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Selective Intervention and Growth: The Case of Korea

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Author Info
Marcus Noland () (Institute for International Economics)

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Abstract

This paper attempts to determine whether conditions amendable to successful selective interventions to capture cross-industry externalities are likely to be fulfilled in practice. Three criteria are proposed for good candidates for industrial promotion: that they have strong interindustry links to the rest of the economy, that they lead the rest of the economy in a causal sense, and that they be characterized by a high share of industry-specific innovations in output growth. According to these criteria, likely candidates for successful intervention are identified in the Korean data. It is found that, with one exception, none of the sectors promote by the heavy and chemical industry (HCI) policy fulfills all three criteria.

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Paper provided by Peterson Institute for International Economics in its series Peterson Institute Working Paper Series with number WP04-3.

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Date of creation: Aug 2004
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Handle: RePEc:iie:wpaper:wp04-3

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Related research
Keywords: Korea; industrial policy; growth;

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Find related papers by JEL classification:
O38 - Economic Development, Technological Change, and Growth - - Technological Change - - - Government Policy
O14 - Economic Development, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Lee, Jong-Wha, 1996. " Government Interventions and Productivity Growth," Journal of Economic Growth, Springer, vol. 1(3), pages 391-414, September.
  2. Yoshikawa, Hiroshi & Ohtake, Fumio, 1987. "Postwar business cycles in Japan: A quest for the right explanation," Journal of the Japanese and International Economies, Elsevier, vol. 1(4), pages 373-407, December. [Downloadable!] (restricted)
  3. Jones, Leroy P, 1976. "The Measurement of Hirschmanian Linkages," The Quarterly Journal of Economics, MIT Press, vol. 90(2), pages 323-33, May. [Downloadable!] (restricted)
  4. James H. Stock & Mark W. Watson, 1987. "Interpreting Evidence on Money-Income Causality," NBER Working Papers 2228, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March. [Downloadable!] (restricted)
  6. Stock, James H. & Watson, Mark W., 1989. "Interpreting the evidence on money-income causality," Journal of Econometrics, Elsevier, vol. 40(1), pages 161-181, January. [Downloadable!] (restricted)
  7. Murphy, Kevin M & Shleifer, Andrei & Vishny, Robert W, 1989. "Industrialization and the Big Push," Journal of Political Economy, University of Chicago Press, vol. 97(5), pages 1003-26, October. [Downloadable!] (restricted)
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  8. Pack, Howard, 2000. "Industrial Policy: Growth Elixir or Poison?," World Bank Research Observer, Oxford University Press, vol. 15(1), pages 47-67, February. [Downloadable!]
  9. Sims, Christopher A & Stock, James H & Watson, Mark W, 1990. "Inference in Linear Time Series Models with Some Unit Roots," Econometrica, Econometric Society, vol. 58(1), pages 113-44, January. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Marcus Noland & Howard Pack, 2005. "The East Asian Industrial Policy Experience: Implications for the Middle East," Peterson Institute Working Paper Series WP05-14, Peterson Institute for International Economics. [Downloadable!]
  2. Marcus Noland & Howard Pack, 2002. "Industrial Policies and Growth: Lessons from International Experience," Working Papers Central Bank of Chile 169, Central Bank of Chile. [Downloadable!]
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