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A Study on the Performance of Local Public Investment Policy and Its Implication on Balanced Local Development Policy: The Case of Gyeongsangnam-do

Choe, Byeong-Ho 1,  Keunjae Lee 1,  Shin Seyong 2

1부산대학교
2한국은행

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ABSTRACT

The objective of this study is to figure out some policy implication on the ongoing Balanced Local Development Policy of Gyeongsangnam-do by evaluating the outcome of the public investment policy for under-developed localities initiated by the central government. Main findings are as follows: First, the impact of public investment policy on local economic growth has appeared to be greater in the cities than the under-developed counties. Second, it is shown that public capital has been over-provided in counties so that there is a considerable inefficiency in the spatial allocation of public capital. Third, the public capital invested in the counties has appeared to be weak inducement effect to private capital. Fourth, it is shown that the economic growth of the counties has not been guaranteed by the expansion of public capital. These results bring up some important questions to the effectiveness of spatial public capital allocation policy initiated by the cental government. More importantly, the findings suggest that the same type of policy led by Gyeongsangnam-do regional government is required to be reconsidered or redirected.

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