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The R&D Investment and Productivity Growth of Korean Economy in the New Normal Era

뉴 노멀 시대하 한국경제의 R&D투자와 생산성 성장

  • 김선재 (배재대학교 전자상거래학과)
  • Received : 2016.09.02
  • Accepted : 2016.10.20
  • Published : 2016.11.28

Abstract

The purpose of this study is to analyze the impact of R&D investment on productivity growth of the Korean Economy in the New Normal Era. To be specific, this study focuses on the impact of R&D capital, other capitals, and total factor productivity(TFP) on the labor productivity during the three periods: 1970-2014, 1970-1997, and 1999-2014. We found out that the change of the intensity in the R&D capital and other capitals significantly impacted on the change of the labor productivity in Korea. In particular, the estimated coefficients of these variables are higher after the period of the IMF financial crisis than before the crisis. We also estimated the marginal productivity of R&D capital investment in terms of the TFP growth. The estimated coefficients of the variables showed stronger effects after the period of the IMF financial crisis than before the crisis. As a result, the increase of R&D investment has been greatly impacted on the growth of the total factor productivity(TFP) after the IMF financial crisis in Korea.

Keywords

New Normal;R&D Investment;TFP;Labor Productivity;Marginal Productivity of R&D

Acknowledgement

Supported by : 한국연구재단

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