How Much of South Korea’s Growth Miracle Can Be Explained by Trade Policy?
通过构建新古典增长与贸易模型，模拟韩国1962-1989年的关税削减，发现贸易政策可解释制造业人均增加值追赶G7国家17%的幅度，主要渠道是多阶段生产和进口投资品。
This paper assesses the importance of trade policy reforms in South Korea, as well as the General Agreement on Tariffs and Trade (GATT) tariff reductions, in explaining Korea's growth miracle. We develop a model of neoclassical growth and trade in which lower tariffs lead to increased gross domestic product (GDP) per worker via comparative advantage and specialization, and capital accumulation. We calibrate the model and simulate the tariff reductions that occurred between early 1962 and 1989. The model can explain 17 percent of South Korea's catch-up to the G7 countries in value-added per worker in the manufacturing sector. These gains, as well as most of the welfare gains, are driven by two key transmission channels: multistage production and imported investment goods.