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The effect of financial enforcement on entrepreneurship and growth in the Korean economy.

机译：金融执法对韩国经济中的企业家精神和增长的影响。

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摘要

In chapter 1, we explore the effect of financial enforcement on the output and entrepreneurship in Korea. The development of the Korean economy for the past 40 years is considered as one of unprecedented success in the world. Because of dynamic characteristics of the Korean economy, it is not easy to apply recent macroeconomic research methods such as calibration because the methodology focuses on steady state of the economy in many cases. Interestingly, the movement of the percent of entrepreneurs over the employed showed that there were two periods that could be considered as steady states. Based on this observation, I set low and high enforcement periods and tried to analyze the entrepreneurship and growth of the Korean economy using the model developed by Antunes et al. (2007) which introduces contract enforcement as a financial friction and occupational choice. I calibrated the model for each of low and high enforcement period and found that contract enforcement factor explained the change of entrepreneurship of Korea across the periods. Assuming the access of domestic financial market only, I also confirmed that the exceptional growth of Korean economy largely relied on the accumulation of human and physical capital in addition to normal improvement of productivity. The results are consistent with the conclusion of Young (1995).;In chapter 2, to find empirical facts characterizing the monetary policy environment of the Korean economy, I implemented reduced form vector autoregression (VAR) that was tried against advanced countries by Sims (1992). It turned out that the monetary policy effect through interest rate was restrictive while the effects of the quantity of money and foreign exchange rate on output were significant. This implies that the theoretical macroeconomic model for Korea needs to reflect the monetary policy channel such as credit constraint and to be open economy when it is constructed. I also estimated the forward looking monetary policy rule using generalized method of moment (GMM). As an output gap, cyclical components of GDP obtained by both of Clark (1987) model and band pass filter are tested. Contrary to previous backward looking Taylor rule estimation results, the monetary policy with interest rate turned out to be preemptive against inflation in Korea.;In chapter 3, we apply the model used in chapter 1 to the Chinese economy with some variation. The private sector in China is growing rapidly -- though unevenly -- across regions, while the state sector is retreating. This paper studies the effect of institutional and policy differences across cities on China's economic development. In order to investigate the effects of these differences on the macroeconomy, we construct and solve a general equilibrium model with heterogeneous agents, occupational choice and financial frictions. Occupational choice and the size of private and state firms are determined endogenously; each depends on agent "type" (manager ability and resources), a credit market friction, and differences in institutions. Differences in institutions across cities generate differences in occupational choice, firm size and output per capita.
机译：在第一章中，我们探讨了财务执法对韩国产出和创业精神的影响。过去40年中，韩国经济的发展被认为是世界上前所未有的成功之一。由于韩国经济的动态特征，应用最新的宏观经济研究方法（例如校准）并不容易，因为该方法在许多情况下都侧重于经济的稳定状态。有趣的是，企业家百分比在受雇者中的变动表明有两个时期可以视为稳定状态。基于此观察，我设定了低执行期和高执行期，并尝试使用Antunes等人开发的模型来分析韩国经济的创业精神和增长。 （2007年）引入合同执行作为财务摩擦和职业选择。我对低执行期和高执行期分别进行了校准，发现合同执行因素可以解释韩国在这段时期内企业家精神的变化。假设仅进入国内金融市场，我还证实，韩国经济的异常增长在很大程度上取决于人力和物质资本的积累以及正常生产率的提高。结果与Young（1995）的结论是一致的。在第二章中，为了找到表征韩国经济货币政策环境的经验事实，我实施了简化形式向量自回归（VAR），而Sims（ 1992）。事实证明，通过利率的货币政策效应是限制性的，而货币数量和汇率对产出的影响是显着的。这意味着韩国的理论宏观经济模型需要反映货币政策渠道，例如信贷约束，并且在构建时必须是开放经济。我还使用广义矩法（GMM）估算了前瞻性货币政策规则。作为输出缺口，测试了通过Clark（1987）模型和带通滤波器获得的GDP的周期性成分。与以前的泰勒法则估计结果相反，事实证明，加息的货币政策对韩国的通货膨胀是先发制人的。在第3章中，我们将第1章中使用的模型应用于中国经济，但存在一些差异。中国的私营部门在各个地区都在快速增长，尽管增长不平衡，而国有部门正在后退。本文研究了城市间制度和政策差异对中国经济发展的影响。为了研究这些差异对宏观经济的影响，我们构建并解决了具有异质因素，职业选择和财务摩擦的一般均衡模型。职业选择和私营企业与国有企业的规模是内生决定的；每个因素都取决于代理人的“类型”（经理的能力和资源），信贷市场的摩擦以及机构的差异。城市间机构的差异会导致职业选择，企业规模和人均产出的差异。

著录项

  • 作者

    Joo, Donghun.;

  • 作者单位

    University of Illinois at Urbana-Champaign.;

  • 授予单位 University of Illinois at Urbana-Champaign.;
  • 学科 Economics General.
  • 学位 Ph.D.
  • 年度 2009
  • 页码 106 p.
  • 总页数 106
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 经济学;
  • 关键词

  • 入库时间 2022-08-17 11:38:25

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