고속도로 건설투자의 제조업 생산효과 분석 = Contribution of Highway Capital to Output Growth in Korean Manufacturing Industries

다국어 초록 (Multilingual Abstract)

In this study, the growth accounting method for the total factor productivity analysis is utilized to analyze the impact of the government`s investment in highway construction on the output growth of 36 manufacturing industries in Korea. Between 1968 and 1993, the Korean government invested 50,682 trillion won in 1990 constant value in the construction of its highway system. Its impact on the output growth of the manufacturing industry at the aggregate level was estimated 39,760 trillion won, which accounted for 77.1% of the total amount invested. Among the 36 manufacturing industries, the output growth of oil and coal industry is most benefited by highway construction, followed by porcelain, nonmetallic mineral, glass industries, home appliances, and ship industries in descending order. The contribution of highway capital shows substantial difference before and after 1980 year periods. Between 1968 and 1980, 14,930 trillion won in 1990 constant value was invested in the Korean highway construction. Its impact on the output growth at the aggregate level was estimated 11,540 trillion won, which accounted for 74% of the amount invested. Between 1981 and 1993, 35,753 trillion won was invested in the highway construction which was 2.4 times as much as the previous period`s investment. Its impact on the output growth at the aggregate level was estimated 7,445 trillion won, which accounted for 20.8% of the amount invested. Therefore, this result supports for the previous studies on the lack of Korean government`s investment in social infrastructure capital since 1980s.