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Demand for services in Korea and policy implications in the shift towards a service economy

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Frame of Image ariant income elasticity. Both estimates for time-invariant and time-varying income-elasticity confirm the income-elastic argument for producer services and personal services. Results from timevarying income elasticity show that the demand for distributive services is also income-elastic. M o r e o v e r, we find that over the last three decades, income elasticities for producer services and personal services have grown faster than the other two sub-groups, distributive services and social services. Our results imply that a heterogeneous trend in income elasticity for each service sector sub-group should be considered in m a k i n g a policy decision on the supply or demand side of the service sector. omy from manufacturing to services, particularly in nominal products and labor. In Korea, the share of nominal products in the service industry rose from 47% in 1980 to 56% in 2005, and that of labor in the service industries also increased more rapidly from 37% to 64% during the same period. In addition, the growth rate o f each has risen gradually over time. This notable feature of the structural change in the Korean service industry has been observed in most developed countries that have experienced “tertiarization” . Contrary to the substantial change in the share of nominal products and labor, the share of real products in services has hardly changed since the 1980s; moreover, it actually decreased slightly from 57% in 1980 to 52% in 2005. These contrasting trends in the no


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Title Demand for services in Korea and policy implications in the shift towards a service economy
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Material Type Reports
Author(English)

Ha, Bongchan; Kim, Jong-Ho

Publisher

[Seoul]:Korea Institute for Industrial Economics & Trade

Date 2007
Journal Title; Vol./Issue KIET Industrial Economic Review:vol. 12(no. 3)
Pages 8
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Industry and Technology < General
Holding KIET; KDI School

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