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Investment, Exports, and Output in South Korea: A VAR Approach to Growth Empirics

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  • Edward Feasel
  • Yongbeom Kim
  • Stephen C. Smith

Abstract

This study examines the time‐series behavior of investment, exports, and output in South Korea from 1956 to 1996. Impulse‐response analysis and variance decompositions indicate that investment rates and export growth rates have significant short‐run effects on the growth rates of per capita output. While there are long‐run effects to the levels of per capita output, statistically all growth rate effects disappear within four years. No special role for equipment investment was found. These findings are consistent with the predictions of the Solow growth model. The study found no empirical support for endogenous growth theory.

Suggested Citation

  • Edward Feasel & Yongbeom Kim & Stephen C. Smith, 2001. "Investment, Exports, and Output in South Korea: A VAR Approach to Growth Empirics," Review of Development Economics, Wiley Blackwell, vol. 5(3), pages 421-432, October.
    • Handle: RePEc:bla:rdevec:v:5:y:2001:i:3:p:421-432
    DOI: 10.1111/1467-9361.00133
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    Cited by:

    1. Zhihui Lv & Amanda M. Y. Chu & Michael McAleer & Wing-Keung Wong, 2019. "Modelling Economic Growth, Carbon Emissions, and Fossil Fuel Consumption in China: Cointegration and Multivariate Causality," IJERPH, MDPI, vol. 16(21), pages 1-35, October.
    2. Weber, Enzo, 2009. "Common and uncommon sources of growth in Asia Pacific," Journal of the Japanese and International Economies, Elsevier, vol. 23(1), pages 20-36, March.
    3. José Mauricio Gil León & Andrea Yaelt Lemus Vergara, 2012. "Efectos de la apertura comercial sobre la producción manufacturera en Colombia: una aproximación cuantitativa (1975-2007)," Apuntes del Cenes, Universidad Pedagógica y Tecnológica de Colombia, December.
    4. Chu, Amanda M.Y. & Lv, Zhihui & Wagner, Niklas F. & Wong, Wing-Keung, 2020. "Linear and nonlinear growth determinants: The case of Mongolia and its connection to China," Emerging Markets Review, Elsevier, vol. 43(C).
    5. repec:ilo:ilowps:455342 is not listed on IDEAS
    6. Villa, Stefania., 2010. "Exploring the linkages between investment and employment in Moldova : a time-series analysis," ILO Working Papers 994553423402676, International Labour Organization.

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