Korea, a nation currently aiming to become one of the world's leading countries, is now facing the challenge of realizing sustained economic growth through the service industry. Since 2000, as Korea’s economy began to slow down, attention has been paid to the claim that the quality of employment could be raised via growth in the service sector. The purpose of this report is to offer an empirical analysis of growth factors of the U.S. service industry based on its deregulation policy in the service industry, and, in doing so, to understand its implications for the growth of Korea’s service industry.
In Chapter 2, the changes in the service industry are described, focusing especially on deregulation policies for the industry. Since the mid-1970s, the United States engaged in active deregulation in the major service industries such as finance, telecommunications, and transportation, which directly affects the overall economy. Given the deregulation of the 1980s, it could be characterized as the era of deregulation for the US economy, followed up by the subsequent promotion and intensification of deregulation. Repeal of the Glass-Steagall Act in 1999 provided significant motivation for the launching of investment banks, which was the result of the Reagan administration’s sustained regulatory reform.
Chapter 3 will briefly look at the relationship between the service and manufacturing industry in previous studies as well as examine this relationship closely through various statistical data and industry input-output tables. According to previous studies, the relationship between the two industries appears in various forms, and different conclusions in terms of production and employment can be drawn. In addition, by utilizing various statistical data, it shows to what extent the U.S. service industry contributed to GDP growth, and how each service section has grown or decreased.
Also, using the inter-industry relations table, this report examined the intermediate inputs in manufacturing sector-specific services, manufacturing sector- specific GDP and employment trends. Taking a look at the relationship between manufacturing sector-specific GDP and employment; in the garment/leather manufacturing industry, the relationship between GDP and employment shows a significant decrease in the GDP and employment trends. On the other hand, in case of oil and coal-related manufacturing and chemical manufacturing, employment is shrinking despite rapid increase in GDP. This outcome can be interpreted as the transition from labor-intensive manufacturing industries to capital-intensive industries through outsourcing from different sectors. In this process, assuming that the foreign variables and technological change is held constant, it is possible that outsourcing (or intermediate input) from the service industry was detrimental to manufacturing employment.
On the other hand, in case of machinery manufacturing; GDP, intermediate inputs, and employment display increasing trends. Aviation, shipbuilding, and aerospace manufacturing has shown a trend of growing employment. In addition, high value-added manufacturing such as computer, electronics, electrical equipment/ devices, automobiles and parts exhibit a trend of rapidly increasing input coefficients of the professional services. It can be understood as evidence supporting Antras’ (2003) and Helpman’s (2003) claim that firms with high productivity tend to insource in case of purchasing in-country which constitute intermediate inputs.
In chapter 4, growth factors for the U.S. services industry is empirically analyzed while highlighting the relationship with the U.S. services industry and economic growth as a whole. In order to analyze growth factors for the U.S. services industry, services sector growth was taken as a dependent variables; while services industry capital growth rate, services industry labor growth rate, inflation, deregulation, financial development index and R&D were used as independent variables. In addition, logistics services, producer services, personal services, social services were used as the dependent variable for each services industry while selecting capital and labor as independent variables.
At first, full service industrial empirical results showed that the service sector labor growth and capital growth are all positive and have statistically significant effects. Also, one can infer that the coefficient of the service industry’s labor growth rate is much higher than the coefficient of the service industry’s capital growth rate because labor included human capital.
Finally, a positive and significant deregulation coefficient was derived from the empirical analysis after taking the Reagan administration period (whose deregulation level before and after is highly distinguishable) as a dummy variable. This result is consistent with claims and many of the existing empirical studies asserting that mitigation of the regulatory level will achieve higher economic growth in the long run.
In Chapter 5, in conclusion, the achievement and the limitation of this study are thoroughly examined, while suggesting possible implications for the service development of the Korean economy based on empirical research results.

서 언 

국문요약 

제1장 서 론 
1. 연구 목적과 구조 
2. 기존 문헌 고찰 및 차별성 

제2장 미국 서비스산업 규제개혁 정책 
1. 서비스 규제개혁 정책의 시대적 배경 및 특징 
가. 1980년대의 규제개혁 정책 
나. 1990년대의 규제개혁 정책 
2. 서비스 산업별 규제개혁 정책의 추이 
가. 금융서비스 
나. 통신서비스 

제3장 미국 서비스산업과 제조업 
1. 서비스산업과 제조업의 관계 
2. 서비스산업과 제조업의 산업연관 분석 
가. 서비스업과 제조업의 상호연관 
나. 제조업 부문별 서비스 중간투입 
제4장 미국 서비스산업과 경제성장 
1. 서비스산업과 경제성장 
가. 서비스업과 제조업 2부문 모형 
나. 서비스산업과 경제성장과의 관계 
다. 서비스무역과 경제성장 
라. 서비스투자와 경제성장 
마. 서비스고용과 경제성장 
2. 서비스산업의 성장요인 분석 
가. 성장회계 모형 
나. 서비스산업과 성장요인 
다. 서비스산업의 성장요인 실증분석 

제5장 맺음말 
1. 연구결과 
2. 시사점 및 연구의 한계 

참고문헌 

Executive Summary