지방 투자적 지출이 지역경제 성장에 미친 차별적 영향 분석: 광업·제조업을 중심으로
A Study on the Effects of Local Public Investment Expenditures on Local Economies in Korea : Using Mining and Manufacturing Value-added as Dependent Variable
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This study analyzes the efficiency of local public investment expenditures in Korea. Using Korean panel data for the period 1986-2005, the local product function was estimated. The estimation model was based on the annual data of mining and manufacturing value-added as the dependent variable. And the independent variables were the annual data of local capital, local labor and local public investment expenditures. Before the analysis began, a relatively new panel unit roots test and a panel cointegration test were performed. The estimation results showed that the coefficients of the local public investment expenditures of non-metropolitan areas have decreased in recent years. In this overall perspective, the local public investment expenditures of non-metropolitan areas in Korea are inefficient in recent years from the point of views of allocation and dynamic growth.
Abstract
This study analyzes the efficiency of local public investment expenditures in Korea. Using Korean panel data for the period 1986-2005, the local product function was estimated. The estimation model was based on the annual data of mining and manufacturing value-added as the dependent variable. And the independent variables were the annual data of local capital, local labor and local public investment expenditures. Before the analysis began, a relatively new panel unit roots test and a panel cointegration test were performed. The estimation results showed that the coefficients of the local public investment expenditures of non-metropolitan areas have decreased in recent years. In this overall perspective, the local public investment expenditures of non-metropolitan areas in Korea are inefficient in recent years from the point of views of allocation and dynamic growth.
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