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초록
We investigate the product effect of social overhead capital(SOC) in 16 Korean regional economies for 1997-2012 allowing productivity spillover and spatial interdependence. We use the spatial panel data approach including the spatial Durbin model(SDM) and spatial lag model(SAM). When we use the SDM we find that there is a positive spillover effect of SOC among regions, and that the product effect of SOC would be larger than the model without spatial interdependence. However, when we consider the product effect of private capital, we cannot find the significant results. Considering the identification of SDM, we prefer to use SAM examining the product effect of SOC. Through SAM analysis, we find that there is a positive spillover effect of SOC and private capital among regions, and that the effects would be larger than the model without spatial interdependence. There is evidence that both investment in SOC and private capital matter not only for growth of the regional economy itself, but also for the growth of neighboring economies. The results indicate a strong spatial interdependence among Korean regional product.