• The Korean Journal of Financial Management
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• v.20 no.2
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• pp.263-291
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• 2003

The purpose of this paper is to analyse the change in the productivity of Korean life insurance industry by Generalized Malmquist productivity indices. Generalized Malmquist indices will be decomposed into three components such as pure efficiency change, scale efficiency change, and technical change. The principal findings indicate an overall increase in productivity driven more by technical progress than pure technical efficiency and scale efficiency.

• The Korean Journal of Applied Statistics
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• v.23 no.1
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• pp.63-71
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• 2010

Business entrepreneurs reflect their views of domestic and foreign economic activities on their operation for the growth of their business. The decision, forecasting, and planning based on their economic sentiment affect business operation such as production, investment, and hiring and consequently affect condition of national economy. Business survey index(BSI) is compiled to get the information of business entrepreneurs' economic sentiment for the analysis of business condition. BSI has been used as an important variable in the short-term forecasting models for business cycle analysis, especially during the the period of extreme business fluctuations. Recent financial crisis has arised extreme business fluctuations similar to those caused by currency crisis at the end of 1997, and brought back the importance of BSI as a variable for the economic forecasting. In this paper, the meaning of BSI as an economic sentiment index is reviewed and a GUIDE regression tree is constructed to find out the factors which affect on BSI. The result shows that the variables related to the stability of financial market such as kospi index(Korea composite stock price index) and exchange rate as well as manufacturing operation ratio and consumer goods sales are main factors which affect business entrepreneurs' economic sentiment.

• Journal of Navigation and Port Research
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• v.42 no.6
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• pp.546-554
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• 2018

The Bulk market, unlike the line market, is characterized by stiff competition where certain ship or freight owners have no influence on freight rates. However, freights are subject to macroeconomic variables and economic external shock which should be considered in determining management or chartering decisions. According to the results analyzed by use of ARIMA Inventiom model, the impact of the financial crisis was found to have a very strong bearing on the BDI index. First, according to the results of the VEC model, the libor rate affects the BDI index negatively (-) while exchange rate affects the BDI index by positively (+). Secondly, according to the results of the VEC model's J ohanson test, the order ship volume affects the BDI index by negatively (-) while China's economic growth rate affects the BDI index by positively (+). This shows that the shipping company has moved away from the simple carrier and responded appropriately to changes in macroeconomic variables (economic fluctuations, interest rates and exchange rates). It is believed that the shipping companies should be more aggressive in its "trading" management strategy in order to prevent any unfortunate situation such as the Hanjin Shipping incident.

• Journal of Labour Economics
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• v.28 no.3
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• pp.77-109
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• 2005

On the basis of the Korea Labor and Income Panel Survey for the 1997 through 2003 period, this paper investigates if the income distribution has become more bi-polarized since the recent financial crisis. The polarization measure developed by Esteban and Ray(l994) and Duclos, Esteban, and Ray(2004) indicates that the distribution of total income has become much more bi-polarized than unequalized for the entire sample period. Second, the rapid increase in the bi-polarization measure is attributed to the enhanced within-group homogeneity among the lower-income group as well as the widening gap between the two groups in the mean income level. Third, no such pattern exists in the distribution of labor income. Overall, the findings in the current study would support the hypothesis of a centrifuging society which is characterized by the slow disappearance of the middle class and the formation of two poles and which is observed in the United States and the United Kingdom among others.

• Venture DIGEST
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• no.1 s.126
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• pp.54-55
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• 2009

요즘 연일 중계무역에 대한 문의를 받는다. 최근 화두인 미국 발 금융위기와 함께 내수경기가 악화되어 해외 거래를 중계해서 수익을 창출해 보려고 하는 것이다. 이런 요구에 발맞춰 이번 호에서는 중계무역의 구조와 절차 상의 주의점들을 살펴보자.

• Journal of Labour Economics
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• v.37 no.1
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• pp.87-116
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• 2014

Forecasting of short-term employment fluctuations provides a useful tool for policy makers in risk managing the labor market. Following the process of producing the composite leading indicator for macro economy, the paper develops the employment leading indicator(ELI) for the purpose of short-term forecasting non-farm payroll employment in private sectors. ELI focuses on early detecting the point of time and the speed in phase change of employment level.

• Journal of the Korean Society of Marine Environment & Safety
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• v.20 no.6
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• pp.685-691
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• 2014

The result of probabilistic maritime risk evaluation is represented by the probability(P=0.0~1.0) These results are shown by an index using Risk Acceptance Criteria(RAC) to base the evaluation generally to know the risk level easily. Current RAC is divided into 3 steps, 5 steps, 7 steps, etc. Despite need to evaluate whether the number of RAC for risk evaluation is reasonable, there is not a related research yet. In this study, It was proposed the evaluation method to determine the optimum index number of RAC using the Sensitivity distribution characteristics and the Sensitivity by the index number of RAC. As application result from the proposed method for probabilistic risk evaluation data obtained from the prior studies, It could be determined the optimum index number of RAC by Sensitivity below 10 times and confirmed that the proposed method is reasonable by this study.

• Management & Information Systems Review
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• v.29 no.2
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• pp.97-118
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• 2010

This paper explores the mean and volatility spillover effects among Chinese, Korean, and the U.S. stock markets during the Asian and global financial crises. We found that, during the Asian Financial crisis, there was no mean spillover effect to the Chinese stock markets. However, there were reciprocal mean spillover effects between the U.S. and the Korean market. This implies that Korean market was open, while Chinese market was secluded from the international financial market at that time. The negative volatility spillover effect between the U.S. and China reinforces this finding. During the global financial crisis, there was reciprocal mean spillover effect between the U.S. and China, and between the U.S. and Korea. This may reflect the fact that Chinese market has opened to the international financial market. However, the volatility spillover effect does not exist between China and the U.S., while the U.S. and Korea has reciprocal volatility spillover effect to each other. These findings may imply that China is still in the process of opening her stock market to international investors.

• KDI Journal of Economic Policy
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• v.29 no.3
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• pp.1-28
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• 2007

Upon analyzing several Korean Income data sets, it is confirmed that the relationship between Gini coefficient and bi-polarization measure (EGR) is empirically not different although they each come from different theoretical basis. Furthermore, it is difficult to state that the degree of polarization of income distribution, measured by DER, in Korea has deepened more than that of income inequality, estimated by Gini coefficient, in the periods of before and after the economic crisis.

• KDI Journal of Economic Policy
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• v.21 no.3_4
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• pp.105-146
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• 1999

1997년 말 외환위기 이후 한국의 노동시장은 빠르게 변화하고 있다. 외환위기에서 2년이 경과한 현재 실업률이 빠르게 하락하고 임금수준은 위기 이전으로 회복되었으나, 고용수준은 아직 회복되지 않은 상황이다. 현재의 상황에서 우려되는 것은 1970년대 이후 유럽에서 발생한 것처럼 고실업이 지속되는 현상이다. 본고에서는 여러 가지 분석을 통하여 이러한 우려가 현실로 나타날 수 있는 가능성에 대하여 경고하고 있다. 향후 고용 및 실업정책의 최우선 목표는 본원적인 일자리 창출을 통해 구조적 실업률을 저하시키기 위한 종합적인 정책의 시행에 두어져야 한다고 판단된다. 이는 실업과 분배문제를 동시에 해결할 수 있는 기초라 여겨지기 때문이다. 이를 위해서는 일자리의 창출을 위하여 수십년 동안 경험을 축적한 OECD국가의 경험을 참고할 필요가 있을 것이다. 현재 OECD국가에서는 일자리의 창출을 위하여 개별기업의 상황에 맞게 임금결정구조의 분권화를 지속적으로 추구하고 있으며, 임금상승률의 결정은 과거의 물가상승률이나 생산성 증가 등의 지수화에 의존하던 정책을 포기하고 미래지향적으로 물가상승의 예측치만큼 설정한 후 그 변동분은 사후적으로 고려하는 소득정책협약(income policy agreements)을 추구하고 있다. 이는 일자리 창출을 통해 경제의 성과를 기존의 취업자 외에 실업자와 신규근로자에게 분배하기 위한 수단으로 사용하고 있음을 의미한다. 한편 노동시장 유연성 제고를 통한 일자리의 창출은 소득분배를 악화시키는 경향이었다는 점이 유럽과 미국에서 발견된 경험 중의 하나이다. 따라서 일자리의 창출과 분배의 상충관계(trade-off)를 염두에 둘 필요는 있으나, 일자리의 창출은 일자리를 가짐으로써 불평등도를 개선하는 고용효과(employment effect)가 임금격차의 발생으로 불평등도를 확대시키는 임금효과(income effect)를 상쇄할 경우 오히려 분배구조를 개선시킬 수도 있다.