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Working Paper
The 2007 KDI-KAEA Conference on 'Enhancing Productivity and Sustaining Growth'

December 31, 2007

PDF
Working Paper
The 2007 KDI-KAEA Conference on 'Enhancing Productivity and Sustaining Growth'

December 31, 2007

PDF

    CHAPTER 1-1
    Current Issues of Productivity Growth in Korea: A Survey

    I. Introduction
    II. The Effect of Industrial Policy on Productivity Change in Korea
    III. The Effect of Information Technology on Productivity Change in Korea
    IV. Low Productivity in Services and Agricultural Sectors
    VI. Conclusion
    References
    Comments on “Current Issues of Productivity Growth in Korea: A Survey”

     

    CHAPTER 1-2
    Optimal R&D Intensity: Welfare Analysis

    I. Backgrounds
    II. Economic model and empirical analysis
    III. Results from the Calibration Model
    IV. Summary and limitations
    Reference

     

    CHAPTER 2-1
    Integration and Growth in East Asia

    I. Introduction
    II. Cross-country Analyses of Economic Growth
    III. Micro-Data Analyses of Economic Growth
    IV. Concluding Remarks
    References
    Comments on “Integration and Growth in East Asia”

     

    CHAPTER 2-2
    Vertical Intra-Industry Trade (VIIT) and Foreign Direct Investment(FDI): In Case of Automobile Component Industry of China, Japan and South Korea

    I. Introduction
    II. Backgrounds and Overview
    III. Objectives and Methodology
    IV. Changing Trade Patterns in Automobile Industry
    V. National Competitiveness in Components for Japan, South Korea and China
    References

     

    CHAPTER 2-3
    A Political-Economy of the Free Trade Agreement : Temporal and Distributional Effect

    I. Introduction
    II. Literature
    III. The Model
    IV. Empirical analysis
    V. Conclusion and Policy Implications
    References

     

    CHAPTER 3-1
    Foreign Ownership and Corporate Performance

    I. Introduction
    II. Foreign Equity Investments and Shareholder Activism
    III. Data and Descriptive Statistics
    IV. Empirical Results
    V. Summary and Conclusions
    References
    Comments on “Foreign Ownership and Corporate Performance”

     

    CHAPTER 3-2
    Boundary and Efficiency of Internal Capital Markets and Organizational Structure in Spin-offs: Control vs. Focus

    I. Data Collection and Empirical Methodology
    II. Investment and Efficiency of Internal Capital Market
    III. Market Performance around Corporate Spin-offs
    IV. Summary and Conclusions
    Refereences
    Comments on “Boundary and Efficiency of Internal Capital Markets and Organizational Structure in Spin-offs: Control vs. Focus”

     

    CHAPTER 4-1
    Effects of Sectoral Shifts on Average Duration Unemployment

    I. Introduction
    II. Sectoral Shifts of Labor Demand and Average Duration of Unemployment
    III. Technical Progress and Female Workers’ Labor Force Attachment
    IV. Conclusion
    References
    Comments on “Effects of Sectoral Shifts on Average Duration Unemployment

     

    CHAPTER 4-2
    Dynamics of Inflation Rate: Comparison of New Keynesian Models via Simulated Density

    I. Introduction
    II. The Model
    Comments on “Dynamics of Inflation Rate: Comparison of New Keynesian Models via Simulated Density”

     

    CHAPTER 4-3
    ECM Threshold Co-integration Tests and Nonlinear Monetary Policy in Korea

    I. Introduction
    II. Background and Testing Issues
    III. New Testing Methodology
    IV. Empirical Results
    V. Conclusion
    References
    Comments on “ECM threshold Co-integration Tests and Nonlinear Monetary Policy in Korea”

     

    CHAPTER 5-1
    Public Finance, Ethics and Tax Evasion: A Comparative Study of China, Japan and Korea

    I. Introduction
    II. The Present Study
    References

     

    CHAPTER 5-2
    Welfare Effects of Tax Reform: Case of Korea

    I. Introduction
    II. Model
    III. Solution Method
    IV. Calibration
    V. The Effects of Tax Reforms
    VI. Conclusion
    References
    Comments on “Welfare Effects of Tax Reform: Case of Korea”

     

    CHAPTER 6-1
    Uncovered Interest Parity Puzzle: Cross-sectional and Time-series Analysis

    I. Introduction
    II. The forward premium puzzle
    III. Empirical findings
    IV. Conclusion
    References
    Comments on “Uncovered Interest Parity Puzzle: Cross-sectional and Time-series Analysis”

     

    CHAPTER 6-2
    Tick Size, Market Structure and Trading Costs

    I. Introduction
    II. Data sources and error filters
    III. Tick sizes and trading costs on the Korea Stock Exchange
    IV. Projection of trading costs
    V. Comparison of the spreads of KSE and NYSE stocks
    VI. Summary and concluding remarks
    References

     

    CHAPTER 6-3
    External Finance and Productivity Growth in Kora: Firm Level Evidence Before and After the Financial Crisis†

    I. Introduction
    II. Literature Review
    III. Corporate Investment and Financing Patterns Before and After the 1997 Financial Crisis
    IV. TFP Growth and Credit Allocation in Korean Manufacturing Industries
    V. Regression Analyses and Empirical Results
    VI. Summary and Concluding Remarks
    References
    Comments on “External Finance and Productivity Growth in Korea: Firm Level Evidence Before and After the Financial Crisis”

This collection of conference papers is an accumulation of materials from “The 20076 KDI-KAEA Conference on Enhancing Productivity and Sustaining Growth” held on July 9August 8, 20076 at the Korea Development Institute (KDI) in Seoul, Korea.

The purpose of this conference was to gather papers that are in-line with the KDI’s 20076 major research agenda such as Productivity Growth, Economic Integration and FTA, Foreign Ownership and Firm Size and Corporate Performance, Macroeconomic Issues, Tax Reform, and Financial Market Issues. TTrade and FDI Issues, Productivity, Financial and Fiscal Reforms, and Others. While the first year’s joint conference in 2003 invited only experts from KDI and KAEA, this year’s conferences were open to both domestic and international academia and professional circles. his year’s 5th KDI-KAEA Conference holds a great meaning, in particular, because as of 2006 Korea Development Review has been listed at the Korea Research Foundation, a national organization dedicated to social and scientific development through the promotion of scientific research. In addition, the Editorial Board of the Review is currently putting its effort to have the publication enlisted on the Social Science Citation Index, as well. IIt is our hope that the conference provided a venue to exchange ideas on the future policy direction for Korea to leap into the league of advanced economies in the near future. Currently, most of the papers presented during the conference are in review process for publication in the Korea Development Review.

The conference had 6 sessions. Session I- Issues of Productivity GrowthTrade and FDI Issues; Session II-Economic Integration and FTAR&D and Productivity Growth; Session III-EForeign Ownership and Firm Size and Corporate Performancenterepreneurship and Business Practice Engineering; Session IV-BMacroeconomic Issuesank Capital Regulation and Lending Practices; Session V--STax Reformtock Ownership Structure and Exchange Rate Policy; Session VI-SFinancial Market Issuesectoral Shifts and Entry Regulation. This volume comprises of papers that have already been revised by the authors by reflecting the pertinent discussion notes, which are also included in the proceedings. Furthermore, the discussion notes have contributed substantial amount of input into the original papers.
 
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The Department of Macroeconomics is conducting researches on the macro economy and macroeconomic policy, particularly focusing on suggesting the analysis of macroeconomic trends and current status of the economy at home and abroad, the economic forecast, and the policy direction of the macro economy. The Department is also in charge of establishing, sustaining and maintaining various econometric models, based on which it analyses policy effects and develops a long-term economic forecast.

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