개방경제하에서 거시경제변수가 경제성장에 미치는 효과 분석 = A Study of the Determinant Factors on Economic Growth under Open Macroeconomy

다국어 초록 (Multilingual Abstract)

Globalization and digital economy are the main keyword which can explain the recent change in the world economy. Through the “creative economy” policy, Korean government has recently concentrated on economic growth and income distribution through globalization. Policy makers believe that openness facilitates the transmission of technology by providing communication with foreign counterparts and encourages firms to invent new and distinct ideas and technologies. Thus, they argue that capital liberalization and international trade and investment could boost the economic growth in Korea.
In this study, I investigate the relationship between multiple macroeconomic variables and economic growth under open economy using the annual panel OECD data during 1985-2012. I employed the endogenous growth model concept using the growth accounting methodology by Cobb-Douglas production function type. The econometric method I used is the panel regression estimation using vector error correction model since there exists cointegration relation among the used variables even though each variable has unit root. Additionally, I examined the long run relationship as well as the short run through the VEC model.
The findings suggest that the devaluation of real effective exchange rate, the increase in private investment, and the accumulation of human capital can encourage the growth of per capita GDP by having significant positive relationship. However, the increase of inward FDI and openness discourages the per capita economic growth in the long run even though positive relationship between trade openness and growth was found in the short run. Furthermore, income inequality may have insignificant effect on per capita economic growth rate.
The findings of this study highlight that appropriate foreign exchange rate policy and encouragement of private investment would be more important than openness policy to economic growth.

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