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Prospect of long-run growth in Korea : Learning from cross-country data

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  • Prospect of long-run growth in Korea
  • Cho, Dongchul
  • Korea Development Institute
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Title Prospect of long-run growth in Korea
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Sub Title

Learning from cross-country data

Material Type Reports
Author(English)

Cho, Dongchul

Publisher

Seoul : Korea Development Institute

Date 1996
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < General
Holding Korea Development Institute
License

Abstract

Predicting long-run growth pats using the Solow-like growth formulas involves and inevitable problem : how to predict dynamic paths of the respective explanatory variables. This paper approacher this issue in the following four steps: 1) Estimate the relevant coefficients (elasticities) of explanatory variables from cross-country regressions; 2) Using cross-country data, estimate the general pattern of each explanatory variables as a (nonparametric) function of income per capita; 3) Estimate Korea's country-specific effects in the explanatory variables; 4) Using the above estimates, simulate the Korea's and explanatory variables' paths simultaneously.