The Korea Spatial Planning Review 2023 KCI Impact Factor : 1.2
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pISSN : 1229-8638
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Calibration of Optimal Size of Transportation Investments: An Application of CGE Model
- The Korea Spatial Planning Review
- 2013, 79(), pp.133-147
- DOI : 10.15793/kspr.2013.79..009
- Publisher : 국토연구원
- Research Area :
1서울대학교
Accredited
ABSTRACT
The purpose of this study is to estimate the optimal size of transportation investment subject to the economic growth rate and the price level of transportation services in Korea. The recursively dynamic Computable General Equilibrium model is developed with an emphasis on the transportation sectors. This study finds that the transportation investment could increase with the economic growth rates of Korean economy. The share of the investment to the GDP would be 2.939~2.944% under the zero economic growth rate, and the annual growth rate with 3% could lead to the increase of the share to 3.927~3.932%. In a sense that the demand for the transportation investments is completely derived from the profit maximization of the producer and the utility maximization of the household, so the social objectives such as the regionally balanced development, income distribution and regulation on the price inflation could generate quite different levels of the investments from the estimates of this study.
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