산업부문별 노동생산성 결정요인 분석 (Determinants of Labor Productivity in Manufacturing and Service Industries in Korea)

30 Pages Posted: 20 Mar 2015

See all articles by Dongyeol Lee

Dongyeol Lee

The Bank of Korea; Bank of Korea - Economic Research Institute

Date Written: September 30, 2013

Abstract

Korean Abstract: 2000년대 들어 우리나라의 노동생산성 증가율이 산업 전반에 걸쳐 빠르게 둔화되고 있으며 이로 인해 경제성장률도 낮아지고 있다. 노동생산성 수준을 보면 제조업은 선진국과의 격차가 꾸준히 감소하고 있으나 서비스업은 생산성갭이 줄지 않고 있다. 이에 따라 생산성 향상을 통한 성장잠재력 회복을 위해서는 제조업 및 서비스업의 생산성 수준, 산업 특성 등을 고려한 차별화된 성장전략 수립이 요구된다. 이 논문에서는 연구개발 (R&D) 및 고정투자의 역할, 생산성 수렴 현상 등을 고려한 노동생산성 결정요인에 관한 패널회귀모형을 설정하고 우리나라의 산업패널 자료를 이용하여 실증분석을 시도하였다. 실증분석 결과, 제조업 생산성 증가율은 R&D 투자에 의해 유의하게 높아지는 것으로 추정되었고, 서비스업 생산성 증가율에는 고정투자가 긍정적인 영향을 미치는 것으로 분석되었다. 이는 노동생산성 향상을 통한 경제성장률 제고를 위해서는 선진국과의 생산성갭이 크게 축소된 제조업은 혁신주도형 (innovation-based) 성장전략이 적합하고, 선진국에 비해 생산성 수준이 낮은 서비스업은 투자주도형 (investment-based) 성장전략이 유효함을 시사한다. 한편 제조업 부문에서는 각 산업의 기술선진국 (frontier)과의 생산성갭이 큰 경우에 R&D 투자의 생산성 제고 효과가 크게 나타나고 있어 생산성이 낮은 산업에 대한 R&D 지원 효과가 클 것으로 기대된다.

English Abstract: Labor productivity growth in Korea has been slowing down across all industries in the 2000s, which has acted to lower national economic growth substantially. The productivity gap between Korea and advanced economies has narrowed considerably in manufacturing while it has remained without substantial change in services. Therefore, it is crucial to adopt differentiated growth strategies that take account of productivity levels and industry characteristics.

The central objective of this paper is to analyze empirically the determinants of labor productivity in manufacturing and services in Korea. Regression analyses use a panel of Korean industries and emphasize the roles of R&D and of fixed capital, and the convergence of productivity. The results provide empirical evidence that productivity growth in manufacturing is significantly improved by R&D, while that in services is positively affected by fixed capital. This finding implies that an innovation-based strategy is more efficient in manufacturing, given that it is closer to the technological frontier, while an investment-based strategy is appropriate in services, given its relatively backward technology. In addition, the estimates for the interaction between R&D and productivity gap suggest that the R&D effects on productivity turn out to be stronger when the productivity of the industry is relatively low.

Note: Downloadable document is in Korean.

Keywords: Economic growth, Labor productivity, R&D, Fixed capital, Innovation

JEL Classification: O31, O33, O47

Suggested Citation

Lee, Dongyeol, 산업부문별 노동생산성 결정요인 분석 (Determinants of Labor Productivity in Manufacturing and Service Industries in Korea) (September 30, 2013). Bank of Korea WP 2013-22, Available at SSRN: https://ssrn.com/abstract=2579546 or http://dx.doi.org/10.2139/ssrn.2579546

Dongyeol Lee (Contact Author)

The Bank of Korea ( email )

39, Namdaemun-ro, Jung-gu
Seoul, 04531
Korea, Republic of (South Korea)

Bank of Korea - Economic Research Institute ( email )

110, 3-Ga, Namdaemunno, Jung-Gu
Seoul 100-794
Korea, Republic of (South Korea)

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