상세 보기
초록
We test the income convergence hypothesis in 16 Korean regional economies for 1997-2012 allowing productivity spillover and social overhead capital(SOC) spatial interdependence through a panel spatial Durbin approach. We also use the distribution dynamics approach including the stochastic kernel for the test. We find the convergence in regional growth rate but convergence club in physical and human capital, and SOC showing a tendency towards polarization. In spatial panel analysis, we find that spatial interdependence exists and the economic growth of a certain region affects the economic growth of the adjacent region. In the SDM model considering total SOC, the estimated coefficient of initial income is negative but insufficient. However, in the SDM model, in which social overhead capital is classified as transportation SOC, the initial income estimation coefficient is negative and efficient, indicating that the income level converges to the long term steady state. This is because the convergence effect appears in the state of being controlled by the transportation SOC, rather it shows that the disparity of traffic SOC between regions reduces the interregional income gap and can lead to long-term balanced convergence. However, in the total effect analysis, which includes both spillover effect and feedback effect, and indirect effect from neighboring areas, the results were inconsistent. These results suggest that the total effect of physical capital is negative, and that there is a gap between regional groups of SOC investment and human capital.