In the trade literature, it is often assumed that there is little or no trade cost within a country's borders, but large trade costs across a country's borders. Thus, productive firms self-select into exporters and the less productive firms can only serve domestic consumers. This paper presents a similar but different case in China, whose domestic markets are segmented by provincial borders mainly owing to the various (hidden) protective measures favoring local firms. These discriminative measures are de facto trade barriers. It applies the heterogeneous trade theory to examine the effects of firms’ productivity on their sales choices in both the international and domestic markets, in the presence of intra-national and international trade costs. We find that productive firms not only self-select into exporters, but also into sales in other provincial markets. This pattern is sensitive to firms’ locations and ownerships. For foreign direct investment (FDI)-controlled firms, increases in productivity are associated with a higher probability of selling into other provincial markets, rather than into international ones. Productivity increases for firms operating in the inland area exhibit different patterns than those in the Eastern area.
{"title":"Productivity and Firms’ Sales Destination: Chinese Characteristics","authors":"Qun Bao, Jiuli Huang, Yanling Wang","doi":"10.1111/roie.12181","DOIUrl":"https://doi.org/10.1111/roie.12181","url":null,"abstract":"In the trade literature, it is often assumed that there is little or no trade cost within a country's borders, but large trade costs across a country's borders. Thus, productive firms self-select into exporters and the less productive firms can only serve domestic consumers. This paper presents a similar but different case in China, whose domestic markets are segmented by provincial borders mainly owing to the various (hidden) protective measures favoring local firms. These discriminative measures are de facto trade barriers. It applies the heterogeneous trade theory to examine the effects of firms’ productivity on their sales choices in both the international and domestic markets, in the presence of intra-national and international trade costs. We find that productive firms not only self-select into exporters, but also into sales in other provincial markets. This pattern is sensitive to firms’ locations and ownerships. For foreign direct investment (FDI)-controlled firms, increases in productivity are associated with a higher probability of selling into other provincial markets, rather than into international ones. Productivity increases for firms operating in the inland area exhibit different patterns than those in the Eastern area.","PeriodicalId":448105,"journal":{"name":"ERN: Productivity (Topic)","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126766698","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Antoine Berthou, E. Dhyne, Matteo Bugamelli, A. Cazacu, Vlad Demian, P. Harasztosi, Tibor Lalinsky, J. Meriküll, F. Oropallo, A. Soares
This paper provides a new cross-country evaluation of competitiveness, focusing on the linkages between productivity and export performance among European economies. We use the information compiled in the Trade module of CompNet to establish new stylized facts regarding the joint distributions of the firm-level exports performance and productivity in a panel of 15 countries, 23 manufacturing sectors during the 2000’s. We confirm that exporters are more productive than non-exporters. However, this productivity premium is rising with the export experience of firms, with permanent exporters being much more productive than starters. At the intensive margin, we show that both the level and the growth of firm-level exports rise with firm productivity, and that the bulk of aggregate exports in each country are made by a small number of highly productive firms. Finally, we show that during the crisis, the growth of exports by high productive firms sustained the current account adjustment of European “stressed” economies. This last result confirms that the shape of the productivity distribution within each country can have important consequences from the point of view of the dynamics of aggregate trade patterns.
{"title":"Assessing European Firms' Exports and Productivity Distributions: The CompNet Trade Module","authors":"Antoine Berthou, E. Dhyne, Matteo Bugamelli, A. Cazacu, Vlad Demian, P. Harasztosi, Tibor Lalinsky, J. Meriküll, F. Oropallo, A. Soares","doi":"10.2139/ssrn.2621440","DOIUrl":"https://doi.org/10.2139/ssrn.2621440","url":null,"abstract":"This paper provides a new cross-country evaluation of competitiveness, focusing on the linkages between productivity and export performance among European economies. We use the information compiled in the Trade module of CompNet to establish new stylized facts regarding the joint distributions of the firm-level exports performance and productivity in a panel of 15 countries, 23 manufacturing sectors during the 2000’s. We confirm that exporters are more productive than non-exporters. However, this productivity premium is rising with the export experience of firms, with permanent exporters being much more productive than starters. At the intensive margin, we show that both the level and the growth of firm-level exports rise with firm productivity, and that the bulk of aggregate exports in each country are made by a small number of highly productive firms. Finally, we show that during the crisis, the growth of exports by high productive firms sustained the current account adjustment of European “stressed” economies. This last result confirms that the shape of the productivity distribution within each country can have important consequences from the point of view of the dynamics of aggregate trade patterns.","PeriodicalId":448105,"journal":{"name":"ERN: Productivity (Topic)","volume":"86 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133019312","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Logistics sector plays a critical role in social and economic developments of a country. Therefore understanding the relationship among the logistic performance, competitiveness and prosperity of a country is important. Logistics Performance Index (LPI) firstly published by World Bank in 2007 and repeated in the years 2010, 2012, 2014. In this research the mediator effect of LPI on the relation between Global Competitiveness Index (GCI) and Gross Domestic Product (GDP) was aimed to analyze for the years 2007, 2010, 2012, 2014. The mediator effect was measured by using hierarchical regression analyses. As a result of the analyses, the mediator effect of LPI on the relation between GCI and GDP was found statistically meaningful. Consequently, the result of the research could be suggested that the logistics ability of a country dominated the relation between competitiveness and prosperity.
{"title":"The Mediator Effect of Logistics Performance Index on the Relation between Global Competitiveness Index and Gross Domestic Product","authors":"Mustafa Emre Civelek, Nagehan Uca, Murat Çemberci","doi":"10.5281/ZENODO.1452336","DOIUrl":"https://doi.org/10.5281/ZENODO.1452336","url":null,"abstract":"Logistics sector plays a critical role in social and economic developments of a country. Therefore understanding the relationship among the logistic performance, competitiveness and prosperity of a country is important. Logistics Performance Index (LPI) firstly published by World Bank in 2007 and repeated in the years 2010, 2012, 2014. In this research the mediator effect of LPI on the relation between Global Competitiveness Index (GCI) and Gross Domestic Product (GDP) was aimed to analyze for the years 2007, 2010, 2012, 2014. The mediator effect was measured by using hierarchical regression analyses. As a result of the analyses, the mediator effect of LPI on the relation between GCI and GDP was found statistically meaningful. Consequently, the result of the research could be suggested that the logistics ability of a country dominated the relation between competitiveness and prosperity.","PeriodicalId":448105,"journal":{"name":"ERN: Productivity (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125329633","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This online appendix accompanies the article forthcoming in the Southern Economic Journal. This appendix contains additional information on the data and methodology used in the article, as well as results from additional and supplementary estimations.
{"title":"The Impact of Research and Development on Economic Growth and Productivity in the U.S. States: Online Appendix","authors":"Luisa R. Blanco, Ji Gu, J. Prieger","doi":"10.2139/ssrn.2607818","DOIUrl":"https://doi.org/10.2139/ssrn.2607818","url":null,"abstract":"This online appendix accompanies the article forthcoming in the Southern Economic Journal. This appendix contains additional information on the data and methodology used in the article, as well as results from additional and supplementary estimations.","PeriodicalId":448105,"journal":{"name":"ERN: Productivity (Topic)","volume":"67 3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126770329","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
type="main" xml:id="twec12214-abs-0001"> This paper provides new insights regarding the role of innovation and localisation on the levels and growth of total factor productivity among exporting firms. For that purpose, we establish a dynamic model using data collected from nearly 10,000 Swedish exporting firms over a 12-year period. Different innovation proxies are used, and we distinguish between persistent and non-persistent innovators, while knowledge from outside the firm is measured by a newly developed methodology with detailed spatial resolution. The econometric evidence shows two distinct results. First, persistent innovators benefit significantly more than other exporters from access to a rich spectrum of nearby knowledge. Second, the level of productivity among non-innovative exporters and exporters that are only temporary engaged in innovation is positively affected by externalities in the most knowledge-intense local milieus.
{"title":"The Joint Impact of Innovation and Knowledge Spillovers on Productivity and Growth for Exporting Firms","authors":"Hans Lööf, Pardis Nabavi","doi":"10.1111/twec.12214","DOIUrl":"https://doi.org/10.1111/twec.12214","url":null,"abstract":"type=\"main\" xml:id=\"twec12214-abs-0001\"> This paper provides new insights regarding the role of innovation and localisation on the levels and growth of total factor productivity among exporting firms. For that purpose, we establish a dynamic model using data collected from nearly 10,000 Swedish exporting firms over a 12-year period. Different innovation proxies are used, and we distinguish between persistent and non-persistent innovators, while knowledge from outside the firm is measured by a newly developed methodology with detailed spatial resolution. The econometric evidence shows two distinct results. First, persistent innovators benefit significantly more than other exporters from access to a rich spectrum of nearby knowledge. Second, the level of productivity among non-innovative exporters and exporters that are only temporary engaged in innovation is positively affected by externalities in the most knowledge-intense local milieus.","PeriodicalId":448105,"journal":{"name":"ERN: Productivity (Topic)","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129577672","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Estimates of total factor productivity are based on assumptions that preclude the decentralized, broad-based innovation that undergirds the dynamism of capitalist economies. Thus the decline in standard measures of productivity – which fly in the face of most everyday experience – is not a cause for alarm. We should however be concerned by the declining numbers of improvised but promising new businesses.
{"title":"The Demise of US Dynamism Is Vastly Exaggerated – But Not All Is Well","authors":"A. Bhide","doi":"10.2139/ssrn.2557154","DOIUrl":"https://doi.org/10.2139/ssrn.2557154","url":null,"abstract":"Estimates of total factor productivity are based on assumptions that preclude the decentralized, broad-based innovation that undergirds the dynamism of capitalist economies. Thus the decline in standard measures of productivity – which fly in the face of most everyday experience – is not a cause for alarm. We should however be concerned by the declining numbers of improvised but promising new businesses.","PeriodicalId":448105,"journal":{"name":"ERN: Productivity (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133337701","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Seungrae Lee, Hyuk-Hwang Kim, Ji Hyun Park, Jun Lee
Korean Abstract: 우리나라 기업의 R&D 투자는 2012년 43조 2,229억 원으로 지난 2000년부터 2012년간 연평균 12.7% 속도로 증가해왔다. 전체 R&D 투자에서 기업의 R&D 투자가 차지하는 비중도 점차 증가하여 2012년 77.9%에 이르고 있으며, 이는 주요국인 미국, 일본, 중국보다 높은 수준이다. 한편, 우리나라 기업의 수출과 해외직접투자도 매년 증가하고 있으며 GDP에서 차지하고 있는 비중 역시 빠른 속도로 증가하고 있는 가운데 특히 R&D 투자를 기반으로 하는 주력 품목들인 선박, LCD, 자동차, 핸드폰 등이 우리나라 전체 무역규모에서 차지하는 비중은 50%를 초과하고 있다. 본 연구는 이렇듯 기업 주도의 R&D 투자가 주를 이루고 있으며, 아울러 해외시장에 대한 의존도가 높은 경제구조에서 기업의 R&D 투자가 수출 및 해외직접투자에 미치는 영향을 분석하고 있다. 특히, R&D 투자와 기업의 생산성, 기업의 생산성과 수출 및 해외직접투자와의 관계에 대해서 분석한 기존의 선행연구들을 참조하여 R&D 투자의 수출 및 해외직접투자 효과를 기업의 생산성과 연계하여 분석하였다.우리나라 기업의 R&D 투자와 수출 및 해외직접투자 현황을 조사한 결과 우리나라의 전체 R&D 투자 중에서 정부의 R&D 투자증가율은 둔화되고 있는 반면 기업의 R&D 투자증가율은 계속 확대되고 있으며 특히 2000년 이후 최근까지 기업의 R&D 투자에서 제조업 R&D 투자의 비중은 연평균 87%에 이르고 있어 제조업 부문에서의 R&D 투자가 매우 활발한 것으로 조사되었다. 수출은 2013년 5,620억 달러를 기록하여 최근 10년간 연평균 13.6% 증가세를 보이고 있으며 해외직접투자는 같은 기간 연평균 47.6% 증가하여 2013년에는 약 95억 달러를 기록하는 등 R&D 투자와 수출 및 해외직접투자는 계속 증가하는 추세를 보이고 있다.한편 산업별로 R&D 투자를 구분하여 조사한 결과 특정 산업에서의 R&D 투자와 수출 및 해외직접투자가 매우 활발한 것으로 나타났다. 특히 한국표준산업분류(KSIC) 2단위 기준으로 분류하여 조사한 결과 ‘전자부품, 컴퓨터, 영상, 음향 및 통신장비 제조업’, ‘자동차 및 트레일러 제조업’, ‘화학물질 및 화학제품 제조업(의약품 제외)’, ‘기타 기계 및 장비 제조업’ 등과 같이 자본집약적인 산업에서의 R&D 투자와 수출 및 해외직접투자가 매우 활발한 것으로 나타났다. 또한 R&D 투자와 수출 및 해외직접투자와의 상관관계를 통해 R&D 투자비중이 높은 산업일수록 수출과 해외직접투자도 많이 이루어지고 있는 것으로 나타났다.English Abstract: Since 2000, Korean firms' R&D investment have recorded an annual increase of 12.7% and accounted for 78% of total R&D investment in Korea, which surpasses that of U.S., Japan, and China. On the other hand, Korean firm exports and outward foreign direct investment (OFDI) have steadily increased to record 562 billion and 24 billion dollars in 2013, respectively, which accounts for more than 50% of total GDP. Given the fact that Korean economy heavily relies on firms' R&D investment, exports and OFDI, our report provides in-depth analysis on the effects of R&D investment on exports and OFDI by using rich set of Korean firm-level data.In particular, by considering the results from prior trade literatures that analyze the effects of R&D investment on firm productivity and that examine the effects of firm productivity on exports and OFDI, we analyze the effects of R&D investment on exports and OFDI by incorporating firm productivity as a mediator.Examining the effects of R&D investment on firm productivity, we first measure R&D investment as firms' total expenditure on R&D activities, while firm productivity is measured by total factor productivity, capital productivity, and labor productivity. Using these measures, we find that R&D investment significantly increases firm productivity. In particular, to analyze how firm R&D investment affects its productivity-level over time, we use lagged R&D variables to estimate their effects on current productivity-level. As a result, we find that current and previous R&D investment have positive and significant effects on current productivity-level and that its magnitude becomes larger over time. In other words, firm productivity is sig
Korean Abstract:韩国企业的r&d投资到2012年为43兆2229亿韩元，从2000年开始到2012年间以年均12.7%的速度增加。在整个研发投资中，企业研发投资所占比重也逐渐增加，2012年达到77.9%，高于主要国家美国、日本和中国。另一方面,我国企业的出口和对外直接投资也在逐年增加,占gdp的比重也正在快速增长的情况下,特别是r&d投资为基础的主力品种船舶、lcd、汽车、手机等在韩国所有贸易规模所占的比重超过50%。本研究分析了这样以企业主导的r&d投资为主，同时在对海外市场依存度较高的经济结构下，企业的r&d投资对出口及海外直接投资产生的影响。特别是参照之前对r&d投资与企业的生产性、企业的生产性和出口及海外直接投资的关系进行分析的先行研究，将r&d投资的出口及海外直接投资效果与企业的生产性联系起来进行分析。我国企业的r&d投资和出口及海外直接投资现状的调查结果显示,我国的整个研发投资中政府r&d投资增加率正在放缓,而企业的r&d投资增加率继续扩大,特别是自2000年以后,到最近为止,在企业的r&d投资制造业r&d投资的比重年均达到87%,因此,在制造业领域r&d投资非常活跃的的调查。出口2013年达到5620亿美元，近10年年均增长13.6%，对外直接投资同期年均增长47.6%，2013年约95亿美元，研发投资和出口及海外直接投资持续增长。另外，对不同产业的r&d投资进行区分调查的结果显示，特定产业的r&d投资和出口及海外直接投资非常活跃。尤其是韩国标准产业分类(ksic) 2单位为准,分类进行调查的结果显示,“电子元器件、计算机、影像、音响及通信设备制造业”、“汽车和拖车制造业”、“化学及化学制品制造业(药品除外)”、“其他机械及装备制造业等一起在资本密集型产业中的r&d投资和出口及海外直接投资很活跃的显示。另外，通过r&d投资和出口及海外直接投资之间的相互关系，r&d投资比重越高的产业，形成的出口和海外直接投资也越多。english abstract:Since 2000, Korean firms' r&d investment have recorded an annual increase of 12.7% and accounted for 78% of total r&d investment in Korea, which surpasses that of u.s.， Japan, and China。韩国firm exports and outward foreign direct investment (OFDI) have steadily increased to record 562 billion and 24 billion dollars in 2013, respectively，which accounts for more than 50% of total GDP。Given the fact that Korean economy heavily relies on firms' r&d investment, exports and OFDIour report provides in-depth analysis on the effects of r&d investment on exports and OFDI by using rich set of Korean firm-level data。in particular,by considering the results from prior trade literatures that analyze the effects of r&d investment on firm productivity and that examine the effects of firm productivity on exports and OFDIwe analyze the effects of r&d investment on exports and OFDI by incorporating firm productivity as a mediator。Examining the effects of r&d investment on firm productivity, we first measure r&d investment as firms' total expenditure on r&d activitieswhile firm productivity is measured by total factor productivity, capital productivity, and labor productivity。Using these measures, we find that r&d investment significantly increases firm productivity。In particular, to analyze how firm r&d investment affects its productivity-level over time, we use lagged r&d variables to estimate their effects on current productivity-level。As a result, we find that current and previous r&d investment have positive and significant effects on current productivity-level and that its magnitude becomes larger over time。firm productivity is significantly and largely associated with prior r&d investment。Alternatively, estimating the effects of r&d investment on firm exports using lagged variables，we find that r&d investment have positive and significant effects on current exports and that its magnitude becomes larger as r&d investment is made in prior。Evaluating the effects of OFDI through lagged r&d variablesour results show that r&d investment made in prior years significantly increases current amount of OFDI and also raises the probabi
{"title":"국내 R&D 투자가 수출 및 해외직접투자에 미치는 영향: 생산성 변화를 중심으로 (R&D Effects on Firm Productivity, Exports, and OFDI: Korean Firm-Level Analysis)","authors":"Seungrae Lee, Hyuk-Hwang Kim, Ji Hyun Park, Jun Lee","doi":"10.2139/SSRN.2622877","DOIUrl":"https://doi.org/10.2139/SSRN.2622877","url":null,"abstract":"Korean Abstract: 우리나라 기업의 R&D 투자는 2012년 43조 2,229억 원으로 지난 2000년부터 2012년간 연평균 12.7% 속도로 증가해왔다. 전체 R&D 투자에서 기업의 R&D 투자가 차지하는 비중도 점차 증가하여 2012년 77.9%에 이르고 있으며, 이는 주요국인 미국, 일본, 중국보다 높은 수준이다. 한편, 우리나라 기업의 수출과 해외직접투자도 매년 증가하고 있으며 GDP에서 차지하고 있는 비중 역시 빠른 속도로 증가하고 있는 가운데 특히 R&D 투자를 기반으로 하는 주력 품목들인 선박, LCD, 자동차, 핸드폰 등이 우리나라 전체 무역규모에서 차지하는 비중은 50%를 초과하고 있다. 본 연구는 이렇듯 기업 주도의 R&D 투자가 주를 이루고 있으며, 아울러 해외시장에 대한 의존도가 높은 경제구조에서 기업의 R&D 투자가 수출 및 해외직접투자에 미치는 영향을 분석하고 있다. 특히, R&D 투자와 기업의 생산성, 기업의 생산성과 수출 및 해외직접투자와의 관계에 대해서 분석한 기존의 선행연구들을 참조하여 R&D 투자의 수출 및 해외직접투자 효과를 기업의 생산성과 연계하여 분석하였다.우리나라 기업의 R&D 투자와 수출 및 해외직접투자 현황을 조사한 결과 우리나라의 전체 R&D 투자 중에서 정부의 R&D 투자증가율은 둔화되고 있는 반면 기업의 R&D 투자증가율은 계속 확대되고 있으며 특히 2000년 이후 최근까지 기업의 R&D 투자에서 제조업 R&D 투자의 비중은 연평균 87%에 이르고 있어 제조업 부문에서의 R&D 투자가 매우 활발한 것으로 조사되었다. 수출은 2013년 5,620억 달러를 기록하여 최근 10년간 연평균 13.6% 증가세를 보이고 있으며 해외직접투자는 같은 기간 연평균 47.6% 증가하여 2013년에는 약 95억 달러를 기록하는 등 R&D 투자와 수출 및 해외직접투자는 계속 증가하는 추세를 보이고 있다.한편 산업별로 R&D 투자를 구분하여 조사한 결과 특정 산업에서의 R&D 투자와 수출 및 해외직접투자가 매우 활발한 것으로 나타났다. 특히 한국표준산업분류(KSIC) 2단위 기준으로 분류하여 조사한 결과 ‘전자부품, 컴퓨터, 영상, 음향 및 통신장비 제조업’, ‘자동차 및 트레일러 제조업’, ‘화학물질 및 화학제품 제조업(의약품 제외)’, ‘기타 기계 및 장비 제조업’ 등과 같이 자본집약적인 산업에서의 R&D 투자와 수출 및 해외직접투자가 매우 활발한 것으로 나타났다. 또한 R&D 투자와 수출 및 해외직접투자와의 상관관계를 통해 R&D 투자비중이 높은 산업일수록 수출과 해외직접투자도 많이 이루어지고 있는 것으로 나타났다.English Abstract: Since 2000, Korean firms' R&D investment have recorded an annual increase of 12.7% and accounted for 78% of total R&D investment in Korea, which surpasses that of U.S., Japan, and China. On the other hand, Korean firm exports and outward foreign direct investment (OFDI) have steadily increased to record 562 billion and 24 billion dollars in 2013, respectively, which accounts for more than 50% of total GDP. Given the fact that Korean economy heavily relies on firms' R&D investment, exports and OFDI, our report provides in-depth analysis on the effects of R&D investment on exports and OFDI by using rich set of Korean firm-level data.In particular, by considering the results from prior trade literatures that analyze the effects of R&D investment on firm productivity and that examine the effects of firm productivity on exports and OFDI, we analyze the effects of R&D investment on exports and OFDI by incorporating firm productivity as a mediator.Examining the effects of R&D investment on firm productivity, we first measure R&D investment as firms' total expenditure on R&D activities, while firm productivity is measured by total factor productivity, capital productivity, and labor productivity. Using these measures, we find that R&D investment significantly increases firm productivity. In particular, to analyze how firm R&D investment affects its productivity-level over time, we use lagged R&D variables to estimate their effects on current productivity-level. As a result, we find that current and previous R&D investment have positive and significant effects on current productivity-level and that its magnitude becomes larger over time. In other words, firm productivity is sig","PeriodicalId":448105,"journal":{"name":"ERN: Productivity (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126046758","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We propose a model of schooling that can account for the observed heterogeneity in workers' productivity and educational attainment. Identical unskilled agents can get a degree at a cost, but becoming skilled entails an additional unobservable effort cost. Individual labor can then be used as an input in pairwise production matches. Two factors affect students' desire to build human capital: degrees imperfectly signal productivity, and contract imperfections generate holdup problems. Multiple stationary equilibria exist, some of which are market failures characterized by a largely educated workforce of low average skill. Policy implications are explored. (Copyright: Elsevier)
{"title":"A Simple Economic Theory of Skill Accumulation and Schooling Decisions","authors":"William F. Blankenau, Gabriele Camera","doi":"10.2139/ssrn.2541994","DOIUrl":"https://doi.org/10.2139/ssrn.2541994","url":null,"abstract":"We propose a model of schooling that can account for the observed heterogeneity in workers' productivity and educational attainment. Identical unskilled agents can get a degree at a cost, but becoming skilled entails an additional unobservable effort cost. Individual labor can then be used as an input in pairwise production matches. Two factors affect students' desire to build human capital: degrees imperfectly signal productivity, and contract imperfections generate holdup problems. Multiple stationary equilibria exist, some of which are market failures characterized by a largely educated workforce of low average skill. Policy implications are explored. (Copyright: Elsevier)","PeriodicalId":448105,"journal":{"name":"ERN: Productivity (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133645454","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Recent discussions of New Zealand's relative economic performance have drawn a link between firm-level productivity dispersion and a lack of competitive pressure. This note describes a simple example using New Zealand firm-level data which casts doubt on the assertion that New Zealand has a “long tail” of low productivity firms relative to other countries.
{"title":"Productivity Distributions in New Zealand: The Dangers of International Comparison","authors":"R. Fabling, L. Sanderson","doi":"10.2139/ssrn.2730350","DOIUrl":"https://doi.org/10.2139/ssrn.2730350","url":null,"abstract":"Recent discussions of New Zealand's relative economic performance have drawn a link between firm-level productivity dispersion and a lack of competitive pressure. This note describes a simple example using New Zealand firm-level data which casts doubt on the assertion that New Zealand has a “long tail” of low productivity firms relative to other countries.","PeriodicalId":448105,"journal":{"name":"ERN: Productivity (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131326001","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We build a general-equilibrium asset pricing model of a production economy with endogenous product variety. We analytically characterize the unique equilibrium, and calibrate the model to match asset pricing and product market moments. The equity premium and risk-free rate can be reconciled for relative risk aversion levels below 4 and quarterly discount rates exceeding 0.99. The market risk premium decreases with the average intrasector product substitutability and the procyclicality of entry costs. We show empirical support for the novel cross-sectional prediction that industry excess returns increase with product substitutabilities. Our results demonstrate that product variety, indeed, significantly influences asset prices.
{"title":"Product Variety and Asset Pricing","authors":"Florin Bidian, Ajay Subramanian, Baozhong Yang","doi":"10.2139/ssrn.2534536","DOIUrl":"https://doi.org/10.2139/ssrn.2534536","url":null,"abstract":"We build a general-equilibrium asset pricing model of a production economy with endogenous product variety. We analytically characterize the unique equilibrium, and calibrate the model to match asset pricing and product market moments. The equity premium and risk-free rate can be reconciled for relative risk aversion levels below 4 and quarterly discount rates exceeding 0.99. The market risk premium decreases with the average intrasector product substitutability and the procyclicality of entry costs. We show empirical support for the novel cross-sectional prediction that industry excess returns increase with product substitutabilities. Our results demonstrate that product variety, indeed, significantly influences asset prices.","PeriodicalId":448105,"journal":{"name":"ERN: Productivity (Topic)","volume":"16 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132898991","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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