• Economic and Environmental Geology
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• v.54 no.5
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• pp.573-580
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• 2021

This study analyzed the induced effects of the aggregate and stone sectors using the industry association table. First, the added value of the aggregate and stone sectors was summarized, and then the intermediate input structure and induced effect were analyzed. In terms of value-added structure, aggregate and stone showed a higher employee remuneration rate compared to the manufacturing industry, and a higher rate of operating surplus compared to other mining industries. The intermediate input structure summarizes the sector using aggregate and stone products as intermediate inputs and their input ratio. The proportion of the intermediate element input structure was confirmed. In addition, the main input sectors of ready-mixed concrete, the largest consumer of aggregate and stone, are also summarized. The production-inducing effect of aggregate and stone showed a higher influence coefficient than the sensitivity coefficient, confirming that they had a relatively large rear chain effect. The production inducement effect was reviewed by reconstructing the industry association table, and it was found to show a relative superiority in the influence coefficient, similar to the results derived according to the provisional classification of the Bank of Korea.

• The Journal of The Korea Institute of Intelligent Transport Systems
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• v.20 no.1
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• pp.119-131
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• 2021

This study quantitatively derived the direct socio-economic effects of the Gyeongbu Expressway, which opened in 1970, and suggested a methodological approach for more reliable results. The scenario was set when the Gyeongbu Expressway was not constructed in 1970, the opening of the Gyeongbu Expressway was delayed by 10 years, and the toll road between Seoul and Daejeon, or between Seoul and Gangneung was opened instead of the Gyeongbu Expressway as suggested by the World Bank. In addition, direct benefits were estimated by calculating and comparing the current vehicle operating costs, travel time costs, traffic accident costs, and environmental pollution costs. As a result, it was estimated that about 351 trillion won in direct benefits occurred, and it can be seen that the promotion of the construction project of the Gyeongbu Expressway at that time had a huge impact on South Korea's social economy.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.12
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• pp.595-602
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• 2020

This study analyzes the plan to increase the social value of the KRC (Korea Rural Community Corporation). For this aim, this study examines the current status of participation in the KRC business and the social value, targeting the farmers among the external stakeholders and derived the main characteristics and important projects of the KRC using network analysis. As a result of network analysis, the rural water management business was found to be the most important business in most regions (Rural Water Development Business 0.805, Agricultural and Fishery Production Base Maintenance Business 0.758, Farmland Banking Business 0.762, Regional Development Business 0.643). On the other hand, in the case of Jeju, the agricultural production base improvement business and the regional development project were found to be the most important projects of KRC due to the unique characteristics of the region. The results of this kind of analysis differ in the importance between KRC business by region, and it is necessary to carefully review the local conditions in order to enhance social value through KRC business in the future. However, since the value of degree centrality between each business is different for each region, efforts to increase the value of KRC's social value, while accounting for local conditions, are needed.

• Economic Analysis
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• v.25 no.2
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• pp.132-176
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• 2019

We use a time-varying parameter vector auto regression (TVP-VAR) model to understand the impact of U.S. monetary policy normalization on Korean financial markets and capital accounts. The U.S. monetary policy is represented by the federal funds rate, term premium and credit spread. During the U.S. monetary contraction period of 2004 to 2006, changes in the federal funds rate presented negative pressure on Korean financial markets. The changes in federal funds rate also led to a simultaneous contraction in inward and outward capital flows. However, the effects of a federal funds rate shock has been reduced since 2015. On the other hand, the effects of U.S. term premiums is getting stronger after the period of quantitative easing (QE). The influence of the U.S. credit spread also significantly increased after the global financial crisis. Simulation results show that a rise in the U.S. credit spread, which can be triggered by a contractionary monetary policy, can pose a larger adverse impact on the Korean economy than a rise in the federal funds rate itself. As for capital flows, a U.S. monetary policy contraction causes an outflow of foreign investment, but the repatriation of overseas investment by Korean residents can offset this outflow.

• Analyses & Alternatives
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• v.8 no.1
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• pp.87-109
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• 2024

At the 8th Party Congress in 2021, North Korea announced a plan to build 50,000 housing units in Pyongyang, and this paper analyzes the economic effects and related informal costs of of the project. Currently, Pyongyang is experiencing a significant housing shortage. It is estimated that the number of households in Pyongyang increased by 184,000 between 1994 and 2020, while the estimated new housing supply during the period was only 30,000. Pyongyang's 50,000 housing units construction project is characterized by the goal of improving the living conditions of workers, the application of the new city construction method, and the largest state-led housing construction since the Arduous March. The project is expected to generate economic effects such as increasing workers' motivation to work, increasing tourism resources, and generating income from related industries. On the one hand, a significant portion of the construction cost of the 50,000-unit housing project in Pyongyang is passed on to companies and households in the form of informal cost such as quasi-taxes and manpower mobilization. In addition, there may be congestion in the power supply and sewerage facilities that occur when moving in. If these costs are not taken into account, the feasibility of a housing construction project may not be properly assessed, making it difficult to sustain it in the long term.

• Land and Housing Review
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• v.12 no.2
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• pp.33-45
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• 2021

Due to recent changes in government policy, officetels have received attention as alternative assets, along with the uplift of office and apartment prices in Seoul. However, the current officetel price indexes use small-size samples and, thus, there is a critique on their accuracy. They rely on valuation prices which lag the market trend and do not properly reflect the volatile nature of the property market, resulting in 'smoothing'. Therefore, the purpose of this paper is to create the officetel price index using transaction data. The data, provided by the Ministry of Land, Infrastructure and Transport from 2005 to 2020, includes sales prices and rental prices - Jeonsei and monthly rent (and their combinations). This study employed a repeat sales model for sales, jeonsei, and monthly rent indexes. It also contributes to improving conversion rates (between deposit and monthly rent) as a supplementary indicator. The main findings are as follows. First, the officetel price index and jeonsei index reached 132.5P and 163.9P, respectively, in Q4 2020 (1Q 2011=100.0P). However, the rent index was approximately below 100.0. Sales prices and jeonsei continued to rise due to high demand while monthly rent was largely unchanged due to vacancy risk. Second, the increase in the officetel sales price was lower than other housing types such as apartments and villas. Third, the employed approach has seen a potential to produce more reliable officetel price indexes reflecting high volatility compared to those indexes produced by other institutions, contributing to resolving 'smoothing'. As seen in the application in Seoul, this approach can enhance accuracy and, therefore, better assist market players to understand the market trend, which is much valuable under great uncertainties such as COVID-19 environments.

• KDI Journal of Economic Policy
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• v.14 no.1
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• pp.89-119
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• 1992

This paper purports to analyze the economic rationale of compensating balance requirements and its impact on money supply. This practice has recently been severely criticized for artificially increasing the money supply and, therefore, limiting the nation's aggregate lending policy under the tight constraint of the given money supply target. A review of the existing literature implies that compensating balance requirements is a banking practice which leads to corrections in the distortion of financial resource allocation due to the imperfection of financial market stemming from asymmetric information and/or financial regulations on deposit and lending rates. Therefore, the economic rationale of this practice is deemed to improve the efficiency of financial resource allocation. On the other hand, the macroeconomic impact of compensating balance requirements on the money supply depends on the impact on the money multiplier, which in turn depends on the desired ratio of deposit that people wish to maintain on the money borrowed from the banking system, and on the desired reserve ratio that the banking system would like to hold for deposit withdrawal. If the compensating balance requirements could increase the desired ratio of deposit to borrowing (bank lending), it will increase the available amount of total reserve within the banking system and, in turn, the money multiplier. However, this channel has not been fully analyzed in the literature, and the direction of the effect is ambiguous. If the practice could reduce the turn-over rate of deposit and, thereby, reduce the desired reserve ratio of the banking system, then it will also increase the money multiplier. While this channel operates unambiguously toward increasing the money multiplier, this effect will be limited by the extent that the banking system holds the excess reserve over the required reserve because the excess reserve will set the maximum amount for the desired reserve to fall. This paper tries to determine the effect on the money supply by empirically estimating the multiplier and the desired ratio of deposit to lending equations as functions of the ratio of compensating balance to the related lending, which is not observable and is estimated for the regression purpose. The results suggest that the effect of compensating balance requirements on the money supply in Korea does not exist or is very tenuous even if it could operate. Therefore, this paper concludes that the well publicized policy of cross cancelling the compensating balance and the related lending will not be effective at controlling the money supply and increasing the amount of loans without expanding the money supply.

• Korean Journal of Soil Science and Fertilizer
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• v.30 no.4
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• pp.361-369
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• 1997

A microbiological nitrate determination method by E. coli is modified in Korea, using K12 wildtype, KCTC 1116, for the quantitative reduction of $NO_3{^-}$ to $NO_2{^-}$. The nitrate in plant, soil or water sample is determined spectrophotometrically after being diazotized with sulfaniamide and N-(1-naphthl)-ethlenediamine. The modified E. coli cell method and principle for nitrate determination using Korean wildtype E. coli strain is described, and cell culture and preparation of stock suspension for E. coli as well. This modified E. coli cell method can be managed simply and fast, it is suitable for the investigation of the large serials, it can be also automated and has a high degree of sensitivity up to 0.01ppm $NO_3{^-}-N$ in the sample solution. The applicability of the modified E. coli cell method has been tested for plant, soil and water analysis on a wide range of different samples. Recovery rates of added nitrate have been determined and comparisons with other standard nitrate analytical procedures have been carried out. The results with the modified E. coli cell method show high correlation ($r^2=0.98$) with those gained by the standard analytical procedures. The advantages and disadvantages of the method are also discussed to other nitrate determination methods.

• Korean Journal of Environmental Biology
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• v.40 no.2
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• pp.148-156
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• 2022

Ecological occupation in irrigation ponds is a well-acknowledged fact that is essential for biodiversity conservation in agricultural ecosystems. However, there are few studies on the ecological functions and relationship between a paddy field and irrigation using macroinvertebrates in an environmentally friendly paddy field. The objective of this study is to identify the community and distribution characteristics of macroinvertebrates in an agricultural paddy field and irrigation pond ecosystems, and to provide basic data on the ecological function of an environmentally friendly paddy field. Macroinvertebrate sampling was conducted from May to September in an agricultural paddy field and irrigation pond in an environment-friendly paddy field in Boryeong city. We conducted a study to identify the distribution characteristics using macroinvertebrate species analysis, such as Functional Feeding Groups (FFGs), Habitat Oriented Groups (HOGs), rarefaction curve, and a two-way dendrogram. A total of 37 species of macroinvertebrates in 28 families, 13 orders were collected study during the period of the investigation. Dominant taxa of macroinvertebrates included Coleoptera, Hemiptera, and Odonata. In terms of FFGs, predators and gathering collectors accounted for approximately 70%, in relation to HOGs, and climbers and swimmers occupied more than 50% from both the paddy field and irrigation pond. With respect to the rarefaction curve, the irrigation pond (July) was high as E (S, 141)=18 species, while the paddy field (May) was comparatively low as E (S, 141)=9 species. In conclusion, our results revealed that macroinvertebrates, such as Notonecta triguttata, Peltodytes intermedius, Appasus major, Laccotrephes japonensis, Appasus japonicus, Sigara substriata, Enochrus simulans, and Sternolophus rufipes, were used as a habitat and spawning ground in both paddy field and irrigation pond. The irrigation pond appears to be a very important spawning ground for macroinvertebrates.