We measure and compare externalities of IT and R&D capital stocks in different Korean industry sectors using inter-industry input-output tables of 1985, 1990, 1995 and 2000. We also compute the multiplier effects that relate to the directions of future economic effects. The key findings are as follo...
We measure and compare externalities of IT and R&D capital stocks in different Korean industry sectors using inter-industry input-output tables of 1985, 1990, 1995 and 2000. We also compute the multiplier effects that relate to the directions of future economic effects. The key findings are as follows. First, we observed continuous capital deepening in all nine industries over the period of 1985 to 2000. Second, the backward multipliers of IT capital were the highest in the manufacturing industry. As for inter-industry externalities, the indirect backward multipliers, which exclude intra-industry backward multiplier effects within the industry, were also the highest in the manufacturing industry. Third, the forward multiplier effects of IT capital stock were the most substantial in the construction industry during the 1980s and in the manufacturing industry thereafter. Finally, using the transition multiplier matrix reflecting the backward effects of the two capitals in the past, the economic backward effects, especially the external economic effects, are predicted to increase through 2010 among all industries. The above findings suggest that, in order to maximize the forward and backward effects of the ever-increasing IT capital, we need to formulate an industry policy reducing the cost of capital accumulation in the manufacturing industry through improvement in productivity of the IT industry.
We measure and compare externalities of IT and R&D capital stocks in different Korean industry sectors using inter-industry input-output tables of 1985, 1990, 1995 and 2000. We also compute the multiplier effects that relate to the directions of future economic effects. The key findings are as follows. First, we observed continuous capital deepening in all nine industries over the period of 1985 to 2000. Second, the backward multipliers of IT capital were the highest in the manufacturing industry. As for inter-industry externalities, the indirect backward multipliers, which exclude intra-industry backward multiplier effects within the industry, were also the highest in the manufacturing industry. Third, the forward multiplier effects of IT capital stock were the most substantial in the construction industry during the 1980s and in the manufacturing industry thereafter. Finally, using the transition multiplier matrix reflecting the backward effects of the two capitals in the past, the economic backward effects, especially the external economic effects, are predicted to increase through 2010 among all industries. The above findings suggest that, in order to maximize the forward and backward effects of the ever-increasing IT capital, we need to formulate an industry policy reducing the cost of capital accumulation in the manufacturing industry through improvement in productivity of the IT industry.
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문제 정의
Our empirical results support the new growth literature and are against the Solow IT paradox, at least in Korea. The analysis also indicates that the existence of a large IT capital externality supports a successful experience of the growth effects of the IT industry in Korea.
제안 방법
In this study, we reclassify the industries in the input-output tables into nine aggregate industries and we measure externalities of IT capital stock in and across these industries using the concept of the research and development multiplier proposed by Dietzenbacher and Los [17]. For the data on IT capital stock, we use the data compiled by Cho and Jeong [18], who calculated estimated amounts of IT capital stocks in nine industries using Korean inter-industry input-output tables from the years 1985 to 2000.
In this study, we use the expanded data set consisting of Korean input-output tables for the years 1985, 1990, 1995 and 2000, IT capital stock data for the nine aggregate industries compiled by Cho and Jeong [18], and R&D capital stock data for the nine aggregate industries compiled by Seo and Jeong [19] . We refer to Cho and Jeong [18] and Seo and Jeong [19] for detailed explanations on the estimation of IT capital stock and R&D capital stock.
성능/효과
We summarize key empirical observations of the R&D capital"s externality effect. First, the manufacturing industry experienced the heaviest augmentation of R&D capital stock with an increase in its final demand. Second, the manufacturing industry also gave rise to cost increases of its sub-industries most significantly with accumulation of the R&D capital.
Accumulation of the R&D capital followed a similar trend. Second, the backward multiplier effect of IT capital stock was the strongest in the manufacturing industry. In addition, the indirect backward multiplier effect was also the strongest in the manufacturing industry.
In addition, the indirect backward multiplier effect was also the strongest in the manufacturing industry. Third, the forward multiplier effect of IT capital stock was the most substantial in the construction industry during the 1980s, and thereafter in the manufacturing industy. However, the forward multiplier effect of R&D capital stock was the most substantial in the manufacturing industry throughout the study period.
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