CGE analysis of R&D investment policy considering trade-offs between economic growth and stability-Reference-Cited by-同舟云学术

CGE analysis of R&D investment policy considering trade-offs between economic growth and stability

Published:2021-02-26 Issue:3 Volume:48 Page:295-308
ISSN:0302-3427
Container-title:Science and Public Policy
language:en
Short-container-title:

Author:

Hwang Won-Sik¹,Yeo Yeongjun²,Oh Inha³,Hong Chanyoung⁴,Jung Sungmoon⁵,Yang Heewon⁶,Lee Jeong-Dong⁷

Affiliation:

1. Department of Economics, Jeonbuk National University, 567 Baekje-daero, Deokjin-gu, Jeonju-si Jeollabuk-do 54896, Republic of Korea

2. National Assembly Futures Institute 1 Uisadang-daero, Yeongdeungpo-gu, Seoul 07233, Republic of Korea

3. Department of Advanced Industry Fusion, Konkuk University, 120 Neungdong-ro Gwangjin-gu, Seoul 05029, Republic of Korea

4. Korea Institute of S&T Evaluation and Planning 1339 Wonjung-ro, Maengdong-Myeon, Eumseong-gun, Chungcheongbuk-do 27740, Republic of Korea

5. Department of Economics and Finance, Silla University, 140 Baegyang-daero 700beon-gil, Sasang-gu, Busan 46958, Republic of Korea

6. Department of Simulation Analysis, Republic of Korea Army Headquarters, 501-15 Sindoan-myeon, Gyeryong-si, Chungcheongnam-do, 32800, Republic of Korea

7. Technology Management, Economics and Policy Program, Seoul National University, 1 Gwanak-ro, Gwanak-gu, Seoul 08826, Republic of Korea

Abstract

Abstract This study analysed economic growth and industrial structure under different conditions on research and development (R&D) investment. To simulate counterfactual scenarios, we built a recursive dynamic computable general equilibrium model named as Technology and Economy Modelling for Innovation Policy assessment (TEMIP) that focuses on private and public R&D investments and their net effects from a macroeconomic perspective. The simulation shows gross domestic product increases rapidly in South Korea when a given amount of expenditure is spent on public R&D activities rather than private R&D. Moreover, our simulation results imply that resource allocation for R&D investments should be elaborated through considering whether the ultimate policy goal is oriented towards economic growth or stability.

Funder

Korea Institute of S&T Evaluation and Planning

Publisher

Oxford University Press (OUP)

Subject

Management, Monitoring, Policy and Law,Public Administration,Geography, Planning and Development

Link

http://academic.oup.com/spp/article-pdf/48/3/295/39075257/scaa068.pdf

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