Estimating the Economic Effect of Attracting International Students by University Location

This study aims to quantitatively estimate the economic effects of attracting international students at the university level and at the regional level where the university is located.International students spend money on their education while studying at a university, which generates income for the university and the region where it is located.In other words, international students' college tuition and living expenses generate income from education expenses, generating productivity and added value in the region.The economic effect of attracting international students to all universities estimated in this study was 36,695,361 won, with 14,832,076 won in education expenses and 21,863,285 won in local economic effects.Specifically, the income from education expenses was 4,497,076 won from college tuition and 10,335,000 won from living expenses.The economic-induced effect of the region was estimated to be 14,896,838 won in productivity and 6,966,447 won in value-added.On the other hand, as a result of analyzing the economic effect of attracting international students by university location, Sejong City was the highest at 40,900,769 won, followed by Seoul at 40,215,788 won, Gyeonggi Province at 39,151,795 won, Jeollanam-do was the lowest at 31,981,479 won, Ulsan at 32,618,384 won, Gwangju at 33,887,457 won, and Jeju at 34,593,129 won.