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http://dx.doi.org/10.5392/JKCA.2020.20.07.602

Analysis of Income-led Growth Path Induced by Government and Consumption Expenditures  

Rhee, Hyun-Jae (청주대학교 경제학과)
Publication Information
The Journal of the Korea Contents Association / v.20, no.7, 2020 , pp. 602-617 More about this Journal
Abstract
The aim of this study is to evaluate the effects of income-led growth path induced by government and consumption expenditures. Six of Nordic countries, Latin American countries and South Korea are selected for this purpose due to the fact that these countries have been pursuing income-led growth policy for more than the last decade except South Korea. The structural equation is formulated based on the government and consumption expenditures with lagged variable, and the GLMs estimation is employed for empirical analysis. Although the impacts are not overwhelmingly effective, empirical evidence suggests that income-led growth path contributes to stimulate economic activities which are associated with increasing in national income in Nordic countries and South Korea. However, the income-led growth path is quite weakly operated. Furthermore, it is even unstable in Latin American countries. In addition to this, the policy target would rather be focused on middle consumption group than low consumption group. Overall, it would be concluded that the income-led growth policy should be implemented for complementary purpose. And, it also has to be mentioned that sustainable growth may not be achievable by this policy.
Keywords
Consumption Group; GLMs; Income-led Growth; Profit-led Growth;
Citations & Related Records
Times Cited By KSCI : 6  (Citation Analysis)
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