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Total factor productivity of Korean manufacturing industries: Comparison of competing models with firm-level data
Department of Industrial Engineering, Inha University, Incheon, South Korea .
Department of Economics, Sogang University, Seoul, South Korea.ORCID iD: 0000-0002-7902-4683
Center of Excellence for Science and Innovation Studies, Royal Institute of Technology, Stockholm, Sweden.
2014 (English)In: Japan and The World Economy, ISSN 0922-1425, Vol. 30, 25-36 p.Article in journal (Refereed) Published
Abstract [en]

This paper presents the parametric estimation of the rates of technical change and total factor productivity (TFP) growth of 7462 Korean manufacturing firms over the period 1987-2007. Two alternative formulations of technical change measured by the time trend and the general index approaches are estimated with panel data models assuming flexible functional forms. Several extensions of each approach are also considered and their benefits and limitations are discussed. In addition to making estimates of the TFP growth and its decomposition, the paper compares the parametric TFP growth measure with the non-parametric Solow residual serving as a benchmark. Several hypotheses related to technology level, firm sizes, industrial sectors, skill biased technological change and macroeconomic and industrial policies are tested to explain the growth patterns and heterogeneity in technical change, input biases and TFP growth rates. Using second regression analysis, the paper explores the determinants of TFP growth and their policy implications.

Place, publisher, year, edition, pages
2014. Vol. 30, 25-36 p.
Keyword [en]
Determinants of growth; Manufacturing industry; Technical change; Total factor productivity
National Category
Economics
Identifiers
URN: urn:nbn:se:hj:diva-24507DOI: 10.1016/j.japwor.2014.02.002ISI: 000335806800003Scopus ID: 2-s2.0-84897709112OAI: oai:DiVA.org:hj-24507DiVA: diva2:742459
Available from: 2014-09-01 Created: 2014-09-01 Last updated: 2016-01-14Bibliographically approved

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Citation style
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