Despite the longstanding debate over the relationship between public investment and economic growth, opinions with regards to the path and impact remain extremely opposed. There is also a lack of research on the role and management of public investment in enhancing growth and productivity under the current economic climate. Indeed, although recent studies have found that efficient public investment affects long-term economic growth through improved productivity and that strengthening the efficient management of public investment is an important link between public investment and economic growth, those that address the role of public investment in economic growth and productivity remain scarce. Accordingly, this study aims to explore the role of and tasks for public investment in reinforcing productivity within the Korean economy. The relationship between public investment and economic growth and productivity will be empirically and theoretically analyzed and policy implications will be presented for the role of public investment.

Preface

Chapter 1 Introduction: Public Investment, Productivity, and Economic Growth (Jaejoon Lee, Kang Soo Kim)

Chapter 2 Public Capital and Productivity: An International Comparative Study (Jaejoon Lee)
　Section 1 Introduction
　Section 2 Economic Effects of Public Capital
　Section 3 Relationship Between Public Capital and Productivity: International Comparison
　Section 4 Conclusion and Policy Implications
　References
　Appendix

Chapter 3 Impact of Public Investment on Economic Growth and Productivity Enhancement (Sungmin Han)
　Section 1 Introduction
　Section 2 Current Status of Public Investment in Korea
　Section 3 Conceptual Framework of Public Investment’s Role
　Section 4 Analysis Results
　Section 5 Conclusion and Policy Implications
　References

Chapter 4 Impact of Effective Public Investment on Corporate Profitability (Changwoo Nam)
　Section 1 Introduction
　Section 2 Theoretical Background
　Section 3 Empirical Analysis Data
　Section 4 Empirical Analysis Methods and Results
　Section 5 Conclusion
　References
　Appendix

Chapter 5 Impact of Industrial Complexes on Manufacturing Productivity (Hyungtai Kim, Sanghoon Ahn)
　Section 1 Introduction
　Section 2 Current Status of Industrial Complexes and Transportation Infrastructure
　Section 3 Empirical Analysis
　Section 4 Conclusion and Policy Implications
　References

Chapter 6 Regional Allocation of Public Investment from an Efficiency-Equity Perspective (Jongyearn Lee)
　Section 1 Introduction
　Section 2 Estimation of Regional Transportation Infrastructure Capital Stock
　Section 3 Conclusion and Policy Recommendations
　References

Chapter 7 Efficient Public Investment Management System for Productivity Enhancement (Kang Soo Kim, Wehsol Moon)
　Section 1 Introduction
　Section 2 Empirical Analysis: Efficiency of Public Investment Management System, Productivity, and Economic Growth
　Section 3 Theoretical Analysis: General Equilibrium Analysis on Public Investment Management, Productivity, and Economic Growth
　Section 4 Summary and Policy Implications
　References
　Appendix

Chapter 8 Policy Tasks for Effective Allocation of Public Investment (Yeonseop Ha)
　Section 1 Problem Statement
　Section 2 Issues in Public Investment Selection and Management
　Section 3 Politics and Public Investment
　Section 4 Improvement of Public Investment Selection and Management System
　Section 5 International Case Studies
　Section 6 Policy Directions for Enhancing Allocative Efficiency of Public Investment
　References

Chapter 9 Mid-to-Long-Term Improvements for Private Investment System to Enhance Public Investment Efficiency (Hojun Lee)
　Section 1 Introduction
　Section 2 Review of Major Previous Studies
　Section 3 Basic Theoretical Model
　Section 4 Model Reflecting Characteristics of Korea’s Private Investment System
　Section 5 Directions for System Improvement
　References
　Appendix

ABSTRACT