안녕하세요,

산업경제연구소에서 2023년 제7차 세미나 일정을 안내 드립니다.

관심 있는 분들의 많은 참석 바라며, 자세한 내용은 아래를 참고 부탁 드립니다.

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발표 논문 제목

 : Capital Account Policy, Firm-Dynamics and Export-led Growth

일시

 : 2023. 10. 25. (수) 14:00 - 15:00

장소

 : 9호관 210호 (경제학과 대학원 세미나실)

발표자

 : 최우진 교수(서울시립대학교 경영학과)

논문 초록

 : The growth of manufacturing in China and other Asian economies has spurred interest in capital account policy as growth policy. This paper develops a two-country monetary model in which reserve accumulation and sustained currency undervaluation may promote manufacturing productivity in a country, while fostering premature de-industrialization in another. Focusing on firm delocation and the extensive margin of trade, this mechanism complements, but is distinct from learning-by-doing. One prediction is that a sustained current account surplus promotes manufacturing productivity by capturing a greater share of the global supply chain. We provide empirical evidence supporting this mechanism, linking capital controls and reserve accumulation to manufacturing labor productivity, firm entry, ad the domestic share of intermediates.

JEL classification codes : E58, F31, F41, O11

Key Words

 : capital account policy, foreign exchange reserves, capital control, firm relocation, Chinese economy