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Total Factor Productivity of Korean Manufacturing Industries: Comparison of Competing Models with Firm-Level Data
KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Economics. KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.ORCID iD: 0000-0002-5871-8571
2009 (English)Report (Other academic)
Abstract [en]

This paper presents the parametric estimation of the rates of technical change and total factor productivity (TFP) growth of 7,462 Korean manufacturing firms for the period 1987 to 2007. Two alternative formulations of technical change measured by the time trend and the general index approaches are estimated with panel data models assuming flexible functional forms. Several extensions of each approach are also considered and their benefits and limitations are discussed. In addition to making estimates of the TFP growth and its decomposition, the paper compares the parametric TFP growth measure with the non-parametric Solow residual serving as a benchmark. Several hypotheses related to technology level, firm sizes, industrial sectors, skill biased technological change and macroeconomic and industrial policies are tested to explain the growth patterns and heterogeneity in technical change, input biases and TFP growth rates. Using second regression analysis, the paper explores the determinants of TFP growth and their policy implications.

Place, publisher, year, edition, pages
CECIS, The Royal Institute of Technology, Stockholm , 2009. , 30 p.
CESIS Working Paper Series in Economics and Institutions of Innovation, 201
Keyword [en]
Total factor productivity; technical change; manufacturing industry; determinants of growth.
National Category
URN: urn:nbn:se:kth:diva-70083OAI: diva2:485845
QC 20120131Available from: 2012-01-31 Created: 2012-01-30 Last updated: 2012-01-31Bibliographically approved

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CESISWP201(565 kB)143 downloads
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Lööf, HansOh, Donghyun
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