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Oil Price and Total Factor Productivity of Korean Manufacturing Industries

박신욱|송원호
한국계량경제학회|2011.12|계량경제학보 (Journal of Economic Theory and Econometrics)|제22권 제4호|pp. 47-75

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키워드

Technical EfficiencyTotal Factor ProductivityStochastic Frontier ModelOil Price
주제분류경제학

초록

This paper estimates the effects of oil price change on the productivity changes of Korean manufacturing industry. We applied a stochastic frontier production model to estimate the changes of total factor productivity. The model is estimated by the recently developed KSS panel data estimator (Kneip et al, 2012) which allows for arbitrary patterns of time-varying individual effects. We decompose the sources of total factor productivity (TFP) growth into technical progress, technical efficiency change, scale effects change and allocation efficiency change following Kumbhakar (2000). Empirical results based on data from 2001–2010 show that productivity growth was driven mainly by declining technical progress together with improving technical efficiency. Scale effects and allocation efficiency exert marginal impacts on TFP growth. For the derived TFP components, the impacts of oil price have been analyzed. The effects of oil price change were different across the sample period. When the oil price is low and moves smoothly during 2001-2006, only scale effects are marginally affected. When the oil price is high and fluctuated greatly during 2007-2010, however, all the components were significantly affected, thus technical progress and scale effects increased, and technical efficiency and allocation efficiency decreased.

Abstract

This paper estimates the effects of oil price change on the productivity changes of Korean manufacturing industry. We applied a stochastic frontier production model to estimate the changes of total factor productivity. The model is estimated by the recently developed KSS panel data estimator (Kneip et al, 2012) which allows for arbitrary patterns of time-varying individual effects. We decompose the sources of total factor productivity (TFP) growth into technical progress, technical efficiency change, scale effects change and allocation efficiency change following Kumbhakar (2000). Empirical results based on data from 2001–2010 show that productivity growth was driven mainly by declining technical progress together with improving technical efficiency. Scale effects and allocation efficiency exert marginal impacts on TFP growth. For the derived TFP components, the impacts of oil price have been analyzed. The effects of oil price change were different across the sample period. When the oil price is low and moves smoothly during 2001-2006, only scale effects are marginally affected. When the oil price is high and fluctuated greatly during 2007-2010, however, all the components were significantly affected, thus technical progress and scale effects increased, and technical efficiency and allocation efficiency decreased.

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관련 논문AI추천

Productivity Growth and Patterns of Efficiency Changes in Korean Economy: Stochastic Frontier Approach with Industry-Panel Data이영훈, 표학길경제연구소 · Seoul Journal of Economics2007 · 제20권 제1호The Dynamics of Productivity Changes in the Korean Manufacturing Industry: Nonparametric Directional Distance Function Approach김관수, 노재선, 안동환한국경제학회 · The Korean Economic Review2004 · 제20권 제1호Are Oil Price Hikes a Boon to the Korean Economy?심명규, 안상헌, 조수진한국경제학회 · The Korean Economic Review2026 · 제42권 제1호총요소생산성 증가는 에너지집약도를 낮추는가?김세훈, 이창근재단법인 에너지경제연구원 · 에너지경제연구2025 · 제24권 제1호韓國 製造業의 總要素生産性, 效率性 變化와 技術進步: SFA와 DEA에 의한 推定한광호한국경제학회 · 경제학연구2005 · 제53권 제4호Misallocation and Manufacturing TFP in Korea오지윤한국개발연구원 · KDI Journal of Economic Policy2016 · 제38권 제3호

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