• 한국IT서비스학회:학술대회논문집
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• 2007.11a
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• pp.210-215
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• 2007

본 연구는 한국증권선물거래소 유가증원시장에 상장된 정보통신제조업체를 대상으로 기술혁신 결정요인을 분석하였다. 연구모형은 Romer(1990)에서 시작되는 내생적 경제성장 모험의 지식생산함수를 이용하였으며, 기술혁신의 측정은 특허청의 기업별 특허출원수를 활용하였다. 분석결과 연구개발집약도, 기술수준, 수출비중, 자본집약도는 기술혁신에 양(+)의, 반면 관계사 매입.매출비중은 기술혁신에 음(-)의 유의한 영향을 미치는 것으로 나타났다. 특히 관계사 매출비중보다 매일비중이 자사의 기술혁신에 보다 나쁜 영향을 미침을 확인하였다. 이는 경영자에게 자사의 기술혁신을 위해 무엇보다 관계사 매입비중을 감소시킬 것을 보여준다.

• Journal of Korea Technology Innovation Society
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• v.10 no.1
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• pp.47-72
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• 2007

Ideas do not become exhausted, and there are no diminishing returns in the creation of knowledge. Nonetheless, growth ultimately ceases in this simplest model of endogeneous innovation. The reasons are similar to those that are discussed in the context of the neoclassical model of capital accumulation. Even if the resource cost of creating new goods does not rise, the economic return to invention may decline as the number of available products increases. When the rate of return to R&D falls to the level of the discount rate, private agents cease to be willing to defer consumption in order to invest in product development. But, if we treat knowledge capital as a public capital considering of its non-appropriable benefits, economic growth can be sustained in the economy. Romer(1986) has pointed out that growth might be sustainable if the accumulation of knowledge is not subject to long-run diminishing returns. Actually Romer assumed diminishing returns in the production of private knowledge from available resources, but increasing returns in the production of output from labor and total (public and private) knowledge. His condition for the sustainability of long-run growth amounts to an assumption that the diminishing returns in the former activity do not outweigh the increasing returns in the latter. The Johansen(1988) cointegration test method is used for finding long-run equilibrium relationship between R&D input and the product innovation. Test results indicate the existence of cointegrating equation between each pair of regression variables including dependent variable in the knowledge production function. And, the signs of cointegrating vectors are well accord to the prediction of sustainable growth. In the empirical analysis, from all cases of the form for the knowledge production function, we could not reject the null hypothesis that R&D spillover effect is significant($H_{0}:\;{\gamma}=1$). In summary, we showed that considering goodness of fit of regression model, we can see that the empirical evidence is strongly in favor of the character of knowledge as the public knowledge capital. So, we can expect that by product innovation, economic growth can be sustained in the Korean economy.

• KDI Journal of Economic Policy
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• v.34 no.1
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• pp.87-133
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• 2012

This paper consists of two parts. The first part introduces a simple endogenous growth model. It is based on Romer(1990), but extends the original model by incorporating individual workers skill heterogeneity. Based on the heterogeneity, the model has a labor allocation mechanism between skilled (research) and unskilled (production) sectors. Different from Romer(1990), the labor allocation is determined by both demand and supply conditions of the economy. The endogenous growth model presented in this paper shows how the shape of the distribution of human capital affects on the labor allocation, hence on the employment structure, wage profile and economic growth. The model can be extended to an open economy. With the heterogeneity, the extended model explains distributional effect as well as growth effect of the economic openness. The second part provides empirical evidence in support of the extension part of the model presented in the first part. Based on the endogenous growth framework as proposed by Romer(1990) and Rivera-Batiz and Romer(1991), the model explains how economic openness affects labor allocation between skilled and unskilled sectors. According to the model, economic openness can affect labor allocation through two channels; knowledge spillover and specialization. First, the openness promotes knowledge spillover and hence increases the productivity of workers in the skilled sectors. This makes the economy employs more workers in the skilled sector. On the other hand, the openness causes global specialization which leads more employment in the skilled sector for the developed countries but at the same time, leads less employment in the skilled sector for the developing countries since the developing countries have comparative advantages in the unskilled sector. The empirical results obtained using cross country panel data in this paper support these two effects of knowledge spillover and specialization.

• Environmental and Resource Economics Review
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• v.16 no.1
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• pp.27-63
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• 2007

Using the CGE model, this paper investigates economic impacts of a shortage in crude oil resulting from voluntary export restraints, OPEC's agreement of a cut in oil production, and/or a storing on speculation. Unlike most previous studies considering oil price as the unpredictable variable, this study constructs the model to determine the oil price endogenously under the condition of an insufficient supply of crude oil. According to IEA's extraordinary steps for a shortage of crude oil, we investigate an economic impact of 7~12% shortage below the level of business as usual. The results show that oil price soars by 17.3~33.5%, the rate of economic growth falls by 0.52~0.96%p, and the consumer price index(CPI) rises by 0.8~1.51%p. These results imply that increasing in 1%p of oil price results in decreasing in 0.03%p of economic growth and increasing in 0.045%p of consumer price index. The production of electricity declines because of the increase in production cost. A shortage of crude oil has an effect on sources of electricity. Most reduction in electricity generation occurs from the reduction in the thermal power generation which is highly dependent on crude oil. The shortage of crude oil causes demand for petroleum to significantly decline but demand for coal and heat to increase because of the substitution effect with petroleum. Demand for gas rise in the first year but falls from the second year.

• International Area Studies Review
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• v.20 no.3
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• pp.3-22
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• 2016

This paper uses Dynamic OLS(DOLS) approach to estimate the long-run energy demand functions. The results are compared with those of standard cointegration approach. Cointegration tests verify that there is a cointegration among energy consumption, real GDP, and energy price in China. Johansen approach and DOLS approach are more appropriate to estimate for the long-run energy demand function than Engle-Granger Cointegration approach. DOLS provided significant negative sign of price while Engle-Granger did not. Based on the DOLS results, the elasticities of real GDP and energy price on energy consumption are 0.83 and -0.45 respectively, and their statistical significances are high.

• Environmental and Resource Economics Review
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• v.21 no.2
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• pp.271-299
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• 2012

The relationship between environment and economic growth has been controversial for a long time. The cores of controversy are endogeneity problem and omitted variable bias. This paper tests EKC (Environmental Kuznets Curves) hypothesis by considering econometric issues and estimates the effects of energy mix on $CO_2$ emissions empirically and tests with time series during 1981~2008. By the results of this analysis, we convince EKC Hypothesis which the relationship between $CO_2$ emissions and economic growth is the inverted U-shaped and the national energy mix contributes significantly to GHG mitigation. We also find that the nuclear energy has the greatest contribution for $CO_2$ mitigation and the renewable energy does not seem to contribute little to the $CO_2$ mitigation because the proportion of renewable energy in Korea is negligible. In terms of final energy consumption, $CO_2$ increases and transportation sector is statistically and significantly associated.

• Environmental and Resource Economics Review
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• v.19 no.3
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• pp.571-595
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• 2010

This research applies an panel data stationarity and stochastic convergence test developed by Carrion-i-Silvestre et al. (2005), which has the advantage of considering multiple structural breaks and the presence of cross-section dependence in order to investigate the hypothesis that relative emission $CO_2$ per capita stochastically converge for 11 Asian countries from 1971~2007. We find that relative emission $CO_2$ per capita is stationary after the structural breaks and cross-section dependence are introduced into the model. We also investigate whether Environmental Kuznets Curve (EKC) hypothesis exists in 11 Asian countries. For EKC test, using the panel cointegration tests of Banerjee and Carrion-i-Silvestre (2006) and Westerlund and Edgerton(2007), we find that relative emission $CO_2$ per capita and relative GDP per capita are cointegrated. However EKC hypothesis in 11 Asian countries is not supported.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.5
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• pp.458-465
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• 2020

The purpose of this study is to analyze the effect of policy in Jeju, using a macro-economic forecasting model of Jeju. First, the model's reality explanatory power improved by updating its statistics to 2017 and expanding new policy variables and modules. Also, the industrial structure of the model was further subdivided and extended to be considered simultaneously in the demand side of Keynesian theory. Second, it was determined that the predictive power for the model of this study was better than that of the existing model. However, with some endogenous variables, it was possible to identify implications that should be developed and considered when the model is improved with additional data in the future. Third, when the second airport construction was considered, it was observed that its effect was an increase of 1.25 times for GRDP, 1.2 times for employment, 1.48 times for private consumption, and 2.06 times for investment. Also, the economic growth rate was estimated to be 1.6% point higher than when the second airport was not constructed. Finally, the results of this study are expected to be used for policy decision making of the Jeju Government.

• Environmental and Resource Economics Review
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• v.20 no.1
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• pp.99-118
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• 2011

'Low Carbon, Green Growth' may be the achievable target in industry section, depending on whether less reliance on fossil-fuels use can bring higher productivity growth in the long run. This paper tests for the short-run and long-run effects of investment on energy-saving equipments on productivity growth in the Korean manufacturing industries. The investment in energy efficiency causes an increase in costs (measurement effect) in the short-run, but in the long-run likely improve energy intensity and reduce costs (positive real effect) despite the delay in new other investment for technical innovation (negative real effect). A 2SLS regression was attempted to deal with endogeneity of energy-saving investment. The productivity effects were tested for five manufacturing sub-industries showing relatively high energy intensity with annual time series data from 1982 through 2006. No productivity effects were accepted for all five sub-industries except Chemical products. Positive real effect was considered to be exceeded by negative real effect, resulting in decreased productivity growth for Chemical products.

• Economic Analysis
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• v.27 no.1
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• pp.37-66
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• 2021

This paper examines the potential impacts of COVID-19 on poverty in ASEAN countries. The first estimate, adopted from Summer et al. (2020) and Nonvide (2020), configures three scenarios of contractions in per capita household income or consumption; the impact of each scenario on poverty is calculated using poverty lines at different thresholds. In the second estimate, poverty impacts in 2020 and 2021 were projected using regression models controlling for unobserved country effects, unbalanced data, and endogeneity. COVID-19 has been shown to have negative impacts on poverty reduction in the ASEAN Member States. To reduce poverty, concerted efforts are needed to implement policies for reducing income inequality and promoting economic growth. Such efforts will not only speed up the countries' return to pre-pandemic poverty levels but also contribute to further accelerating poverty reduction.