What Causes the Unrelenting Growth of the Korean Shipbuilding Industry?

다국어 초록 (Multilingual Abstract)

This paper applies a stochastic production frontier model to the Korean shipbuilding industry using micro‐level establishment panel data from 1992‐2004 to decompose the sources of total factor productivity (TFP) growth into technical progress, changes in technical efficiency, changes in allocative efficiency, and scale effects. Empirical results show that the total factor productivity growths of shipbuilding industry were driven mainly by technical progress, which contradicts Krugman (1994) and Young (1994, 1995)’s arguments on the economic growth of Korea in the long-run, and technical progress was capital‐saving and labor‐using. This paper reveals that the technical progress led by the Korean shipbuilders’ the number of new frontier technology causes the unrelenting growth of the Korean shipbuilding industry. Technical efficiency and scale effect supported, but allocative inefficiency hindered the productivity growth. More efficient use of existing technology to catch up to the frontier technology and efficient resource allocation by functioning free market mechanism must be encouraged confronting China’s low labor cost.

국문 초록 (Abstract)

이 논문은 확률적 생산경계모델을 1992년부터 2004년까지 한국 조선 산업을 구성하고 있는 가장 미시적 수준의 사업체 패널데이터에 적용하여 총 요소생산성증가를 기술진보, 기술적 효율성, 배분효율성, 그리고 규모의 효과로 분해했다. 실증분석결과 한국 조선 산업의 총 요소생산성증가의 가장 큰 원천은 기술진보이며 이러한 사실은 Krugman (1994)과 Young (1994, 1995) 등의 한국경제의 지속적 성장에 대한 비관적 전망을 반박하고 있다. 따라서 한국 조선 산업의 지속적인 성장을 이끈 동력은 기업들의 독창적인 첨단 기술 개발에 있다고 할 수 있다. 또한 기술진보는 자본절약적이며 노동사용적인 것으로 추정되었다. 기술적 효율성과 규모의 효과도 생산성 증가에 기여하고 있으나 배분효율성은 생산성 증가를 저해하는 것으로 나타났다. 그러므로 현존기술을 보다 효율적으로 사용하여 생산경계 상에 위치한 기술적 효율성의 최고 수준에 도달해야하며 자유시장기능을 활성화하여 자원배분의 효율성을 증진시켜야 할 것이다.

참고문헌 (Reference)

• 1 "What Explains the Recent Global Competitiveness of the Korean Automotive Industry,?" 2005
• 2 "Wald Criteria for Jointly Testing Equality and Inequality Restrictions" 54 : 1243-1248, 1986
• 3 "WA Guide to FRONTIER Version 4.1: A Computer Program for Stochastic Frontier Production and Cost Function Estimation?HW CEPA Working Paper, Center for Efficiency and Productivity Analysis" 1996
• 4 "Total Factor Productivity Growth, Technical Progress and Technical Efficiency Change: Dimensions of Productivity Change in Yugoslavia, 1965?78" 92 : 929-936, 1982
• 5 "The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experiences" 110 : 643-680, 1995
• 6 "The Myth of Asia?Hfs Miracle" 73 : 62-78, 1994
• 7 "Technical inefficieny and its determinants of the Korean Manufacturing Industries: A Stochastic Frontier Approach" 7 (7): 199-220, 2001
• 8 "Stochastic Frontier Analysis" Cambridge University Press 2000
• 9 "Lessons from the East Asian NICs: A contrarian view" 38 : 964-973, 1994
• 10 "Korean Industrial Policy in the 1970's: The Heavy and Chemical Industry Drive" KDI (9015) : July,1990
• 11 "Governing the Market" Princeton University Press 1990
• 12 "Frontier Production Functions, Technical Efficiency and Panel Data: With Application to Paddy Farmers in India" 3 : 153-169, 1992
• 13 "Estimation and Decomposition of Productivity Change when Production is not Efficient: A Panel Data Approach" 19 : 425-460, 2000
• 14 "Chinese Competitiveness: Where Does the Nation Stand?" 2004
• 15 "Accumulation, exports, and growth in the high performing Asian economies, A comment" 40 : 237-250, 1994
• 16 "A Survey on Efficiency Estimation and Stochastic Production Frontier Models" 2005
• 17 "A Production Frontier Models with Temporary Variation in Technical Efficiency" Oxford Univ. Press 237-255, 1993
• 18 "A Model for Technical Inefficiency Effects in a Stochastic Frontier Production for Panel Data" 20 : 325-332, 1995
• 19 "A Decomposition of Total Factor Productivity Growth in Korean Manufacturing Industries: A Stochastic Frontier Approach" 16 : 269-281, 2001
• 20 "A Contribution to the Theory of Economic Growth" 1956