• International Area Studies Review
• /
• v.20 no.1
• /
• pp.147-165
• /
• 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.

• KDI Journal of Economic Policy
• /
• v.15 no.4
• /
• pp.69-112
• /
• 1993

최근 한국(韓國)을 비롯한 동(東)아시아지역(地域) 몇 나라들의 성공적인 성장업적(成長業績)에 자극되어 이들 국가들의 성공사례를 모형내(模型內)에서 이론적으로 설명해 보려는 노력이 활발히 진행되고 있다. 이 글에서는 최근의 이러한 노력의 일환으로 개발되고 있는 '내생적(內生的) 성장이론(成長理論)'을 개관하고 그 함의(含意)와 한계점(限界點)을 정리해 보았다. 먼저 내생적(內生的) 성장모형(成長模型)의 비판대상이 되고 있는 신고전파(新古典派) 성장모형(成長模型)의 한계점(限界點)을 요약하고 대체모형(代替模型)으로 제시되고 있는 몇 가지의 대표적인 신성장모형(新成長模型)을 그 특성별로 구분하여 정리하였다. 성장(成長)의 기본적 동인(動因)이라고 할 수 있는 기술진보(技術進步)나 인적자본(人的資本)의 축적(蓄積)을 내생화시키고 이를 통해 국가간(國家間) 성장률(成長率) 격차(隔差)를 모형내(模型內)에서 설명하려고 시도하는 등 여러 가지 새로운 이론적(理論的) 혁신(革新)이 이루어지고 있으나, 아직 비현실적인 수학적(數學的) 가정에 의존하고 있고 모형(模型)의 경직성으로 인하여 성장과정(成長過程)의 설명에 필수적인 주요 이슈들이 간과되어 있다는 점 등을 지적하였다.

• 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.

• Journal of the Korean association of regional geographers
• /
• v.15 no.5
• /
• pp.525-536
• /
• 2009

In the period of rapid economic growth, it is possible to practice the growth policy by factors input and the regional development policy by the dispersion of growth. But, in the period of weakened growth, this model loses its theoretical and practical merit. The endogenous regional development model that can efficiently cope with a international competition and a uncertainty of international economy become an alternative policy of growth and regional development. France, which had a problem of overcrowding in the capital region by the centralized growth policy and regional development policy, phase the regional innovation system policy in order to establish the foundation of an endogenous regional development from the 1970's. The regional innovation system policy in France which pursues simultaneously the systematic regional knowledge creation and the regional development is very suggestive to the regional innovation system policy in Korea that pursues the endogenous regional development and the solution of the regional disparity.

• The Journal of the Korea Contents Association
• /
• v.12 no.10
• /
• pp.430-438
• /
• 2012

This study researches the correlation between the firm value, which can be represented as Tobin's Q in this paper, and other financial information. The research is based on the financial statistics of KOSDAQ-listed Venture manufactures, which is comprised of the venture businesses group and the general group. The multiple regression, the correlation test tool, shows the R&D expenditures and tangible assets have the positive relation with the firm value while training expenses and the return on assets have the negative one. More specifically, R&D expenditures and total assets have the affirmative relations with the firm value among the venture businesses, whereas tangible assets, advertising expenses, and training expenses have the negative ones. The positive correlation between total assets and the firm value of venture business, shows that the volume of intangible assets impacts on the firm value of venture businesses. It also reflects the features of venture businesses highly relying on the technology development. The results are summarized as follows: First, The R&D expenditures and firm value have been positively correlated in the KOSDAQ-listed companies. Second, total assets and firm value has the positive correlation in the venture businesses.

• Journal of Korean Society of Transportation
• /
• v.9 no.2
• /
• pp.87-100
• /
• 1991

1960년 초부터 토지이용과 교통의 상관관계를 계량적으로 설명하고자 하는 연구가 진행되어 왔다. 이러한 연구는 경제이론을 배경으로 하여 개발된 McKinnon-Type 모형과 Mills-Type 모형, 그리고 경제학이 반영되어있지 않은 Lowry-Type 모형으로 크게 대별할 수 있다. 이제까지의 이러한 연구는 각 가정의 주거입지선정과 직장선정에 있어서 취향의 다양성(taste heterogeneity)을 고려하여 있지않고 있어 본 연구에서는 로짓모형을 이용하여 Alonso(1964) 모형을 더욱 발전시켜 토지이용-교통의 일반균형 모형(general equilibrium model)을 개발하였다. 이 통계적 토지이용-교통모형은 완전 경쟁하의 일반균형상태에서 주택임대료, 노동력임금, 상품가격이 내생적으로 산출되어지며, 동시에 효율적인 교통체계하에서 일반균형상태의 생산량과 생산부지 그리고 주거수와 주거부지가 어떻게 분배되는지를 내생적으로 결정한다. 이논문에서 효율적인 교통체계라함은 해당 죤에서 도로에 사용된 토지의 임대료가 교통체증비용의 전통행량에 대한 합과 동일하도록 하는 최적교통체증정도(optimal congestion level)을 유지할 수 있는 도로체계를 뜻한다. 또한 비효율적 교통체계하에서는 토지 이용에 왜곡이 생겨서 전체적 비용의 상승으로 각 국민 혹은 각 주민이 생활에서 얻을 수 있는 효용가치가 떨어짐을 분석할 수도 있다.

• Management & Information Systems Review
• /
• v.31 no.4
• /
• pp.469-490
• /
• 2012

This study reviews the issue of endogeneity which has gained in importance in the empirical accounting researches in recent years. In so doing, I aim to call attention to the extent to which the presence of endogeneity limits the validity of empirical testing of models. More specifically, this paper explains what endogeneity is, its causes and consequences, and potential ways of managing the problem. The issues that concern endogeneity include, in the main, omitted variables, simultaneity, equilibrium conditions, choice variables. In this paper, I also discuss the implications derived from several selected empirical accounting research topics, that explicitly dealt with the problem of endogeneity. These include, among others, Oswald and Zarowin's (2007) study on the informativeness of capitalization of R&D, Hazarika et al. (2012) focusing on the relationship among internal corporate governance, CEO turnover, and earnings management, and a series of literature devoted to the associations between corporate governance structure and firm values. Finally, possible approaches for dealing with endogeneity are discussed.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.15 no.2
• /
• pp.902-913
• /
• 2014

This paper deals with the novel concept of neo-endogenous rural development which has been applied to explain the contemporary features of the European rural development. The notion of neo-endogenous rural development has been emerged in Europe because the pervious dichotomous concepts of exogenous and endogenous development are no longer useful for explaining the relationship between the local actors and the central or regional administrative organisations. The concept argues that the changing situation of rural regions at the initial stages of endogenous development could only be identified by the concept of neo-endogenous perspectives. Therefore, it tries to apply the concept for the Korean rural development policy which is called Regional Agricultural Cluster scheme. Explaining the development processes and the problems of the farmers group which carried out the project in a local level, this paper argues that the severe conflict between the farmers group and the City Office may be a typical incident of the neo-endogenous development. It expresses the power relations between the local groups and the political managing authority. With the case of the Prundle, it concludes that the neo-endogenous development is the essential stage for all the endogenous development to go through as an transitional one.

• Environmental and Resource Economics Review
• /
• v.17 no.3
• /
• pp.61-89
• /
• 2008

In this study, by extending the model proposed by Fullerton and Kim(2006), we explored the tax interdependency effect to examine the relationship between environmental tax and economic growth. The theoretical model shows that environmental tax cannot always stimulate economic growth if other taxes such as labor or income tax are distorted by environmental taxes. However, environmental tax can boost economic growth if cutting distortionary taxes offset the distortion of taxes, or improvement of abatement knowledge can sufficiently reduce the cost of production. An empirical analysis using 14 OECD countries shows a positive relationship between the increase of implicit energy tax rate and the increase of implicit income tax rate. Meanwhile, empirical analysis does not provide enough evidence to claim that the increase of implicit energy tax decreases implicit labor tax. We can presume that environmental tax policy in Europe did not necessarily mitigate the burden of labor tax.

• KDI Journal of Economic Policy
• /
• v.16 no.1
• /
• pp.175-194
• /
• 1994

본고(本稿)는 최근 경험하고 있는 경제자율화의 부진 이유가 '경제과학(經濟科學) 만능사상(萬能思想)'에서 나오는 경제관료나 경제학자들의 "시장(市場)보다 더 많아 안다"는 자만과 이에 따른 정부(政府)의 시장역할(市場役割)에 대한 불신(不信)에 있다고 보고, 시장질서(市場秩序)에 대한 신뢰회복과 경제학의 한계에 대한 인식이 앞서야 실질적(實質的)인 경제자율화(經濟自律化)가 가능할 것이라고 주장하고 있다. Hayek의 사회철학관(社會哲學觀)과 최근의 내생적(內生的) 경제제도론(經濟制度論)에 의하면 시장질서의 본질은 그 자생성에 있으며, 그 일부로서의 경제제도와 조직은 내생적으로 보다 나은 구조로 진화해 나간다. 그리고 이러한 진화를 촉진시키는 힘은 바로 경제주체(經濟主體)들간의 자유(自由)로운 경쟁(競爭)에서 나온다. 경쟁(競爭)은 미지(未知)의 가능성(可能性)을 찾아내는 발견과정이기 때문이다. 경제학은 경제현상(經濟現象)의 미래에 대한 대체적인 윤곽을 그리는 것(mere pattern prediction) 이상의 구체적인 청사진을 예측할 수는 없다. 구체적인 모습은 바로 경쟁을 통해 찾아갈 수밖에 없다. 자율화(自律化) 이후의 미래모습은 경제학자나 경제관료들보다도 시장경쟁(市場競爭)의 발견력(發見力)에 의해 찾아가는 것이 더 효과적이며 바람직하다. 이러한 인식하에 본고(本稿)는 앞으로의 정부경제정책(政府經濟政策)의 바른 방향은 시장개입(市場介入)을 통해 경제모습을 세세하게 그려는 데 있는 것이 아니라, 시장경쟁에 의한 발견과정이 원활해지도록 자율화를 통해 경쟁(競爭)을 창달함으로써 경제질서(經濟秩序)의 진화(進化)를 도모해 주는 데 있다고 주장하고 있다.