Aggregate Total Factor Productivity and Resource Reallocation Effect of ICT Sectors in Korea: A Comparison with the USA, Japan and EU7
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The paper estimates total factor productivity and resource reallocation effect in ICT sectors from the cross-country data of the USA, Japan, EU7 and Korea. The source of economic growth has shifted from the non-ICT sector to the ICT sector after the ICT boom in the USA, Japan, EU7, and Korea. We find the contribution of ICT-producing sector to value-added growth and TFP growth has slowed down, but that of the ICT-using sector has grown since the middle of 1990s. In addition the reallocation effects of capital are outweighed in ICT-using service sectors such as trade and finance, and the reallocation effects of labor tend to be higher in non-ICT sectors, ICT-producing service, and ICTproducing manufacturing sectors, among others.
Abstract
The paper estimates total factor productivity and resource reallocation effect in ICT sectors from the cross-country data of the USA, Japan, EU7 and Korea. The source of economic growth has shifted from the non-ICT sector to the ICT sector after the ICT boom in the USA, Japan, EU7, and Korea. We find the contribution of ICT-producing sector to value-added growth and TFP growth has slowed down, but that of the ICT-using sector has grown since the middle of 1990s. In addition the reallocation effects of capital are outweighed in ICT-using service sectors such as trade and finance, and the reallocation effects of labor tend to be higher in non-ICT sectors, ICT-producing service, and ICTproducing manufacturing sectors, among others.
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