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The Semi-Endogenous Growth Model for a Developing Economy and the Sources of Growth in Korea

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  • Chang-soo Lee

    (Korea Development Institute)

Abstract

There is a widespread conception that productivity growth is the sole source of long-run growth. However, this is not the case according to the semi-endogenous growth model, which endogenizes technological change but contains the neoc-lassical policy prediction. We construct a semi-endogenous model for a develo-ping economy, which introduces technological capability and costly imitation efforts. Growth accounting of the model shows that transitory factors, such as rising investment share, research intensity and educational attainment explain about 78 percent of output per worker growth in Korea. One implication of this paper is that the slowdown in the Korean economy is a shor-trun phenomenon rather than a long-run sustainable one.

Suggested Citation

  • Chang-soo Lee, 1999. "The Semi-Endogenous Growth Model for a Developing Economy and the Sources of Growth in Korea," Korean Economic Review, Korean Economic Association, vol. 15, pages 351-367.
    • Handle: RePEc:kea:keappr:ker-199912-15-2-09
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    More about this item

    Keywords

    Semi-Endogenous Growth Model; Constant Growth Path; Technological Capability;
    All these keywords.

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General

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