• 국제지역연구
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• 제15권2호
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• pp.51-76
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• 2011

본 연구에서는 1975년부터 2006년 사이 일본의 12개 권역별 자료를 이용하여 일본의 공공투자정책의 유효성이 1990년대에 비해 2000년대에 얼마나 개선되었는가에 대해 검토하였다. 실증분석의 결과는 첫째, 2000년대 공공자본에 대한 생산탄력성에 있어서 1990년대보다 상승하였다는 증거는 없으며 오히려 차분 GMM 추정방식 등에서는 하락한 것으로 나타났다. 둘째, 공공자본은 민간자본의 한계생산성을 대체로 증가시키는 것으로 나타났지만, 향상정도에 있어서는 1990년대에 비해 2000년대에 더 개선되었다고 말하기 어려운 것으로 나타났다. 셋째, 공공투자 수행과정에서 민간투자 구축여부에 관한 분석결과에서는 전 기간에 걸쳐 공공투자 수행 시 민간투자를 구축시키는 것으로 나타나 신고전학파의 주장을 지지하였다. 그리고 2000년대에는 민간투자 구축정도가 더 심화되는 것으로 나타났다. 이상의 실증분석 결과를 통해 2000년대의 개혁 조치들이 민간투자의 활성화 및 민간경제부문 성과로는 제대로 이어지지 못한 것으로 판단한다.

• 대한전자공학회논문지SD
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• 제41권7호
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• pp.7-12
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• 2004

본 논문에서는 교류전류 집중현상이 고려된 바이폴라 등가모델에서 내부 베이스-컬렉터 캐패시턴스(C/sub μ/)와 외부 베이스-컬렉터 캐패시턴스(C/sub μx/)를 분리해서 추출하는 개선된 방법을 연구하였다. 먼저, 기존 추출방법들의 문제점들을 파악하고, 교류전류 집중 캐패시턴스가 포함된 차단모드 등가회로로부터 개선된 추출방정식들을 유도하였다. 이렇게 추출된 C/sub μx/와 C/sub μx/를 사용하여 모델 된 전류 및 전력이득 주파수 응답곡선들은 기존 추출방법으로 얻어진 곡선보다 측정 데이터와 훨씬 잘 일치되었으며, 이는 개선된 추출방법의 정확도를 증명한다.

• 기술혁신학회지
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• 제20권3호
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• pp.546-575
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• 2017

이 연구는 정부의 연구개발(R&D) 지원이 중견기업의 연구개발 투자에 미치는 영향을 살펴보았다. 이를 위해 중견기업 표본과 이에 대응되는 중소기업 표본을 대상으로 하여 패널 데이터를 수집하여 DID(difference-in-differences) 회귀분석 방법을 이용하여 정부 지원의 효과를 분석하였다. 본 연구의 결과에 따르면, 정부의 연구개발 지원은 중견 중소기업의 연구개발 순투자를 전반적으로 증가시켰다. 중견기업과 중소기업을 비교해 보면, 정부의 연구개발 지원이 기업 연구개발 투자를 촉진하는 효과는 중소기업에 비해 중견기업에서 더 크게 나타났으며, 중소기업에서는 유의한 영향을 미치지 못하였다. 또한 규모에 따라서 중견기업을 구분해 보면, 상대적으로 규모가 작은 초기 중견기업 표본에서 정부지원이 기업 연구개발 투자를 촉진하는 효과가 더 크고 유의하였다. 기술역량에 따라서 중견기업을 구분해 보면, 상대적으로 기술역량이 우수한 기업 표본에서 정부연구개발사업 참여에 따른 보조금이 기업 연구개발 투자를 촉진하는 효과가 더 강하게 나타난 반면 기술역량이 낮은 기업 표본에서 조세 지원이 기업 연구개발 투자를 촉진하는 효과가 더 강하게 나타났다. 연구의 결과는 중견기업의 혁신을 지속적으로 촉진하기 위한 정부의 연구개발 정책 및 관련 지원 사업이 필요하며, 중견기업의 기업규모, 기술역량, 성장잠재력을 감안하여 정책을 신중하게 수립하고 실행해야 함을 시사한다.

• 경제분석
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• 제25권3호
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• pp.100-137
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• 2019

본 연구에서는 요인활용 다변수 자기회귀모형(FAVAR)과 2000년 이후 한국의 167개 거시변수를 이용하여 정부지출 증가가 거시변수에 미치는 영향 및 각 산업에 미치는 영향을 분석하였다. 정부지출의 영향을 정부소비지출과 정부투자지출로 나누어 추정한 결과 두 형태의 지출의 효과가 크게 다른 것으로 나타나 이를 고려하지 않는 경우 정확한 정부지출의 효과를 분석하는 것이 어려울 수 있음을 보였다. 특히 정부소비지출은 1년여의 시차를 두고 경기부양효과가 비교적 뚜렷하나, 정부투자지출의 경우 뚜렷한 경기부양효과를 찾아보기 어려웠다. 또한 전통적인 민간소비나 민간투자를 구축하는 채널보다는 수입수요의 증가로 인한 순수출 감소가 재정지출, 특히 정부소비지출의 승수효과를 감소시키는 것으로 보인다. 산업별로는 두 가지 형태의 정부지출증가 모두 토목건설업에 긍정적인 영향을 미치는 것으로 나타났으며, 정부소비지출의 증가는 대부분의 제조업과 서비스업에도 부양효과가 있는 것으로 나타났다.

• The Journal of Asian Finance, Economics and Business
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• 제6권3호
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• pp.81-89
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• 2019

Many authors have examined the impact of public spending on economic growth. This study uses ordinary least-squares technique to test the effect of state budget expenditure with two major components: development investment expenditure and recurrent expenditure on Vietnamese economy for the period 2000-2017. The empirical results show that the state budget expenditure of Vietnam has positive effect on the economy, however each main component has different impacts. Recurrent expenditure has significant positive impact on Vietnamese economy while there has no evidence to affirm the relationship between the development investment expenditure and the economic growth. Vietnamese government should restructure the state budget to enhance the positive effect on the economy. In the short run, Vietnam should not increase development investment expenditure due to low efficency in public investment. In the long run, it is necessary to economize recurrent expenditure to reserve a reasonable proportion of state budget for development investment expenditure to build infrastructure for developing the economy. The state budget expenditure should be restructured towards prioritizing recurrent expenditure on human and social relief, reducing public administration expenditure, allocating investment capital from the state budget for key and pervasive projects, avoiding spreading out investments as well as crowding out private investments.

• Asian Journal of Business Environment
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• 제9권3호
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• pp.5-9
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• 2019

Purpose - This paper examines whether fiscal and monetary expansion would affect output in Australia. Research design, data, and methodology - An extended IS-LM model which describes the equilibrium in the goods market and the money market is applied. The real effective exchange rate and the real stock price are included in order to determine whether there may be any substitution or wealth effect. The sample consists of Annual data ranging from 1990 to 2018. The GARCH process is used in empirical work to correct for potential autoregressive conditional heteroscedasticity. Results - Expansionary fiscal policy reduces output; whereas, expansionary monetary policy raises output. In addition, real appreciation of the Australian dollar, a lower U.S. interest rate, a higher real stock price or a lower expected inflation would increase output. The finding that expansionary fiscal policy has a negative impact on real GDP suggests that the negative crowding-out effect on private spending dominates the positive impact. Conclusions - Fiscal prudence needs to be pursued. Real depreciation of the Australian dollar hurts output. Monetary tightening in the U.S. generates a negative effect on Australia's output. A healthy stock market is conducive to economic growth as higher stock prices tend to result in the wealth and other positive effects, increasing consumption and business spending.

• 기술혁신연구
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• 제11권1호
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• pp.79-97
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• 2003

R&D expenditure of Korean firms has been increasing drastically since 1980 and occupied 84% of total R&D expenditure in 1994. After 1994, however, the growth rate of industry R&D expenditure has dropped below single digit. R&D concentration rate of upper 20 companies declined from 61.9% in 1999 to 49.8% in 2001. The technology trade balance has diverged by 2.8 billion dollars in 2000 compared to around 0.3 billion dollars in 1985. We find several reasons on declining the industry R&D growth rate in Korea. First, we carefully say there might be an crowding out effect in increasing government R&D investment from Granger causality test between industry R&D and government R&D. Second, the decreasing benefit of tax credit since 1992 on industry R&D expenditure has caused the decrease of industry R&D growth rate. Third, the type of R&D cost becomes to similar to matured countries type of cost, which means the portion of capital expenditure has been decreased since late of 1980s. Therefore, industry R&D growth rate gets to saturation point. We draw several policy implications from the changing structure of business R&D of Korean company. Firstly, to stimulate industry R&D investment Korean government needs to strengthen tax credit policy. Secondly, to induce foreign direct investment Korean government needs to establish technology infrastructures and high quality of manpower. To utilize foreign technology resources Korean government need to introduce global R&D program executed by foreign scientist as an Project Leader.

• East Asian Economic Review
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• 제21권4호
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• pp.385-432
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• 2017

This paper investigates how firm age, size and ownership are related with job creation and destruction, and how these patterns differ across transition and non-transition economies. The analysis finds that age is inversely related with gross job creation and net job creation in the two samples. This finding is consistent with the theory of the learning effect. The relationship between age and job destruction is indifferent in non-transition economies. On the contrary, old firms in transition economies destroy more jobs than young ones. The paper further establishes an inverse relationship between size and gross job creation in the two groups. However, there is divergence between the two samples; small firms in non-transition economies also exhibit a higher gross job destruction rate. Consequently large firms have a higher net job creation rate. In transition economies, small and large firms exhibit similar rates of job destruction. But small firms retain a higher net job creation rate. A more intriguing finding is that state owned firms do not underperform domestic private ones. This means these countries may be using soft budget constraint which allows state owned firms to overstaff. Finally, crowding out of SMEs by foreign owned firms is not evident in transition economies.

• Industrial Engineering and Management Systems
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• 제10권1호
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• pp.34-42
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• 2011

Many companies open multiple projects simultaneously due to market trends, which results in a crowding out effect because of limited resources. R&D engineers become overloaded and scheduling of product development is delayed resulting in timing misses and lost sales leads. The company in this case study (Company A), often opens up many projects simultaneously in order to respond to market needs quickly. The engineers are overloaded and, of course, the schedule is delayed. In order to identify problems, Company A began using Dr. Goldratt's Thinking Processes (TP) during new product development (NPD). When the analysis phase of TP was completed, Company A's core problem was identified as "the quantity of kick-off projects." Consequently, new rules and conditions and procedures were proposed for the opening, suspending, stopping, and closing of projects. Finally, the "Future Reality Tree" ensured that the proposed rules, conditions and procedures were set up as an available solution approved for practical application by executives. After a one-year trial run, the results showed that the Project Duration Rate was reduced by 53%, the Project Closed Rate was increased by 140% and the Project on Time Rate was increased from 10% to 68%. The above results give significant evidence of the benefits of the proposed methodology.

• Asian Journal of Business Environment
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• 제7권4호
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• pp.5-9
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• 2017

Purpose - Many countries rely on currency depreciation or debt-financed government spending to stimulate their economies. Currency depreciation tends to increase net exports and aggregate demand but reduce short-run aggregate supply due to higher import costs. Debt-financed government spending increases aggregate demand, but the crowding-out effect due to a higher real interest rate may reduce private spending and aggregate demand. Therefore, the net impact of currency depreciation or debt-financed government spending on equilibrium real GDP is unclear. Research design, data, and methodology - This paper examines potential impacts of real depreciation of the ringgit, more government debt as a percent of GDP and other relevant macroeconomic variables on aggregate output in Malaysia. Results - Applying the AD/AS model, this paper finds that aggregate output in Malaysia is positively associated with real appreciation during 2005.Q3-2010.Q3, real depreciation during 2010.Q4-2016.Q1, the debt-to-GDP ratio and the real stock price, negatively affected by the real lending rate and inflation expectations, and is not influenced by the real oil price. Conclusions - Real depreciation of the ringgit after 2010. Q3 or sustainable expansionary fiscal policy would be beneficial to the economy.