• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.12
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• pp.574-580
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• 2019

In this paper, the economic performance of the Jeju Free International City and the Free Economic Zone is investigated using statistical testing and the difference in differences (DID) model with data on foreign direct investment (FDI), gross regional domestic product (GRDP), and employment-to-population ratio (EPR). The relationships among FDI, GRDP, and EPR are also investigated using the panel vector error-correction model on the regional data. The compound average growth rate of actual investment, and the ratio of FDI received to FDI declared in the capital region were higher than in the non-capital region. For the growth and relative volume of FDI received, seven regions out of 16 were found to be low in growth and small in relative volume. The results of statistical testing showed statistically significant differences in some variables, except for two regions, but DID estimates that determine the pure policy effect of zone designation showed statistical insignificance. On the other hand, the explanatory power among the three variables was found to be quite limited, but it was greater in the cities, provinces, and non-capital region. In summary, it is necessary to establish the FDI inducement mechanism so the inflow of FDI can increase GRDP and EPR.

• International Area Studies Review
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• v.15 no.3
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• pp.471-491
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• 2011

This study is to analyze the determinants of inflow FDI with panel data of 12 provinces in western region of China for the period, 1990-2007, from the perspective of market-oriented FDI and production-efficiency-oriented FDI. The empirical findings are following. First, the empirical results prior to the start of western development program show that the GRDP, the intense of industrialization and university graduates per 10,000 residents have positive coefficient signs at the significant level, while wage level has a negative and significant value. Second the empirical results using the data after the launching of the western development program show that the GRDP, the intense of industrialization have positive relations with FDI, while openness in terms of the ratio of international trade to GRDP and the wage level have negative coefficients. Finally, this thesis finds that the empirical results for both periods are very similar, which suggest that the economic structure in western region has not changed significantly even though almost a decade passed since the western development program launched.

• Korea Trade Review
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• v.41 no.5
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• pp.63-87
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• 2016

Despite its rising labor costs these days, China still serves the role as 'World's Factory' thanks to a great deal of foreign direct investment, still remaining one of the world's highest, and the global companies, which have been willingly establishing foreign subsidiaries in China. While enjoying the benefits from the Chinese market, these global companies can now take advantages of another market; the one of Korea. If a product produced by a certain global company is actually manufactured in the local factory in China and the product meets specifications of Rules of Origin, the product shall receive preferential treatment under China-Korea FTA. In the perspective of global market, therefore, it is found that China-Korea FTA may have negative effects on chemical industry in Korea, which is considered one of the representatives of China-Korea FTA. This study examines such risks by network analysis, with several cases of 'Beauty or Make-up Preparations (HS Code 3304).' Analysis shows that Korea is classified as the marginal country group but not main country group when it comes to beauty products family. So this can be a great chance to the global cosmetic companies with local factories in China in the sense that they can increase their sales towards the market of Korea based on the China-Korea FTA. Under these concerns, this study suggests two policy alternatives for the chemical industry in Korea to deal with current challenges rising from China-Korea FTA. The suggested alternatives are: to actively attract the global chemical corporations which are yet to directly enter the Chinese market; and to invest on chemical products with high potential of growth as a priority.

• KDI Journal of Economic Policy
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• v.35 no.2
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• pp.41-70
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• 2013

In this paper, we analyzed whether there exists positive relation between firm's global activity and various innovation output and, if it exists, what are the major factors by which innovation outputs can be generated, focusing on the different degree of global activity. We found that for foreign MNC affiliates, their superior information access to existing knowledge is much more important and for non-MNC exporters and domestic MNC parents not only access to existing knowledge but also active investment in new knowledge is important. When we analyze the product and the process innovation separately, we found that for the process innovation information flows from existing knowledge is relatively more important while for product innovation investment in new knowledge and information flows from existing knowledge are almost equally important. Thus in Korea policies that promote both direct R&D activities and information flows should be pursued at the same time to enhance firms' innovativeness.

• Journal of Environmental Policy
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• v.10 no.1
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• pp.71-91
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• 2011

The purpose of this paper is to estimate the environmental performance of 29 Chinese provinces by adopting the advanced measurements, integrated pollution intensity index, IPI, which can be computed using Data Envelopment Analysis(DEA) techniques. This index has the advantage of accounting for multiple resources used, good outputs produced and pollutants emitted simultaneously. The result obtained using the methodology shows the obvious evidence that provinces located around eastern area of China take relatively low levels and these phenomenons have been clearly observed throughout the sample period 1998~2007. The estimated index can be interpreted that the environmental burden in China has been steadily decreased as economic growth. This paper also tries to figure out the relationship among IPI, income levels, economic structures, the level of environmental regulations and FDI inflow. The estimated relationship between IPI and income per capita predicts improving environmental performance with increasing income levels. This explains the improvement in IPI which is simultaneously observed with income increases. According to the 'pollution haven hypothesis', many researches have been concerned the possibility that a large amount of foreign capital has been invested in China to avoid the strict environmental standards in advanced countries. However, the estimated coefficients in all model specifications take negative sign with IPI and highly statistical significant. This is a indication that there are positive impacts of foreign investments on IPI by adopting clean and high technologies from advanced countries.

• The Korean Journal of Financial Management
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• v.23 no.1
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• pp.243-266
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• 2006

This paper tests cross hedging performance of the KOSPI 200 stock index futures to hedge the downside risk of the KOSPI, KOSPI 200 and KOSDAQ50 spot market. For this purpose we introduce the minimum variance hedge model, bivariate GARCH(1,1) and EGARCH(1,1) model as hedge models. The main results are as follows; First, we find that the direct hedge performance of KOSPI 200 index futures is better than those of indirect hedge performance. second, in case or cross hedge performance the hedge effect of KOSPI 200 stock index futures market against KOSPI 200 stock index spot market is relatively better than those of KOSPI 200 index futures against KOSPI and KOSDAQ spot position. Third, for the out-sample, hedging effectiveness of the risk-minimization with constant hedge ratios is higher than those of the time varying bivariate GARCH(1,1) and EGARCH(1,1) model. In conclusion, investors are encouraged to use simple risk-minimization model rather than the time varying hedge models like GARCH and EGARCH model to hedge the position of the Korean stock index cash markets.

• Journal of Distribution Research
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• v.4 no.3
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• pp.1-22
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• 2000

Many foreign freight forwarders make inroads into domestic markets. Korean freight forwarders are not competitive on th domestic logistics area because of higher customer services by foreign freight forwarders in Korea. The purpose of this research is to analyze degree of satisfaction on customer services attributes of freight forwarders in Korea, and to strengthen the competitiveness of customer services by Korea freight forwarders in contrast to foreign investment freight forwarders in Korea. The results of the research could be summarized as follows.: When freight forwarders are selected, the most important customer service attributes have been ranked in order with 'the accuracy management of shipping order' , the reasonable offers of freight rate' and 'the quick arrangement of vessels' when freight forwarders are selected.

• Journal of the KSME
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• v.20 no.3
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• pp.184-193
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• 1980

제1절에서는 CAD/CAM 이 기계공업의 발전에 중요한 역할을 담당하고 있으며 그 이유가 무엇 인가를 설명하였다. 설명의 목적은 이와 같은 역사적인 흐름을 정확히 제시하므로써 우리 기계 공업이 나가는 방향을 설정하는데 있어 정확한 상황판단을 도우려 하였다. 제2절, 제3절 및 제4 절을 통해 CAD/CAM의 내용이 무언가를 설명 하였다. 제2절에서는 현대적 의미의 CAD/CAM을 설명하였고 제3절과 제4절에서 는 이에 필요한 전자계산기 System의 Hardware 와 Software를 설명하였다. 특히 제3절의 Work Station의 구성은 사람과 기계간의 직접적인 대화 수단이라는 면에서 대단히 중요한 의미를 가지며, 제4절에 설명된 각 Software에 의해 수행되고, 형성, 전 달되는 Data Base의 생성과 그 이용은 재래의 생산과정에서 발생되는 여러 문제가 어떻게 전 자계산기 내에서 처리되는지를 이해하는데 도움을 준다. 비록 우리의 기계공업이 아직 선진기 술을 받아드릴 여건이 되어 있지 않다 하더라도 외국의 발전 상황에 항상 정확한 정보를 입수 하고 있어야 한다. 이와 같이 정확한 자기 위치의 판단은 외국과의 기술제휴나 기술교류에 있어 가 능한 좋은 조건을 선택할 수 있는 기본이 되는 것이며 자체연구의 방향을 정확히 제시할 수 있는 능력을 가질 수 있는 것이다. 제5절에서는 CAD/CAM의 국내현황과 방향에 대해 언급하 였다. 국내의 기술수준의 후진성 때문에 협의의 CAD/CAM과 현대의미의 CAD/CAM이 명확한 구별 없이 사용되었다. 결론적으로 각 기업은 가까운 미래에 당면할 사태를 준비한다는 입장 에서 하루빨리 전자계산기를 생산 활동에 사용할 수 있도록 하여 필요한 요원을 교육하는 것이 바람직하다. 초기에 큰 투자없이 System을 개발 사용하기 위하여 기존 전자계산소를 이용하는 방법이 바람직하며 System의 도입은 자체운영을 결정하기 전에 경제적인 여건 등 여러가지 문제를 검토하여야 한다. 특히 Turn Key Base로 System를 도입할 경우에는 System의 도입목 적과 사용빈도, 앞으로의 확장성 현재 설계및 생산 과정과의 마찰가능성, 유지보수문제 등을 신 중히 검토하여야 한다. 이제 기계공업도 전자계산기를 이해하고 사용하므로 서 발전할 수 있는 단계가 되었다. 예로부터 좋은 공구를 개발하여 적절히 사용하는 것이 기계공업 발전의 첩경이 었다. 전자계산기는 현대 기술이 개발한 가장 강력하고 사용하기 좋은 공구이다.

• Korea Trade Review
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• v.41 no.4
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• pp.1-19
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• 2016

This paper analyzed what determines affected FDI inflow of developing countries by using panel data from 65 lower-middle income and low income countries(Asia, Africa and Latin America). Empirical results showed that economic growth has a more positive impact on a middle income country than a lower one, and has a better impact on the Asian continent than others. Trade has similar effect on lower and middle income countries, respectively. ODA, however, has a negative effect on both sides, regardless of the continent. Industrial value added rate and labor force have a positive effect on FDI in low and middle income countries. Infrastructure was found to be a significant impact on FDI inflows in lower-middle income countries than in low income countries. There is no geographically significant difference except Africa.

• Environmental and Resource Economics Review
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• v.29 no.2
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• pp.219-246
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• 2020

From the Phase II (2018~2020) of K-ETS, the offset credit from 'CDM projects that domestic companies and others have carried out in foreign countries' can be used in the K-ETS. As a result, stakeholders in the K-ETS market are actively developing overseas CDM projects, such as the 'high-efficiency cook stove project'. which can secure a large amount of credits while marginal cost is relatively low. This paper develops the investment decision-making model of offset project for the 'high-efficiency cook stove project' using the real option approach. Under the uncertainty of the emission allowance price, the optimal investment threshold (p^⁎) is derived and sensitivity analysis is conducted. As a result, in the standard scenario (PoA-S), the optimal investment threshold is 29,054won/ton, which is lower than the stock price (p^⁎_spot). However, allocation entities are not only economics in the CDM project, but also CDM risk factors such as non-renewable biomass ratio, cook stove replacement ratio, equity ratio with host country, investment period and submission limitation of emission allowance. In addition, offset project developers will be able to derive the optimal investment threshold for each business stage and use it for economic feasibility checks.