• Korea Trade Review
• /
• v.47 no.2
• /
• pp.1-18
• /
• 2022

This paper examines the effects of export subsidies on agricultural food exports, focusing on a case of Gyeongsangbuk-do. Using monthly data of agricultural food exports during 2007-2020 and the GLS regression analysis, we test the hypothesis whether the export subsidies would increase the exports of four major agri-food categories with three digit codes of HS such as fruits, vegetables, flowers, and mushrooms. Evidence shows that the export subsidies had statistically significant impacts on the agri-food exports except flowers. In order to test the robustness of the analysis, the agri-food export subsidies are reclassified into four sub-subsidy policies, and the analysis re-examines the effects of the sub-subsidies on agri-food exports. It shows that export policies for production stabilization, logistics, and overseas marketing promote the exports of agri-foods significantly. Alternative export policies are drawn in this study since the existing subsidies conflict with the WTO agricultural agreement.

• Journal of Korean Home Economics Education Association
• /
• v.30 no.1
• /
• pp.43-63
• /
• 2018

The purpose of this study is to examine the various contexts affecting life culture through practical reasoning process and to select the goal and contents system of unification education in middle school home economics to form healthy unification community and to develop teaching and learning process. Based on the Unification Education Guidelines, Unification Education Pre-Study, Pre-Study on North Korean Defectors, and Analysis of the 2015 Revision Home Economics Curriculum in Korea, Goal and content system. Based on this, we developed a teaching and learning process and a student activity place applying practical reasoning process after extracting practical problems, and prepared a final development plan based on the results of two expert group evaluations. The results of this study are summarized as follows. First, the goal of unification education in the middle school home economics class is to 'Based on the social-cultural context, we develop the ability to cultivate healthy reunification by respecting the differences between the cultures of the two Koreas and discovering common values in a unified society and resolving practical issues in a unified society.'. Second, the content system of middle school home economics unification education was selected as the core theme of 'Unification Education Focused on the Living Culture'. The content elements were comprehending the socio - cultural context that affects the life culture of the two Koreas, Related language, maintenance of diversity of dietary culture in each region including North Korean food, social norms and attire, correct housing value and common living etiquette. Based on the goals of unification education in the middle school home school curriculum, we selected practical issues as 'What should we do to create a healthy unified community?'. Third, the teaching and learning process of unification education in junior high school home economics education is to recognize the problem of unification, to analyze the factors affecting the life culture of the two Koreas, to grasp the effect of the action and the ripple effects, to select alternative methods, And 4 subjects for 8 teaching learning course plan, and 35 teaching materials.

• Environmental and Resource Economics Review
• /
• v.22 no.4
• /
• pp.759-784
• /
• 2013

Participants can use the allowances and offsets for implementing the compliance in the Emissions Trading Scheme(ETS). There are alternative commodities which are different prices it gives the opportunities to reduce the compliance costs and get the arbitrage. This study analyzes the price driver of spread which is the difference between EUA and sCER using AR-GARCH model, EUA and CER during the Phase 2 in EU ETS. The results show that there are common elements which impacts the EUA and sCER and also different elements between them. EUA and sCER get the effects from energy price and economic criteria such as coal price and financial crisis as common elements. However them get the effects from electric price, policy criteria such as restricted CERs and difference price between EUA and ERU price as different elements. The results shows that spread will be widen if energy price increase, especially oil and electric price give more impacts the spreads. This study has the means that it explains the reason why the spreads will broaden sharply in 2012. And it also suggests the price driver of spread during the whole period of Phase 2. In addition, this study shows that political aspects maybe become the main criteria of price change with structural elements shch as energy price in Korea ETS which starts in 2015.

• Environmental and Resource Economics Review
• /
• v.30 no.1
• /
• pp.79-105
• /
• 2021

In the circumstance of standing out the climate change issue, the purpose of this study is to compare the efficiency of offshore and coastal fisheries according to whether or not greenhouse gas (GHG) emissions are considered, and then to present policy alternatives based on the analysis results. For analysis, the traditional data envelopment analysis (DEA), the slacks-based measure (SBM) and the SBM-undesirable models were used, and robust analysis of variance (ANOVA) and Wilcoxon Signed-rank tests were performed. As a result, the study showed that the average efficiency of fisheries decreased as the traditional DEA extended to the SBM model considering the slack and the SBM-undesirable model including the GHG emissions. Specifically, the average efficiency of the traditional DEA model, SBM model, and SBM-undesirable model was analyzed as 0.7350, 0.5820 and 0.4976 respectively. In addition, the results of the robust ANOVA and Wilcoxon Signed-rank tests all showed that there are statistically significant differences in efficiency between offshore and coastal fisheries as well as among traditional DEA, SBM and SBM-undesirable models. As a policy alternative to the analysis, it was suggested that to improve the efficiency of coastal and offshore fisheries, it is necessary to actively implement the new fishing vessel project and develop smart and electric hybrid fishing vessels.

• Environmental and Resource Economics Review
• /
• v.31 no.2
• /
• pp.291-317
• /
• 2022

This study tried to analyze the factors affecting consumers' vehicle selection for the spread of eco-friendly vehicles. We used the energy census data for this purpose, and although the energy census collects useful information from a large number of samples, it has been limitedly used to create simple statistics in many cases. Based on 2,771 transport sector microdata from the 2017 Energy Census, we collected vehicle price, fuel efficiency, and number of vehicle models, which are alternative characteristic variables that change according to consumers' choice, and converted and analyzed data to enable conjoint analysis. The analysis results in two-folds. First, it was confirmed that the official fuel efficiency of a vehicle and the fuel cost, which is affected by changes in the relative price of each fuel, are important variables in selecting an eco-friendly vehicle. In order to achieve the goal of spread of eco-friendly vehicles, it is necessary to develop technologies to improve fuel efficiency and set appropriate electric rates for charging electric vehicles. Second, an increase in the number of vehicle models through the expansion of the eco-friendly car industry and market also affects consumers' choice of eco-friendly vehicles, so efforts to expand the supply of eco-friendly vehicles will be an important factor. In addition, it is also significant that this study showed that the use of the energy census can be diversified by deriving meaningful policy implications using the results of the energy census periodically conducted in the country without a separate survey.

• Journal of Korea Water Resources Association
• /
• v.43 no.6
• /
• pp.507-516
• /
• 2010

The purpose of this study is to propose the alternative development method by means of determining the optimal project size from the economic viewpoint, improving the existing method depending on engineering aspects. To this end, this study defined the flood mitigation projects as the production activities carried out by inputs and outputs, and proposed the alternative development method on the basis of optimizing input and output combinations. This paper, as the case study of the proposed method, developed alternatives for the flood mitigation planning of Youngsan River Basin by determining the optimal project scale. As the result of determining optimal project size, the net benefit of the optimal alternative tended to be dependent on the net benefits of the large individual proposals. Due to such problem, the effect of relatively small individual proposals are underestimated and possibly be excluded from the optimal alternative, which may result in exclusion of the potential damaged regions protected by them from the flood mitigation project. Thus for the selective flood protection by region, individual proposals need to be categorized into the global measures and local measures according to the flood protection area.

• Journal of Korean Society of Environmental Engineers
• /
• v.31 no.8
• /
• pp.679-689
• /
• 2009

Light olefins are very important hydrocarbons widely used as the raw materials of the most petrochemicals including plastics and medicines. In addition, the nation's olefin production capacity is regarded as one of the key indicators to predict the nation's economic scale and growth. Steam cracking of naphtha (or called "NCC (Naphtha Cracking Center) technology"), the traditional process to produce light olefins, is one of the most consuming energy processes among the chemical industries. Therefore, this process causes tremendous $CO_2$ emission. To reduce the energy consumption and $CO_2$ emission from NCC process, the present paper, firstly, investigates and analyses some alternative technologies which can be potentially substituted for traditional process. Secondly, applying the alternative technologies to NCC process, their effects such as energy savings, $CO_2$ emission reduction and CER (Certified Emission Reduction) were estimated. It is found that the advanced NCC process can reduce approximately 35% of SEC (Specific Energy Consumption) of traditional NCC process. This effect can lead to the reduction of 3.3 million tons of $CO_2$ and the acquisition of the 128 billion won of CER per year. Catalytic cracking of naphtha technology, which is other alternative processes, can save up to approximately 40% of SEC of traditional NCC process. This value equates to the 3.8 million tons of $CO_2$ mitigation and 147 billion won of CER per year.

• Journal of Distribution Science
• /
• v.13 no.9
• /
• pp.37-45
• /
• 2015

Purpose - This paper's aim is to investigate whether or not gross profitability explains the cross-sectional variation of the stock returns in the Korean stock market. Gross profitability is an alternative profitability measure proposed by Novy-Marx in 2013 to predict cross-sectional variation of stock returns in the US. He shows that the gross profitability adds explanatory power to the Fama-French 3 factor model. Interestingly, gross profitability is negatively correlated with the book-to-market ratio. By confirming the gross profitability premium in the Korean stock market, we may provide some implications regarding the well-known value premium. In addition, our empirical results may provide opportunities for the fund distribution industry to promote brand new styles of funds. Research design, data, and methodology - For our empirical analysis, we collect monthly market prices of all the companies listed on the Korea Composite Stock Price Index (KOSPI) of the Korea Exchanges (KRX). Our sample period covers July1994 to December2014. The data from the company financial statementsare provided by the financial information company WISEfn. First, using Fama-Macbeth cross-sectional regression, we investigate the relation between gross profitability and stock return performance. For robustness in analyzing the performance of the gross profitability strategy, we consider value weighted portfolio returns as well as equally weighted portfolio returns. Next, using Fama-French 3 factor models, we examine whether or not the gross profitability strategy generates excess returns when firmsize and the book-to-market ratio are controlled. Finally, we analyze the effect of firm size and the book-to-market ratio on the gross profitability strategy. Results - First, through the Fama-MacBeth cross-sectional regression, we show that gross profitability has almost the same explanatory power as the book-to-market ratio in explaining the cross-sectional variation of the Korean stock market. Second, we find evidence that gross profitability is a statistically significant variable for explaining cross-sectional stock returns when the size and the value effect are controlled. Third, we show that gross profitability, which is positively correlated with stock returns and firm size, is negatively correlated with the book-to-market ratio. From the perspective of portfolio management, our results imply that since the gross profitability strategy is a distinctive growth strategy, value strategies can be improved by hedging with the gross profitability strategy. Conclusions - Our empirical results confirm the existence of a gross profitability premium in the Korean stock market. From the perspective of the fund distribution industry, the gross profitability portfolio is worthy of attention. Since the value strategy portfolio returns are negatively correlated with the gross profitability strategy portfolio returns, by mixing both portfolios, investors could be better off without additional risk. However, the profitable firms are dissimilar from the value firms (high book-to-market ratio firms); therefore, an alternative factor model including gross profitability may help us understand the economic implications of the well-known anomalies such as value premium, momentum, and low volatility. We reserve these topics for future research.

• Environmental and Resource Economics Review
• /
• v.16 no.3
• /
• pp.549-574
• /
• 2007

This paper was intended to evaluate environmental policies of South Korea and compare its environmental sustainability with other Eastern Asian countries in terms of some sustainability measures. To meet the purpose, the paper is composed of three parts: a brief and critical review of Korea's current environmental policies, comparison of its sustainability with other Eastern Asian countries in terms of well-known environmental sustainability indices, and comparison in terms of a less well-known alternative measure. Korea's environmental policies as stipulated in "Green Vision 21", "Green Korea 2005" were evaluated in light of OECD EPRK 2006. Korea's environmental performance is then compared with other countries based on such environmental sustainability indices as EF, ESI, EPI and EVI. Unfortunately the well-publicized indices to measure sustainable development (SD) seem to fail in measunng SD and in providing comparability, because it does not base on the genuine concept of SD. Therefore, we tried to suggest an alternative measurement in terms of sustainability quantity (SQ), which is presented for South Korea and her major trading partners, such as USA, Japan and China.

• KEPCO Journal on Electric Power and Energy
• /
• v.2 no.1
• /
• pp.133-141
• /
• 2016

Although construction of any new nuclear power projects had not been launched since mid-1970s until recently in the USA, many new nuclear power plants have been constructed in many countries with the support of their governments mainly as part of their national energy security and electric source diversification policies. For many reasons, the nuclear power industry seemed to reclaim their renaissance from the beginning of this century and the investment in the nuclear power projects draw positive concern from the private financial sector. But the global financial crisis in 2008 and subsequent economic slow-down together with tighter bank credit regulations caused commercial banks, the main source of financing, to lose appetite for investing in new nuclear power projects. But the nuclear power economics shows that the nuclear power is viable in terms of the environmental benefit and long-term average cost compared to other power generation sources. Also doubt about nuclear power safety was much mitigated due to technology development and reinforced safety-related tests and monitoring. Therefore, the prospect for nuclear power market expansion remains positive although there are comparatively big differences among different scenarios. After Korea Electric Power Corp. won the UAE nuclear power project in December of 2009, the competition in nuclear power markets is undergoing huge changes. Competitors backed by the support of their own governments are now entering the market with many aggressive and innovative financing packages to win bids of new nuclear power projects. This report analyzed the nuclear power market prospects, competitive edges of nuclear power, risk management measures, and financing challenges and recommends alternative solutions to promote competitive edges in winning bids of new nuclear power projects.