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Research, technological change and financial liberalization in South Korea

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  • Ang, James B.

Abstract

Drawing on the recent developments in innovation-based growth models that emphasize the importance of financial factors and R&D activity, this paper explores the impact of research efforts and financial sector reforms on inventive activity, using Korea as the case study. Based on time series data over the period 1967-2005, the results consistently show that the implementation of a series of financial liberalization policies is strongly associated with a higher rate of knowledge generation. They also show that R&D intensity has a significant positive influence on ideas production, providing some support for the Schumpeterian endogenous growth framework.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Macroeconomics.

Volume (Year): 32 (2010)
Issue (Month): 1 (March)
Pages: 457-468

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Handle: RePEc:eee:jmacro:v:32:y:2010:i:1:p:457-468

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Web page: http://www.elsevier.com/locate/inca/622617

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Keywords: Financial liberalization Knowledge creation Endogenous growth Korea;

References

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Citations

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Cited by:
  1. Ang, James, 2009. "Financial Reforms, Patent Protection and Knowledge Accumulation in India," MPRA Paper 17656, University Library of Munich, Germany.
  2. Ang, James & Sen, Kumal, 2009. "Private Saving in India and Malaysia Compared: The Role of Financial Liberalization and Expected Pension Benefits," MPRA Paper 14413, University Library of Munich, Germany.
  3. Tang, Chor Foon & Tan, Eu Chye, 2013. "Exploring the nexus of electricity consumption, economic growth, energy prices and technology innovation in Malaysia," Applied Energy, Elsevier, vol. 104(C), pages 297-305.
  4. Jalil, Abdul & Feridun, Mete, 2011. "The impact of growth, energy and financial development on the environment in China: A cointegration analysis," Energy Economics, Elsevier, vol. 33(2), pages 284-291, March.
  5. Ang, James B., 2011. "Finance and consumption volatility: Evidence from India," Journal of International Money and Finance, Elsevier, vol. 30(6), pages 947-964, October.
  6. Ang, James B., 2011. "Financial development, liberalization and technological deepening," European Economic Review, Elsevier, vol. 55(5), pages 688-701, June.
  7. Banerjee, Rajabrata, 2011. "The US-UK productivity gap in the twentieth century: a race between technology and population," MPRA Paper 30889, University Library of Munich, Germany.

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