정부부문 자본스톡과 총요소생산성

초록

This paper considers the relationship between total factor productivity and pubic capital stock. Based upon the production function approach, the empirical results show that (i) the public capital stock is important in determining productivity, (ii) the public capital by type also support the first result. By 2SLS method, we can get 0.25~0.27 of output elasticity of public capital stock, which are robust estimates. We also consider the endogeneity and non-stationarity of the time series data for the production function approach. The empirical results show that the movement of public capital stock is very similar to that of the total factor productivity for last 37 years in the Korean economy. The recent fiscal policy stance to reduce investment for SOC is evaluated relevant, but the speed and amount of the reduction should be complied with the productivity trend.

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