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영어

This paper estimates information and telecommunication (IT) capital stocks by industrial sectors in Korea for the period of 1985∼1999. This would be the first time to estimate IT capital stock at this sectoral level. The definition and classification of IT capital is based on the `Report on the Information and Telecommunications survey` published by National Statistical Office of Korea. Investment series are estimated from input-output tables published by the Bank of Korea. The resulting series show that the rate of IT capital stock accumulation during the study period has been faster than that of total capital stock by 10.8% during the same period. The sector which has had the highest growth rate of IT capital stock turns out to be the electricity and telecommunication sector. This study also analyzes the relation between IT capital stock and the labor productivity based on the estimated capital stock. In general, the IT stock has positive impact to improve labor productivity. However, the degree of this relationship differs from industry to industry depending upon the industry characteristics. Especially, in service sectors, so-called productivity paradox regarding IT investment may occur. Some policy issues are dealt with at the end of the paper.