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  • 1
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (37 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Jeong, Hyeok Korea's Growth Experience and Long-Term Growth Model
    Abstract: This paper analyzes the Republic of Korea's rapid and sustained growth experience for the past six decades from the perspective of the neoclassical growth model (the workhorse model of the World Bank's Long Term Growth Model (LTGM) project). Overall, the sources of Korea's growth were balanced among labor market and demographic factors, capital investment, human capital accumulation, and productivity growth. However, the main engine of growth evolved sequentially, e.g., labor and human capital factors in the 1960s, capital deepening in the 1970s, and then productivity growth for the following periods. The major sources of sustained growth over six decades were human capital accumulation and productivity growth rather than labor or capital investment. A counterfactual calibration of the model explains Korea's actual growth experience well, and shows why gaps between the model's predictions and the data arise. This illustrates that an appropriate calibration of a simple neoclassical growth model provides useful lessons and tools for policy makers in developing countries in designing their national development strategies
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
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  • 2
    Online Resource
    Online Resource
    [Washington, DC, USA] : World Bank Group, Development Economics, Development Research Group
    Language: English
    Pages: 1 Online-Ressource (circa 91 Seiten) , Illustrationen
    Series Statement: Policy research working paper 9285
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als Jeong, Hyeok Productivity Growth and Efficiency Dynamics of Korean Structural Transformation
    Keywords: Graue Literatur
    Abstract: This paper documents the sources of the Republic of Korea's economic growth, as well as the associated productivity growth and efficiency dynamics during its process of structural transformation from 1970 to 2016. The analysis includes land as a separate production factor to sort out the significant effect of changes in intersectoral land allocation, which makes significant differences in measuring the magnitudes and directions of change in sectoral total factor productivity (TFP). Input-based growth and structural changes contributed to the early take-off stage of growth in the 1970s. However, in the following three decades, the source of growth switched to productivity improvements, mainly engineered by the industry sector. This was the reason behind the country's sustained growth and escape from the "middle-income trap." Furthermore, agricultural TFP growth also made an important contribution to structural transformation by pushing out factors from agriculture to industry. Since 2011, however, when the Korean economy seemed to reach a steady state of constant capital-output ratio, TFP has suddenly stagnated. The wedge analysis suggests that the intersectoral allocation of labor was biased toward agriculture while that of capital and land was biased toward industry, compared to efficient levels. Meanwhile, the inter-temporal wedge analysis suggests that the Korean economy was in an over-investment mode throughout its structural transformation. The analysis also shows that the periods of productivity growth are not always associated with the enhancement of allocative efficiency, while growth-disturbing external macroeconomic shocks, such as joining the WTO and the Asian financial crisis, led to improvements in allocative efficiency
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  • 3
    ISBN: 9781786436979
    Language: English
    Pages: 1 Online-Ressource (xii, 319 Seiten)
    Series Statement: Elgaronline
    Series Statement: Edward Elgar books
    Series Statement: Edward Elgar E-Book Archive
    Series Statement: KDI series in economic policy and development
    Parallel Title: Erscheint auch als Lee, Ju-ho Human capital and development
    Keywords: Humankapital ; Entwicklung ; Wirtschaftswachstum ; Südkorea ; Human capital ; Economic development ; Electronic books ; Südkorea ; Wirtschaftsentwicklung ; Humankapital
    Abstract: Contents: Foreword -- Introduction -- 1. Accumulating human capital for sustainable development -- 2. Education bubble and widening inequality -- 3. Making education diversification reform happen -- 4. Turning around failing vocational high schools -- 5. Deteriorating skills and weak life-long learning -- 6. Fostering project-based learning and performance assessment -- 7. Stimulating high-risk high-payoff research -- 8. Nuts and bolts of the aid for TVET -- Reference -- Index.
    Abstract: Over the last 70 years, Korea has experienced a rapid and remarkable transformation from a devastatingly poor nation to one of the world's leading advanced economies, achieving both sustained economic growth and a successful democracy. This pioneering work focuses on the key role of sustained investment in human capital behind Korea's phenomenal success. Human Capital and Development analyzes the importance of balancing diverse aspects of the educational system at different stages of development. The need to balance general and vocational education, top-down and bottom-up reform, as well as qualitative and quantitative expansion are highlighted. Adapting Korea's development experience to general principles shows that rather than seeking universal strategies and rules, the key to successful transformation is the provision of educational systems that can evolve over time depending on socio-economic and technological conditions for both developing and advanced countries. For researchers and students of economic development, education, and Asian development, this book is an excellent tool to discover possible ways for developing countries to initiate and accelerate their paths of economic growth and development. This book also provides a useful reference for policy makers of advanced as well as developing countries in designing their education systems and policies
    Note: Includes bibliographical references and index
    URL: Volltext  (Deutschlandweit zugänglich)
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