Abstract
Disparities between growth rates of different countries are only in part explainable by basic factors of production. New growth theory links economic growth, e.g., to increasing returns to scale, to human capital development and stresses the important role of institutions. Our aim is to determine the growth factors for Korea by a time-series analysis applying cointegration and error-correction techniques. The results show that human capital, investment and exports enhance economic development, while inflation and government consumption exert a negative influence on growth. Additionally, the import substitution phases during the 50ies and 70ies as well as a productivity oriented wage development contribute to economic growth. [F14, 047]
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