지역별 사회간접자본(SOC)스톡의 적정규모에 관한 연구

초록

This paper studies the optimal level of regional SOC stock in Korea. Based upon the endogenous growth model of Barro (1992) and Aschauer (2000), we estimated the optimal rate of SOC stock over the private stock using the panel data of output, private capital stock, labor input, and regional SOC, which covers 10 metropolitan and provinces from 1986 to 2003. We estimate the output elasticity of SOC as 0.3040, which implies that the estimated optimal rate of SOC stock over private stock should be 0.6278. This can be interpreted that the after-tax marginal productivity of private capital is greater than marginal productivity of SOC stock. From this, we can conclude that the current SOC stock is oversupplied than necessary for optimal growth path.

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