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1990년대 이후 한국경제의 성장: 수요 및 공급 측 요인의 문제 (The economic growth of Korea since 1990: Contributing factors from demand and supply sides)

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Frame of Image  통화총량제 대 물가안정목표제 (Monetary Aggregate Targetion vs. Inflation Targetion) JEL code: E32, E60 Received: 2008. 5. 23 Referee Process Started: 2008. 5. 26 Referee Reports Completed: 2009. 1. 14
ABSTRACT
This study stems from a question, “How should we understand the pattern of the Korean economy after the 1990s?” Among various analytic methods applicable, this study chooses a Structural Vector Autoregression (SVAR) with long-run restrictions, identifies diverse impacts that gave rise to the current status of the Korean economy, and differentiates relative contributions of those impacts. To that end, SVAR is applied to four economic models; Blanchard and Quah (1989)’s 2-variable model, its 3-variable extensions, and the two other New Keynesian type linear models modified from Stock and Watson (2002). Especially, the latter two models are devised to reflect the recent transitions in the determination of foreign exchange rate (from a fixed rate regime to a flexible rate one) as well as the monetary policy rule (from aggregate targeting to inflation targeting). When organizing the assumed results in the form of impulse response and forecasting error variance decomposition, two common denominators are found as follows. First, changes in the rate of economic growth are mainly attributable to the impact on productivity, and such trend has grown strong since the 2000s, which indicates that Korea’s economic growth since the 2000s has been closely associated with its potential growth rate.


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Title 1990년대 이후 한국경제의 성장: 수요 및 공급 측 요인의 문제 (The economic growth of Korea since 1990: Contributing factors from demand and supply sides)
Similar Titles
Material Type Articles
Author(English)

Hur, Seok-Kyun

Author(Korean)

허석균

Publisher

세종, 한국 : 한국개발연구원

Date 2015-05
Journal Title; Vol./Issue 한국개발연구:vol. 31(no. 1)
Pages 38
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Documents
Original Format pdf
Subject Economy < Economic Administration
Economy < Economic System
Holding 한국개발연구원
License