한국 산업정책의 생산성효과: 연구개발 및 진입규제완화 정책을 중심으로 = Productivity Effect of Industrial Policy in Korea: Empirical Analysis based on Public R&D and Entry Regulation Reduction Policy

다국어 초록 (Multilingual Abstract)

This study empirically analyzed the influence of government sponsored R&D and entry regulation on the industrial productivity based on panel data of 23 Korean manufacturing industries from 1992 to 2006. The empirical results show that industrial policy through public R&D and entry regulation is effective and have differential effect according to the industrial characteristics. The main findings are as follow. First, we have seen that public R&D had inducement effect on private R&D, depending on industrial characteristics. The result implies that public R&D and private R&D are complements. The inducement effect is significant when the level of competition is fierce within industries due to low market concentration, low capital-labor ratio or high import to sales ratio. Second, public R&D does not have direct effect on industry productivity. However, the public R&D plays an essential indirect role in increasing the industry productivity growth by inducing private R&D which in turn has a strong influence on productivity growth. Third, the role of entry regulation as an instrument of industrial policy was found to be different from the public R&D. There was little evidence that entry regulation has private R&D inducement effect. However, the entry regulations lead to significant reduction in productivity growth when they are imposed on the industries with low market concentration or with low capital-labor ratio. This study has a policy implication that it is essential to consider industrial characteristics when implementing industrial policy through expansion of public R&D and reduction of regulations. Furthermore, the new industrial policy to lead the country to advanced developmental stage has to be harmonious and synchro-nous with the competition policy.