• Title/Summary/Keyword: macroeconomic model

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A New way of the Measuring of Innovative Growth: Growth Accounting Model vs Schumpeterian Technological Change Model (혁신성장 측정에 관한 연구: 성장회계모형 vs 슘페테리안 기술변화 모형)

  • Myung-Joong Kwon;Sang-Hyuk Cho;Mikyung Yun
    • Journal of Technology Innovation
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    • v.31 no.1
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    • pp.105-148
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    • 2023
  • This paper provides a new method of measuring the degree of technological progress which contributes to real economic growth based on Schumpeter's Trilogy. Using Microdata of Statistics Korea, the results of measuring and comparing the actual growth contribution of technological progress during the period 2003-2018 by the total factor productivity growth rate(growth accounting method), the R&D investment contribution rate, and the Schumpeterian innovation growth rate, respectively are as follows. First, the measurement of the real growth contribution of technological progress by the growth rate of total factor productivity and the growth rate of Schumpeterian innovation shows contradictory results. Second, when the growth rate of production is in a decreasing trend, the difference between the growth rate of production and the growth rate of total factor productivity increases compared to when it is in an increasing trend. Conversely, when there is an increasing trend, the difference between the growth rate of production and the growth rate of total factor productivity becomes smaller compared to when it is in a decreasing trend.. Third, the technological opportunity that affects the innovation growth rate, i.e., the contribution of R&D incentives to innovative growth is only 3.3%. The reason why this result is different from the existing perception of the contribution of technological progress to growth is that different entities are being measured while measuring the same term of technological progress. Therefore, the growth rate of total factor productivity should be used to measure macroeconomic efficiency, R&D investment should be used to measure the effectiveness of new technology supply, and the Schumpeterian innovation rate should be used to measure the economic impact of technological progress. The policy implications of the research results of this thesis are as follows: ① Transition from a policy of one-sided technology supply to a policy of convergence of technology supply and new technology demand support, ② Mission-oriented R&D policy and R&D policy that links national R&D with private R&D, ③ Reclassification of capital goods reflecting the degree of new knowledge.

The Economic Impact of the Korean Port Industry on the National Economy : from the Viewpoint of Macroeconomics (한국항만산업이 국가경제에 미치는 영향에 관한 분석 - 거시경제의 관점에서 -)

  • Moon, S.H.
    • Journal of Korean Port Research
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    • v.6 no.2
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    • pp.65-92
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    • 1992
  • The Korean central government has not appreciate the full extent of the impact of seaports on the national economy. As a consequence port investment has not been given sufficient priority and capacity has failed to keep pace with demand. The principal reason for this failure is the fact that the linkages (or relationships) of the port transport industry with other sectors have not been quantified and fully appreciated. To overcome this dificiency this paper developed a port input-output model to determine the economic impact of the port industry on the national economy. This impact study was conducted by analysing the impact of the Korean port industry upon the national economy from the macroeconomic viewpoint, and identifying the spreading effects of port investments upon the nation's economy. The analysis of the economic impact of the port industry suggests that its contribution to the Korean economy is substantial. What the model shows is, in quantifiable terms, there are the strong economic linkages between the port industry and the other sectors of the national economy. The contribution of the port industry to the Korean economy was summarised in the Conclusion section.

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The Effect of Interest Rate Variability on Housing Prices (이자율 변동이 주택가격에 미치는 영향)

  • Han, Myung-hoon
    • Journal of Venture Innovation
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    • v.5 no.3
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    • pp.71-80
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    • 2022
  • The real estate market is an important part of a country's economy and plays a major role in economic growth through the growth of many related industries. Changes in interest rates affect asset prices and have a significant impact on housing prices. This study analyzed housing prices by dividing them into nationwide, local, and Seoul housing prices in order to analyze whether the effect of changes in interest rates on housing prices shows regional differences. The analysis was conducted from the first quarter of 2011 to the fourth quarter of 2021, and was analyzed using the DOLS model. The main analysis results are as follows. First, interest rates were found to have a significant negative effect on national housing prices, and a drop in interest rates significantly increased national housing prices and an increase in interest rates significantly lowered national housing prices. The consumer price index and loan growth rate also had a positive effect on housing prices nationwide, but statistical significance was not high. Second, interest rates had a negative effect on local housing prices, unlike national housing prices, but were not statistically significant. On the other hand, it was found that the consumer price index and loan growth rate had a larger and significant positive effect on local housing prices compared to national housing prices. Finally, it was found that the interest rate had the only significant negative effect on housing prices in Seoul. And this effect was greater and more significant than the effect on national and local housing prices. In the end, it was found that the effect of interest rates on Korean housing prices differs locally. Interest rates have a significant negative effect on national housing prices, and local housing prices, but they are not statistically significant. In addition, the interest rate was found to have the largest and most significant negative effect on housing prices in Seoul. In addition, it was found that there was a difference in the effect of macroeconomic variables on housing prices. This means that there are differences between regions with different factors influencing local and Seoul housing prices, and this point should be considered when drafting and implementing real estate policies.