농업부문 연구투자의 효율성 분석

Returns to Investment on Research in Korean Agriculture

This study examined the socioeconomic returns to agricultural research in Korea, using multivariate time series technique and Akino-Hyami formula. Results showed that the socioeconomic returns were quite competitive with internal rates of 49.18% and 56.04% for agricultural research and horticultural research respectively. The lagged response to the investment in research varied according to the type of production: agncultural production responded to agricultural research shock about three years after the shock, while horticultural and livestock productions responded only after about seven, and ten years, respectively. The magnitudes of the impacts of investment, however, showed a similar pattern for the three types of production: after responding to the shock, the impact increased until a peak was reached and then declined and got down to zero after some years. The peak was reached within five, seventeen, and twenty years after the initial expenditures for agricultural, horticultural, and livestock productions, respectively. Moreover, the impacts disappeared about thirty years after the initial expenditures for all three types of production. These findings were consistent with the results from previous literature on agricultural research, which indicated that the lag lengths of the response to investments on research were between seven and thirty years.