Social Capital and Regional Economic Growth: Empirical Evidence from South Korea
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This paper focuses on the impact of social capital on regional economic growth in South Korea. The empirical analysis is implemented for 15 metropolises and provinces in Korea from 1998 to 2013. By utilizing factor analysis for the six variables representing observance of social rules and associational activity, we classify them into two smaller factor groups of social norms related to the observance of social rules and social networks related with associational activities. Then, to show that social capital affects regional income growth, we perform a dynamic panel data analysis based on a modified Mankiw, Romer, and Weil’s model. The empirical results show that social capital, especially social norms, has significant effects on regional income growth and convergence in South Korea.
Abstract
This paper focuses on the impact of social capital on regional economic growth in South Korea. The empirical analysis is implemented for 15 metropolises and provinces in Korea from 1998 to 2013. By utilizing factor analysis for the six variables representing observance of social rules and associational activity, we classify them into two smaller factor groups of social norms related to the observance of social rules and social networks related with associational activities. Then, to show that social capital affects regional income growth, we perform a dynamic panel data analysis based on a modified Mankiw, Romer, and Weil’s model. The empirical results show that social capital, especially social norms, has significant effects on regional income growth and convergence in South Korea.
참고문헌 (24)
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