학술논문
Global Value Chain and Misallocation: Evidence from South Korea
이용수 8
- 영문명
- Global Value Chain and Misallocation: Evidence from South Korea
- 발행기관
- 한국무역학회
- 저자명
- Bongseok Choi Seon Tae Kim
- 간행물 정보
- 『Journal of Korea Trade (JKT)』Vol.26 No.4, 1~22쪽, 전체 22쪽
- 주제분류
- 경제경영 > 무역학
- 파일형태
- 발행일자
- 2022.06.30
5,440원
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국문 초록
영문 초록
Purpose - This paper empirically investigates the effect of a rise in the global value chain (GVC) on the industry-level efficiency of resource allocation (based on plant-level inefficiency measures) in Korea, with a focus on various channels through which a rise in the GVC can increase competition among firms and thus induce resources to be allocated more efficiently across firms.
Design/methodology - We empirically investigate the relationship between the industry-specific importance of GVC and the industry-level allocative inefficiency that is measured as the dispersion of the plant-level marginal revenue of capital (MRK) as in Hsieh and Klenow’s (2009) influential model. We compute MRK dispersion for industries sorted by various characteristics that are closely related to firm/industry sensitivity to the GVC. In other words, we compute the average industry-level MRK dispersion for industries sorted by industry-specific importance of GVC and compute the difference between the two groups of industries (higher vs. lower than the median GVC); we also calculate the difference between industries sorted by industry-specific export (import) intensity. This is our difference-in-difference estimate of the MRK dispersion associated with the GVC for the export (import)-intensive industry versus the non-export (non-import)-intensive industry. This differencein- difference estimate of the MRK dispersion conditional vs. unconditional on firm-level productivity is then calculated further (triple-difference estimate).
Findings - A rise in GVC is associated with a decrease in the MRK dispersion in the export-intensive industry compared to the non-export-intensive industry. The same is true for industries that rely heavily on imports versus those that do not (i.e., import intensive vs. non-intensive). Furthermore, the reduction in the MRK dispersion in the export-intensive industry associated with an increase in the GVC is disproportionately greater for high-productivity firms. In contrast, the negative relationship between GVC and MRK dispersion in the import-intensive industry is disproportionately smaller for high-productivity firms.
Originality/value - Existing studies focus on the relationship between GVC and aggregate output, exports, and imports at the country level. We investigate detailed firm/industry-level mechanisms that determine the relationship between GVC, trade, and productivity. Using the plant-level data in South Korea, we investigate how GVC is related to the cross-firm MRK dispersion, an important measure of allocative inefficiency, based on Hsieh and Klenow’s (2009) influential economic theory. This is the first study to provide plant-level evidence of how GVC affects MRK dispersion. Furthermore, we examine how the relationship between GVC and MRK-dispersion varies across export intensity, import intensity, and firm-level productivity, providing insight into how GVC can affect firms’ exposure to competition in the global market differently depending on market conditions and thus generate trade-related productivity gains.
목차
1. Introduction
2. Theoretical Background and Model
3. Empirical Results
4. Conclusion
References
키워드
해당간행물 수록 논문
- Journal of Korea Trade Vol.26 No.4 목차
- Global Value Chain and Misallocation: Evidence from South Korea
- Research on the Efficiency and Influencing Factors of Korea's Foreign Direct Investment in RCEP Partners
- Revisiting the Asian Financial Crisis: Is Building Political Ties with Emerging Political Elites Beneficial during a Crisis?
- What Promotes International Sustainable Development of Green Ventures? The Joint Effects of Entrepreneurial Orientation and Home Country-Based Networks
- Comparison of the RCA Between China and KOR: From the Perspective of Value-Added
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