• Environmental and Resource Economics Review
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• v.21 no.1
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• pp.27-67
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• 2012

This paper analyzed the effect of transaction costs on the prices and trading volumes at the initial stage of emission markets and also examined how the size of the effect differs depending on the characteristics of the transactions. We built trading protocols modeling a recursive process to search the trading partner and make transactions with several behavioral assumptions considering the situations of early markets. The simulations results show that adding transaction costs resulted in reduction of trading volumes. Furthermore, the speed of reduction in trading volume to the increase of transaction costs is higher when there is scale economy. With a certain level of scale economy, the trading volumes abruptly fall down to almost zero as the transaction cost gets over a certain level. This suggests the possibility of a failed market. Since the scale economy is thought to be significant in the early stage of emission trading market, it is desirable to design a trading system that maximizes trading volumes and minimizes unit transaction costs at the outset. One of the alternatives to meet these conditions is to establish a centralized exchange and take measures to increase trading volumes.

• Journal of the Korean Geographical Society
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• v.42 no.2 s.119
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• pp.258-279
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• 2007

Culture and art are emerging as main components in the creative economy to enhance the competitiveness of urban centres in the global market by nurturing cultural or artistic industries. A range of research exists which investigates the role of artists and art museums in the process of urban regeneration in Northern American and Western European countries. Yet research into the geography of at galleries acting as an intermediary between art works and cultural consumers remain rare. Empirical research on gentrification and urban regeneration and their connection with spaces for cultural consumption in Asian cities is even less common. The aim of this paper is to show the rise and decline of art galleries in Seoul and the way that this reflects urban development process, historically specific conditions and the characteristics of artists' communities. The background of the locational agglomeration of an galleries is examined in connection with the human ecology of artists, art business and its implication for the global market. The location of art galleries in Seoul seems to be affected by commercial art business and public policy, rather than by artists communities embedded in local areas. The location dynamics of art gallery clusters in Seoul is examined in the context of rent increases, changes of consumers' taste and fluctuating market cycles.

• Journal of Internet Computing and Services
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• v.20 no.2
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• pp.109-118
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• 2019

The purpose of this study is to deliver both market-practical and civil-centric political implication for sharing economy by investigating the nature of consumer-adoption for car-sharing service. With the global interest and market proliferation of the sharing economy, various service models for sharing idle resources have also been released in Korea. Particularly, in case of car sharing service, public - private partnership projects are spreading rapidly in various local governments including Seoul, along with the growing demand for alternative transportation system centering on the urban area. This study conducted an empirical study on the process of accepting the car sharing service by analyzing the data collected from users of the car sharing service "Sharing Car(Nanum Car)" of Seoul Metropolitan Government. A survey was conducted on 281 users in their twenties who are in the age of main use among the experienced users of the "Sharing Car(NaNum)" residing in Seoul. The result of analysis on the relationship between these users' perceived value and intention to use the vehicle sharing service would provide implications for establishing consumer(citizen)-centeric policies as well as market implications.

• The Journal of the Convergence on Culture Technology
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• v.7 no.2
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• pp.239-246
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• 2021

Unification means the change of the economic system from 'Planned Economy' of the North Korea to 'Market Economy' of the South Korea. Therefore, it may cause confusions and difficulties for North Koreans who have been under planned economy for ages. So, we need to take the perspective of behavioral economics for the effective education. First of all, it is about overall finance, which contains the record of financial transactions, effect of inflation, investors' bounded rationality, and choice difficulty of financial products. Second, it is about borrowings, which includes the credit management, interest rate of difference among financial institutions. Third, it is about investment on financial products, which includes the effect of cost on returns, difference between compound interest and simple interest, trade-off between expected return and risk, market and non-market risks, the importance of diversification, and passive & aggressive investments.

• Journal of Distribution Science
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• v.11 no.10
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• pp.63-72
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• 2013

Purpose - This study analyzes the relationship and dynamic interactions between stock price index, interest rate, price index, and housing price indices using Korean monthly data from 2000 to 2013, based on a VAR model. This study also examines Granger causal relationships among these variables in order to determine whether the time series of one is useful in forecasting another, or to infer certain types of causal dependency between stochastic variables. Research design, data, and methodology - We used Korean monthly data for all variables from 2000: M1 to 2013: M3. First, we checked the correlations among different variables. Second, we conducted the Augmented Dickey-Fuller (ADF) test and the co-integration test using the VAR model. Third, we employed Granger Causality tests to quantify the causal effect from time series observations. Fourth, we used the impulse response function and variance decomposition based on the VAR model to examine the dynamic relationships among the variables. Results - First, stock price Granger affects interest rate and all housing price indices. Price index Granger, in turn, affects the stock price and six metropolitan housing price indices. However, none of the Granger variables affect the price index. Therefore, it is the stock markets (and not the housing market) that affects the housing prices. Second, the impulse response tests show that maximum influence on stock price is its own, and though it is influenced a little by interest rate, price index affects it negatively. One standard deviation (S.D.) shock to stock price increases the housing price by 0.08 units after two months, whereas an impulse shock to the interest rate negatively impacts the housing price. Third, the variance decomposition results report that the shock to the stock price accounts for 96% of the variation in the stock price, and the shock to the price index accounts for 2.8% after two periods. In contrast, the shock to the interest rate accounts for 80% of the variation in the interest rate after ten periods; the shock to the stock price accounts for 19% of the variation; however, shock to the price index does not affect the interest rate. The housing price index in 10 periods is explained up to 96.7% by itself, 2.62% by stock price, 0.68% by price index, and 0.04% by interest rate. Therefore, the housing market is explained most by its own variation, whereas the interest rate has little impact on housing price. Conclusions - The results of the study elucidate the relationship and dynamic interactions among stock price index, interest rate, price index, and housing price indices using VAR model. This study could help form the basis for more appropriate economic policies in the future. As the housing market is very important in Korean economy, any changes in house price affect the other markets, thereby resulting in a shock to the entire economy. Therefore, the analysis on the dynamic relationships between the housing market and economic variables will help with the decision making regarding the housing market policy.

• Journal of the Economic Geographical Society of Korea
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• v.18 no.2
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• pp.168-189
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• 2015

The job creation has been the most pressing issue after financial crisis in many countries around the world. Various policies for creating jobs have been implemented in order to revitalize regional economy in Korea. It has been known that the jobs have been created more in low-wage and part-time work than high-wage and full-time work. The purpose of this study is to analyze the differentiation of startups job in local labor market areas(LLMAs) in terms of job quantity as well as job quality. As the spatial unit, 121 local labor market areas which were delineated based on self-containment rate(demand and supply side of labor market) and numbers of resident workers are used. Also due to difference of the size of employment, LLMAs are classified into 3 groups: large, Medium, small LLMAs. The major results are as follows: First, the characteristics of the job creation are varied among 3 groups in terms of the quantitative and qualitative aspects. Highly waged and highly value-added jobs have been created more in large LLMAs, but full-time jobs created more in small LLMAs. Secondly, the job creation of LLMAs is somewhat weakly correlated to regional economic performance. While the quality of jobs is correlated to regional economic performance in Medium LLMAs, the quantity of jobs is significantly correlated to regional economic performance in small LLMAs. The results of this research give some implications for implementing the effective policy to create jobs related to regional economy, indicating that differentiated strategies for 3 groups of LLMAs is critically important.

• Review of Culture and Economy
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• v.21 no.1
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• pp.85-104
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• 2018

The studies related to the price of artworks have focused on how factors that are determined on production level, such as artists and the artwork materials of the studies, affect the artwork prices. As 'Dansekhwa' is in the spotlight within local Korean art auction matket, this study would like to analyze the trend of the price changes of 'Dansekhwa' with its growing popularity among the public. We have estimated the price changes based on 4,199 auction data of 20 artists with top 20 auction prices selected by the Korean Art Price Appraisal Association, between 2005 and 2016. Also, in order to compare and analyze the price changes of the 'Dansekhwa' products, we have classified the 20 artists into groups of Dansekhwa and non-Dansekhwa. Starting from 2013, when Dansekhwa has first appeared, we applied the Difference in the Difference model(DiD) to estimate the result. As a result, the difference between two groups showed 71% of price difference due to the increase in popularity of Dansekhwa. This result proves that recognition level has an important role for increase in price of an artwork. Moreover, the fact that the formalized style of Dansekhwa has linked to the appreciation of the price means that production of information could play an essential role in growth of art market. As recognition level of Korean artists and their artworks is considerably low within the local art market, putting in the effort to increase the popularity of artworks among the public might be a helpful way to magnify the potential demand.

• Review of Culture and Economy
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• v.20 no.1
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• pp.105-128
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• 2017

The purpose of this paper is to analyze the impact of distributors on the movie exhibition by distributor types. For the analysis, the concept 'screen elasticity of box office' is adopted. Using the weekly screening data of 94 hit movies released in Korea in 2014 and 2015, the panel analysis estimates the 'screen elasticity of box office' with the Hausman-Taylor estimator. The results show that the screen elasticity of box office is smaller for vertically integrated distributors(CJ E&M and Lotte Entertainment) and Hollywood distributors than the local distributors(Showbox and NEW) that do not own integrated cinemas. This means that exhibitors allocate a larger number of screens to vertically integrated distributors and Hollywood distributors. As the two distributor groups had higher market share during the period, the results imply that the screen elasticity is related to the market performance of distributors. Smaller screen elasticity of the vertically integrated distributors might be related not to the ownership to theaters but to higher market share of the distributors.

• Korean small business review
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• v.41 no.4
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• pp.87-110
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• 2019

The structural and sustainable implementation of the microfinance policy is required to be successful. To this end, the government should focus on availability and accessibility of the public microfinance, away from providing the beneficial financing (financial benefits)featured by the combination of the welfare and finance in the past. In addition, the government-sponsored microfinance needs to aim for performance-oriented evaluation that leads to stabilization of financial life of ordinary people or increase of income, moving away from conventional funding based on the scale and the quantity for the poor. It is necessary to implement the following policies in order for the Moon's administration to take the government-sponsored microfinance to the next level. The government-sponsored microfinance must be in the market failure domain, but nonetheless, it is required to be managed by structural and sustainable ways so that it complies with the market principles and does not crowd out the private microfinance. Last but not least, making the best use of the capital market function can be a way to fund social enterprises or social economy enterprises. This aims to enable catalyst capital in the capital market to play a prime role for the inflow of private capital for the purpose of creating the social value.

• 한국노년학
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• v.38 no.4
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• pp.1057-1081
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• 2018

This study analyzed the case of elderly care cluster in Gwangjin-gu to explore the possibilities of social economy as a provider of community-based social services. Community-based means the approach by which community organizations build a voluntary and collaborative network to enhance collective problem-solving abilities. Therefore, it is very likely that the social economy that emphasizes people, labor, community, and democratic principles can contribute to community-based social services. This study analyzed social economic network by using four characteristics of social economy suggested by OECD community economy and employment program as an analysis framework. The results of this study are as follows: First, it is found that social economy would hardly supply community-based social services through network cooperation because of a large variation in community identity, investment to new product, and labor protection. Second, community users are not the consumers of the social economy and the products of the social economy stay in market products only for the organizations in social economy. In order to create good services that meet the needs of residents, community development approaches are required at the same time. The importance of community space where local residents and social economy meet is derived. Third, public support such as purchasing support has weakened the ecosystem of social economy by making the distinction between public economy and social economy more obscure. On the other hand, public investment in community infrastructure is an indirect aid to social economy to communicate with residents and to promote good supply and consumption. In the end, community-based social services need a platform where the social economy and the people meet. This type of public investment can create the ecosystem of the social economy.