지역 설비투자의 결정요인: 패널자료 분석

Abstract

This study attempts to examine the factors that affect regional facility investment and how the investment behavior differs among regions. The statistics shows that overall regional investment is declining, and that investment is heavily concentrated in certain regions. The results of a panel fixed-effects model indicate that, among various macroeconomics factors, interest rates and exchange rate have a statistically significant impact on regional investment, and that land price, the degree of concentration of manufacturing industries, GRDP and the relative capital price are the most important determinants among all regional variables. In addition, factors that affect regional investment differ across regions. Exchange rate, labor force, the degree of concentration of manufacturing industries, transportation condition and knowledge infrastructure are relatively significant factors to explain investment in Sudokwon, while labor force and the degree of concentration of manufacturing industries are important factors in Chungchung region. In Honam region, exchange rate appears to matter for investment, while exchange rate, labor force, land price, the relative capital price, GRDP and knowledge infrastructure are the relatively significant determinants of investment in Youngnam region.