| Title |
The Relationship between Korean Construction Industry and GDP in Economic Development Process |
| Authors |
Choi,Dal-Sik ; Le Hoai LongLe Hoai Long ; Lee,Young-Dai |
| DOI |
http://dx.doi.org/10.6106/KJCEM.2013.14.6.070 |
| Keywords |
Bon's curve ; construction industry ; time series data ; GDP |
| Abstract |
Construction industry is broadly agreed as one of the most important sectors of any economy around the world. In this paper, time series data of Korean construction industry and Korean economy are examined. The Bon's proposition will be inspected for Korean context using both cross-sectional and longitudinal analyses. The analysis of the longer than four decades national account statistic of the Korean macro economy verify Bon's proposition of an inverted U-shaped relationships. The verified U-shaped relationships for Korean context exist not only in terms of the construction share in total GDP but also in terms of total construction volume as an economy develops from LDC to NIC and then to AIC eventually with time. The results of the thesis show that the contribution towards the macro economy has varied across different stages of development. |