해운산업의 생산함수 추정 = Estimating the Production Functions of Shipping Industry

다국어 초록 (Multilingual Abstract)

The purpose of this study is to estimate and analyse the structure of shipping industry. We employ Johansen`s multivariate cointegration methodology to find cointegrating vector. The cointegration results suggest that our models are stationary. We also show that the capital intensity of shipping industry increased, but the real revenues and value added did not grow as the nominal ones expanded. This paper applies variance decompositions and impulse-response functions to get additional information regarding the responses of the revenue and value added to the shocks in labor and capital. The empirical results indicate that while both revenue and value added respond positively to the shocks and then decay quickly, the capital shocks last longer and greater than the labor shocks do.