• Title/Summary/Keyword: monetary policy

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Industrial Policy as a Development Strategy: Cuba' s Experience and Policy Implications (개발전략으로서 산업정책: 쿠바의 경험과 정책적 시사점)

  • Cin, Beom Cheol
    • International Area Studies Review
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    • v.22 no.3
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    • pp.3-27
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    • 2018
  • This paper analyzes Cuba's market-oriented reforms to alleviate essential problems with socialist countries such as soft budget constraints and incentive problems. It also discuss about effectiveness of industrial policy as a development strategy. The soft budget constraints and incentive problems resulted in the collapse of Soviet bloc and COMECON in early 1990s. After the collapse, Cuban economy suffered a steep dive, and national income tumbling down rapidly. Cuban faced serious shortages of food, gasoline, and other basic necessities of life. To halt and partially reverse economic downturn and dire austerity in the 1990's, the Cuban government made some partial reforms to the inherited Soviet system of cental planningand faced severe shortage in food, energy, and daily necessities. In response to the economic crisis. Cuba introduced economic reforms and implemented industrial policy as a development strategy as long as Cuba maintained a strong socialist country. Cuban government established the economic free zone law and attempted to induce foreign direct investment by implementing export-led industrial policy. Fiedel Castro approved the Law No. 165 "Free Zones and Industrial Parks", in 1996. However, Cuba's ESZ strategy seems to have failed because of the U.S. sanctions, but also because of Cuba's own policies, which do not allow foreign investors to hire workers directly and impose a high implicit tax on wages. By limiting advanced techniques of personnel and organization management, indirect employment can result in lowering work efforts and productivity of workers, and aggravating production efficiency in the ESZs. Another reason to fail comes from the double wage structure due to the double monetary-exchange rate system. Most of the high non-wage costs result from the double exchange rate system. Due to Cuba's imbalanced industry and production structures, concentrated labor force, and urbanization and centralization of agriculture production, the industrial transformation development model suggested by Lewis has not been successful unlike other Asian agriculture-led development model. Cuba has to overcome many difficulties in implementing industrial policy as a development strategy.

An Economic Value for Construction of Ecological Stream in Hong Cheon Area, Korea (홍천강 생태하천 복원사업의 경제적 가치)

  • Koo, Yoonmo;Kang, Hyeongsik;Lee, Misuk
    • Korean Journal of Environment and Ecology
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    • v.28 no.1
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    • pp.71-79
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    • 2014
  • The goal of this study is to estimate economic benefit of restoring ecological stream of Hong Cheon river. The benefit is determined by estimating willingness-to-pay for the value of Hong Cheon river because it is a non-market good which is difficult to be measured in terms of monetary value. Specifically, the spike model, one of the contingent valuation methods, is used to distinguish respondents having zero willingness-to-pay for Hong Cheon river. The results show that a household located near the Hong Cheon river is willing to pay 3,300~4,628 Korean Won per year, while a household not located near the Hong Cheon river is willing to pay 1,308~2,929 Korean Won per year. Thus, total benefit of restoring ecological stream of Hong Cheon river is estimated as 97.6~216.3 billion Korean Won.

Recent Trend for the Application of Total Economic Value (TEV) Estimation to Groundwater Resources (지하수자원의 경제적 가치 평가 적용과 관련한 최근동향)

  • Song, Sung-Ho;White, Paul;Zemansky, Gil
    • Journal of Soil and Groundwater Environment
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    • v.17 no.2
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    • pp.1-6
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    • 2012
  • Total Economic Value (TEV) provides a framework to estimate the economic value of water resources including groundwater with multiple applications to natural resource economics and environmental economics. Crucial to the application of economic analysis to natural resources are techniques to value the resources as an economic value that is expressed in monetary terms. On the other hand, the aim of TEV estimation is to determine the economic value of water resources including 'use' with production and recreation and 'non-use' such as existence values. TEV is used to assess the economic value of water resources for the multiple goods, and environmental 'services' that are provided by a water resource and also used to assess options for water use, for example balancing production values provided by water resource use against the cost of resource degradation by that use. The value of TEV can be assessed over time where pollution or unsustainable use may reduce the economic value of an environmental asset. Therefore, values are used to assess options of resource use, sometimes leading to policies on resource conservation or allocation. In conclusion, the application of TEV would be well adjusted over Jeju Island where groundwater resources account for more than 98% water resources and the budget of water demand/supply shows disparity over the Island.

Protecting Game Developers Under the Works-for-hire Clause of Copyright Law (게임개발자 창작 권리보호 방안에 관한 소고 -저작권법의 업무상저작물제도를 중심으로)

  • Choi, Ji-Sun
    • Journal of Korea Game Society
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    • v.11 no.4
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    • pp.73-91
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    • 2011
  • This paper investigates the possibilities of protecting game developers under the work-for-hire provision of copyright law. Fundamentally, the work-for-hire clause provides the authorship status to companies, not to game developers. Some argue that the clause is especially appropriate in software industries including game industries because they are new and different from typical types of copyright industries. However, game industries are different from software industries as well as typical types of copyright industries in that they have both cultural (artistic) as well as industrial characteristics. Game developers not being provided with the authorship status may be one of the reasons for the disputes related to turnover and knowledge leakage. This paper mainly suggests three kinds of solutions: first, protecting the moral right even in the work-for-hire provision; second, protecting game developers as coauthorship; and third, providing monetary compensation as it is in employee invention.

Estimation of Welfare Change from Water Quality Degradation (수질 악화로 인한 후생변화의 추정)

  • Jeon, Chul-Hyun;Lee, Chung-Sun;Shin, Hio-Jung
    • Journal of Environmental Policy
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    • v.9 no.2
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    • pp.135-155
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    • 2010
  • The purposes of the paper are to estimate welfare change from water quality degradation by using contingent valuation method in Namdae stream of Gangrung and identify what factors of Namdae stream are important to Gangrun citizens. The study results show their total WTP per year and per household, \117,040 to improve Namdae stream quality from grade 3 to grade 1, including monetary WTP \87,502 plus opportunity cost of volunteering time for protection campaign, \29,538. The amount of total welfare change from water quality degradation based on the total WTP estimated above is calculated to be \27 billion of which the amount, as a sort of damage cost from water quality degraded, is so huge. All projects and policies related to natural environments, therefore, should consider both indirect and direct effects from them because natural environments have the irreversibility once degraded or deteriorated and would ultimately be influential on humans, both current and future generations, with tremendous amounts of time and costs beyond our imagination.

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Study to detect and block leakage of personal information : Android-platform environment (개인정보 유출 탐지 및 차단에 관한 연구 : 안드로이드 플랫폼 환경)

  • Choi, Youngseok;Kim, Sunghoon;Lee, Dong Hoon
    • Journal of the Korea Institute of Information Security & Cryptology
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    • v.23 no.4
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    • pp.757-766
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    • 2013
  • The Malicious code that targets Android is growing dramatically as the number of Android users are increasing. Most of the malicious code have an intention of leaking personal information. Recently in Korea, a malicious code 'chest' has appeared and generated monetary damages by using malicious code to leak personal information and try to make small purchases. A variety of techniques to detect personal information leaks have been proposed on Android platform. However, the existing techniques are hard to apply to the user's smart-phone due to the characteristics of Android security model. This paper proposed a technique that detects and blocks file approaches and internet connections that are not allowed access to personal information by using the system call hooking in the kernel and white-list based approach policy. In addition, this paper proved the possibility of a real application on smart-phone through the implementation.

Related factors of preventive behavior experiences toward dental caries and periodontal disease in Korean adolescents (한국 청소년의 치아우식증과 치주질환에 대한 예방행위 경험 관련요인)

  • Park, Sin Young;Han, Yeo Jung;Ryu, So Yeon
    • Journal of Korean society of Dental Hygiene
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    • v.16 no.3
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    • pp.417-426
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    • 2016
  • Objectives: The objective of the study was to investigate the related factors of preventive behavior experience toward dental caries and periodontal disease in Korean adolescents. Methods: The study subjects were 72,060 adolescents in 800 schools who completed 2014 Korean Youth Risk Behavior Web-based survey. Dependent variables included general characteristics of the subjects, oral health behavior, and oral disease experience. The experience rate of sealant and scaling showed the prevention behavior of dental caries and periodontal disease. Data were analyzed by IBM SPSS statistics 20.0. Results: The experience rate of sealant accounted for 26.9%. The experience of sealant was related with gender, school, maternal education level, economic status, vigorous physical activity, smoking, usual stress, fruit consumption, milk consumption, soda consumption, snack consumption, tooth brushing, oral health education experience, periodontal bleeding and pain, mucosal disorders, and bad breath. The experience rate of scaling was 22.6%. The experience of scaling was related with gender, school, city division, learning achievement, maternal education level, economic status, residential type, vigorous physical activity, usual stress, fruit consumption, milk consumption, tooth brushing, oral health education experience, periodontal bleeding and pain, mucosal disorders, and bad breath. Conclusions: To expand preventive oral health behavior in the adolescents, it is necessary to support the systematic policy making and monetary establishment in the future.

The evaluation of cost-of-illness due to use of cost-of-illness-based chemicals

  • Hong, Jiyeon;Lee, Yongjin;Lee, Geonwoo;Lee, Hanseul;Yang, Jiyeon
    • Environmental Analysis Health and Toxicology
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    • v.30 no.sup
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    • pp.6.1-6.4
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    • 2015
  • Objectives This study is conducted to estimate the cost paid by the public suffering from disease possibly caused by chemical and to examine the effect on public health. Methods Cost-benefit analysis is an important factor in analysis and decision-making and is an important policy decision tool in many countries. Cost-of-illness (COI), a kind of scale-based analysis method, estimates the potential value lost as a result of illness as a monetary unit and calculates the cost in terms of direct, indirect and psychological costs. This study estimates direct medical costs, transportation fees for hospitalization and outpatient treatment, and nursing fees through a number of patients suffering from disease caused by chemicals in order to analyze COI, taking into account the cost of productivity loss as an indirect cost. Results The total yearly cost of the diseases studied in 2012 is calculated as 77 million Korean won (KRW) per person. The direct and indirect costs being 52 million KRW and 23 million KRW, respectively. Within the total cost of illness, mental and behavioral disability costs amounted to 16 million KRW, relevant blood immunological parameters costs were 7.4 million KRW, and disease of the nervous system costs were 6.7 million KRW. Conclusions This study reports on a survey conducted by experts regarding diseases possibly caused by chemicals and estimates the cost for the general public. The results can be used to formulate a basic report for a social-economic evaluation of the permitted use of chemicals and limits of usage.

An Analysis of Factors Affecting the Variation of GDP Gap by a Decomposition Method (GDP갭 분해기법을 이용한 변동요인 분석)

  • Chang, Youngjae
    • The Korean Journal of Applied Statistics
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    • v.27 no.3
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    • pp.387-396
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    • 2014
  • The GDP gap (also called the output gap) is the difference between potential GDP and actual GDP. Potential GDP is the maximum sustainable output that is achieved when the resources (labor and capital) are used to capacity. Central banks pursuing price and employment stability consider the output gap as an informative variable for monetary policy since the output gap could be regarded as a proxy of demand-supply imbalances. In this paper, the GDP gap of Korea is decomposed following the filtering method in the previous research, and major factors that affect the variation of GDP gap are investigated based on the decomposed series. The analysis results by the Super Smoother algorithm used in Fox et al. (2003)and Fox and Zurlinden (2006) are found consistent with theory. Much of the variation of nominal GDP gap is explained by Total Factor Productivity(TFP) gap, which is the change of productivity due to recent technological innovation and environmental change. It is also found that variation of terms of trade significantly affects the GDP gap of Korea due to its high dependency on international trade; however, the effect of the domestic price is not negligible like other countries.

Analysis of the Effect of Expected Housing Prices and Liquidity on the Housing Market (유동성과 주택가격의 기대심리가 실질 주택가격에 미치는 영향에 관한 연구)

  • Jeon, Hyeonjin;Kwon, Sunhee
    • Journal of Digital Convergence
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    • v.18 no.11
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    • pp.43-49
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    • 2020
  • The purpose of this study was to analyze factors affecting the housing market by setting household loans and M2, which are liquidity indicators, and the industrial production index reflecting economic fluctuations, as variables, and to determine the effect of expected housing prices. An empirical analysis was conducted based on the data from January 2005 to May 2020, and the HP filter was applied to the real house price as the expected house price variable. As a result of the analysis, it was found that real household loans, real M2, and so on, had an effect on house prices, and expectations for past house prices and house prices increased the house prices in the present period. These results show that even though the liquidity expansion is aimed at revitalizing the economy, it can affect housing prices as well.