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Policy Study
Variety Growth in Korean Economy

December 31, 2013

  • Author OH.Jiyoon
  • Series No. Policy Study 2013-18
  • Language Korean
PDF
Policy Study
Variety Growth in Korean Economy

December 31, 2013

  • Author OH.Jiyoon
  • Series No. 2013-18
  • Language Korean
PDF
    요 약

    제1장 서 론

    제2장 선행연구 검토
     제1절 상품 다양성에 대한 이론 및 실증적 연구
     제2절 상품 다양성이 가지는 경제적 함의

    제3장 추정 모형

    제4장 추정 결과
     제1절 엥겔커브(Engel Curve) 추정
     제2절 상품 다양성의 성장
     제3절 타당성 확인
      1. 세부규격변화율(item substitution rate)
      2. 선호 변화에 의한 엥겔커브의 변화

    제5장 결론 및 시사점

    참고문헌
    부 록
    ABSTRACT
According to the growth theory, increase in product variety is an indicator of innovation. As technology advances, intermediate goods or consumer products become more diverse which is closely linked to economic growth. Despite its theoretical importance, there has only been a limited number of empirical analysis of product variety. This study attempts to empirically measure consumer product variety in Korea. There have been a number of studies in Korea, albeit few, that analyzed the increase in import and export goods variety in Korea, but fell short of embracing the whole economy as they lacked the representativeness. In measuring product variety, this study takes advantage of the microdata from the Household Income and Expenditure Survey which is the basis for Consumer Price Index (CPI) consumption baskets. Considering the high volumes of imports and exports in the Korean economy, consumer goods are categorized into tradable and non-tradable goods which are then analyzed separately.

Key findings of this study can be summarized as follows.
From 1990 to 2012, product variety in tradable goods and non-tradable goods increased by 4.7 percent and 4.2 percent respectively on an annual basis. When the entire survey period is divided into two sub-rounds of ten-year duration (1991~2000, 2001~ 2012), the variety of tradable goods expanded by 1.4 percent in the first round and soared in the second round with a 7.5 percent growth. On the other hand, the variety of non-tradable goods, which consists mostly of service goods, increased by 5.5 percent in the first, but slowed to 3.2 percent in the second.
 
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Office of Global Economy
Providing Economic Forecast and Macroeconomic Policy Direction, the Groundwork for a Brighter Future

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.

Main Tasks
  • Economic trend analysis, short- and long-term forecast
  • Policy study on macroeconomic management
  • Basic structural analysis on macroeconomic areas
  • Maintenance of multi-sectoral dynamic macroeconomic model
Department of Macroeconomic Policy
  • LEE. Tae Suk

    Director, Division of Analysis and Evaluation

    82-044-550-4725
  • CHO, Byungkoo On leave

    Director and Vice President, Department of North Korean Economy

    82-044-550-4725
  • LEE, Jongkyu

    Fellow

    82-044-550-4725
  • WEE, Hyeseung Dispatched

    Research Associate

    82-044-550-4725
  • NAM, Jinwook On leave

    Specialist

    82-044-550-4725
  • KIM, Seulki

    Research Associate

    82-044-550-4725
  • CHUN, Eunkyung

    Research Associate

    82-044-550-4725
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