• KDI Journal of Economic Policy
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• v.31 no.1
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• pp.169-206
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• 2009

This study stems from a question, "How should we understand the pattern of the Korean economy after the 1990s?" Among various analytic methods applicable, this study chooses a Structural Vector Autoregression (SVAR) with long-run restrictions, identifies diverse impacts that gave rise to the current status of the Korean economy, and differentiates relative contributions of those impacts. To that end, SVAR is applied to four economic models; Blanchard and Quah (1989)'s 2-variable model, its 3-variable extensions, and the two other New Keynesian type linear models modified from Stock and Watson (2002). Especially, the latter two models are devised to reflect the recent transitions in the determination of foreign exchange rate (from a fixed rate regime to a flexible rate one) as well as the monetary policy rule (from aggregate targeting to inflation targeting). When organizing the assumed results in the form of impulse response and forecasting error variance decomposition, two common denominators are found as follows. First, changes in the rate of economic growth are mainly attributable to the impact on productivity, and such trend has grown strong since the 2000s, which indicates that Korea's economic growth since the 2000s has been closely associated with its potential growth rate. Second, the magnitude or consistency of impact responses tends to have subsided since the 2000s. Given Korea's high dependence on trade, it is possible that low interest rates, low inflation, steady growth, and the economic emergence of China as a world player have helped secure capital and demand for export and import, which therefore might reduced the impact of each sector on overall economic status. Despite the fact that a diverse mixture of models and impacts has been used for analysis, always two common findings are observed in the result. Therefore, it can be concluded that the decreased rate of economic growth of Korea since 2000 appears to be on the same track as the decrease in Korea's potential growth rate. The contents of this paper are constructed as follows: The second section observes the recent trend of the economic development of Korea and related Korean articles, which might help in clearly defining the scope and analytic methodology of this study. The third section provides an analysis model to be used in this study, which is Structural VAR as mentioned above. Variables used, estimation equations, and identification conditions of impacts are explained. The fourth section reports estimation results derived by the previously introduced model, and the fifth section concludes.

• Journal of Korea Port Economic Association
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• v.33 no.3
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• pp.35-52
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• 2017

Interest and demand in heavy cargo logistics is increasing and becoming more diverse as economic scales have expanded and manufacturing activity has increased. Although cargo moves via maritime and/or land transportation, there is currently insufficient research on the actual condition of heavy cargo logistics. The purpose of this study is to carry out an in-depth analysis of heavy cargo laws, systems, logistics patterns, and current transportation status. By proposing measures to solve existing problems, this study aims to make an important and ongoing contribution to the scarcely studied field of heavy cargo logistics. The result of regression analysis on the main seven factors show that transportation frequency and law/system structure have a positive effect on working conditions. Furthermore, the result of correlation analysis on the main seven factors show that the cargo weight variable is highly positively correlated with cargo size. Also, the working conditions variable is highly positively correlated with the law/system structure. Detailed proposal measures to solve existing problems are summarized as follows. First, it is necessary to establish a clear concept of heavy cargo as numerous existing definitions differ. Second, laws and provisions relating to maritime and land transportation of heavy cargo need to be established and consolidated as current applicable legislation is insufficient. Third, the classification system for heavy cargo transportation needs improvement. Fourth, it is necessary to improve transportation performance statistics and the aggregate criteria system. Finally, the management system of heavy cargo also needs improvement.

• International Journal of Highway Engineering
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• v.13 no.2
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• pp.103-114
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• 2011

Usage of bicycle has been supported the universal reduction of energy consumption and $CO_2$. For the same purpose, new constructions for long length bike roads are planned in Korea. Recently, laboratory tests of physical properties and resistance against environmental loading about optimum mix design of roller compacted concrete, that have advantages of high structural performance by cement hydration and aggregate interlocking, simple construction procedure and low construction cost, are performed for the effective construction of new bike roads. However, properties of roller compacted concrete had different results between laboratory and field tests since it had different compaction method. Also, construction method of roller compacted concrete are not defined for the application of bike roads since it had different demand performance such as thin pavement thickness, low strength and etc with road pavements. Thus, in this experimental research was launched to evaluate the core properties, visual inspection, compaction ratio, water content, thickness reduction rate of roller compaction, skid resistance and roughness by experimental construction about variable mix proportion and compaction method based on laboratory test results. And construction method of roller compacted concrete pavement were suggested for the application of bike roads.

• Journal of Distribution Science
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• v.13 no.3
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• pp.69-77
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• 2015

Purpose - The purpose of this study is to examine whether the cash policies of retail firms listed on Korean stock markets are consistent with the evidence provided in the study of Almeida et al. (2004). Liquidity management is an important issue for financially constrained firms relative to financially unconstrained firms. Because there are few sources of external funding, the optimal liquidity policies of financially constrained firms should reflect their own earnings or cash inflows to create opportunities for current and future real investments. According to this simple idea, we estimate the sensitivity of cash to cash flows and simply check whether the estimated sensitivity to cash flows of the cash retained by constrained retail firms is greater than that of the cash retained by unconstrained retail firms. Through this work, we aim to explain why the cash policies of the retail firms listed on the Korean stock markets differ from those of listed manufacturing enterprises. Research design, data, and methodology - To explain a firm's cash holdings, we use only three explanatory variables: earnings before interest and taxes (EBIT), Tobin's q, and size. All the variables are defined as the value of the numerator divided by aggregate assets. Thanks to this definition, it is possible to treat all the sample firms as a single large firm. The sample financial data for this study are collected from the retail enterprises listed on the KOSPI and KOSDAQ markets from 1991 to 2013. We can obtain these data from WISEfn, the financial information company. This study's methodology has its origin in Keynes's simple idea of precautionary liquidity demand: When a firm faces financial constraints, cash savings from earnings or cash inflows become important from the corporate finance perspective. Following this simple idea, Almeida et al. (2004) developed their theoretical model and found empirical evidence that the sensitivity of cash to cash flows varies systematically according to different types of financing frictions. To find more empirical evidence for this idea, we examined the cash flow sensitivity of the cash held by Korean retail firms. Results - Through several robustness tests, we empirically showed that financially constrained Korean retail firms display significant positive propensity to save cash from earnings before interest and taxes, while the estimated cash flow sensitivity of the cash held by unconstrained retail firms is not significant. Despite the relatively low earnings of retail firms, their sensitivity is three times greater than that of manufacturing enterprises. This implies that Korean retail firms have greater intentions of facilitating future investments rather than current investments. Conclusions - The characteristics of the cash policies of Korean retail firms differ from those of manufacturing firms. This contrast may be attributable to industry-oriented policy planning, regulations, and institutional differences. However, the industrial policymakers should observe signals of the long-term growth options of retail firms based on their high propensity to save from their cash inflows.

• Journal of Korean Society of Transportation
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• v.27 no.1
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• pp.73-81
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• 2009

While various factors in passenger and freight demand analysis affect on destination choice, a key factor, in general. is an attractiveness measure by size variable (e.g., population. employment etc) in destination zone. In order to measure the attractiveness, some empirical studies suggested that disaggregate gravity model are more suitable than aggregate gravity model. This study proposes that truck travelers trip diary data among Korean commodity flow data could be used to estimate the behaviors of incorporating trip departure time, activity duration and attractiveness in destination. As a result, the main findings of size and distance variables coincide with the conventional gravity model having a positive effect of population variable and a negative effect of distance variable. Due to disaggregate gravity modeling, the unique findings of this study reports that small trucks are more likely to choose short distance and early morning, morning peak and afternoon peak departure time choice. On the other hand, large trucks are more likely to choose long distance and night time departure time choice.

• Korean Security Journal
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• no.15
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• pp.265-283
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• 2008

Modern society often faces 3Cs：change, competition, and customer. The main issue of today's police science study, therefore, circles around how public police effectively cope with the radically changed environment. As one of the workable and appealing policy tools to reform the police, the privatization has been not only strongly supported in terms of a theoretical study, but also widely used in practice all over the world. However, Policing has been widely regarded as an exclusively public-sector activity conducted by sworn officer, but a large and increasing share of the aggregate demand for public safety and security is being handled by the private sector. This study examines on the very practical one, how contracting out, most widely used as the privatization alternatives, is perceived and put into practiced in the field of traffic police services. This study is intended to examine recent shifts toward privatization of traffic policing. Although some people regard police services as inappropriate for privatization, most everyone else have persuasively considered that many police services are not public goods or, at least, not pure public goods. We can consider that there are three types of privatization with respect to traffic policing, that is, user-financed police services, contracting out, and some degree of service shedding. As society changes, so must traffic policing. And it is needed to enhance the ability of traffic police and private to accomplish their primary mission, to serve and protect the public.

• Resources Recycling
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• v.18 no.3
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• pp.11-19
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• 2009

Recently the problem of global environment is became by social issue. Accordingly the interests to recycling and saving of resources are growing from daily life to varieties field of industry. To preserve the global environment, prevent global warming, environmental destruction, environmental pollution by wastes, the drain of aggregate, plasticity energy of cement and decrease in carbon dioxide are an urgent problem that must be resolved. So there is to a field of building industry and stands but on the inside of the building the many double meaning resources usefully, applies. Also the seller masterpiece building where the service life is long planned is safe and comfortably, maintenance, suppresses the construction which is not necessary is unnecessary. Also the seller masterpiece building where the service life is long planned is safe and comfortably, maintenance, suppresses the construction which is not necessary is unnecessary. By revitalizing effective use of limited earth resources, recycling and controling production of construction waste, this study introduced to a method for Long-Term Durability of Construction Structure and Effective Use of Technology for Construction Waste considering architectural demand and earth environment. It is for reduction of an earth environment load from the side of construction production and performance design of a structure.

• Journal of the Korean Recycled Construction Resources Institute
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• v.11 no.4
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• pp.416-424
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• 2023

Concrete emits a large amount of carbon dioxide throughout its life cycle, and due to the societal demand for carbon dioxide reduction, research on storing carbon dioxide in concrete in the form of minerals is ongoing. In this study, cyanobacteria, which absorb carbon dioxide through photosynthesis and fix it as calcium carbonate, were applied to a porous concrete substrate, and the changes in the properties of the concrete substrate due to their special environmental curing condition were analyzed. The results showed that the calcium carbonate precipitation by the microorganisms was concentrated in the light-exposed surface area, and most of the precipitation occurred in the cement paste part, not in the aggregate. This microbially induced calcium carbonate precipitation enhanced the mechanical performance of the paste and improved the overall compressive strength as the curing age progressed. In addition, the increase in microbial biofilm and calcium carbonate improved the pore structure, which influenced the reduction in water permeability.

• Journal of Environmental Impact Assessment
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• v.29 no.3
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• pp.157-181
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• 2020

Sediments from rivers, lakes and marine ports serve as end points for pollutants discharged into the water, and at the same time serve as sources of pollutants that are continuously released into the water. Until now, the contaminated sediments have been landfilled or dumped at sea. Landfilling, however, was expensive and dumping at sea was completely banned due to the London Convention. Therefore, this study applied contaminated sedimentation soil of 'Royal Palace Livestock Complex' as soil purification method. Soil remediation methods were applied to pretreatment, composting, soil washing, electrokinetics, and thermal desorption by selecting overseas application cases and domestically applicable application technologies. As a result of surveying the site for pollutant characteristics, Disolved Oxigen (DO), Suspended Solid (SS), Chemical Oxygen Demand (COD), Total Nitrogen (TN), and Total Phosphorus (TP) exceeded the discharged water quality standard, and especially SS, COD, TN, and TP exceeded the standard several tens to several hundred times. Soil showed high concentrations of copper and zinc, which promote the growth of pig feed, and cadmium exceeded 1 standard of Soil Environment Conservation Act. In the pretreatment technology, hydrocyclone was used for particle size separation, and the fine soil was separated by more than 80%. Composting was performed on organic and Total Petroleum Hydrocarbon (TPH) contaminated soils. TPH was treated within the standard of concern, and E. coli was analyzed to be high in organic matter, and the fertilizer specification was satisfied by applying the optimum composting conditions at 70℃, but the organic matter content was lower than the fertilizer specification. As a result of continuous washing test, Cd has 5 levels of residual material in fine soil. Cu and Zn were mostly composed of ion exchange properties (stage 1), carbonates (stage 2), and iron / manganese oxides (stage 3), which facilitate easy separation of contamination. As a result of applying acid dissolution and multi-stage washing step by step, hydrochloric acid, 1.0M, 1: 3, 200rpm, 60min was analyzed as the optimal washing factor. Most of the contaminated sediments were found to satisfy the Soil Environmental Conservation Act's standards. Therefore, as a result of the applicability test of this study, soil with high heavy metal contamination was used as aggregate by applying soil cleaning after pre-treatment. It was possible to verify that it was efficient to use organic and oil-contaminated soil as compost Maturity after exterminating contaminants and E. coli by applying composting.

• Journal of Global Scholars of Marketing Science
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• v.18 no.2
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• pp.223-252
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• 2008

In this study, we attempt to propose a choice-based diffusion model with switching cost, which can be used to forecast the dynamic substitution and competition among previous and new products at both individual-level and aggregate level, especially when market data for new products is insufficient. Additionally, we apply the proposed model to the empirical case of substitution and competition among Analog Cable TV that represents previous fixed charged broadcasting service and Digital Cable TV and Internet Protocol TV (IPTV) that are new ones, verify the validities of our proposed model, and finally derive related empirical implications. For empirical application, we obtained data from survey conducted as follows. Survey was administered by Dongseo Research to 1,000 adults aging from 20 to 60 living in Seoul, Korea, in May of 2007, under the title of 'Demand analysis of next generation fixed interactive broadcasting services'. Conjoint survey modified as follows, was used. First, as the traditional approach in conjoint analysis, we extracted 16 hypothetical alternative cards from the orthogonal design using important attributes and levels of next generation interactive broadcasting services which were determined by previous literature review and experts' comments. Again, we divided 16 conjoint cards into 4 groups, and thus composed 4 choice sets with 4 alternatives each. Therefore, each respondent faces 4 different hypothetical choice situations. In addition to this, we added two ways of modification. First, we asked the respondents to include the status-quo broadcasting services they subscribe to, as another alternative in each choice set. As a result, respondents choose the most preferred alternative among 5 alternatives consisting of 1 alternative with current subscription and 4 hypothetical alternatives in 4 choice sets. Modification of traditional conjoint survey in this way enabled us to estimate the factors related to switching cost or switching threshold in addition to the effects of attributes. Also, by using both revealed preference data(1 alternative with current subscription) and stated preference data (4 hypothetical alternatives), additional advantages in terms of the estimation properties and more conservative and realistic forecast, can be achieved. Second, we asked the respondents to choose the most preferred alternative while considering their expected adoption timing or switching timing. Respondents are asked to report their expected adoption or switching timing among 14 half-year points after the introduction of next generation broadcasting services. As a result, for each respondent, 14 observations with 5 alternatives for each period, are obtained, which results in panel-type data. Finally, this panel-type data consisting of $4{\ast}14{\ast}1000=56000$observations is used for estimation of the individual-level consumer adoption model. From the results obtained by empirical application, in case of forecasting the demand of new products without considering existence of previous product(s) and(or) switching cost factors, it is found that overestimated speed of diffusion at introductory stage or distorted predictions can be obtained, and as such, validities of our proposed model in which both existence of previous products and switching cost factors are properly considered, are verified. Also, it is found that proposed model can produce flexible patterns of market evolution depending on the degree of the effects of consumer preferences for the attributes of the alternatives on individual-level state transition, rather than following S-shaped curve assumed a priori. Empirically, it is found that in various scenarios with diverse combinations of prices, IPTV is more likely to take advantageous positions over Digital Cable TV in obtaining subscribers. Meanwhile, despite inferiorities in many technological attributes, Analog Cable TV, which is regarded as previous product in our analysis, is likely to be substituted by new services gradually rather than abruptly thanks to the advantage in low service charge and existence of high switching cost in fixed charged broadcasting service market.