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Adoption of foreign technologies in Korean manufacturing firms : Characteristics and microfoundations

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Adoption of Foreign Technologies in Korean Manufacturing Firms: Characteristics and Microfoundations
By JOONGHAESUH* The primary goal of this paper is to explore the microeconomic foundation of Korean firms’ adoption of foreign technologies. The paper also reviews the overall trend of international technology transfers to Korea. The period covered in this paper is Korea’s high growth era, from the 1960s to the 1990s. The works of this paper center on the two questions of what characterizes foreign technologies which had been imported through licensing contracts, and which driving forces expedite technology adoption by firms. The Korean experience provides the context of success in the catch-up growth. The co-movement of technology imports with capital goods imports manifests Korea’s effort to improve the technical efficiency toward the world frontier. Underlying this trend are firms’ decisions to adopt new technologies. The paper shows that firms respond proactively to wage increases by adopting newer technologies and thus, in turn, increasing employment, which implies the existence of a virtuous interactive mechanism among these factors. Key Word: Korean manufacturing firms, catch-up growth, international technology transfer, technology adoption, microeconomic analysis of economic development JEL Code: O12, O14, O33
I. Introduction
T
h
e effective utilization of foreign technologies is of critical importance for economic growth because, as stated by Keller (2004), for many


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Title Adoption of foreign technologies in Korean manufacturing firms
Similar Titles
Sub Title

Characteristics and microfoundations

Material Type Articles
Author(English)

Suh, Joonghae

Publisher

[Sejong]:Korean Development Institute

Date 2015
Journal Title; Vol./Issue KDI Journal of Economic Policy:vol. 37(no. 3)
Pages 33
Subject Country South Korea(Asia and Pacific)
File Type Documents
Original Format pdf
Subject Industry and Technology < Manufacturing
Industry and Technology < Science/Technology
Holding Korean Development Institute; KDI School

Abstract

The primary goal of this paper is to explore the microeconomic foundation of Korean firms’ adoption of foreign technologies. The paper also reviews the overall trend of international technology transfers to Korea. The period covered in this paper is Korea’s high growth era, from the 1960s to the 1990s. The works of this paper center on the two questions of what characterizes foreign technologies which had been imported through licensing contracts, and which driving forces expedite technology adoption by firms. The Korean experience provides the context of success in the catch-up growth. The co-movement of technology imports with capital goods imports manifests Korea’s effort to improve the technical efficiency toward the world frontier. Underlying this trend are firms’ decisions to adopt new technologies. (The rest omitted)