Abstract
ABSTRACT This study examines the effects of South Korea’s Innovative City (IC) policy, which aims to redistribute public institutions to local cities to alleviate urban congestion and mitigate regional disparities. Utilizing the synthetic control method, this study evaluates the policy’s influence on local productivity and investigates its spillover effects. The findings reveal a marked increase in productivity within rural cities, highlighting the policy’s efficacy in less urbanized areas. However, the outcomes vary across different locales, with some urban ICs experiencing productivity enhancements, while rural ICs near expanding urban areas do not. Additionally, the study observes limited spillover effects in cities near ICs, indicating that indirect benefits are not uniformly distributed.
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