• East Asian Economic Review
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• v.20 no.2
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• pp.169-190
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• 2016

This paper tests the weak-form efficient market hypothesis for Korean industry-sorted portfolios. Based on a panel variance ratio approach, we find significant mean reversion of stock returns over long horizons in the pre Asian currency crisis period but little evidence in the post-crisis period. Our empirical findings are consistent with the fact that Korea accelerated its integration with international financial market by implementing extensive capital liberalization since the crisis.

• East Asian Economic Review
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• v.23 no.4
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• pp.409-427
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• 2019

This paper sets up a new Keynesian model with external habit to explore the role of each shock over business cycles in Korea. The estimated model via maximum likelihood shows that the productivity shock plays a pivotal role in explaining the output variations before and after the financial crisis since mid-1970s. It also shows that the model with external habit is more successful in explaining the business cycles in Korea after the Asian financial crisis than the model without habit. The monetary policy shock which dominates by accounting for more than 70 percent of the unconditional variance of the inflation rate before the financial crisis is less important in the inflation rate fluctuations after the financial crisis. This partly reflects the regime change of the monetary policy to the inflation targeting rule after the financial crisis.

• East Asian Economic Review
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• v.18 no.1
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• pp.3-27
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• 2014

This paper examines the effects of financial crises on the long memory volatility dependency of daily exchange returns focusing on the Asian crisis in 97-98 and the Global crisis in 08-09. By using the daily KRW-USD and JPY-USD exchange rates which have different trading regions and volumes, this paper first applies both the parametric FIGARCH model and the semi-parametric Local Whittle method to estimate the long memory volatility dependency of the daily returns and the temporally aggregated returns of the two exchange rates. Then it compares the effects of the two financial crises on the long memory volatility dependency of the daily returns. The estimation results reflect that the long memory volatility dependency of the KRW-USD is generally greater than that of the JPY-USD returns and the long memory dependency of the two returns appears to be invariant to temporal aggregation. And, the two financial crises appear to affect the volatility dynamics of all the returns by inducing greater long memory dependency in the volatility process of the exchange returns, but the degree of the effects of the two crises seems to be different on the exchange rates.

• Journal of the Economic Geographical Society of Korea
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• v.19 no.3
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• pp.512-534
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• 2016

This paper is to see what appears to be an economic crisis as urban crisis, to explore its emerging process and its major distinctive figures in the context of S. Korea, and to consider alternatives to overcome such an urban crisis. For this purpose, it first tries to show that the capitalist economic development (i.e. capital accumulation) has been stimulated and driven largely by extending investments into built environments. Then it analyzes how crises of overaccumulation, coupled with other crises such as the IMF crisis in 1997 and the financial crisis in 2008 which have been brought about by serious impacts of foreign financial capitals working on the global level, have led to accumulating of huge surplus reserves within both big companies and the central government on the one hand, increasing tremendously debts of households as well as government and private companies on the other. In particular, the debt crisis seems to be accelerated by fictitious capital generated through government's financial strategies to promote both supplies and demands in housing and property markets. There seem several ways of overcoming the urban crisis spiraled around accumulating surplus capital and increasing financial debt; raising real income, moderating investments into built environment, and increasing inputs into the fields of technology and well-being. In order to open up these ways, it is concluded, recent urban movements in terms of the right to the city are required not only to make the government and capital to do so, but also to realize interest of urban people who have produced such surplus but who are suffering from the debt crisis.

• Journal of the Korean Home Economics Association
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• v.39 no.2
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• pp.1-13
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• 2001

The purpose of this study is to examine the effects of poor female-headed families' family life events on their well-being under economic crisis in Korea and to investigate how they overcome their alienation. Specific research questions were as follows : (1) How are poor female earner's life satisfaction level and alienation level after economic crisis\ulcorner (2) How are poor female earner's demands for social security\ulcorner For this empirical analysis, the data was collected from 359 poor female-earners whose first child was of school age in the Seoul metropolitan area from the 14th Feb. to the 18th Mar. 2000. The questionnaire for the survey dealt with demographic information, alienation, life satisfaction and family life event. The major findings of the research project were as fellows: First, poor female-earners'alienation level was not higher than the average level. However among sub areas of alienation, powerlessness was higher than the average level. Second, poor female-easer made a strong claim for social welfare. Especially, they desired so much to be granted the national economic assistance.

• The Journal of the Korea Contents Association
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• v.8 no.10
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• pp.259-267
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• 2008

This research will examine the probabilities of future global resource crisis and what significance and effect will come upon our economy through the rise of the cost of resources. From now on, the lack of the supply of global resources will dull the world economic growth. Not only that, but the direction of each country's economic development will be decided by the appropriate measure to the resource crisis. If we are to sustain this inefficient industrial structure, as a country with high dependancy on foreign resources, Korea might face macroeconomic shock and the loss of industrial competitiveness. Therefore, we must increase the efficiency of the resource usage in the manufacturing industry such as the chemical and steel industry, and now is a period when we must add high value to our products. Henceforth, the structural constraints of supply will be the root cause of resource crisis. Thus, we must lead the subject of the economic agencies, such as companies and consumers, so that they will be able to adapt to a new paradigm called the fundamental lack of resources, rather than temporal crisis management. The Korean economy must adjust the environment for industry transformation to be achieved.

• Journal of the Economic Geographical Society of Korea
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• v.22 no.3
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• pp.246-257
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• 2019

This paper aims to consider and draw policy implications for industrial crisis areas in advanced European countries with extensive experience in implementing regional industrial policies for regions facing industrial and employment crises due to deindustrialization, the decline of main industries, and industrial restructuring. In Europe, the paradigm and focus of support policies for industrial crisis areas have varied from time to time and from country to country. In particular, since the 2008 global economic crisis, it has again become a major issue of regional policy. Europe's recent policies for industrial crisis areas are characterized by a new model of development, with its focus on regional economic growth and job creation, and in the form of multifaceted and comprehensive regional policies through policy mix that combines regional development policies, industrial policies and employment policies.

• The Journal of Industrial Distribution & Business
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• v.12 no.7
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• pp.27-39
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• 2021

Purpose: The researchers reviewed the previous studies on the psychological anxiety and economic damage during the recent COVID-19 pandemic to understand the satisfaction, awareness and attitude of the residents in Jeju, Korea. Research design, data and methodology: 215 samples based on self-reported survey were collected for path analysis focused on controlling variables in demographic characteristics in PLS-SEM using Smart PLS 3.0. Results: The researchers found the Satisfaction with COVID-19 Prevention Measures and the Awareness of Tourism Crisis affect Attitude toward Tourism of the residents with the explanatory power (R² = 0.209). Age was found to be the only significant controlling variable in this model for the Awareness of Tourism Crisis to Attitude toward Tourism. Conclusions: The attitude toward tourism is influenced by the level of satisfaction of the prevention service for COVID-19 as well as the awareness of the crisis. Residents have different level of the tourism crisis awareness by the status of their economic activities while there is no differences in all age groups for satisfaction in the quarantine service. The study suggests that the importance of the public health service should be preferentially concerned for residents to have stable economic activities where the tourism is the major industry.

• Korean Journal of Social Welfare
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• v.65 no.1
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• pp.201-226
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• 2013

This study aims to identify changes in early work career of youth cohort entering the labor market pre and post-the economic crisis and compare career pathway types of different cohorts. Labor market experiences of youth cohort were constructed by sequencing the number of organizations, kinds of jobs, the scale of the business, and type of employment. In addition, a holistic sequence was created by including complementary factors. In this sense, the labor market experience in this study was conceptualized as a process involving continuous sequences and hierarchical and orderly changes which differs from a simple job mobility. Sequence analysis involving Optimal Matching method was conducted to examine whether such cohort-differences in labor market experiences were related to differences in distribution of career pathway types. The result showed that the post-economic crisis cohort had a relatively higher likelihood of falling into the non-employment type, unemployment type, non-corporate employment type, irregular employment type, and mobile employment type. These findings provide empirical evidence supporting the hypothesis that the employment precariousness of cohort has exacerbated after the economic crisis.

• Journal of the Korean Home Economics Association
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• v.38 no.6
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• pp.117-133
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• 2000

The purpose of this study was to examine the effect of perceived economic stress & marital conflict on the quality of life under economic crisis in Korea. Data were collected from 236 couples during May and June 1998, when the Korean economy was under the control of International Monetary Fund (IMF). Many couples reported the unstability of job and the experience of economic strain events. However, the perceived level of marital conflict and the quality of life were not so bad. Husbands perceived economic stress and quality of life higher than wives did. The path analysis showed gender difference in the perceived economic stress as well as in the indirect effect of economic strain events on the quality of life through economic stress and marital conflict. In addition, family income directly affected the quality of life for husbands, but not for wives.