• Korea Petroleum Association Journal
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• no.9 s.31
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• pp.16-20
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• 1983

• Nuclear industry
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• v.24 no.12 s.262
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• pp.32-42
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• 2004

• KDI Journal of Economic Policy
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• v.29 no.2
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• pp.117-133
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• 2007

This paper evaluates the efficiency of monetary policy in Korea within the framework of interest rate feedback rules. For this, a small open macroeconomic model is constructed in a similar fashion to Ball (1999). The model is shown to capture key features of the Korean economy well. Using this estimated model, optimal instrument rules are derived for a set of different monetary policy objectives. Empirical results find that the actual monetary policy in the class of instrument rules was not very effective in stabilizing the output gap relative to inflation. However, seemingly successful inflation stabilization observed in the data are not consistent with the policy rules as the reaction of the interest rate to inflation is very low. It also appears that the central bank did not react right to movements in the real exchange rate. This paper offers some suggestions for the conduct of monetary policy in Korea.

• 주택과사람들
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• s.208
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• pp.18-21
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• 2007

9월부터 분양가 상한제와 분양 원가 공개, 마이너스 옵션제 등 각종 정책이 본격 시행된다. 특히 지난 30년 동안 지속돼오던 추첨식 주택 청약 제도가 청약 가점제로 전환되고, 외환 위기 이후 분양가 자율화가 시행되다가 9월부터 분양가 상한제가 시행되는 등 부동산 시장의 지각 변동을 예고하는 주요 제도들이 전격 시행될 예정이다. 하반기부터 시행되는 주요 부동산 정책에 대해 살펴보고, 변화하는 부동산 시장에 대처하자.

• KDI Journal of Economic Policy
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• v.33 no.1
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• pp.1-44
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• 2011

Terms of trade shocks have been considered one of the main driving forces causing business cycle fluctuations in small open economies. Despite their importance in business cycles of small open economies, it is hard to find a serious study in existing literature investigating their implications on monetary policy under a small open economy. Considering it, this paper studies what form of monetary policy rule is the most adequate for a small open economy where terms of trade shocks are dominant factors in generating its business cycle fluctuations. For this purpose, various implementable monetary policy rules frequently analyzed in existing literature are compared in terms of social welfare levels which they can provide for the economy respectively. Main results of this paper can be summarized as follows. First, for a small open economy where terms of trade shocks are main driving forces of its business cycle fluctuations, the nontradable goods price inflation targeting can provide higher level of social welfare than other traditional monetary policy rules such as the CPI inflation targeting or the fixed exchange rate regime. Second, the social welfare improvement of the non-tradable goods price inflation targeting is more apparent when export goods price shocks are more important than import goods price shocks.

• KDI Journal of Economic Policy
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• v.32 no.2
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• pp.1-26
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• 2010

This paper empirically examines whether Korean monetary policy is independent of U.S. monetary policy during the post-crisis period in which capital account is liberalized and floating exchange rate regime is adopted and during the pre-crisis period in which capital mobility is restricted and tightly managed exchange rate regime is adopted. Before capital account liberalization, monetary autonomy can be achieved in view of the trillema, even under tightly managed exchange rate regime, as capital mobility is restricted. On the other hand, for the period after capital account liberalization, monetary autonomy can be also achieved in view of the trillema, as exchange rate stability is given up. Securing monetary autonomy, however, may not be easy under liberalized capital account for a small open economy like Korea. Huge capital movements can generate excessive instability in foreign exchange and asset markets. Strengthened international economic linkages may also be another factor to prevent monetary policy from being independent. Using block-exogenous structural VAR model, the effects of U.S. monetary policy shocks on Korean economy are examined. Empirical results show that Korean monetary policy is not independent of U.S. monetary policy for both periods before and after capital account liberalization. For the period after capital account liberalization, Korea does not seem to have implemented floating exchange rate policy in practice, which may lead Korean monetary policy to be dependent on U.S. monetary policy. For the period after capital account liberalization, portfolio flows respond dramatically to the U.S. monetary policy, which may also keep Korean monetary policy from being independent.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.3
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• pp.43-58
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• 2021

This study analyzes the entrepreneurship policies of the previous Korean administrations from the perspective of the Policy Paradigm by Hall(1993). A total of 195 newspaper articles and 202 government documents were examined to identify policy paradigm shifts through an analysis of policy objectives, policy instruments, and changing quality of policy instruments by each administration. The first paradigm was built during the 5th and 6th Republic, where 'Support for Small and Medium Enterprise Establishment Act' was enacted in 1986 to promote and support start-ups in the manufacturing sector. Next is the so-called 'people's government' period where 'Act on Special Measures for the Promotion of Venture Businesses' was enacted to tackle the challenges posed during the 1997 Asian financial crisis. A new policy goal was set to promote and nurture venture companies seeking subsequent means to achieve it. The third paradigm shift took place during President Moon's administration in order to effectively respond to the issues stemming from the fourth industrial revolution and the COVID-19 pandemic. Through the overall revision of the 'Support for Small and Medium Enterprise Establishment Act', the scope of startups were expanded, new industries and technology startups were supported and promoted, and venture investment-related laws were streamlined. In addition, the Small and Medium Business Administration was promoted as the Ministry of SMEs and Startups, enabling them to take initiative in implementing startup policies. Particularly, this study focuses on examining the low survival rate of startup companies and the revitalization of private investment as rising policy issues for recent startups, and suggests the improvement direction due to startup policy paradigm shift.

• KDI Journal of Economic Policy
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• v.10 no.4
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• pp.3-18
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• 1988

법인기업(法人企業)의 부채의존적(負債依存的) 재원조달행태(財源調達行態)가 세제(稅制)와 관련이 있다는 것은 주지(周知)의 사실이다. 따라서 기업(企業)의 재무구조개선(財務構造改善)을 위한 방안(方案)으로서 조세유인(租稅誘因)이 거론되는 것은 매우 당연하다. 본고(本稿)는 이러한 정책논의(政策論議)에 실증적(實證的)인 바탕을 마련해 주기 위해서 과거의 관련세제변동(關聯稅制變動)이 기업재무구조변동(企業財務構造變動)과 어떠한 관계를 가지고 있는가를 구명(究明)하려는 시도이다. 이와 같은 시도가 전에도 있었으나 본고(本稿)에서는 관련된 조세유인(租稅誘因)의 역사적(歷史的) 변동(變動)을 보다 정확하게 정량화(定量化)하려고 노력하였다는 점이 새롭다고 할 것이다. 실증분석(實證分析)의 결과 개선된 조세관련변수(租稅關聯變數)는 우리나라 기업의 재무행태(財務行態)를 보다 잘 설명하는 것으로 나타났으며 재무구조개선(財務構造改善)을 위한 과거의 조세정책(租稅政策) 노력(努力)이 유효(有效)했다는 주장을 뒷받침한다.

• Journal of Environmental Policy
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• v.10 no.2
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• pp.45-60
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• 2011

An aim of this paper is to test four hypotheses on price volatility in the $CO_2$ emission markets focusing on European Climate Exchange(ECX) in the EU Emission Trading Schemes(EU ETS) and Chicago Climate Exchange(CCX). I expect that, due to an influx of market information, a differently designed exchange market would bring a different price volatility, and various types of emission permits in the same exchange market would result in the same effects on the price volatility. Major findings are that the price volatility is same regardless of the types of emission exchange markets and emission permits comparing the rate of returns. However, comparing the GARCH variance, the volatility between ECX EUAs and CCX-CFIs and the volatility between EUAs(CERs) futures and daily futures are different with the exception of the volatility between EUAs futures and CERs futures. In conclusion, the price volatility depends on the types of exchanges and the types of emission permits.

• KDI Journal of Economic Policy
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• v.16 no.1
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• pp.3-92
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• 1994

경제정책(經濟政策) 변화(變化)의 효과(效果)를 실증분석(實證分析)할 때, 거시경제(巨視經濟) 변동(變動)에 관심이 있는 경우 거시계량모형(巨視計量模型)을 활용하고, 상대가격구조(相對價格構造) 변동(變動)에 대한 소비자(消費者) 및 생산자(生産者)의 반응에 관심이 있는 경우 일반균형연산모형(一般均衡演算模型)을 사용한다. 그런데 대체로 정책변수(政策變數)는 경제구조(經濟構造)(미시적(微視的) 효과(效果))와 경기순환(景氣循環)(거시적(巨視的) 효과(效果))에 동시적 영향을 주기 때문에, 위의 두 모형(模型) 중 어느 하나만으로는 미시행태와 거시현상을 연계 분석하거 어렵다. 본고(本稿)에서는 정책변수(政策變數)의 변화(變化)가 경제주체(經濟主體)의 개별적 최적화(最適化) 행태(行態)와 집합적(集合的) 행태(行態)에 미치는 영향을 동시에 파악하기 위해 이 두 모형(模型)을 결합한 미시(微視)-거시통합모형(巨視統合模型)을 개발하였다. 통합모형(統合模型)의 결과에 의하면, 일반균형모형(一般均衡模型)에 편입(編入)된 거시계량모형(巨視計量模型)과 동태화(動態化)된 일반균형연산모형(一般均衡演算模型)을 결합하여 단기(短期) 경기순환(景氣循環) 및 중장기(中長期)에 걸친 구조조정(構造調整) 문제(問題)를 동시에 분석 가능한 실증분석(實證分析) 도구(道具)를 개발할 수 있었다. 설제로 본고(本稿)에서는 정책대안효과(政策代案效果)의 정량적(定量的) 평가(評價)를 위하여 통합모형(統合模型)을 가상적인 석탄가격(石炭價格) 자율화(自律化)와 보조금(補助金) 지원제도(支援制度) 변화(變化)의 효과분석에 활용하여 보았다. 이러한 모의실험(模擬實驗)은 다른 정책효과분석(政策效果分析)에도 활용(活用)될 수 있을 것이다.