• International Area Studies Review
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• v.20 no.1
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• pp.105-125
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• 2016

The expansionary monetary policy was practiced after 2001 in Japan to treat the deflation spiral, and reduced only the nominal interest rates and domestic household demand. One of the most serious factors for this failure was the change of private sector's expectancy. This paper has studied the effect of Japanese monetary policy in 21c., with empirical research based on a renewed macroeconomic model and the VAR. The empirical analysis shows that the effect of monetary policy on the national income during 2001.01-2015.03 is weaker than that of 1985.01-1994.04. Money volume has a diminutive effect on the growth of GDP within a short term after 2001. The change in the expectations of the private sectors might have been the cause of ineffectiveness of the expansive monetary policy. Economic agents learned from the past Japanese financial crisis that an expansive monetary policy increased the inflation rate and caused the 'bubbles to burst' afterwards. The VAR analysis says that the effectiveness of monetary policy on the economic depression declined over the past 20 years and the expansion of money volume has no influence on exchange rate and net export. This means that the expansive monetary policy lost its effect on net export and national income steadily. Monetary policy makers have to recognize this fact, and to consider another anti-cycle political instrument, i.e. the fiscal policy with government debt.

• International Journal of Computer Science & Network Security
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• v.21 no.5
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• pp.183-191
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• 2021

The advanced development of the world's economies requires a detailed study of the impact of factors on the level of digitalization, to ensure economic growth and promote the use of information and communication technologies in the digital economy. Digitalization of the world's economies is ensured through the implementation of relevant regulations and policy decisions to implement public policy and strategy of the digital economy. The purpose of the study is to establish the pattern of the impact of factors on the level of digitalization of world economies by conducting a regression analysis to reflect the dependence of the impact of factors on the level of digitalization in 25 economies (by IMD digital competitiveness), to check the level of digitalization of the world's economies. It is necessary to analyze the ranking of countries in the world according to the DiGiX Index, IMD, and DESI Digital Competitiveness Rating. Research methods: information synthesis method; regression analysis; systematization, and generalization. Results. It was found that because of regression analysis, the value of the coefficient of determination indicates that the regression model by 78% explains the relationship between future readiness of countries to implement digital technologies and information and communication technologies, but there are still a small number of other factors not included in the regression model. It is determined that the greatest progress among EU member states for the period 2015-2020 according to the DESI index belongs to Ireland, the Netherlands, Malta, and Spain. It is established that Estonia, Spain, and Denmark are in the lead in the DESI rating, in terms of e-government implementation. The study found that the impact of factors on the level of digitalization of world economies contributes to solving current economic problems through further implementation of information and communication technologies and improving legislation in the digital economy, which will ensure the implementation of effective digital policy. It is established that ensuring the appropriate level of digitalization of the world's economies should solve the problems in the digital economy sector faced by governments and businesses, which requires the implementation of measures to regulate and ensure the continued operation of the digital economy.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.22 no.2
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• pp.248-258
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• 2021

The study analyzed the financial determinants of corporate R&D intensity that require more attention from academics and practitioners in the Korean capital market. Domestic small and medium enterprises (SMEs) may face with developing substitutes by making more R&D investments in scale and scope, given the unprecedented economic conditions such as the limitation of importing core components and materials from other nation(s). KOSDAQ-listed SMEs were selected as sample data, whose R&D expenditures may be less than those of large firms during the post-global financial turmoil period (2010~2018). Static panel data model was applied, along with Tobit and stepwise regression models, for examining the validity of results. Logit, probit, and complementary log-log regressions were also employed for a relative analysis. R&D expenditures in the prior year, the interaction effect between the previous R&D intensity and high-tech sector, firm size, and growth rate were significant to determine R&D intensity. Moreover, a majority of explanatory variables were found to change between the years 2011 and 2018, while time-lagged effects between the R&D intensity and growth rate exist. Results of the study are expected to be used for future research to detect optimal levels of R&D expenditures for the value maximization of SMEs.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.2
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• pp.153-161
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• 2021

This study analyzed the ripple effect of the demand-side support for start-up venture companies on the macro economy using Dynamic General Equilibrium model. In the model, start-up venture companies were expressed in a manner that distinguished between workers and entrepreneurs by applying the span of control in the Lucas(1978). As a result of the analysis, when the share of public procurement of start-up venture companies was increased from 5.7% to 10%, the actual production of start-up venture companies increased by about 46.17% and the number of venture companies increased by about 150%. In addition, it was analyzed that the number of jobs through venture companies increased by about 61.56%. In addition, it was found that the economic effect was greatly reduced when the start-up venture company was supported as a subsidy for the supply sector with the same amount as the public procurement support. This is interpreted as the fact that if the government implements the supply-side support policy, the expansion of supply causes the price of start-up venture companies to fall, reducing the effect of the support policy in half. Therefore, when supporting start-up venture companies, the government should make efforts to maximize the policy effect by expanding the demand-side support through public procurement and reducing the payment of simple subsidies to start-up venture companies.

• Journal of Korea Port Economic Association
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• v.38 no.1
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• pp.31-47
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• 2022

While the ship finance industry has long been struggling with diminishing involvements from the private sector, government-run banks have consistently increased their presence in maritime finance. To address such concerns, this research conceptually explores the creation of blockchain technology-driven security token offering (STO) platforms. To suggest a sound platform model, this piece first examines key design principles. Based on the integral perspective on the digital platform, this paper exhibits three core design principles to create a virtuous platform ecosystem, then sets out STO platform design guidelines. This paper further explores an STO platform model by considering conventional ship finance systems and practices in Korea. The STO platform has three main effects; 1) the wider availability of STOs can enlarge both the scope and size of ship finance users, 2) the activation of security token transactions leads to an increase in participation, and 3) possibilities to create complementary innovative financial services can further encourage the participation of private investors. The STO ecosystem may contribute to the shipping, shipbuilding, and ship finance industries by enhancing its attractiveness to the general public and by creating positive externalities for Busan as a maritime finance center.

• Economic and Environmental Geology
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• v.55 no.4
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• pp.399-406
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• 2022

In line with the megatrend of 2050 carbon neutrality, the amount of critical minerals used in clean-energy technology is expected to increase fourfold and sixfold, respectively, according to the Paris Agreement-based scenario as well as the 2050 carbon-neutrality scenario. And, in the case of Korea, in terms of the battery supply chain used for secondary batteries, the midstream that manufactures battery materials and battery cell packs shows strength, but the upstream that provides and processes raw materials is experiencing difficulties. The Korea Institute of Geoscience and Mineral Resources has established a strategy to secure lithium, nickel, and cobalt and is conducting surveys to respond to the upstream risk of these types of battery raw materials. In the case of lithium, exploration has been carried out in Uljin, Gyeongsangbuk-do since 2020, and by the end of 2021, the survey area was selected for precision exploration by synthesizing all exploration data and building a 3D model. Potential resources will be assessed in 2022. In the case of nickel, the prospective site will be selected by the end of 2022 through a preliminary survey targeting 10 nickel sulfide deposits that have been prospected in the past. In the case of cobalt, Boguk cobalt is known only in South Korea, but there is only a record that cobalt was produced as a minor constituent of hydrothermal deposit. According to the literature, a cobalt ore body was found in the contact area between serpentinite and granite, and a protocol for cobalt exploration in Korea will be established.

• Korean Association of Arts Management
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• no.56
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• pp.243-274
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• 2020

Maker culture in Korea began to receive public attention after the 2012 Maker Fair Seoul. Central and local governments took note of this trend and subsumed makers' culture into its policy domains such as Creative Industry, Creative Cities, 4th Industrial Revolution, and the all-encompassing Creative Economy. Creative Economy was a public policy discourse formed in the public sector for the purpose of overcoming economic depression and revitalizing the economy. Under Creative Industry and Creative Economy, creativity and culture/arts are deemed indispensable but at the same time objectified and alienated as their ultimate value are recognized only as the basis for economic production. In this article, makers' culture itself goes through the same process of objectification and alienation that creativity and culture/arts suffered as the relevant policies were pursued under Creative Economy. The authors attempted to corroborate this through the case of Makercity Sewoon, and found that the Seoul City's urban development plan surrounding Sewoon Plaza proceeded in a direction destructive to the local technological ecosystem and therefore conflicts with the pronounced goal of leading 4th Industrial Revolution by encouraging and nurturing makers' culture. Makercity Sewoon, although packaged in a discourse of Creative Economy and Creative City, betrayed the same problem of alienating arts/culture and labor that the previous discourse showed.

• Journal of International Area Studies (JIAS)
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• v.14 no.3
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• pp.421-440
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• 2010

This paper examines middle powers' ODA policy in the post cold war era and discusses its implication for Korean aid strategy. Middle powers' ODA has been more successful than that of super powers in promoting donors' positive images and in stimulating recipient countries' development. Middle powers tend to pursue multilateral solutions to international problems often by taking a mediator role, and their ODA policies set them apart from the great players in international politics. Middle powers' ODA is primarily aimed at reducing poverty and protecting human rights in least developed countries where humanitarian aid needs the most rather than promoting donors' interests. Also, middle powers have provided bilateral untied aid in the sectors of food aid and emergency relief and steadily devoted about 0.7% of their gross national income to ODA. Meanwhile, Korea as an emerging middle power and a new donor has been implementing its own aid strategy under the name of the Korean development model since the post cold war period. The Korean ODA was not successful in building donors' positive images by simply following the short term strategies of US and Japan. Yet, its ODA policy has been quite effective in sustaining local development by creating specific niches in which the country can specialize in. In specific, Korea has focused on developing the sectors of information and communication technology and industry energy in recipients' countries by maximizing its comparative advantage.

• Journal of the Economic Geographical Society of Korea
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• v.25 no.4
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• pp.451-468
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• 2022

Leading enterprises in contract farming are in control of agricultural production and influence the structure of the agricultural system in contract areas. This study focuses on the contract farming of potatoes for manufacturing chips, which uses a high proportion of domestic raw materials, and identifies the characteristics of contract farming between confectionery company 𐩒 and potato farms in Haean-myeon, Yanggu-gun, Gangwon-do. This study also analyzes the impact of contract farming on local agriculture from the perspective of the industrialization of agriculture. The results of this study demonstrated that contracting companies ensured the quality of potatoes and smooth agricultural operations by first preferentially selecting farmhouses with land that is easy to work with and then supplying the necessary agricultural machinery to promote the intensification of their work. In addition, contracting companies influenced the centralization of the agriculture sector by selecting farmhouses capable of contracting over a certain scale and guaranteeing them sales channels and the specialization of potato farming in contract areas, mainly through the supply of processing varieties and the spread of cultivation technology. The results confirmed that these three dimensions of contract farming promoted the industrialization of local agriculture.

• Journal of the Economic Geographical Society of Korea
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• v.26 no.1
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• pp.1-22
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• 2023

This study proposes an integrated use of region and industry as a way to classify firms' innovation activities by type. Existing studies have used the method of determining innovative activities according to the components of the technological regimes and aggregating them by industry classification, but this method cannot fully reflect the heterogeneity within industries in an increasingly sophisticated innovation environment. Therefore, this study divides firms by region and industry and conducts a cluster analysis on the proportion of innovative activities by the components of the technological regimes to derive a total of four innovation types. Using the 2016 Korean Innovation Survey to classify innovation types in the manufacturing industry, we found that innovation activities are concentrated in Seoul, Busan, Incheon, and Chungnam/ Sejong/ Daejeon area, with different deviations by region and industry. The results of the aggregation of industrial innovation activities, weighted by corporate activity by region, show that the level of innovation activity in some manufacturing industries, such as petrochemicals, manufacturing of medical, precision and optical instruments, watches and clocks, is high, but the level of innovation in other sectors within the manufacturing industry is generally low.