Economies of scale, technological progress, and the sources of economic growth: case of Korea, 1969–2000

Kwack, Sung Y.; Sun, Lee Young

doi:10.1016/j.jpolmod.2004.08.012

Cited by 20 publications

(7 citation statements)

References 38 publications

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“…where : (11) Note that the numerator of Tr (M ) trace is always negative, so the trace will be negative when the denominator is positive, which is equivalent to the condition > ((1 + )(1 e ) n ) (1 + ) k n + (1 + )( k + e ) ;…”

Section: Appendixmentioning

confidence: 99%

“…Hansen and Knowles (1998) found that the average estimated returns to scale were around 1.105 for highincome OECD countries (including Australia, Belgium, Canada, Finland, France, West Germany, Japan, Norway, Sweden, the United Kingdom, and the United States). Miyagawa et al (2006) found that estimated returns to scale in Japan were about 1.075, and Kwack and Sun (2005) found them to be around 1.1 for South Korea. With these numbers in mind, it is clear that dependence on imported energy can significantly increase a country's risk of indeterminacy, thereby making the country more susceptible to sunspots-driven fluctuations.…”

Section: The Modelmentioning

confidence: 99%

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A Note on Oil Dependence and Economic Instability

Aguiar‐Conraria

Wen

2008

Macroecon. Dynam.

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We show that dependence on foreign energy can increase economic instability by raising the likelihood of equilibrium indeterminacy, hence making it easier for fluctuations driven by self-fulfilling expectations to occur. This is demonstrated in a standard neoclassical growth model. Calibration exercises, based on the estimated share of imported energy in production for several countries, show that the degree of reliance on foreign energy for many countries can easily make an otherwise determinate and stable economy indeterminate and unstable.

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Section: Appendixmentioning

confidence: 99%

Section: The Modelmentioning

confidence: 99%

A Note on Oil Dependence and Economic Instability

Aguiar‐Conraria

Wen

2008

Macroecon. Dynam.

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“…Section 2 discusses the theoretic foundation of the decomposition of economic 2 The empirical study of this decomposition of the TFP growth has earlier been applied to Korea with the production function approach by Kim and Han (2001) and with the cost function approach by Kwack and Sun (2005), and to the U.S. with the production function approach by Sharma et al (2007). and productivity growth, Section 3 elaborates on the data used for empirical estimation of the growth experience in post-reform China and introduces the empirical model.…”

Section: Introductionmentioning

confidence: 99%

Economic and productivity growth decomposition: An application to post-reform China

Liu

2011

Economic Modelling

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This paper examines and applies the theoretical foundation of the decomposition of economic and productivity growth to the thirty provinces in China's post-reform economy. The four attributes of economic growth are input growth, adjusted scale effect, technical progress, and efficiency growth. A stochastic frontier model with a translog production and incorporated with human capital is used to estimate the growth attributes in China. The empirical results show that input growth is the major contributor to economic growth and human capital is inadequate even though it has a positive and significant effect on growth. Technical progress is the main contributor to productivity growth and the scale effect has become important in recent years. The impact of technical inefficiency is statistical insignificant in the sample period. The relevant policy implication for a sustainable post-reform China economy is the need to promote human capital accumulation and improvement in technical efficiency.

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“…Our finding that the production structures of the sampled sectors are characterized by increasing RTS is in line with those of some previous studies. For example, Kwack and Sun (2005) and Park and Kwon (1995) found similar results with regard to the existence of scale economies and increasing RTS in Korea. On the contrary, Kim and Han (2001) and Oh et al (2008), although based on different datasets and periods, found constant and even decreasing RTS in Korean manufacturing industries.…”

Section: Rtsmentioning

confidence: 66%