• KDI Journal of Economic Policy
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• v.34 no.4
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• pp.91-116
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• 2012

This paper analyzes how the adverse impacts of the global financial crisis on Korea's employment could be mitigated in comparison with the Asian crisis period. The results from error-correction models suggest that the less severe impacts during the global financial crisis could be attributed to (i) smaller GDP reduction, (ii) better maintenance of domestic demand despite a sharp fall of export, (iii) less serious over-employment during the run-up to the crisis, and (iv) less severe credit crunch. Analyses of OECD cross-country data provide corroborating evidence. In order to mitigate adverse impacts on employment, therefore, priority should be given to expansionary macroeconomic policies to keep aggregate domestic demand from collapsing once a crisis is triggered. Also crucial, however, is to maintain sound economic structures such as flexible labor market and adequately supervised financial market.

• KDI Journal of Economic Policy
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• v.30 no.2
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• pp.27-59
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• 2008

This paper empirically investigates the finance-growth linkage in Korea by utilizing firm-level data of manufacturing industries before and after the 1997 financial crisis. We find that, first, an increase in external finance is associated with a faster subsequent capital accumulation of firms. However, this capital accumulation channel became relatively attenuated after the crisis. Second, the total factor productivity growth effect of external finance has been considerably weak both before and after the crisis. Third, the information production and industry restructuring effects of external finance have also remained weak after the crisis. The limited role of external finance in post-crisis Korea partially reflects sluggish corporate investment and weakening dependence of good credit firms on external finance. The evidence suggests that, in order to effectively sustain economic growth, further reform efforts may be required to strengthen resource allocation and corporate restructuring roles of financial markets and institutions.

• 사회경제평론
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• v.29 no.1
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• pp.31-70
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• 2016

This study provides a comprehensive survey of Post Keynesian economics. The global financial crisis 2008-2009 has triggered an important debate concerning economic theory, policy and methodology. The most important thing that this economic crisis has done for economics is that it revealed mainstream economics was wrong. Mainstream economics has been unable to offer clear answers for the crisis. The economic crisis, at the same time, brought about a crisis in the field of economics. This study suggests that economics needs to be altered into a new form that can explain the real world economy. In this paper, it is argued that Post Keynesian economics can be understood as the alternative economics. The paper begins with the vision and the origins of several Post Keynesian ideas, leading to an examination of certain features of the various groups, including their methodology and their approaches to uncertainty, their pricing theories and their growth theories. The focus, however, is on the stage reflected in Post Keynesian economics which is concerned with the conception of Lakatos's 'Scientific Research Programmes'. It is recognized that more research is necessary in order to complete the post keynesian economics as a standard science or as a progressive Scientific Research Programmes in economics.

• Journal of the Economic Geographical Society of Korea
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• v.22 no.4
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• pp.381-404
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• 2019

The paper aims to identify how North Korean various economic agents respond to the economic crisis in North Korea, and how these multiple practices are entangled with its spatiality by through the questionnaire survey and in-depth interview targeted at North Korean refugees. The paper argues that it needs to examine the marketization in North Korea in terms of the domesticating recently debated in economic geography. In this perspective, the marketization in North Korea could be explained not as a grand project 'out there' with hegemonic power, but as various economic agents within their space are constantly (re)constructed through everyday life practices. Economic agents' responses to economic crisis, economic rupture, and economic marginalization could be identified in terms of articulation between economic and non-economic factors. More specifically, the paper emphasizes everyday life responses are over-determined by their economic and non-economic factors and its effectiveness is differentiated by their power relations.

• Journal of the Korean Society of Food Culture
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• v.14 no.4
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• pp.353-360
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• 1999

This paper was developed to determine the university students' coping behavior pattern in meal management with Korean economic crisis in 1997. The data was collected from 544 university students in Ulsan areas. The coping behavior consisted of 26 items which were categorized into 4 factors; (factors were named as related to): 'decrease of intakes factor' ,: 'change to the cheaper choices factor' ,: 'increase of meals at home factor' and 'emphases on quantity sacrificing the quality factor'. Socio-economic variables affected differently the coping behavior in meal management and 4 sub factors. The amount of discretionary expenditure, the status of housing, the monthly household income and gender affected the coping behavior in meal management. The amount of discretionary expenditure and the monthly household income affected the decrease of intakes factor and the change to the cheaper choices factor. The amount of discretionary expenditure and gender affected the increase of meals at home factor and the emphases on quantity sacrificing the quality factor.

• Journal of Labour Economics
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• v.23 no.1
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• pp.1-25
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• 2000

This paper investigates why is the unemployment outflow rate into employment so high and why do the precarious workers have short unemployment spell after the economic crisis. Using the matched panel data of the Economically Active Population Survey. This paper points out that, in spite of the fact that most spells of unemployment are quite short, a very substantial portion of the unemployed experiences multiple unemployment spells over a period of time. Also recurrent unemployment leads to very long total durations of unemployment. This evidence implies recurrent unemployment is as important as long-term unemployment under the poor social safety net system.

• Journal of Family Resource Management and Policy Review
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• v.11 no.3
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• pp.123-144
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• 2007

The major purpose of this study is to find level of financial management behavior and relation factors. In addition, It is also to suggest how to overcome family financial problems on urban housewives' in the time of economic crisis and to provide the fundamental data to improve economic stability. Consequently, in the times of economic crisis, housewives' change-oriented family finance management behavior appeared to be more desirable. Through change-oriented family finance management behavior, housewives needs try to find reasonable solution to improve family cohesion and financial stability. Specially, housewives have to make use of financial information for effective financial management behavior and the financial stability of family members.

• East Asian Economic Review
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• v.19 no.4
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• pp.357-379
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• 2015

We investigate interconnectedness and the contagion effect of default risk in Asian sovereign CDS markets since the global financial crisis. Using dynamic conditional correlation analysis, we find that there are significant co-movements in Asian sovereign CDS markets; that such co-movements tend to be larger between developing countries than between developed and developing countries; and that in the co-movements intra-regional nature is stronger than inter-regional nature. With the Spillover Index model, we measure contagion probabilities of sovereign default risk in CDS markets of seven Asian countries and find evidence of contagion effects among six of them; Japan is the exception. In addition, we find that these six countries are affected more by cross-market spillovers than by their own-market spillovers. Furthermore, a rolling-sample analysis reveals that contagion in the Asian sovereign CDS markets expands during episodes of extreme economic and financial distress, such as the Lehman Brothers bankruptcy, the European financial crisis, and the US-credit downgrade.

• 사회경제평론
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• v.29 no.1
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• pp.71-98
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• 2016

This study reveals the followings in the Tugan's business cycle thoery. First, Tugan tried to construct a business cycle theory based on his market theory. But Tugan' theory is lack of logical consistency. Second, Tugan's critics as well as defenders did not understand his theoretical error. Underconsumption theorists did not evaluate Tugan's periodical crisis theory while only criticizing Tugan's crisis theory neglected a consumption. Bauer developed Tugan's periodical crisis by using the reproduction scheme including a hoarded money. Hilferding only constructed a theory of crisis properly criticizing Tugan's crisis theory on the basis of Marx's concept of crisis.

• Korean Journal of Culture and Social Issue
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• v.8 no.1
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• pp.103-139
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• 2002

Korean society has significantly changed with the onset of a dramatic economic crisis in 1998. From 2000, however, the Korean economy has recovered and currently Korea is enjoying a similar standard of living and economic growth as the pre-1998 levels. This study is a follow-up analysis, comparing the results examining the success attribution of Korean students and adults in 2001 with the results obtained before the economic crisis in 1997. Using the indigenous psychological approach, this study compares the similarities and differences in Korean students and adults' attribution of their personal success before and after the economic crisis. A total of 988 participants, consisting of 481 primary, junior high, senior high and university students and 507 adults (236 fathers and 271 mothers of the students) completed the questionnaire developed by Kim and Park (1998). The results indicate that students perceived their academic achievement and adults perceived successful family life as their most proud achievement. Successful family life included items such as academic success of children, healthy development of their children, and harmonious family life. The person who provided the most significant support for students were parents and for adults, it was their spouse. For students, the importance of friends' social support increased during the high school years. In terms of type of social support, emotional support was reported to be the most important for both students and adults. As for the reason for their success, majority of students and men reported self-regulation and for women, supportive family environment was reported as being the most important. Comparing 2001 results with the 1997 results, the importance of family increased after the economic crisis. Even with the dramatic economic crisis, however, some of the underlying pattern remain strong (such as importance of academic achievement for students, family life for adults, the importance of social support, especially emotional social support from family members, and believing that self-regulation would lead to success). The similar pattern of results obtain before and after the economic crisis indicate that the above results reflect a fundamental values and belief system deeply imbedded in Korean mentality.