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A spatial econometric model of the Korean economy

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  • A spatial econometric model of the Korean economy
  • Bhandari, Doleswar; Johnson, Tom; P. Robinson, Dennis
  • University of New Mexico


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Title A spatial econometric model of the Korean economy
Similar Titles
Material Type Reports
Author(English)

Bhandari, Doleswar; Johnson, Tom; P. Robinson, Dennis

Publisher

[Albuquerque] : University of New Mexico

Date 2010-08
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Economy < Economic System
Holding University of New Mexico
License

Abstract

Using Korean regional data a spatial simultaneous equation model was developed and estimated using a generalized spatial three-stage least squares procedure. This model contains 10 equations for local finance, the labor market, and the housing market -local revenue, local expenditures, housing units, population, economically active population, number of students, inand out-commuting, number of firms, and employment in non-basic sectors. Employment and economic development expenditures are the main drivers of the model. A significant crosscounty and cross-equation spillover effect is estimated. Reduced form estimates were derived from structural equations, and it is found that additional employment opportunities generated in a certain county will have a positive impact on all sectors of the economy, including local finance, the housing market, demography, and the labor market. The spatial spillover effect is estimated on neighboring counties resulted from the employment opportunities created in a residence county. (The rest omitted)