• Environmental and Resource Economics Review
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• v.16 no.1
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• pp.27-63
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• 2007

Using the CGE model, this paper investigates economic impacts of a shortage in crude oil resulting from voluntary export restraints, OPEC's agreement of a cut in oil production, and/or a storing on speculation. Unlike most previous studies considering oil price as the unpredictable variable, this study constructs the model to determine the oil price endogenously under the condition of an insufficient supply of crude oil. According to IEA's extraordinary steps for a shortage of crude oil, we investigate an economic impact of 7~12% shortage below the level of business as usual. The results show that oil price soars by 17.3~33.5%, the rate of economic growth falls by 0.52~0.96%p, and the consumer price index(CPI) rises by 0.8~1.51%p. These results imply that increasing in 1%p of oil price results in decreasing in 0.03%p of economic growth and increasing in 0.045%p of consumer price index. The production of electricity declines because of the increase in production cost. A shortage of crude oil has an effect on sources of electricity. Most reduction in electricity generation occurs from the reduction in the thermal power generation which is highly dependent on crude oil. The shortage of crude oil causes demand for petroleum to significantly decline but demand for coal and heat to increase because of the substitution effect with petroleum. Demand for gas rise in the first year but falls from the second year.

• KDI Journal of Economic Policy
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• v.14 no.4
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• pp.27-49
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• 1992

This paper stresses the role of market fundamentals rather than bubbles in explaining Korea's recent experience of large fluctuations of stock and real estate prices. The bubble story that emphasizes the self-fulfilling prophecies of investors seems to be inappropriate to explain the recent changes of assets prices in Korea. Those who argue for bubble phenomenon in Korea tend to interpret the volatile movements of assets prices as some form of bubbles, but without implementing a rigorous test on the presence of bubbles. Even when some bubble tests are carried out, such studies exhibit various econometric problems in testing. More seriously, they suffer from the misspecification problems in setting up a market model. This paper has shown that Korea's recent changes in assets prices could be explained by changes in market fundamentals according to the emergence and the subsequent fading of 'three lows'. First, it tried to explain changes in assets prices by changes in such market fundamentals as real interest rates and economic growth. Second, it showed that the real estate prices overshoot when the liquidity and exchange rates change, using the two-sector general equilibrium portfolio balance model. It is argued that the rapid rise in real estate prices during 1986-89 stems from Yen's and Won's appreciation $vis-{\grave{a}}-vis$ the U.S. dollar and liquidity expansion (or decreases in real interest rates), while the downturn in real estate prices since 1990 is associated with Yen's and Won's depreciation $vis-{\grave{a}}-vis$ the U.S. dollar and rises in real interest rates in reflection of the excess demand for liquidity.

• International Area Studies Review
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• v.15 no.3
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• pp.95-126
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• 2011

The objective of this study is to quantify the potential economic effects of Non-Agricultural Market Access (NAMA) negotiations of the WTO on automotive industry of the world using a multi-region, multi-sector Computable General Equilibrium (CGE) model with 21 countries/regions and 22 sectors. According to the December 2008 NAMA modalities text, issued by the chair of the negotiation on NAMA, three different scenarios of tariff liberalization of NAMA are conducted on the basis of the Swiss formula with a coefficient of 8 for developed members and 20 for developing (scenario 1), with a coefficient of 8 for developed members and 22 for developing (scenario 2) and with a coefficient of 8 for developed members and 25 for developing (scenario 3). Simulation results show potential economic effects at the macroeconomic and microeconomic level of 21 countries concerned. In particular, Korea is to be one of the winners of tariff liberalization of NAMA in the WTO and Korean automotive industry is to benefit from it to a large extent in terms of its output, domestic sales, exports and trade balance, which implies that Korea needs to actively engage in NAMA negotiations of the WTO.

• Review of Culture and Economy
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• v.20 no.1
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• pp.3-20
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• 2017

This study proposes that the cultural corporation can be more profitable by adopting the 'Buy-One Give-One' Business Model (BOGO BM) under certain conditions. Specifically, the conditions are that 1) consumers' utility for donating is high enough and 2) the production cost is low enough due to economies of scale or process innovation from employee's intrinsic motivation. We adopt a mathematical model where the demand function is a simple linear function and two companies compete with each other by choosing their quantity of output (the Cournot model). Specifically, we investigate the profitability of the BOGO BM in four situations: 1) a monopolist enjoying reduced cost due to process innovation from employee's intrinsic motivation, 2) a monopolist enjoying reduced cost due to economies of scale, 3) the duopoly with BOGO BM and a general company, 4) the duopoly with two BOGO BM companies. In each situation, BOGO BM can be more profitable than other general companies can under certain conditions.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.3
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• pp.376-381
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• 2018

The purpose of this study is to investigate price transmissions between wholesale and retail markets regarding Jeju tangerines by employing co-integration analysis and vector error correction model. The results of this study are summarized as follows: First, the long-run equilibrium relationship was found among wholesale and retail markets in time series for level by distribution channel. Second, a short-run causality relationship was observed between wholesale and retail markets. Third, the long-run causality relationship between wholesale market and retail markets was found bidirectional and feedback effect. These results imply that the wholesale price performs a central role in establishing price in the tangerine market, and the wholesale market influences tangerine price. In conclusion, for the development of a competitive tangerine industry, it is necessary to aggressively promote the policy of supply and demand control of tangerine production through organizing producers.

• Environmental and Resource Economics Review
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• v.15 no.4
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• pp.591-642
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• 2006

This paper intends to analyze economic impacts of commitment period and initial allocation in emissions trading using computable general equilibrium (CGE) modeling. The fully dynamic CGE model with perfect foresight assumption is employed to illustrate (i) how a model displays economic impact of $CO_2$ regulation upon different commitment periods: one-year budget clearing vs. 5-year commitment period, (ii) how major 8 energy-intensive industries respond to different ways to allocate initial allowances. According to the results of the analysis, it IS found that market players are motivated to bank the permits and tend to sell permits in earlier stage and to buy permits in later stage of commitment period. This implies that banking allows permit trading within a commitment period, which supports the conclusions of Kling and Rubin (1997). Other findings are related to efficiency. That is, emissions trading surpasses command and control, in terms of economic efficiency and longer terms of commitment period converge on lower permit price, In long term, initial allocation based on value-added performs the lowest GDP loss among different initial allocations.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.8
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• pp.502-507
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• 2016

The transition from a carbon economy based on fossil fuels to a hydrogen economy is necessary to ensure energy security and to combat climate change. In order to pursue the transition to a hydrogen economy while achieving sustainable economic growth, a preliminary study into the establishment of the necessary infrastructure for the future hydrogen economy needs to be carried out. This study addresses the economic and environmental interactions in a dynamic computable general equilibrium (CGE) model focusing on the economic effects of the introduction of renewable energy into the Korean energy system. Firstly, the introduction of hydrogen results in an increase in the investment in hydrogen production and the reduction of the production cost, ultimately leading to GDP growth. Secondly, the mandatory introduction of renewable energy and associated government subsidies bring about a reduction in total demand. Additionally, the mandatory introduction of hydrogen energy into the power sector helps to reduce CO2 emissions through the transition from a carbon economy-based on fossil energy to a hydrogen economy. This means that hydrogen energy needs to come from non-fossil fuel sources in order for greenhouse gases to be effectively reduced. Therefore, it seems necessary for policy support to be strengthened substantially and for additional studies to be conducted into the production of hydrogen energy from renewable sources.

• Journal of Korean Society for Geospatial Information Science
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• v.22 no.1
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• pp.41-46
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• 2014

Bus service is easily adjusted to accommodate the changed demand. Despite the flexibility of that, its relocation should overcome the following problems: first, Bus line rearrangement should consider the balance between the demand and the supply to enhance the transit equity among the users scattered around the area that supply against demand imbalances. Second, the existing demand analysed is to crude since the demand was analysed based on TAZ. mainly based on the Dong unit. Utilization of the GWR and GIS-T data can resolve the problem. In this paper, the limitation of the conventional transit demand analysis model is overcome by deploying the GWR model which identifies the transit demand based on the geographic relation between the service location and those of the users. GWR model considers the spatial effect of the bus demand in accordance with the distance to the each bus stops using SCD(Smart Card Data) and BIS(Bus Information System). This demand map was then superimposes with the existing bus route which identified the areas where the balance between demand and supply is severly skewed. since the analysis was computed with SCD and BIS at every bus stops. the shortage and surplus of bus service of entire study area could computed. Further. based on this computational result and considering the entire bus service capacity data. Bus routes optimization from the oversupplied areas to the undersupplied area was illustrated thus this study clearly compared the benefits the GIS.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.4
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• pp.201-215
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• 2017

The purpose of this study is to define the relationship between ethical management, organizational culture, and management performance in long-term care institutes for the elderly while identifying the level of ethical management, organizational culture, and management performance of caregivers and the impact and mediation of the relationships between them based on the hypothesis. The results show that caregivers in the Gyeonggi region scored 2.929 out of 5 in ethical management, 3.393 in organizational culture, 2.925 in organizational transparency and 3.185 in management performance. The levels of ethical management, organizational culture and management performance in caregivers are lower than those of welfare workers, social workers, and nursing assistants. This is due to their relatively low level of education, wages and working environment. This study determined that there is a significant relationship between variables in terms of correlation between ethical management, management performance, organization transparency, and organizational culture. Second, the authors adopted hypotheses that ethical management has a statistical effect on organizational transparency, management performance, and organization culture. Third, the authors concluded that organizational culture has a direct impact on organization transparency and there is a significant mediation effect between ethical management, organizational transparency, and management performance. Based on these results, we propose the following: First, ethical leadership at the core of ethical management. Second, awareness in organizational transparency. Third, balanced management performance. Fourth, a flexible organizational culture that can respond to ethical management environment must be established.

• Journal of the Korean BIBLIA Society for library and Information Science
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• v.32 no.1
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• pp.295-314
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• 2021

The purpose of this study is to find out the factors that affect the 'public librarian servant's' Collective Self-Esteem (CSE) in Korean relation-oriented collectivism. The research was organized into a research model by setting up a hypothesis on the impact relationship the between the group Collective self-esteem, the work environment factors and cognition of Superior institution of the Public librarian servant. The relevant data collection was conducted for public librarian servant working in public libraries nationwide through the method of survey. From April 3, 2020 to May 14, 2020, it was conducted for Public Librarian Servant in public libraries nationwide with Civil Service System, Office of Education, Ministry of Culture·Sports and Tourism based on responses for 301 Public Librarian Servant from 559 institution. According to the analysis, the cognition of the superior institution of Public Librarian Servant influences the cognition of Collective Self-Esteem among the sub-factors of Collective - Self - Esteem of Collective Self-Esteem. This study is meaningful in that 'Public Librarian Servant' who was treated as an individual entity in the study of Library and Information Science study, as being has relationship with various groups and is dealt with multi-dimensionally in Korean relation-oriented collectivism culture. Research suggests that when Public Librarian Servant exist as one of the subordinate organizations to vast Civil service system, it suggest that Public Librarian Servants should find out a balance for improve their relatively low social values.