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Multifactor Productivity in Korea and an International Comparison: Data and Productivity Estimates of the Korea Industrial Productivity Database
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- Authors
- Issue Date
- 2008-10
- Citation
- Seoul Journal of Economics, Vol.21 No.4, pp. 551-577
- Keywords
- Economic growth ; EU KLEMS ; Korea Industrial Productivity (KIP) database ; Multifactor productivity
- Abstract
- The purpose of our study is to identify sources of economic
growth for the Republic of Korea, which experienced a financial
crisis in 1997 after joining the OECD. We provide estimates of
output, input, and productivity based on the newly constructed
Korea Industrial Productivity (KIP) database following EU KLEMS
project guidelines. We find that Koreas catch-up process with
industrial nations during its period of late industrialization has
been predominantly input-led and manufacturing-based. However,
following the financial crisis in December 1997, the Korean economy
growth seems to have shifted to productivity-led growth.
However, lower productivity in the service industries seems to
work against a renewed sustainable growth path.
- ISSN
- 1225-0279
- Language
- English
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