• International Commerce and Information Review
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• v.14 no.3
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• pp.209-227
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• 2012

Northeast Asia where is an epicenter of the global financial crisis's conquest is traditional imbalanced region of oil production and consumption. In recent years, the region has been suffered by the shortage of oil storage and transportation facilities due to surging oil trading and necessity in strategic reserves. Therefore, since independent petroleum logistics with the storage facilities and oil trading hub is required to form efficient oil market in this region. In this study, we analyzed the efficiency of refinery facilities by country that is of importance in being a logistics hub in Northeast Asia by employing non-static and dynamic efficiency analysis, which are a part of DEA(Data Envelopment Analysis) and then policy implications have been drawn. The result illustrates Korea's is the highest country in terms of efficiency of oil refining facilities in Northeast Asia. It implies that Korea has strong position to be the oil hub in Northeast Asia.

• East Asian Economic Review
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• v.17 no.2
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• pp.161-206
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• 2013

Since the global financial crisis in 2008, the world economy has been suffering from the Great Recession characterized by high and persistent unemployment as well as drastic fall in asset prices. Real business cycle theory or new-Keynesian economics which has been the dominant paradigm in macroeconomics for the last four decades is unable to explain the high and persistent unemployment during the Great Recession. This implies that the economics of Keynes should be taken seriously again as a tool to explain the Great Recession. Farmer (2012) proposes a new way of interpreting the economics of Keynes by providing it with a solid micro-foundation based on labor markets with search. According to Farmer (2012), aggregate economic activity independently depends on the long-term self-fulfilling expectations about the stock prices. As a consequence, the government or the central bank should implement a policy that influences the public's confidence about the stock market. For an open economy like the Korean economy, it is not only stock price but also the price of asset such as house that matters more for the aggregate economic activity. Households in the Korean economy hold more than 70 percent of their wealth in the form of real estate asset, especially housing asset. This makes the public's confidence about the future prices of houses even more important in explaining the business cycles of the Korean economy. Policymakers should implement policies to improve the confidence of households about the housing market to recover from the recession caused by a fall in house prices. Little theoretical work has been done in explaining fluctuations in the aggregate economic activity from the point of house prices. This paper develops a small open economy model with traded and non-traded capital based on Farmer (2012) and shows that the aggregate economic activity also independently depends on the households' self-fulfilling expectations about the future prices of non-traded asset such as houses.

• Journal of the Korean Regional Science Association
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• v.15 no.2
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• pp.21-38
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• 1999

This paper is concerned with analyzing the role of Northeast Asia intercity networks in Northeast Asia in creating regional networks. For the purpose of this paper, we have followed Choe's (1996) definition of Northeast Asia which includes the Russian Fat East, the Northeast region of China, South Korea, North Korea and Japan. The central hypothesis of the paper is that the geopolitical conditions of Northeast Asia compared for example with Southeast Asia, favor bilateral rather than multilateral linkages between nation states. In these circumstances, it is our hypothesis that cities will play an important role in developing a "local image" of regio-nalism and intercity networks. In order to analyze this hypothesis, the paper is divided into three parts. Part A analyzes the emerging urban system of the Northeast Asia region using Choe's concept of the BESETO corridor and updating his data from the late 1980s to the mid 1990s just prior to the financial crisis. This analysis is further supported by the analysis of economic and transportation linkages within the urban system of the region with some discussion of emerging urban nodes. Part B looks at the specific case studies of the region including the Bohai Sea region, the Japan Sea and case studies of Sapporo, the Japan Sea and case studies of Sapporo, Pusan and Shandong province cities. Part C summarizes this preceding analysis and that the development of regionalism and servicing urban nodes is move likely to emerge from a myriad of linkages developed between the region's cities than from a supra-regional role of nation states. This finding has important implications for regional policy formation suggesting that there should be considerate national support for international linkages between cities.en cities.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.1077-1085
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• 2020

This research is a literacy study regarding the implementation and management of the economic role of haria as a new strategy in overcoming the problem of the global financial crisis that has hit the middle of the COVID-19 pandemic. The research method comes from previous studies to compare the capitalist, socialist, and sharia economic systems. In response to various economic uncertainties, both internal and external, the ability to seize opportunities and transform has become the key to economic resilience. Islamic economics can be an alternative in responding to the dynamics of the global and national economy. Several things need to be taken into consideration in fulfilling the sharia economy and the primary strategy chosen must come from the inputs given by the stakeholders, including business actors, associations, regulators as well as experts, and academicians. The primary strategy in implementing the sharia economy also requires the support of various parties in order to develop sustainability. Strengthening regulation and governance is one of the fundamental factors. Optimization of the sharia economy based social sector such as Zakat, Infaq, Sadaqah, and Waqaf can be optimized both for collection and distribution so that the concept of sharing can certainly support the development and the economy both nationally and globally.

• Economic Analysis
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• v.26 no.2
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• pp.43-71
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• 2020

This paper aims to derive macroeconomic implications by analyzing the business cycle characteristics of the youth unemployment. The results of empirical analysis seem to show that youth unemployment appears to be relatively less correlated with business cycle compared to other age groups, and thus it is difficult to explain the recent steady increase in the potential labor force as a result of the business cycle fluctuation alone. Moreover, the alternative unemployment measures of the youth group showing upward trend were estimated to be co-integrated with output measures. This co-integrated trend increase suggests that unlike other age groups, youth may be influenced by structural factors inherent in Korea's economic growth path. The fact that the wage difference based on firm size has widened steadily since the Asian financial crisis and that the proportion of large companies that provide relatively high-quality jobs compared to major industrialized countries is significantly lower may be the evidence of the structural changes in Korean youth labor market. The results of above analysis may explain why the job search periods for youth has lengthened amid these structural changes.

• Journal of Distribution Research
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• v.15 no.5
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• pp.37-60
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• 2010

Department Stores have been in place as typical large-scale retailer in Korean retail market. After Asian financial crisis in 1997, the market share of major three department stores has been increased and they have had a dominant position in relationship with vendors or manufacturers. Thus, they are able to control sales commission. Sales commission is defined as things that department stores which contribute to products sales instead of manufacturers take some portion of price as their revenue. In other words, vendors or manufacturers pay some amount of money from their sales by contracted ratio to department stores. The problem is that vendors or manufacturers think that sales commission is high. However, department stores have a different opinion that sales commission is not high because they generate new value from gathering customers and doing marketing activity on behalf of vendors or manufacturers. Because department stores have operated with business model of renting sales space to vendors or manufacturers instead of buying goods directly from them, this situation has been taken place. The revenue of department stores depend on sales commission. Thus, they want to get a dominant power to control sales commission in relationship with vendors or manufacturers. So, they have tried to increase their size and brand power. The considered policies related in sales commission of department stores are as following: preventing monopoly or oligopoly of department store, being strength of monitoring for department stores' unfair trade, strict enforcement of law for large-scale retailer's unfair trade, and inducing win-win strategy doing voluntarily by department stores.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.3
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• pp.43-58
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• 2021

This study analyzes the entrepreneurship policies of the previous Korean administrations from the perspective of the Policy Paradigm by Hall(1993). A total of 195 newspaper articles and 202 government documents were examined to identify policy paradigm shifts through an analysis of policy objectives, policy instruments, and changing quality of policy instruments by each administration. The first paradigm was built during the 5th and 6th Republic, where 'Support for Small and Medium Enterprise Establishment Act' was enacted in 1986 to promote and support start-ups in the manufacturing sector. Next is the so-called 'people's government' period where 'Act on Special Measures for the Promotion of Venture Businesses' was enacted to tackle the challenges posed during the 1997 Asian financial crisis. A new policy goal was set to promote and nurture venture companies seeking subsequent means to achieve it. The third paradigm shift took place during President Moon's administration in order to effectively respond to the issues stemming from the fourth industrial revolution and the COVID-19 pandemic. Through the overall revision of the 'Support for Small and Medium Enterprise Establishment Act', the scope of startups were expanded, new industries and technology startups were supported and promoted, and venture investment-related laws were streamlined. In addition, the Small and Medium Business Administration was promoted as the Ministry of SMEs and Startups, enabling them to take initiative in implementing startup policies. Particularly, this study focuses on examining the low survival rate of startup companies and the revitalization of private investment as rising policy issues for recent startups, and suggests the improvement direction due to startup policy paradigm shift.

• Journal of Christian Education in Korea
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• v.68
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• pp.11-40
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• 2021

The coronavirus pandemic has brought about significant negative changes in our society to the point where it has to be divided into 'Before Corona'(BC) and 'After Corona'(AC). Typical examples include economic difficulties and medical inequality of some social excluded groups as well as individuals who die alone because they are alienated from social networks, and hate and violent discrimination against Asian immigrants, which are rapidly increasing in Western countries in these days. In addition, the pandemic is at a global level, ranging from the vaccine gap between the first and third worlds, triggered by competition for securing vaccines between countries that put their own interests first, the income gap due to changes in the economic environment and financial market, and the bankruptcy of individuals and corporations. In 'all'(pan) and 'people'(demos) became a limit situation that could not be avoided. There is also the opinion that the world could witness the worst catastrophe if the pandemic spreads to poor countries at risk of increasing violence, poverty and famine. The purpose of this paper is to examine the changes in society caused by the Coronavirus pandemic and to suggest the direction of Christian education accordingly. To this end, this paper analyzes the medical, economic, and psychological crises that society faces in the post-corona era. Next, we look at the changes in Christian theology, mission, and worship, which are strongly required for fundamental changes in the context of the pandemic. Based on the above discussion, we propose a new direction for Christian education necessary in the post-corona era.

• Journal of the Economic Geographical Society of Korea
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• v.14 no.4
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• pp.467-485
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• 2011

After Korean War, Korea focused on catching up with the world economy by concentrating on some target industries around the Capital Region and southern coastal cities. Thus, the regional disparity between Capital Region and non-Capital Regions increased drastically. At last, when Korea acquired full-fledged autonomy in 1994 in the Civilian government (1993-1998) and experienced the Asian financial crisis in 1997-1998, local governments were awakened to the notion of region-oriented development, especially for regional industrial development. The purposes of this paper are to introduce regional industrial development policies since 1998 and to suggest some recommendations in terms of how to adjust regional development for industrial policies in the future. In the introducing phase (Kim administration, 1998-2003), four provincial governments requested national funding to raise regional industries that are of strategic importance. At the same time, the central government recognized the need to nurture regional industries to overcome structural weaknesses. As a result, the Roh administration (2003-2008) gave a birth to a systematizing phase. As the ultimate regional policy objective, the balanced national development has been set and the Special Acts, Special Accounts, Committee, and National Plan have been established. Regional Industrial Promotion Project has been carried out very actively during this period. It had a good start albeit idealistic to a certain extent. Therefore, the current government has changed policy paradigm from balanced growth to regional competitiveness along with global paradigm shifts. In order to enhance regional competitiveness, regional development policies have been pursued in more efficient way. Leading Industry Nurturing Projects (LINPs) on Economic Region level, existed Regional Industrial Promotion Projects (RIPPs) on Province level, and Region Specific Industry Projects (RSIPs) on Local Area level have been implemented. Now, it is appropriate to review regional development policies including industrial policies since 1998 and to adjust them for the future sustainable regional development. Because LINPs and RIPPs will be terminated in next two years, the 2nd stage projects are on planning to reduce the redundancies in two projects. In addition, business support program would be reformed from subsiding technology development to building ecological business system. Finally some policy implications are provided in this paper, which is useful to establish the new regional industrial policies for both central and local government.

• Journal of Popular Narrative
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• v.26 no.2
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• pp.9-37
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• 2020

The present study examines the transnational "Hallyu" (the Korean wave) phenomenon after the 1990s in the context of a solidarity movement of East Asian women. It also focuses on the passion for the world stage given the cultural industry was supported by the government as a "chimney-less factory" during the IMF financial crisis. Over the past twenty years and through Hallyu 1.0, Hallyu 2.0, and Hallyu 3.0, "K-entertainment" has been advocated, as a concept that encompasses K-drama, K-pop, etc. in the cultural industry. Furthermore, everything Korean, through K-culture, is being put at the forefront. However, there is insufficient discussion regarding the actions of the women who led the Korean wave. This paper examines the female fans and girl groups who played leading roles in the rise of popular culture and its transnational prominence within the context of the female agency and female labor involved. The lack of acknowledgment of their roles is linked to the current erasure of the discussion on the female youth. Discussion on "woman" is still limited to the domain of reproduction in the generational discussion that has replaced the existing nation-state or class led discussions in the current era of neoliberalism. However, since The reboot or the popularity of feminism in recent years, the interest in the female narrative, in works such as 'Kim Ji-young, Born 1982' has been expanding beyond East Asia to the rest of the world. Just as Hallyu was created by women in the beginning, there is a new trend in which women across national borders are joining in solidarity. As such, the present study attempts to prove that the female fan, girl group, and female youths must be one meta-narrative through a feminist reading, rather than individuals with separate identities.