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Accounting for Rapid Economic Growth in Korea, 1963-1995

페이스북
커버이미지
  • 저자 김광석(金光錫) , 홍성덕(洪性德)
  • 발행일 1997/08/01
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요약 In korea, national income for the economy as a whole,
measured at 1990 constant factor cost, grew at an average
annual rate of 7.9 percent during the period from 1963 to 1995.
The growth rate of national income, which was standardized for
an international comparison by subtracting irregular factors
affecting economic growth, was 7.6 percent, slightly lower than
that of national income unadjusted for irregular factors. The
sources of the various factors that contributed to the
standardized growth rate of national income over more than
three decades are summarized. These sources of growth are
consolidated into eight groups and ranked by the size of their
contribution to growth over the entire period. Although the
sources-of-growth estimates are actually made for seven
different periods altogether, the estimates for the two longer
sub-periods(1963-1979 and 1979-1995) and the entire period are
presented in the table.

Over the entire period, the largest contribution to the
standardized growth rate was made by all components of labor
input other than education. An increase in labor input except
education contributed 2.7 percentage points, accounting for
35.0percent of the standardized growth rate of national income in
Korea. The second largest contribution to growth was made by
the "advances in Knowledge and miscellaneous determinants",
which explained about 1.5 percentage points, or 19.3 percent of
the standardized growth rate. The third largest contribution to
growth was made by economies of scale associated with rapid
growth of the economy. This determinant contributed 1.4
percentage points, or 18.9 percent of the growth rate.

An increase in capital input contributed 1.3 percentage
points, or 17.2 percent of the growth rate, thereby taking the
fourth place in the ranking. Improved resource allocation was
brought about by a reduction in the proportion of total labor
supply that had been inefficiently engaged in both the
agricultural and the nonagricultural sectors as self-employed and
unpaid family workers. This reallocation of labor contributed 0.5
percentage points, or 5.9 percent, and ranked as the fifth largest
contribution. Increased education per worker is the remaining
growth determinant that made a positive contribution to growth.
It accounted for 0.3 percentage points, or 4.0 percent of the
growth rate. On the other hand, the costs of pollution abatement
contributed to reducing the growth rate by a small margin.

Comparing the contributions of major determinants to
growth between the two sub- periods(1963-1979 and 1979-1995),
it can be pointed out that all components of labor input other
than education made the largest contribution in both sub-periods.
This reflects the fact that Korean growth over the past three
decades was largely attributable to increases in employment and
average working hours. The determinant called "advances in
knowledge and miscellaneous determinants", which had made the
third largest contribution to growth during the earlier sub-period,
maintained the same ranking during the latter sub-period despite
a significant increase in the contribution of this determinant from
1.2 to 1.7 percentage points between the two sub-periods. The
percentage contribution of the determinant called "economies of
scale" showed an increase between the two periods, mainly
reflecting a rise in the standardized growth rate of national
income for the latter period.

The percentage contribution to growth of an increase in
capital input nearly doubled form 1.0 to 1.8 percentage points
between the two periods. The relative contribution of capital
input to growth also increased from 13.2 to 22.3 percent between
th two periods. Thus capital input, which had made the fourth
largest contribution during the earlier period, eventually tokk the
second place in the latter period. In addition, the contribution of
increased education per worker rose from 0.2 to 0.4 percentage
points between the two periods. On the other hand, the
percentage contribution of "improved resource allocation" declined
by a small margin from 0.5 to 0.4 percentage points between the
two periods.

Summing up the growth contributions of major determinants,
we find that increases in factor inputs, including capital and
labor, contributed about 52.2 percent of the standardized growth
rate over the entire period, while an increase in total output per
unit of input contributed the remaining 47.8 percent. The relative
contribution of factor input to growth which was at about 56.8
percent during the earlier period declined to 49.7 percent during
the latter period, reflecting a significant rise in total factor
productivity during the latter period. Despite the gradual decline
between the two periods, the relative contribution of factor input
to growth in Korea even during the latter period was still higher
than that in other countries.
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