) : 모형구조(模型構造)와 추정결과(推定結果)

The multisector model is designed to analyze and forecast structural change in industrial output, employment, capital and relative price as well as macroeconomic change in aggregate income, interest rate, etc. This model has 25 industrial sectors, containing about 1,300 equations. Therefore, this model is characterized by detailed structural disaggregation at the sectoral level. Individual industries are based on many of the economic relationships in the model. This is what distinguishes a multisector model from a macroeconomic model. Each industry is a behavioral agent in the model for industrial investment, employment, prices, wages, and intermediate demand. The strength of the model lies in the simulating the interactions between different industries. The result of its simulation will be introduced in the next paper. In this paper, we only introduce the structure of the multisector model and the coefficients of the equations. The multisector model is a dynamic model-that is, it solves year by year into the future using its own solutions for earlier years. The development of a dynamic, year-by-year solution allows us to combine the change in structure with a consideration of the dynamic adjustment required. These dynamics have obvious advantages in the use of the multisector model for industrial planning. The multisector model is a medium-term and long-term model. Whereas a short-term model can taken the labor supply and capital stock as given, a long-term model must acknowledge that these are determined endogenously. Changes in the medium-term can be analyzed in the context of long-term structural changes. The structure of this model can be summarized as follow. The difference in domestic and world prices affects industrial structure and the pattern of international trade; domestic output and factor price affect factor demand; factor demand and factor price affect industrial income; industrial income and relative price affect industrial consumption. Technical progress, as measured in terms of total factor productivity and relative price affect input-output coefficients; input-output coefficients and relative price determine the industrial input cost; input cost and import price determine domestic price. The differences in productivity and wage growth among different industries affect the relative price.

다부문모형(多部門模型)은 산업련관자료(産業聯關資料)를 비롯한 산업정보자료(産業情報資料)를 이용하여 장기의 구조변화를 분석 전망하고 총생산성(總生産性)과 요소가격(要素價格)의 변동에 의한 산업경쟁력(産業競爭力)의 추이를 분석하여 중기의 성장전망(成長展望)을 시산(試算)하는 연간(年間) 계량모형(計量模型)으로 25개 산업부문(産業部門)의 1,300여개(餘個)의 구조식(構造式) 정의식(定義式)으로 구성된다. 국내가격과 국제가격(國際價格)의 차이가 산업 무역구조에 영향을 미치고 국내생산과 요소가격이 산업별 요소수요(要素需要)를 결정하며 요소수요와 요소가격에 의하여 소득(所得)이 결정되고 소득과 가격이 산업별 소비지출(消費支出)을 결정한다 ; 산업별 총생산성과 상대가격(相對價格)이 투입산출계수(投入産出係數)에 영향을 미치고 투입산출계수와 상대가격이 산업별 생산비용(生産費用)을 결정하며 생산비용과 경쟁수입가격(競爭輸入價格)을 고려하여 국내가격이 결정된다 ; 생산성증가(生産性增加)와 임금상승(賃金上昇)의 산업간(産業間) 차이가 상대가격(相對價格)을 변화시키고 이로 인하여 산업(産業) 무역(貿易) 고용구조(雇傭構造)가 선진국(先進國)과 동질화(同質化)되는 지식(知識) 기술집약화(技術集約化) 과정이 전개된다.