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Productivity Growth and Patterns of Efficiency Changes in Korean Economy : Stochastic Frontier Approach with Industry-Panel Data
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- Authors
- Issue Date
- 2007-01
- Citation
- Seoul Journal of Economics, Vol.20 No.1, pp. 23-58
- Keywords
- Total factor productivity ; Technical efficiency ; Technical progress ; Stochastic frontier production model ; Panel data
- Abstract
- This paper applies the group-specific stochastic frontier
production model to the Korean 32-industry level panel data set
for the period of 1984-1997. The methodology allows for not
only estimating temporal variation in total factor productivity,
but also identifying the contribution of technical efficiency
separately from technical progress. The empirical results of this
study show that productivity growth of Korean economy was
driven mainly by technical efficiency improvement in the 1980s,
but by technical progress in the 1990s. At the industry level,
the petroleum products industry was the most efficient in the
1980s, but its efficiency rank fell to 5 in 1997. On the other
hand, the communication industry improved its technical
efficiency dramatically; its technical efficiency growth rate was
ranked at 14 in 1985, but at 1 since 1993.
- ISSN
- 1225-0279
- Language
- English
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