Structural Change in Sectoral Investment Expenditures of Korean Construction Market

김의준; Jeong-whan Lee; 박승규

his paper analyzes a structural change and a stability in values of construction orders received in Korea from the first quarter of 1976 to the first quarter of 2002, using the ADF test and LR test for structural breaks. The Results of Likelihood Ratio Test shows that the break points are the fourth quarter of 1993 for the architecture sector, the fourth quarter of 1997 for the seaport/airport and the railroad sector, the first quarter of 1998 for the road/bridge sector, and the first quarter of 1995 for the water/sewage sector. Also, the significant structural change occurred in the foreign construction market in 1983. These are attributed to 1) the Housing Construction Plan(1988～1992) to build up two million housing, 2) the 1997's financial crisis in Korea which caused high interest and foreign exchange rates, and 3) world's economic recovery and slowdown in the Middle East construction industry in 1983. The Comprehensive National Physical Development Plans(1992～2001) could induce up and down of construction investments in the regional markets, focusing on the promotion of the nationally balanced development.

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* 2021년 이후 발행 논문의 참고문헌은 현재 구축 중입니다.

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