• 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.

• The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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• v.26 no.3
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• pp.220-237
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• 2021

Since the functional importance of marine phytoplankton was firstly advocated from early 1880s massive data on the species composition and abundance were produced by classical microscopic observation and the advanced auto-imaging technologies. Recently, pigment composition resulted from direct chemical analysis of phytoplankton samples or indirect remote sensing could be used for the group-specific quantification, which leads us to more diversified data production methods and for more improved spatiotemporal accessibilities to the target data-gathering points. In quite a few cases of many long-term marine ecosystem monitoring programs the phytoplankton species composition and abundance was included as a basic monitoring item. The phytoplankton data could be utilized as a crucial evidence for the long-term change in phytoplankton community structure and ecological functioning at the monitoring stations. Usability of the phytoplankton data sometimes is restricted by the differences in data producers throughout the whole monitoring period. Methods for sample treatments, analyses, and species identification of the phytoplankton species could be inconsistent among the different data producers and the monitoring years. In-depth study to determine the precise quantitative values of the phytoplankton species composition and abundance might be begun by Victor Hensen in late 1880s. International discussion on the quality assurance of the marine phytoplankton data began in 1969 by the SCOR Working Group 33 of ICSU. Final report of the Working group in 1974 (UNESCO Technical Papers in Marine Science 18) was later revised and published as the UNESCO Monographs on oceanographic methodology 6. The BEQUALM project, the former body of IPI (International Phytoplankton Intercomparison) for marine phytoplankton data QA/QC under ISO standard, was initiated in late 1990. The IPI is promoting international collaboration for all the participating countries to apply the QA/QC standard established from the 20 years long experience and practices. In Korea, however, such a QA/QC standard for marine phytoplankton species composition and abundance data is not well established by law, whereas that for marine chemical data from measurements and analysis has been already set up and managed. The first priority might be to establish a QA/QC standard system for species composition and abundance data of marine phytoplankton, then to be extended to other functional groups at the higher consumer level of marine food webs.