• Journal of the Korea Society of Computer and Information
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• v.22 no.12
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• pp.163-170
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• 2017

The purpose of this study is to introduce policy and theoretical implications by analyzing affecting factors for the elder's happiness. For this study, we analyzed data using HLM. Data include a world value survey(hereafter, WVS) as personal level analysis data and also OECD's Social Expenditure Database(hereafter, SOCX) and database from the World Bank as national level analysis data. The subjects of personal level analysis were the elder who are over 65-years od age, and they were total 3,297 people, and while the subjects of national level analysis were total 9 OECD countries. For the data analysis, hierarchial linear model(HLM) analysis was done by using HML 7.0 program. As a result of analysis, First, for the elderly's happiness, they should improve self-disposition, members of social groups, and social class. Second, the old-age pension and the survivor's pension had no meaningful effect on the happiness. but it was found that self - disposition, social class, gender, and health status showed meaningful interaction effect according to old - age pension, survivor pension, per capita GDP, income inequality. This suggests that efforts to improve the happiness of the elderly should be made at the individual level and the national level at the same time.

• Asia-Pacific Journal of Business
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• v.10 no.2
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• pp.13-26
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• 2019

This paper aims to empirically examine the short-run and long-run aggregate demand for the US imports using quarterly economic data for the period 2000-2018 including aggregate imports, final expenditure components, gross fixed capital formation and relative price of imports. According to the results of both multivariate co-integration analysis and error correction model, the above variables are all cointegrated and significant differences are found to exist among the long-run partial elasticities of imports as regards different macro components of final expenditure. Partial elasticities with respect to government expenditure, gross fixed capital formation, exports and relative price of import are found to be positive while imports seems to respond negatively to changes in private consumption, implying that an increase in private consumption could result in a significant reduction in demand for imports in the long run. With regard to the relative import prices, the results appear to indicate a relatively insignificant influence on the aggregate imports in the US in the long run. However, an error correction model designed for predicting the short-term variability shows that only exports have an impact on the imports in the short run.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.1 no.1
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• pp.11-26
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• 1978

Economic development is usually identified with the increased of G.N.P and capital formation connected directly wi:11 the net increase of land, structure, commodity, stocks and foreign claims, etc. The increase of G.N.P. is driving at capital formation. The usual concept of capital formation for economic development misses the important productivity factor of human capital. Because it is now increasingly realized that a massive injection of material into production will 11 not necessarily explain a successful productivity unless that country already possesses 1 suitable human capital. Human capital is built of educational investment which is related to the physical capital. Many statistical investigations identified this reality. Of late years, a great crowd of economists studying an the problem of economic development have turned their attention towards human capital. Thereupon, this paper has dealt with the fact that educational investment affects physical capital and employment. The qualitative increment of human capital will increase the productivity but excessive expenditure on human capital will squander a physical capital. In designing a strategy of human capital for economic development, one needs to consider tile level of educational investment because educational investment of developing countries will be accasionaly made or marred by investment level and direction.

• Asian Journal of Innovation and Policy
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• v.6 no.1
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• pp.94-110
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• 2017

This paper approaches knowledge capital as social infrastructure and analyzes its impact on economic growth. To this end, we constructed a panel dataset for 120 countries for the years 2000-2014 and estimated the economic growth function using the panel analysis. As proxies for knowledge capital, we used the R&D expenditure per capita and the number of patent applications per thousand people in each country, both measured in stock. Economic growth was measured in terms of real GDP per capita and real value added per capita at the industry level. The empirical findings demonstrate that knowledge capital accumulated in a society significantly promotes economic growth. Especially R&D stock increases real value added per capita in all industries-not only manufacturing, but also services and agriculture-implying substantial inter-industry spillover effects. The findings of this study suggest that knowledge capital boosts economic growth as core social infrastructure.

• Journal of the Korean housing association
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• v.10 no.3
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• pp.221-229
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• 1999

The purpose of this study is to investigate the housing affordability of multi-family dwelling in Seoul and to systemize the housing expenditure patterns and housing affordability according to household and housing characteristics. Housing expenditures are basically composed of the payments of four major items. including utilities. home alteration and interior furnishing. home mortgage debt. and monthly rent. Housing affordability index as operationally defined in this study is Housing Expenditure-to-Income Ratio (HEIR). The ratios were computed for each of the four housing expenditure items. Data for 465 multi-family dwellers were gathered from the structured questionnaire. The results showed the differences between household and housing characteristics on housing expenditure levels and HEIR. In addition. this differences had influence on future housing choice behavior. The analysis on the variables of housing choice behavior showed the result that user cost considering capital gains were less important. comparing those of early 1990's.

• Asia-Pacific Journal of Business
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• v.13 no.4
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• pp.25-43
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• 2022

Purpose - This study is to investigate the direct and moderating effect of intangible variable like economic freedom to facilitating factors on FDI(foreign direct investment) inflows and the difference of facilitating factors by the stage of economic development. Design/methodology/approach - Fixed-effect panel regression analysis with 19-year macro economic data from 2000 to 2019 including economic freedom index from Fraser Institute in 13 developed and 15 developing countries was used. Research implications or Originality - In analysis of direct effect of 5 sectors in economic freedom, the influence of economic freedom was shown weaker than other macro economic factors on FDI inflows, which indicates that actual development of economic factors are more important. The effect of economic freedom on FDI inflows at the stage of economic development differed. In developed countries, human capital, GDP, export, free trade and regulation affected FDI inflows in decreasing order, as did human capital, GDP, consumption expenditure, export, investment expenditure, government expenditure, free trade and sound money in developing countries. In analysis of moderating effect of economic freedom, a domestic and international market size, a flexible labor market which can provide a cheaper good human resources and government expenditures for improving social infrastructure under free economic environment facilitated FDI inflows. However, the statistical significance of moderating effect on export was not shown, which indicates that economic freedom policy itself without actual improvement of exports could not attract FDI inflows.

• Journal of Distribution Science
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• v.18 no.9
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• pp.13-18
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• 2020

Purpose: Research and development of human capital in countries bring sustainable development to the nations. Especially for developing countries, the attraction of foreign direct investment not only brings economic growth to the country but also contributes to improving human capital. This study aims to assess the impact of foreign direct investment on human capital in ASEAN countries. Research design, data and methodology: With data collected from ASEAN countries from 1990 to 2019, panel data analysis is performed with revised model types (the Pooled OLS, Fixed effect model, Random effect model and regression with Driscoll-Kraay standard errors). Result: The results of the regression analysis show that FDI has a positive impact on human capital. At the same time, the study also found that public investment in education also positively affects human capital; the life expectancy factor does not affect human capital. Conclusions: With this research result, the authors also proposed a number of solutions to improve human capital by attracting FDI and improving the efficiency of investment for the education of ASEAN countries. Besides, public expenditure on education also plays an important role in raising human capital. Therefore, investment in education should be promoted further in the future.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.46 no.1
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• pp.91-104
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• 2023

The records system is believed to have started in Italy in the 14th century in line with trade developments in Europe. In 1491, Luca Pacioli, a mathematician, and an Italian Franciscan monk wrote the first book that described double-entry accounting processes. In many countries, including Korea, the government accounting standards used single-entry bookkeeping rather than double-entry bookkeeping that can be aggregated by account subject. The cash-based and single-entry bookkeeping used by the government in the past had limitations in providing clear information on financial status and establishing a performance-oriented financial management system. Accordingly, the National Accounting Act (promulgated in October 2007) stipulated the introduction of double-entry bookkeeping and accrual accounting systems in the government sector from January 1, 2009. Furthermore, the Korean government has also introduced International Financial Reporting Standards (IFRS), and the System of National Accounts (SNA). Since 2014, Korea owned five national accounts. In Korea, valuation began with the 1968 National Wealth Statistics Survey. The academic origins of the valuation of national wealth statistics which had been investigated by due diligence every 10 years since 1968 are based on the 'Engineering Valuation' of professor Marston in the Department of Industrial Engineering at Iowa State University in the 1930s. This field has spread to economics, etc. In economics, it became the basis of capital stock estimation for positive economics such as econometrics. The valuation by the National Wealth Statistics Survey contributed greatly to converting the book value of accounting data into vintage data. And in 2000 National Statistical Office collected actual disposal data for the 1-digit asset class and obtained the ASL(average service life) by Iowa curve. Then, with the data on fixed capital formation centered on the National B/S Team of the Bank of Korea, the national wealth statistics were prepared by the Permanent Inventory Method(PIM). The asset classification was also classified into 59 types, including 2 types of residential buildings, 4 types of non-residential buildings, 14 types of structures, 9 types of transportation equipment, 28 types of machinery, and 2 types of intangible fixed assets. Tables of useful lives of tangible fixed assets published by the Korea Appraisal Board in 1999 and 2013 were made by the Iowa curve method. In Korea, the Iowa curve method has been adopted as a method of ASL estimation. There are three types of the Iowa curve method. The retirement rate method of the three types is the best because it is based on the collection and compilation of the data of all properties in service during a period of recent years, both properties retired and that are still in service. We hope the retirement rate method instead of the individual unit method is used in the estimation of ASL. Recently Korean government's accounting system has been developed. When revenue expenditure and capital expenditure were mixed in the past single-entry bookkeeping we would like to suggest that BOK and National Statistical Office have accumulated knowledge of a rational difference between revenue expenditure and capital expenditure. In particular, it is important when it is estimated capital stock by PIM. Korea also needs an empirical study on economic depreciation like Hulten & Wykoff Catalog A of the US BEA.

• KDI Journal of Economic Policy
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• v.34 no.2
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• pp.17-40
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• 2012

We study externality costs of capital investment under limited commitment. We solve for the constrained efficient allocation with a limited commitment environment and find positive externality costs of capital investment provided that full-risk-sharing is not feasible. In a decentralized version of limited commitment environment, a one unit increase of capital investment by an agent increases all individuals' autarky values in the economy and generates externality costs in the economy. This externality cost provides a rationale for positive capital taxation even in the absence of government expenditure. In order to internalize this costs, the government use a positive rate of linear capital tax in the decentralized economy.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.33 no.3
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• pp.1203-1213
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• 2013

Governmental accounting system has changed from budgetary accounting on the basis of cash and bookkeeping by single entry to financial accounting on the basis of accrual and bookkeeping by double entry. In the context of this transition, infrastructure becomes considered an asset in accounting, and resulting accounting methods also take different approaches from conventional budgetary accounting. Financial accounting system defines expenditures into two categories, i.e. capital expenditure(CAPEX) and operational expenditure(OPEX), and stipulates that the expenditure shall be divided into those two categories before accounting. The construction and expansion of infrastructure must be considered a CAPEX because it means a sort of asset acquisition, but with regard to applications in practical accounting, it is actually challenging to judge whether any expenditure associated with maintenance works (including repair and service) during use of infrastructure acquired shall be considered CAPEX or OPEX. This paper suggested an asset management based accounting method for sewer maintenance expenditure. And it applied the method to actual accounting cases and analyzed them in comparison with conventional financial information. As a case study result, Sewer asset value of S city increased approximately 700 hundred won because sewer maintenance expenditure are classified between OPEX and CAPEX according to the proposed accounting method. It is expected that the proposed accounting method will contribute significantly to providing any proper sewer asset value information.