earticle

영어

One of the features of capitalism in economy is the presence of fluctuations. This happens for many reasons. For our country, in particular, the recent proliferation of information and communications technology shortens the period of fluctuation phenomena phase of economic downturn on the horizon. Schumpeter points out, that appearance and development of innovative industries will experience its own boom state - yet, over time, eventually the industries are going to overproduce, and this will cause them to go into depression. And Perez suggests a mechanism - that during changes in technology, financial capital will encourage such changes - and will contribute to creation and destruction of financial bubble, which will cause the business cycle to radically change. Based on these arguments, analysis has been made on relationship between the business cycle and R&D activities, using Granger Causality methodology. Previous study showed that changes in GDP has relation regarding Granger Cause towards the change of total R&D expenditure, when R&D expenditure was applied as a price index. However, after applied knowledge depreciation rate to R&D expenditure change and analyzing the relationship between GDP change and R&D expenditure, it showed that R&D expenditure also has relation regarding Granger Cause towards changes in GDP as well. As a result of this analysis, constructions of an meticulous administrative-supervision structure an Early Warning System for financial market of R&D Funds should be take into account.