KDI Journal of Economic Policy, August 2015 - KDI 한국개발연구원 - 연구 - 보고서
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KDI 정책연구 KDI Journal of Economic Policy, August 2015 2015.08.31

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Series No. Vol.37, No.3

KDI 정책연구 KDI Journal of Economic Policy, August 2015

2015.08.31

  • KDI
    한국개발연구원
영문요약
Optimal Income Tax Rates for the Korean Economy / Yongsung Chang, Sun-Bin Kim, Bo Hyun Chang

Based on a quantitative, heterogeneous agent general equilibrium model, we compute the optimal tax rates for labor and capital incomes for the Korean economy. According to our model, a more progressive income tax schedule along with a higher capital tax rate can increase average welfare by as much as 0.86% of permanent consumption. Approximately 64% of house-holds, those with low assets and low productivity, are better off when a more progressive optimal tax schedule is adopted. Despite the potentially significant welfare gains, our calculation should be interpreted with caution because our benchmark model does not take into account possible capital outflows or the increased administrative costs associated with high taxes.

The Productivity Dispersion of the Korean Manufacturing Industry and Macroeconomic Allocation Efficiency Measures / Jongil Kim, Dongkeun Kang

According to the macroeconomic allocation efficiency measure, particularly based on the methodology of Hsieh and Klenow (2009), Korea’s allocation efficiency in the manufacturing industry deteriorated in the 2000s compared to that in the 1990s. This study compares the potential TFP gain when resource allocation is removed, an indicator of allocation inefficiency according to Hsieh and Klenow (2009), and the productivity dispersion in the Korean manufacturing industry. It finds that the TFP gain may be better explained by TFP dispersions rather than proxies related to factors of distortion. The findings imply that we should investigate the sources of TFP dispersion rather than the sources of distortion to explain increases in the TFP gain (or TFP loss), which is considered as allocation inefficiency in the literature.

Effect of Consulting on Microcredit Repayment in Korea / Yoonhae Oh

This study examines the effect of a one-on-one outsourced pre-lending consulting service on the repayment behavior of microcredit borrowers in Korea with administrative data from the Smile Microcredit Bank. A random change in the cut-off loan amount for mandatory consulting is utilized as an identification strategy. This three-day pre-lending business consulting service is effective in encouraging repayment behavior of existing businesses but it has no significant effect on start-up loans. The effectiveness of the consulting service in deterring delinquency with regard to existing loans is greater among male borrowers than among females.

Adoption of Foreign Technologies in Korean Manufacturing Firms: Characteristics and Microfoundations / Joonghae Suh

The primary goal of this paper is to explore the microeconomic foundation of Korean firms’ adoption of foreign technologies. The paper also reviews the overall trend of international technology transfers to Korea. The period covered in this paper is Korea’s high growth era, from the 1960s to the 1990s. The works of this paper center on the two questions of what characterizes foreign technologies which had been imported through licensing contracts, and which driving forces expedite technology adoption by firms. The Korean experience provides the context of success in the catch-up growth. The co-movement of technology imports with capital goods imports manifests Korea’s effort to improve the technical efficiency toward the world frontier. Underlying this trend are firms’ decisions to adopt new technologies. The paper shows that firms respond proactively to wage increases by adopting newer technologies and thus, in turn, increasing employment, which implies the existence of a virtuous interactive mechanism among these factors.
목차
Optimal Income Tax Rates for the Korean Economy / Yongsung Chang, Sun-Bin Kim, Bo Hyun Chang

 I. Introduction
 II. Data
 III. Model
 IV. Quantitative Analysis
 REFERENCES

The Productivity Dispersion of the Korean Manufacturing Industry and Macroeconomic Allocation Efficiency Measures / Jongil Kim, Dongkeun Kang

 I. Introduction
 II. The Degree of Resource Misallocation Measured as Potential Gains based on Hsieh and Klenow (2009)
 III. Patterns of Productivity Dispersion
 IV. Explaining the Rising TFP Gains in the Korean Manufacturing Industry
 V. Conclusion
 REFERENCES

Effect of Consulting on Microcredit Repayment in Korea / Yoonhae Oh

 I. Introduction
 II. Literature Review
 III. The Consulting Service of the Smile Microcredit Bank􀀃
 IV. Empirical Specification and Data􀀃
 V. Results and Discussion
 VI. Concluding Remarks
 REFERENCES

Adoption of Foreign Technologies in Korean Manufacturing Firms: Characteristics and Microfoundations / Joonghae Suh

 I. Introduction
 II. Studies of Technology Adoption and Diffusion
 III. Korea’s Technology Imports
 IV. Microeconomic Analysis on Determinants of Technology Adoption
 V. Concluding Remarks
 APPENDIX
 REFERENCES
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