한국과 아세안제국의 공업화 비교 연구

A Comparative Study of Industrialization between Korea and ASEAN Countries

There were three main purposes of this study. The first was to examine the industrialization records of Korea and ASEAN countries by looking at both value-added-ness and employment of the manufacturing sector during 1975-1990. The second was to examine the plausible causes or factors which may explain this remarkable industrialization - by especially focusing on physical capital formation, human capital formation and export promoting policy change. The third was to test empirically whether and how these factors really influenced the industrialization of these countries. Further, it was attempted to test the "Dutch Disease" effect, which has been frequently cited as one of the major features of the ASEAN industrialization. The empirical test on industrialization was conducted on two levels: one, the causes of the increase in the value-added of the manufacturing sector ; two, the causes of the increase in the ratio of the manufacturing value-added out of GDP. For both Korea and ASEAN countries, the increase in manufacturing exports and the increase in domestic investment were turned out to be the major factors on the first test. And as the second test shows, the manufacturing export ratio and the manufacturing employment ratio were the main ingredients that explained industrialization for all these countries. The main difference between Korea and ASEAN countries was the role of foreign direct investment (FDI) for industrialization, in that the role of FDI was positive in Korea whereas in ASEAN countries it was negligible or negative. This reflects the fact that most FDI in Korea was conducted in the manufacturing sector, whereas the large chunk of FDI in ASEAN countries before mid-1980s was directed toward the primary sector. On the effect of the "Dutch Disease", it was found that the effect was negative, meaning that the price increase of the primary products, which allowed these countries to acquire necessary foreign exchanges and to form domestic capital, was actually beneficial to these countries at least until mid-1980s. It was only after then that the mild effect began to show up.