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Economy Economic Conditions

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우리 경제의 역동성(Economic dynamism of Korea) : 기업집단으로의 경제력 집중을 중심으로(With a focus on the economic concentration of business groups)

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Title 우리 경제의 역동성(Economic dynamism of Korea)
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Sub Title

기업집단으로의 경제력 집중을 중심으로(With a focus on the economic concentration of business groups)

Material Type Reports
Author(Korean)

조덕상

Publisher

세종 : 한국개발연구원

Date 2017-12
Series Title; No 정책연구시리즈 / 2017-14
ISBN 979-11-5932-291-4
Pages 69
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Documents
Original Format pdf
Subject Economy < Economic Conditions
Holding 한국개발연구원; KDI국제정책대학원
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Abstract

The gross domestic product (GDP) growth rate of South Korea has declined since 2011 mainly due to dampened growth in total factor productivity (TFP). By studying changes in productivity growth from 2006 to 2015 with firm-level microdata, this paper shows that a decrease in allocative efficiency across firms can account for the recent dampened aggregate productivity growth and that most of a decrease in allocative efficiency since 2011 can be attributed to firms affiliated with business groups subject to the limitation on cross-shareholding designated by the Fair Trade Commission. Given the fact that business groups’ shares in input markets have been steadily rising, the economic concentration of business groups can be a main factor in the recent misallocations, which give rise to the diminished economic dynamism and dampened TFP growth of South Korea.