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Title: |
Determinants of South Korean
Economic
Growth, 1955-1990 |
| Author: |
Piazolo, Marc |
| Author
Affiliation: |
Dresdner Bank |
| Source: |
International Economic Journal, Winter 1995, v. 9, no. 4, pp. 109-133 |
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Publication Date: |
Winter 1995 |
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Abstract: |
Disparities between growth rates of
different countries are only in part explainable by basic factors of
production. New growth theory links economic growth, e.g., to increasing
returns to scale, to human capital development and stresses the
important role of institutions. Our aim is to determine the growth
factors for Korea by a time-series analysis applying cointegration and
error-correction techniques. The results show that human capital,
investment and exports enhance economic development, while inflation and
government consumption exert a negative influence on growth.
Additionally, the import substitution phases during the fifties and
seventies as well as a productivity oriented wage development contribute
to economic growth. |
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