One of the problems associated with the current system of land development projects implemented by the public sector in Korea is that various service facilities are not ready in time for the occupation of residential dwelling. A major cause of the problem is the lack of financial arrangements which would smooth the cash-flow of the suppliers of the facilities during the project period. In this paper we present two schemes which will contribute to the optimal provision of service facilities by easing the financial constraint facing the land developers and suppliers of the facilities. The first scheme involves channeling a fraction of profits from a land development project and of the proceeds of mandatory sales of Type II National Housing Bonds as a loan to the suppliers of the service facilities. The second scheme considers the participation of the private sector in the project as a member of a consortium comprising the Korea Land development Corporation, the National Housing Fund, and private developers. It is proved that each scheme is superior to the current system. as well as entailing a very small cost.

In spite of her abundant natural resources for tourist industry, Kangreung and Sokcho area became lagged in economic development during the national industrialization. The major purpose of this study is to exactly purpose of this study is to exactly measure the impacts of tourist industry on regional development. Through the regional input-output analysis, we found some critical facts: (1) Input coefficients are relatively high in those industries as fish products, food and drink products, and printing and publishing. (2) Input coefficients are high in fiber and apparel products, and other manufac-turing. (3) Induced production effects are high in chemical and coal products, fish products, food and fish products, printing and publishing, and public administration for Sokcho. (4) As for the induced employment effect, food and lodging, other services, wholesale and retail show high coefficients. (5) As for the location quotients, food and lodging, fish products, transportation and ware housing are identified as basic industries. Through the questionnaire survey, we also found some important facts: (1) Residents tend to evaluate employment effects higher than the income effects from resort-related development. (2) Pollution, forest demolition, general price increase, and traffic congestions are more serious than ever reported. (3) Willingness to participate in resort development is high, but is discouraged by the lack of regional capital. Based on these findings, we suggest some future directions of tourist industry: (1) blocking the leakage of income produced in tourist and tourist industry, (2) connection between fishery and tourist industry, (3) development of tourist route, and (4) administrative reshuffling that helps joint development between private and public sectors.