• The Journal of the Korea Contents Association
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• v.19 no.6
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• pp.387-401
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• 2019

The aim of this study is to investigate the effects of income inequality caused by capital and wage incomes under globalized economic system in Korea. Empirical evidences which are obtained by cointegration methodology reveal that the effects resulted from capital and wage incomes to income inequality are alternative between short-run and long-run. And, the wage income has stronger impact on income inequality than the capital income. This might be occured as a result of that inbound foreign capital seems not to contribute to economic activity in real sector. It also has to be mentioned that the income inequality is negatively influenced by international trade in the short run and in the long run as well. To this end, it would be concluded that well-organized distribution system for wage income should be established, accordingly. And, forward and backward linkages in exporting industry have to be re-evaluated in order to improve income inequality in Korea.

• KDI Journal of Economic Policy
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• v.30 no.2
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• pp.225-270
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• 2008

We analyze macroeconomic consequences of pay-as-you-go (PAYGO) public pension system with a simple overlapping generations model. Contrary to large body of existing literatures offering quantitative results based on simulation study, we take another route by adopting a highly simplified framework in search of qualitatively tractable analytical results. The main contribution of our results lies in providing a sound theoretical foundation that can be utilized in interpreting various quantitative results offered by simulation studies of large scale general equilibrium models. We present a simple overlapping generations model with a defined benefit(DB) PAYGO public pension system as a benchmark case and derive an analytical equilibrium solution utilizing graphical illustration. We also discuss the modifications of the benchmark model required to encompass a defined contribution(DC) public pension system into the basic framework. Comparative statics analysis provides three important implications; First, introduction and expansion of the PAYGO public pension, DB or DC, result in lower level of capital accumulation and higher expected rate of return on the risky asset. Second, it is shown that the progress of population aging is accompanied by lower capital stock due to decrease in both demand and supply of risky asset. Moreover, risk premium for risky asset increases(decreases) as the speed of population aging accelerates(decelerates) so that the possibility of so-called "the great meltdown" of asset market cannot be excluded although the odds are not high. Third, it is most likely that the switch from DB PAYGO to DC PAYGO would result in lower capital stock and higher expected return on the risky asset mainly due to the fact that the young generation regards DC PAYGO pension as another risky asset competing against the risky asset traded in the market. This theoretical prediction coincides with one of the firmly established propositions in empirical literature that the currently dominant form of public pension system has the tendency to crowd out private capital accumulation.

• Journal of Korea Technology Innovation Society
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• v.10 no.1
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• pp.47-72
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• 2007

Ideas do not become exhausted, and there are no diminishing returns in the creation of knowledge. Nonetheless, growth ultimately ceases in this simplest model of endogeneous innovation. The reasons are similar to those that are discussed in the context of the neoclassical model of capital accumulation. Even if the resource cost of creating new goods does not rise, the economic return to invention may decline as the number of available products increases. When the rate of return to R&D falls to the level of the discount rate, private agents cease to be willing to defer consumption in order to invest in product development. But, if we treat knowledge capital as a public capital considering of its non-appropriable benefits, economic growth can be sustained in the economy. Romer(1986) has pointed out that growth might be sustainable if the accumulation of knowledge is not subject to long-run diminishing returns. Actually Romer assumed diminishing returns in the production of private knowledge from available resources, but increasing returns in the production of output from labor and total (public and private) knowledge. His condition for the sustainability of long-run growth amounts to an assumption that the diminishing returns in the former activity do not outweigh the increasing returns in the latter. The Johansen(1988) cointegration test method is used for finding long-run equilibrium relationship between R&D input and the product innovation. Test results indicate the existence of cointegrating equation between each pair of regression variables including dependent variable in the knowledge production function. And, the signs of cointegrating vectors are well accord to the prediction of sustainable growth. In the empirical analysis, from all cases of the form for the knowledge production function, we could not reject the null hypothesis that R&D spillover effect is significant($H_{0}:\;{\gamma}=1$). In summary, we showed that considering goodness of fit of regression model, we can see that the empirical evidence is strongly in favor of the character of knowledge as the public knowledge capital. So, we can expect that by product innovation, economic growth can be sustained in the Korean economy.

• Korean Journal of Social Welfare Studies
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• v.42 no.4
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• pp.263-293
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• 2011

There have been many studies on the relationship between welfare states and the poverty. Yet, only a few studies have been addressed the poverty alleviation effect of public pension using difference in difference(DID). This study aims to analyze poverty alleviation effect for the old aged of public pension in 10 OECD countries using DID considering welfare states regimes. The empirical analyses are based on panel data of individuals aged 50 and over from two sources: SHARE in Europe(wave I~II) and HRS in USA(2004~2006). As a result of simple DID, this study provides evidence that the poverty rate of the old aged who has not been received the pension is increased, while the poverty rate of pensioner is sharply decreased. The anti-poverty effect of public pension using DID is 45.6% which is bigger than that of pre/post approach. The policy impact used by pre/post approach in conservative welfare regime is underestimated while those in liberal and socialist regime are overestimated. In last, GDP growth rate has not significant while public pension contributes to poverty alleviation effects of the old aged. Poverty alleviation effects of public pension are also varied with welfare state regimes. The poverty alleviation effects of public pension in conservative welfare and social democratic welfare state regime are significantly bigger than that in liberal welfare state regime.

• Economic Analysis
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• v.26 no.2
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• pp.72-113
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• 2020

This study investigates the relationship between mineral exports to China, North Korea's most important source of foreign currency acquisition, and its imports of various items from China from the first quarter of 1995 through to the third quarter of 2019. The results from a cointegration analysis suggest that there exists a long-run equilibrium relationship between mineral exports and imports of food, fuel, and some intermediate goods, such as industrial supplies, parts, and accessories. The results from a vector autoregression using first-differenced variables indicate that the short-run relationship between mineral exports and imports is different between the period before and after the third quarter of 2010. Prior to structural changes, i.e., before the third quarter of 2010, import shocks affected mineral exports. However, after the third quarter of 2010, an increase in mineral exports led to an increase in the import of vehicles, intermediate goods, and luxury goods. This paper shows both the possibilities and the limits that mineral exports can contribute to North Korea's economic growth. The results, which show that mineral exports have a long-run relationship with intermediate goods, such as industrial supplies, parts and accessories, imply that mineral exports to China could have a positive effect on the North Korean economy. However, the fact that mineral exports do not have any significant effect on the import of machinery and equipment, which helps the accumulation of capital formation, shows that mineral exports have a limited effect on inducing long-term growth in the North Korean economy.

• The Journal of the Korea Contents Association
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• v.13 no.12
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• pp.235-245
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• 2013

This study attempted to study the relation between the social capitals and self esteem, psychological wellbeing of the elderly. This study took a questionnaire survey to 162 elderly persons over 65 years old in Busan Metropolitan City. The results of the impact of social capitals upon mental health of the elderly were as follows. For the social capitals and self esteem, formal reliability, formal network and the norm, women had significantly positive(+) impact on self esteem. For the social capitals and psychological wellbeing, formal reliability, women had significantly positive(+) impact on psychological wellbeing, while the norm had significantly negative (-) impact on psychological wellbeing. Based on such results, this study suggested meaning and necessity to construct the social capitals and its activation for the improvement of psychological health of the elderly. Finally, it remarked the limits of the study and the suggestions for the further research direction.

• Journal of Korea Technology Innovation Society
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• v.9 no.3
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• pp.606-625
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• 2006

This Study is to show the impact of IT capital stock accumulation on the total factor productivity in 9 industries during 1980 through 2000. We construct the If capital stock using input and output table provided by Bank of Korea (2000). Using sequence testing methodologies, we investigate the nonstationary characteristics of the relevant data and test the cointegration relationship between total factor productivity and IT capital stock. Over the past two decades, IT capital stock contributed between 0.19 to 0.07 percentage point per IT capital stock on total factor productivity. Our empirical results, therefore, do not support Solow's IT paradox in using the long period panel data case in Korea.

• Journal of Legislation Research
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• no.53
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• pp.419-454
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• 2017

Faced with the internationalization of capital markets, Korea needs to protect its investors and markets by applying the relevant laws extraterritorially. The Financial Investment Services and Capital Markets Act ("Capital Markets Act") explicitly introduced a new provision recognizing the extraterritoriality of the Act. While Article 2 of the Capital Markets Act comprehensively provides for prescriptive extraterritorial jurisdiction, the enactment of extraterritoriality alone does not guarantee that the Act will apply to cross-border transactions effectively. The effective extraterritorial application of an act is inseparable from the adjudicative and enforcement jurisdiction of the act. Specifically, active investigations and detections by the public regulators might be the first step for enforcing the Capital Markets Act. Unlike domestic regulations, however, multinational enforcement actions outside a regulator's home country becomes more problematic because of various obstacles. This Article examines difficulties which domestic regulators may confront in enforcing the Capital Markets Act extraterritorially and makes several recommendations for more effective multinational enforcement as follows. First, the Korean regulators should continue to foster cooperation through the IOSCO and provide international markets with the information and tools necessary for successful regulation of cross-border transactions. Second, the principle of dual criminality should be applied in a modified form for the effective mutual legal assistance in criminal matters. Third, there should be a legal device for the domestic regulator to freeze foreign wrongdoer's assets located outside Korea to repatriate those assets for distribution to defrauded investors in Korea.

• The Korean Journal of Financial Studies
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• v.12 no.1
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• pp.183-213
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• 2006

본 연구의 목적은 공적분 검정과 예측오차 분산분해 방법을 이용하여 우리나라 주식시장에서 주가지수와 거시경제 변수들과의 계량적 관계를 파악하고 종합주가지수와 밀접한 관련성이 있는 변수를 사용하여 종합주가지수와 거시경제변수들 사이의 모형을 추정하는 것이다. Johansen 공적분 검증을 이용한 결과를 보면 종합주가지수와 7개의 거시경제변수들(총통화, 소비자물가지수, 금리, 산업생산지수, 원 달러 환율, 국제원유가격, 경상수지) 사이에 상당히 밀접한 연관성이 있으며, 이들 변수들 사이에 장기적 균형 관계가 존재하였다. 예측오차 분산분해 방법을 사용한 분석결과에서는 종합주가지수의 분산을 예측하는데 있어서 이들 거시경제변수들의 설명력이 매우 높게 나타났다. 또한 우리나라의 주식시장에서는 금리, 국제원유가격, 경상수지 등의 요인보다는 원 달러 환율, 소비자물가지수, 산업생산의 비중이 더 크다는 사실을 알 수 있었다. 우리나라의 자본시장에서는 1997년 말 외환위기를 전후로 하여 현저한 구조적 변화가 존재하였기 때문에 백터오차수정모형을 설정할 때에는 외환위기 이전기간과 이후기간으로 나누어서 분석하는 것이 더욱 타당함을 확인할 수 있었다.

• 한국HCI학회:학술대회논문집
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• 2006.02b
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• pp.462-467
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• 2006

이 연구는, 대중매체를 미술에 도입한 미디어아트가 대중에게 긍정적인 평가를 받고 있고 콘텐츠의 범위가 증대되고 있는 시점에서 총체적 의미의 사회자본이 된다는 가능성의 연구이다. 이러한 가정 하에 현시점의 미디어아트와 대중의 유대관계, 그 커뮤니케이션의 변화 양상에 대해 몇 가지 사례를 중심으로 살펴보고자 한다. 미디어아트가 사회자본으로서 영향을 미치기 위한 전제를 세가지로 분류하였다. 첫 번째, 사회 참여적인 미디어 장치로서 저널리즘의 속성을 가진 미디어아트, 두 번째는 다양한 문화활동의 프로토타입이 되는 미디어아트, 세 번째로는 일상공간에서의 미디어아트이다. 대중매체의 이용이 사회자본의 구성 요소인 신뢰와 사회적 연계 망에 미치는 효과에 대해서는 기존에 발표된 연구들과 2003년 수행된 대규모 매체 이용행태 자료에서 이미 검증되었다. 디지털미디어아트가 사회자본의 하위구성 요소인 신뢰와 정치참여, 문화적 아이콘으로서의 역할 및 예술생산품으로서의 기능에 대해서는 현재 국내에서 대중과의 소통을 위한 미디어아트의 시도가 점차 증가되고 있는 추세이다. 웹 아티스트, 미디어 아티스트로 알려진 '장영혜중공업' 은 온라인미디어를 통해 현대사회의 정치적, 사회적 이슈와 화두들을 강력하게 표현하고 있고, 대중매체의 조명을 받고 있는 아티스트 '낸시랭' 은 'SSAMZIE' 브랜드를 통해 예술의 문화적, 경제적 활동에 새로운 모델을 제시하였다. 사용자에게 총체적인 경험을 제공하는 일상 생활공간 속에서의 미디어아트는 예술의 대중화를 실현하고 있으며, 일상에서의 경험으로 인하여 대중에게 시각적, 과학적, 심미적 즐거움을 주고 있다. 이처럼 디지털미디어를 이용한 예술은 인터넷을 비롯한 대중매체를 통해 디지털미디어아트의 공적 신뢰를 확대시키고 콘텐트의 범위와 가치를 증대 시키며, 사용자경험의 폭을 확대시켜 점차 새로운 가치체계를 형성해 나갈 것이다. 이는 디지털미디어아트가 사회자본으로서 아직은 미약하지만 사용자의 조작과 참여의 경험으로 인해 디지털 세대에게 적합한 문화아이콘을 만들어 나가며, 사회의 새로운 이용자 패턴, 참여 의식의 확대, 예술의 대중화로 인하여 미래 우리의 삶을 구성하는 사회자본이 될 것으로 그 가능성을 전망해본다.