AN EMPIRICAL ANALYSIS OF GROWTH DETERMINANTS IN INDIA AND SOUTH KOREA: POSSIBLE LESSONS FOR INDIA

Gulshan Farooq Bhat and Sandeep Kaur

Applied Econometrics and International Development, 2017, vol. 17, issue 2, 155-174

Abstract: Since the second half of the twentieth century, most imperative experience in the rise of the global economy had been the upswing of East Asian industrializing countries including South Korea. The spectacular sociopolitical and economic revolution of South Korea in the last few decades made it a development model worth replicable. The study advances the theoretical and empirical research on the role and performances of major sectors and indicators in India and South Korea and to find out the possible lessons for India. The comparative analysis identified that India lags behind as a wide gap emerges between systematic quality, management and development expenditures of various important sectors including Education, R&D and some other correlated sectors including corruption. Korea made an impressive and enormous strides in the fields, especially Capital formation, Manufacturing, Trade mainly exports and Innovation (R&D), controlling red tape, which in turn helped them a great deal in the overall development. The empirical study makes it that Education, Trade, Manufacturing, R&D that augmented the development process in Korea and made it a replicable model, may also prove the same for India if followed sensibly.

Keywords: Economic Development; R&D; Trade; Granger Causality; Cointegration; India; South Korea. (search for similar items in EconPapers)
JEL-codes: C01 F10 O1 O32 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (1)

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