• Journal of Labour Economics
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• v.24 no.1
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• pp.35-66
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• 2001

This study first attempted to measure the job instability of Korean labor market by exploiting the data sets of 1998 and 1999 Korean Labor Panels. In order to compare the degrees of job instability of Korea with the one of U.S., we followed the same empirical methods used by Jaeger and Stevens(1999), Neumark et al.(1999), Bemhardt et al.(1999) recently published in the Journal of Labor Economics (vol. 17). Our empirical results suggest that the job retention rate of the Korean labor market during the IMF economic crisis was decreased to the level that the U.S. labor market has never experienced during the past two decades. One noticeable point regarding our estimated four year retention rate is that it takes a form of plateau peaked around 9 and 15 tenure year, which is in sharp contrast with the four year retention rate of u.S. showing a monotonically decreasing tendency over tenure periods. The comparison of 2-year retention rates before and after the economic crisis suggests that job stabilities has been conspicuously aggravated especially for cohorts of long tenure, irregular job, old age, service and sales jobs.

• Proceedings of the Population Association of Korea Conference
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• 2006.12a
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• pp.131-152
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• 2006

This study examines the causal mechanisms of low fertility and regional differentials in Korea. Utilizing the 2005 census and the 2005 vital statistics, and labor statistics at the regional level, major variables were calculated for administrative units of 234 'Gu's, 'Si's and 'Gun's. Gender equity orientation, labor market insecurity and family formation were hypothesized as key factors of recent decline in Korean fertility. This study first presents four maps of gender equity orientation, labor market insecurity, family formation and fertility. Then ANOVA and path analysis were carried out in an effort to generalize the causal mechanisms. Results of analysis reveal that gender equity orientation has played a central role in the second fertility transition in Korea. In metropolitan regions, however, labor market insecurity is found to have a significant influence on the level of family formation and fertility. Family formation also turns out to be an important intermediate variable of fertility.

• 한국사회정책
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• v.24 no.2
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• pp.1-29
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• 2017

This study compares and analyzes precarious labor market in Korea and Japan in terms of gender and occupational class. Previous studies have analyzed precarious labor limited to the level of employment type such as non-standard workers. This study reconceptualizes precarious labor in terms of the combination of employment relations and income level. In addition. we analyzed whether there are differences in the characteristics of precarious labor between Korea and Japan. In order to analyze the labor market precariousness in Korea. we used data from the 17th Korea Labor Panel Survey (2014) and for Japan. we used the 9th (2012) data from the Keio Household Panel Survey. As a result. we could confirm the feminization of labor market precariousness and horizontal division by occupation in both Korea and Japan. Also. ordered logistic regression analysis showed that the more women. and those in their 60s or older. the less skilled service workers. or the manufacturing workers are likely to face labor market instability in both Korea and Japan. The results of this analysis reflect the fact that Korea and Japan have experienced similar changes in the labor market structure with institutionalized employment protection system based on male workers.

• Journal of the Korean Data and Information Science Society
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• v.22 no.2
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• pp.335-351
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• 2011

In order to resolve data scarcity problem related to crisis, Oh and Kim (2007) proposed to use stability oriented approach which focuses a base period of financial market, fits asymptotic stationary autoregressive model to the base period and then compares the fitted model with the current market situation. Based on such approach, they developed financial market instability index. However, since neural network, their major tool, depends on the base period too heavily, their instability index tends to suffer from inaccuracy. In this study, we consider linear asymptotic stationary autoregressive model and neural network to fit the base period and produce two instability indexes independently. Then the two indexes are combined into one integrated instability index via newly proposed combining method. It turns out that the combined instability performs reliably well.

• The Korean Journal of Financial Management
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• v.13 no.1
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• pp.137-158
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• 1996

주식투자에 따른 체계적 위험인 베타는 실증분석에 따르면 장기적으로는 안정적이지만 단기적으로는 불안정하다. 본 연구에서는 3개월과 1년의 기간별로 추정된 규모별 및 업종별 포트폴리오 베타의 불안정성을 검토하고, 베타의 불안정성을 설명할 수 있는 거시경제변수를 찾아보고자 하였다. 베타추정시 시장수익률의 선택이 실증분석결과에 미치는 영향을 검토하고자 시장수익률로서 종합주가지수 수익률과 산술평균 수익률을 이용하여 베타를 추정하고, 이를 이요한 회귀분석 결과에 따르면 시장수익률로서 종합주가지수 수익률보다는 산술평균 수익률을 사용한 경우에 분석결과에 논리적 일관성이 있는 것으로 판단된다. 규모별 포트폴리오 베타와 거시경제변수간의 관계를 분석한 결과 금리차이와 수출비율은 소기업 포트폴리오 베타와는 음의 관계를, 대기업 포트폴리오 베타와는 양의 관계를 보이고 있다. 그리고 회사채금리는 소기업 포트폴리오 베타와 양의 관계를, 대기업 포트폴리오 베타와는 음의 관계를 보이고 있다. 거시경제변수와 업종별 포트폴리오 베타와의 회귀분석에서는 대부분의 거시경제변수가 일부 포트폴리오 베타와는 양의 관계를, 다른 포트폴리오 베타와는 음의 관계를 보이고 있다.

• 해운
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• s.101
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• pp.9-24
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• 2013

올 하반기 세계경제는 상반기보다 다소 호전될 전망이다. 미국경제의 회복이 재개되고 유로존이 침체에서 벗어나는 등 선진국 경제의 활력이 높아질 것으로 예상된다. 다만 하반기 선진국의 출구전략이 가시화되면서 글로벌 유동성 증가세의 둔화가 불가피할 것으로 보인다. 세계적인 금리상승이 자산 가격과 성장에 부정적 영향을 미치고 금융시장의 불확실성을 확대시킬 전망이다. 그간 자본유입이 많고 경제여건이 취약한 신흥국들을 중심으로 자본이 급격히 이탈하는 금융위기 가능성도 남아 있다. 최근 금융시장의 불안정성이 부각된 중국은 금융위기나 급격한 침체 가능성은 크지 않으나 정부의 성장견인 역할 축소로 장기적인 감속이 불가피할 것으로 보인다. 세계 경제 회복속도는 빠르지 않을 것이며 연간으로 지난해와 비슷한 3% 초반 성장에 머물 것으로 전망된다.

• Journal of agriculture & life science
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• v.44 no.2
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• pp.85-96
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• 2010

In this paper, we tried to investigate the adjusting patterns of production fluctuation of major soybean production countries. In particular, we focus our attention on the trade transmission effect of major soybean production countries on world market. We found that the instability of world market for soybean is likely to be increased mainly due to the production fluctuation and trade transmission effect of major production countries, e.g. Brazil, Paraguay, and Canada. Most of the major production countries have adjusted the production fluctuation through consumption and trade rather than inventory management, and hence the instability of world market for soybean tends to be more instable. Therefore we need to develop the effective policy measures for making domestic soybean market more stable such as a plan for keeping domestic production, a valid inventory management strategy, a use of futures market, and a strategy to diversify import market as a large importing country.

• The Korean Journal of Financial Management
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• v.14 no.2
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• pp.205-228
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• 1997

본 연구는 1982년부터 1996년까지의 유로달러선물과 T-bill 선물의 일별 시계열 자료를 이용하여 단기금리선물의 가격발견기능을 실증적으로 검정하고 있다. 분석방법은 시계열의 불안정성 여부를 알아보는 단위근검정, 장기균형관계를 알아보는 Johansen 공적분검정, 공적분관계가 있는 시장에 대해 설정오류의 문제를 피하고 변수들간의 인과관계를 파악하기 위해 Granger 인과관계모형을 사용하였다. 주요한 결과로 각 금리시계열들은 일차누적 시계열 I(1)임이 확인되었고 공적분관계를 분석한 결과, 각 금리 시계열의 선형결합은 안정적인 장기균형관계가 있음을 나타내 주고 있다. 따라서 각 시장은 서로 밀접한 인과관계가 있음을 암시하고 있다. 또한 선물금리와 현물금리를 대상으로 인과관계검정 결과 유로달러시장의 경우 전기에서는 피드백효과가 있고 후기에는 선물금리의 가격발견기능이 나타났다. T-bill 시장의 경우는 전기에 현물금리가 선물금리에 대해 선행하였고 후기에는 피드백효과가 나타났다. 이렇게 유로달러선물이 후기에서 가격발견기능이 있는 것은 정보통신의 발달과 유로시장의 적은 규제 등으로 유로달러선물시장이 1980년대 후반부터 급성장한 것이 그 원인으로 분석된다.

• Korean Journal of Labor Studies
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• v.24 no.2
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• pp.247-291
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• 2018

This study investigates the employment structure and the social safety net experience of the subcontracting cleaning workers in Korea, who have been main targets of the labor outsourcing despite the necessity and permanence of their labour. This study specifically focuses on the fact that these subcontracting cleaning workers are mostly female and in their old age, and analyzes how the combination of their age, gender, and employment structure leads to the (mis)match with the Korean social security system. Case study with in-dept interview method has been conducted to the old-aged female subcontracting cleaning workers in Korea. The result of this study is as follows. It was the income insecurity that led them to (re)enter the labour market, and the cleaning work was the almost the only wage work they could do considering their age and gender. Cleaning workers are mostly employed in the subcontracting company, and thus their labour contracts depend on the business contract period between the original and subcontracting company. Consequently, their employment relationship is mostly insecure unless they are guaranteed employment succession through the collective agreement of trade union. Moreover, it has been discovered that the employment insecurity due to the indirect employment relationship led to the poor labour conditions, low wage, and the exclusion from the social safety net.

• The Korean Journal of Financial Management
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• v.7 no.1
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• pp.1-20
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• 1990

In most of studies on market efficiency, the stability of risk measures and the normality of residuals unexplained by the pricing model are presumed. This paper re-examines stock splits, taking the possible violation of two assumptions into accounts. The results does not change the previous studies. But, the size of excess returns during the 2-week period before announcements decreases by 43%. The results also support that betas change around announcements and the serial autocorrelation of residuals is caused by events. Based on the results, the existing excess returns are most likely explained as a compensation to old shareholders for unwanted risk increases in their portfolio, or by uses of incorrect betas in testing models. In addition, the model suggested in the paper provides a measure for the speed of adjustment of the market to the new information arrival and the intensity of information contents.