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Sustainability of growth in the Korean manufacturing sector

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  • Sustainability of growth in the Korean manufacturing sector
  • Lee, Chang-Soo
  • The Australian National University(Australia-Japan Research Centre)


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Title Sustainability of growth in the Korean manufacturing sector
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Material Type Articles
Author(English)

Lee, Chang-Soo

Publisher

[Canberra]:The Australian National University(Australia-Japan Research Centre)

Date 1998-05
Journal Title; Vol./Issue Pacific Economic Paper:no. 279
Pages 40
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Industry and Technology < Manufacturing
Holding The Australian National University

Abstract

This paper examines Krugman’s pessimistic paradigm on East Asian economic growth, using Korean manufacturing data. The initial focus is on a disaggregated growth accounting approach. I found that productivity growth is the largest contributor to output growth in eight of fifteen industries, and that productivity growth explains about 38 per cent of output growth of manufacturing overall. Secondly the theoretical issues, which call into question the theoretical basis of the paradigm, are examined. I found that sequencing of the sources of growth was empirically verified (productivity growth in light industries → capital accumulation in heavy and petrochemical industries → productivity growth through R&D efforts), and that an increasing or constant output–capital ratio (marginal product of capital) was found in ten of the fifteen industries, and that interactions between productivity growth and capital input growth were found in nine of the fifteen industries. (The rest omitted)