Does SOC Help Economic Development of Metropolitan Cities and Provinces in South Korea?

다국어 초록 (Multilingual Abstract)

This study analyzed the causal relationship in South Korea between SOC(Social Overhead Capital) and three economic variables; the gross regional domestic product, private capital and efficiency of private capital, using the time series data of 18 years, from 1994 to 2011. In most metropolitan cities and provinces, the variables were found unstationary implying that there may be a high possibility of spurious regression in the previous literature. Moreover, Granger causality could not be found among the variables in majority of the metropolitan cities and provinces. If the outcome of this study is correct, after the mid 1990s, it seems that demand for SOC was not reflected properly on SOC investment in South Korea. It is also difficult to say that SOC investment contributed to regional economy. Nonetheless, SOC stock increased much faster than other economic variables during the analysis period, which implies SOC in South Korea may be oversupplied.

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