Lessons from Korea and Estonia
The Characteristics and Position of the Economic Structures of Estonia and Korea among the OECD Countries
Prior research has shown that when it comes to time and regional variation, the behaviour of the various industries of the economy tends to be contingent upon each other.1 The variance of their relative importance is linked regardless. This in turn allows us to pose the question of not only an overarching trend of structural change but also one of economic typology and to study the placement and movement of countries within the said typology. The topic of varying economic structure between countries was brought up by Wacziarg/Imbs (2000) and from a convergence viewpoint by Wacziarg (2001) specifically. Unfortunately, not many in-depth studies on the subject have been done to date. Studies on structural convergence include Höhenberger/ Schmiedeberg (2008) and Melihovs/Kasjanovs (2011). The latter have also attempted to find a structural typology among European countries by utilising cluster analyses. Paas et al. (2009) and Sepp (2009) have combined factor and cluster analyses to show that European countries may be divided into certain groups which can be characterised by specific traits:
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