A Study on the Effects of Local Public Investment Expenditures on Local Economies in Korea : Using Mining and Manufacturing Value-added as Dependent Variable

BeungKy Oh

doi:10.15793/kspr.2008.56..002

This study analyzes the efficiency of local public investment expenditures in Korea. Using Korean panel data for the period 1986-2005, the local product function was estimated. The estimation model was based on the annual data of mining and manufacturing value-added as the dependent variable. And the independent variables were the annual data of local capital, local labor and local public investment expenditures. Before the analysis began, a relatively new panel unit roots test and a panel cointegration test were performed. The estimation results showed that the coefficients of the local public investment expenditures of non-metropolitan areas have decreased in recent years. In this overall perspective, the local public investment expenditures of non-metropolitan areas in Korea are inefficient in recent years from the point of views of allocation and dynamic growth.

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