• East Asian Economic Review
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• v.21 no.2
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• pp.167-197
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• 2017

I build a small open economy (SOE) dynamic stochastic general equilibrium (DSGE) model to investigate the effect of a heterogeneous wage contract between regular and temporary workers on a macroeconomic volatility in a financially fragile economy. The imperfect financial market condition is captured by a quadratic financial adjustment cost for borrowing foreign assets, and the labor market friction is captured by a Nash bargaining process which is only available to the regular workers when they negotiate their wages with the firms while the temporary workers are given their wage which simply equals the marginal cost. As a result of impulse responsesto a domestic productivity shock, the higher elasticity of substitution between two types of workers and the lower weight on the regular workers in the firm's production process induce the higher volatilities in most variables. This is reasoned that the higher substitutability creates more volatile wage determination process while the lower share of the regular workers weakens their Nash bargaining power in the contract process.

• Korean System Dynamics Review
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• v.2 no.1
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• pp.29-50
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• 2001

A System such as a port and regional economy has a large boundary and complexity. So, not only the system's state is considered as a black box but system's forecast accuracy is very low. Futhermore various components in a port and regional economy influence significantly on each other. To copy with these problem the form of structure models were introduced by suing SD model. This study has the issue of simplifying the regional economic effects of the port as contributng to raising the regional income. The regional economic effects of port have various indirect ones except for this. So, SD(System Dynamics) was presented, and applied to simulate port and regional economy.

• Proceedings of the Korean Society of Plant Biotechnology Conference
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• 2003.04a
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• pp.31-36
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• 2003

Bio-venture companies have undertaken harsh environment after 2000 bubble corruption. It is unlike to be changed in the near future. The business model of near-term cash flow, financial stability and survival is a key issue to be discussed. The company shall be rearranged to achieve fast recovery from investment and have to show clear and quantitative business model to the investors. Nevertheless, bio-venture should not drop long-term value creation by sacrificing the possibility of emerging technologies. Prior to clarifing agro-bioventure business model, GMO strategy should have broad supports from stakeholders. The interests and worries of stakeholders are discussed and SWOT is analyzed. For sustainable economy of future, new technology continuously should be invested to fit ROI model of genomics-based GMO developments. Hybrid of products ${\varepsilon}$ technologies may be one of the favorites in this stormy season.

• East Asian Economic Review
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• v.22 no.2
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• pp.141-176
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• 2018

The paper analyzes and compares the effects of domestic monetary policy using DSGE, DSGE-VAR, and VAR based on a two-country open economy model of Korea and the U.S. According to impulse response analysis, a domestic interest rate hike raises won value in the case of DSGE and DSGE-VAR models, while in the case of the unrestricted VAR model, it lowers won value. In the marginal data density standard, DSGE-VAR (${\mu}=1$) is superior to DSGE or Bayesian VAR over the sample period. Conversely, in the in-sample RMSE criterion, especially for the won/dollar exchange rate, VARs are superior to DSGE or DSGE-VAR. It is necessary to study further if these differences are caused by model misspecification or omitted variable bias.

• East Asian Economic Review
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• v.28 no.2
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• pp.245-273
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• 2024

This paper sets up a small open new Keynesian economy model with constrained households and incomplete markets to address the driving forces of business cycles in Korea. It shows that there exists a substantial fraction of constrained households who cannot have access to financial market. Furthermore, the estimated model reveals that a TANK model is better than a RANK model in explaining business cycles in Korea. The effect of domestic productivity shock on Korean economy has dominated in the variations of output, while the contribution of the foreign productivity shock to the variations of output and inflation has increased after the Asian financial crisis. The monetary policy shock has dominated the variation of inflation at short and medium horizons.

• Journal of Information Technology Services
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• v.2 no.1
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• pp.51-73
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• 2003

The success of 2002 Korea Japan Worldcup became a good opportunity to give the message of revival to the people of Korea. With the effect of it, the national brand image has risen. Nevertheless, in order to maximize the chance of time, the most necessary thing that need to be done is to find the strategic counterproposal of the Post Worldcup. Especially, to find the more active plan in the respect of economy. In this research, we have studied the IT industry(especially SI industry) of the economy in order to look into the strategic counterproposal to get the development effect after the Worldcup. We mainly analyzed the SI industry in the respect of economy, because it is not only a high-value added industry of the integration of knowledge and technology but also a high-tech industry which has a spreading effect on the related industries. To implement the analysis of SI industry, derive and verify the strategy, and get the activating plan, we studied with 4 stages. Firstly, analyze the exterior environment and the interior strength with the Competitive Strategy Model(Specially, 7 Force Model & Value Chain Model). Secondly, get the strategy with SWOT analysis. Thirdly, verify the Strategy with interview and survey. Fourthly, classify the SI industry activation plan into 5 kinds after Worldcup through panel discussion and seminar with the data which we got through interview and survey.

• International Area Studies Review
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• v.15 no.3
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• pp.175-188
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• 2011

This study aims to examine how the U.S. economic shocks affect the Japanese economy. It is widely believed that the U.S. economy has a significant effect on the Japanese economy. Actually, the U.S. accounts for a considerable amount of Japan's exports and imports. To the economic policymakers, it is very important to know how economic disturbances generated by the U.S. are transmitted to the Japanese economy. A vector autoregression(VAR) model is employed to investigate the international transmission channel of economic disturbances. The interactions of the U.S.-Japansese economy are investigated by using variance decompositions(VDCs). The results of this study provided the evidence that the U.S. economic shocks were important for the Japanese economy during the sample period. This study supports the notion of economic dependence of smaller open economy such as Japan as compared with larger economy such as the U.S.

• Asian Journal of Innovation and Policy
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• v.9 no.2
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• pp.187-206
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• 2020

Under the on-going evolution of the COVID-19 pandemic, estimating the economic impact of the pandemic is highly uncertain and challenging. This situation makes it difficult for policymakers, governors, and economic entities to formulate appropriate responses and decision makings. To provide useful information about the effect of the COVID-19 pandemic on the Korean economy, this study examined macroeconomic impact analysis stemming from the pandemic shocks with different scenarios for the Korean economy. Based on three scenarios using the growth rate of 2020 GDP and consumer expenditure patterns, the 2021 GDP by industry sector was forecast with two new approaches. First, the recovering process of the Korean economy from the shock was analyzed by applying a Flex-IO method. Second, a new forecasting approach combined with an IO coefficient matrix was applied to forecast the future GDP changes. The findings of this study are summarized as follows: First, the total GDP growth rate under the Pessimistic Scenario demonstrates less rebound from the shock than that of the Base Scenario. Second, agriculture, culture, and tourism-related sectors that are suffering from the severe losses of COVID-19 showed lower resilience than other different industries. Third, information and communications technology (ICT) industry maintains a stable growth trend and is expected to take the leading role for the Korean economy in the post-COVID-19 and the Industry 4.0 eras. The findings deliver that it needs to analyze how government expenditure responding the shock into the forecasting model, which can be more useful and reliable to simulate the resilience from the pandemic.

• Journal of Information Technology Services
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• v.20 no.2
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• pp.147-166
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• 2021

As vehicle sharing service is being widely used in China. The sharing economy appeared to be a way to make people's lives more convenient and to utilize limited resources efficiently. Sharing economy companies have created an app to satisfy users' needs with providing more benefits. Although research on vehicle sharing services has been continuously conducted at the level of the sharing economy, there are not many empirical studies related to the perception of the sharing economy from the consumer's point of view. In this sense, this study considered the perceived relationship benefits (social benefits, economic benefits, psychological benefits, and functional benefits) of Didi chuxing service as the key independent variables influencing users' confirmation and satisfaction, And suggests that users' confirmation and satisfaction are the key determinants of Didi continuance intention . To test the proposed research model, this study conducted structural equation model using 268 data collected on the users who have experience of Didi service. According to the empirical analysis results, This study verifies that: First, social benefits, economic benefits, psychological benefits, and functional benefits are determinants of user's satisfaction. Second, expectation confirmation depends on economic benefits, psychological benefits, functional benefits and social influence, meanwhile, social benefit has no effect on expectation confirmation. Third, expectation confirmation is proved to be a positive predictor of users' satisfaction. Finally, this results indicate that continuous use intention is determined by users' satisfaction.

• International conference on construction engineering and project management
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• 2009.05a
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• pp.425-432
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• 2009

The construction industry has been a main pillar and serves as a regulator of the Hong Kong economy. Subsequently, the fluctuations in the level of construction output can induce significant rippling effects to the economy. The Asian Financial Crisis started in 1997 and the SARS outbreak in 2003 both introduced major challenges and impacts to the Hong Kong economy and consequently the construction sector. Such decline in the importance of construction has suggested a possible structural change in the sector. It is worth investigating the driving forces behind the construction demand and see if they have changed after the heavy impacts in the past decade. The above considerations have, therefore, been the motivation of the present study to model the Hong Kong residential construction demand through multiple regression technique which can identify the significant influencing factors to the residential demand. The residential construction is studied as it constitutes a significant portion of the total construction volume. The residential sector has great influence to the general economy of Hong Kong. It is found that the underlying market structure and the driving factors for Hong Kong residential demand before and after the Asian Economic Crisis and SARS outbreak are different, suggesting that the residential construction sector or even the larger construction industry may have undergone a major structural change as Hong Kong's economy approaches maturity. It is also observed that the past literatures on construction demand are mostly focusing on predicting demand under a stable economic environment. Hence, it is worth examining if it is possible to model during economic hardship when the residential sector fluctuate dramatically under different external impacts, such as the recent global financial tsunami.