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Measuring the Evolution of Korea's Material Living Standards 1980-2010

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Abstract

Based on a production-theoretic framework, we measure the effects of real output prices, primary inputs, multi-factor productivity growth, and depreciation on Korea’s real net income growth over the past 30 years. The empirical analysis is based on a new dataset for Korea with detailed information on labour and capital inputs, including series on land and inventories assets. We find that while over the entire period, capital and labour inputs explain the bulk of Korean real income growth, productivity growth has come to play an increasingly important role since the mid-1990s, providing some evidence of a transition from ‘input-led’ to ‘productivity-led’ growth. Terms of trade and other price effects were modest over the longer period, but had significant real income effects over sub-periods. Overall, real depreciation had only limited effects except during periods of crises where it bore negatively on real net income growth. Basé sur un cadre théorique de production, nous mesurons les contributions des prix de production réels, des entrants, de la productivité, et de la dépréciation à la croissance des revenus nets réels de la Corée pendant les 30 dernières années. L'analyse empirique est basée sur un nouvel ensemble de données pour la Corée avec des informations détaillées sur des le travail et le capital, y compris les séries sur les terrains et les inventaires. Nous constatons que tandis qu'au cours de la période entière, le capital et les apports de travail expliquent la plus grande partie de la croissance de revenu réel coréenne, la croissance de productivité est venue jouer un rôle de plus en plus important depuis le milieu des années 1990, témoignant d'une transition d’une croissance liée aux entrées vers une croissance liée à la productivité. Les termes des échanges et autres effets des prix étaient modestes sur le long terme, mais avaient des effets significatifs sur le revenu réel au cours de sous-périodes. En général la dépréciation réelle avait des effets limités sauf pendant les périodes de crises où les effets ont été négatifs sur la croissance réelle de revenu net.

Suggested Citation

  • Oecd, 2012. "Measuring the Evolution of Korea's Material Living Standards 1980-2010," OECD Statistics Working Papers 2012/2, OECD Publishing.
  • Handle: RePEc:oec:stdaaa:2012/2-en
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    File URL: http://dx.doi.org/10.1787/5k9bdcd29b5d-en
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