Is the Korean Medical Devices Manufacturing Sector Faring Well?
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초록
This paper investigates the competitiveness of the Korean medical devices manufacturing industry before the coming-into-effect of the Korea-US FTA by analyzing total factor productivity (TFP) growth and its four contributors using the micro-level establishment data from 1991-2005. The four contributors of total factor productivity (TFP) growth are technical progress growth, technical efficiency improvement, allocative efficiency promotion, and effects of economies of scale. The empirical results indicated that technical progress forcefully contributed to the productivity growth of the Korean medical devices manufacturing sector but at a declining rate. Poor allocative efficiency hindered the productivity growth of the Korean medical devices manufacturing industry, especially in 1998 in the aftershock of the 1997 financial crisis. Economies of scale were meagerly orchestrated to emerge in the Korean medical devices manufacturing sector where small and medium-sized firms were mostly populated with a small scale of production and the estimates of RTS approached constant returns-to-scale (CRS).
Abstract
This paper investigates the competitiveness of the Korean medical devices manufacturing industry before the coming-into-effect of the Korea-US FTA by analyzing total factor productivity (TFP) growth and its four contributors using the micro-level establishment data from 1991-2005. The four contributors of total factor productivity (TFP) growth are technical progress growth, technical efficiency improvement, allocative efficiency promotion, and effects of economies of scale. The empirical results indicated that technical progress forcefully contributed to the productivity growth of the Korean medical devices manufacturing sector but at a declining rate. Poor allocative efficiency hindered the productivity growth of the Korean medical devices manufacturing industry, especially in 1998 in the aftershock of the 1997 financial crisis. Economies of scale were meagerly orchestrated to emerge in the Korean medical devices manufacturing sector where small and medium-sized firms were mostly populated with a small scale of production and the estimates of RTS approached constant returns-to-scale (CRS).
참고문헌 (18)
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