• Journal of Korean Society of Forest Science
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• v.103 no.4
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• pp.630-638
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• 2014

This paper explores the economic spillover effects of forest therapy projects of Korea Forest Service, using the 2011 Input-Output Tables of Bank of Korea. We consider total expenditures on the construction of 20 forest therapy bases and Baekdudaegan Forest Therapy Base, and operation of 3 forest therapy bases. During the 8 years of 2010-2017, we find that these forest therapy projects generate 698 billion wons of production, 456 billion wons of value-added, and 8,176 new jobs.

• Journal of Information Technology Services
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• v.17 no.2
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• pp.35-47
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• 2018

An electronic receipt (e-receipt) is a receipt issued electronically in place of a traditional paper receipt. This e-receipt, which can be accessed on a smartphone or online, allows for the exchange of goods, refunds, and other services without a paper receipt. The government is focusing on widespread dissemination of e-receipts to realize a society without paper by 2020. Introduction of the e-receipt has begun in mainly large marts and coffee shops, and recently, major franchise convenience stores. As a result, individual customer's transactions are being converted into electronic transactions, and the payment methods are changing to card-based electronic payment services or prepaid electronic payment services. The number of non-paper commercial transactions are also on the increase. In this paper, we try to identify the e-receipt industry ecosystem by analyzing the industries and markets participating in the process of receipt issuance from the perspectives of storage, management and disposal, and to analyze the domestic industrial and social economic effects expected from the spread of electronic receipts.

• KDI Journal of Economic Policy
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• v.34 no.1
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• pp.87-133
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• 2012

This paper consists of two parts. The first part introduces a simple endogenous growth model. It is based on Romer(1990), but extends the original model by incorporating individual workers skill heterogeneity. Based on the heterogeneity, the model has a labor allocation mechanism between skilled (research) and unskilled (production) sectors. Different from Romer(1990), the labor allocation is determined by both demand and supply conditions of the economy. The endogenous growth model presented in this paper shows how the shape of the distribution of human capital affects on the labor allocation, hence on the employment structure, wage profile and economic growth. The model can be extended to an open economy. With the heterogeneity, the extended model explains distributional effect as well as growth effect of the economic openness. The second part provides empirical evidence in support of the extension part of the model presented in the first part. Based on the endogenous growth framework as proposed by Romer(1990) and Rivera-Batiz and Romer(1991), the model explains how economic openness affects labor allocation between skilled and unskilled sectors. According to the model, economic openness can affect labor allocation through two channels; knowledge spillover and specialization. First, the openness promotes knowledge spillover and hence increases the productivity of workers in the skilled sectors. This makes the economy employs more workers in the skilled sector. On the other hand, the openness causes global specialization which leads more employment in the skilled sector for the developed countries but at the same time, leads less employment in the skilled sector for the developing countries since the developing countries have comparative advantages in the unskilled sector. The empirical results obtained using cross country panel data in this paper support these two effects of knowledge spillover and specialization.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.2
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• pp.15-24
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• 2018

The study examines the magnitude of economic spillover and the impact of foreign direct investment (FDI) inflows on the efficiency of the bank industry in China. This study employs unit root tests, cointegration tests and cointegrating regression analysis, including fully modified ordinary least squares (FMOLS), canonical cointegrating regression (CCR) and dynamic OLS (DOLS) to test the proposed hypotheses. The sample is restricted to the period of time in which monthly data is available and comparable among variables for the period from January 2002 to October 2013 (142 observations). All of the time series data was collected and retrieved from the People's Bank of China, China Monthly Statistics from the National Bureau of Statistics of China, and International Financial Statistics database from International Monetary Fund. The results of the Johansen cointegration test suggest that there is a long-run equilibrium relationship between FDI inflows, foreign exchange rate and banks performance in China. The results of cointegrating regression analysis using FMOLS, CCR and DOLS suggest that M2 supply and FDI inflows are significant at the 0.01 level. The results confirm that FDI inflows in the banking sector are positively related to the increase of banks productivity and performance and short-term loans in China. However, the results suggest that Chinese Yuan currency exchange rate to U.S. dollar is not significant in the banking and financial industry of China.

• East Asian Economic Review
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• v.22 no.4
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• pp.507-529
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• 2018

This paper evaluates the whole impact of quantitative easing on inflation in Korea implemented by the central banks in four major advanced economies, the U.S., Euro Area, U.K. and Japan. According to the analysis employing a VAR-X model with the security holdings of those central banks an exogenous variable, quantitative easing is estimated to exert downward pressures on inflation in Korea. Considering the impulse responses of Korean macroeconomic variables to a quantitative easing shock, the spillover effect is transmitted through exchange rate channel while trade channel turns out to be ineffective. In an additional analysis assessing the impact of each quantitative easing program of the central banks, only those of the Fed and European Central Bank are estimated to be significant. The empirical results prove to be robust even if using long-term interest rates as an alternative indicator of quantitative easing.

• Journal of Korea Port Economic Association
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• v.39 no.4
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• pp.223-242
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• 2023

This study analyzes the spillover effects of returns and volatility between the commodity market and the maritime freight market across various frequency domains (short-term, medium-term, long-term). The key findings of the study can be summarized as follows. First, from the perspective of returns, a high linkage is observed in the short-term between the commodity and maritime freight markets, with the metal commodities market playing a particularly significant role in information transmission effect of return series. Second, in terms of volatility, the total connectedness increases from the short- to the long-term, with substantial long-term risk transmission effects observed especially in the BDI, BDTI, agricultural, and energy commodity markets. Notably, during major global events such as the U.S.-China trade war, COVID-19, and the Russia-Ukraine conflicts, a marked increase in the risk transmission effect in the energy commodities market was identified.

• International Area Studies Review
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• v.20 no.3
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• pp.45-80
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• 2016

This paper examined, using three indicators, urban area rate, urbanization rate and urban population density upon the status of urbanization since the 2000s in Southeast Asia. This study also carried out an empirical analysis on the effects of urbanization on economic growth using the Williamson's inverted U-shape hypothesis. In addition, this study calculated the thresholds by which urbanization starts to have positive effects on economic growth by using estimated coefficients, and comparatively analyzed each Southeast Asian country's status. The empirical analysis results opposite to the Williamson's hypothesis. This means that the hypothesis asserting that urbanization has positive effects on economic growth in a country with low economic development phase and income level, but that urbanization can have negative effects on economic growth, if a country's income level is beyond a certain level(threshold), is not supported in this study. In summary, the economies of agglomeration represented as localization economy and urbanization economy is realized to some degree in terms of urbanization in Southeast Asia. Also, urbanization in Southeast Asia has positive effects on economic growth through knowledge spillover, the active exchange of ideas and productivity improvement. In examining the meaning of Southeast Asia's urbanization, policy consideration needs to be conducted, and efforts should be made to maximize the positive effects of the economies of agglomeration and knowledge spillover on economic growth.

• Journal of Labour Economics
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• v.34 no.1
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• pp.33-69
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• 2011

This study analyses a productivity effect by E&T and R&D activities via estimation of E&T stock, R&D stock, and patent stock in a corporate level. Particularly, the analysis reflects the effects of skilled training after estimating E&T stock from E&T flow. When a spillover effect of E&T is analyzed, a methodology using technical proximity concept becomes a new experiment. Also classifying long and short term effects from the usage of Dynamic Panel Data Analysis becomes a new trial, too. The results of study appear that the productivity effects from E&T investments are relatively lager than R&D investments. Through spillover effects and long-term effects E&T and R&D activities have a strong influence on the corporate's productivity.

• KDI Journal of Economic Policy
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• v.36 no.1
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• pp.1-42
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• 2014

This study analyzes how heterogeneous across firms' productivity level the effects of foreign direct investment (FDI) on the productivity of firms in a host country are. The study uses firm level data over 2000~2009 in South Korea and takes a quantile regression approach to estimate FDI's heterogeneous effects on the invested firm ('direct effects') and other domestic firms in the industry to which the invested firm belongs ('intra-industry spillover effects'). Major empirical results are as follows. In manufacturing sector, FDI has positive and statistically significant direct effects on the invested firm. In addition, the higher the quantiles of firms' productivity level are, the larger the positive productivity effects are. FDI also has positive and statistically significant intra-industry spillover effects on domestic firms in low quantiles of productivity while it has negative and statistically significant or insignificant spillover effects on those in high productivity quantiles. In service sector, on the other hand, Sufficient evidence is not found that FDI has statistically significant direct effects or intra-industry spillover effects. Taken together, the study suggests that FDI has heterogeneous effects on the productivity of firms in host country, depending on the firms' productivity level and sector.

• Journal of Korean Society of Rural Planning
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• v.16 no.4
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• pp.131-138
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• 2010

The purpose of this paper is to identify the determinants of spillover effects of regional regeneration projects. This finds that the effects are positively determined by population sizes of regions and degree of industrial specialization of regeneration related industries. In particular, the improvement of accessibility through the development of transportation infrastructure facilities can contribute to increases of economic impacts of regeneration projects of high-income regions on the lagged regions. Microeconomic approaches and dynamic modelling need to be integrated for this impact analysis as further research fields.