• Korea Trade Review
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• v.47 no.4
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• pp.35-52
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• 2022

Air transport is at the core of global economic growth. There is a close relationship between the flow of regional elements and the growth of the regional economy. It is easy to misestimate the impact of airports on the regional economy without considering spatial spillover effects. This study attempted to establish an asymmetric economic geographical weight matrix by applying the Spatial Durbin Model with cargo volume and passenger numbers as indicators. The influence of spillover effects on the regional economy, including direct spillover effects and indirect spillover effects are studied. The results revealed that passenger numbers and cargo volume have significant positive spillover effects on the regional economy. The driving effect of the airport on the regional economy was considered from a wider space scope. This study contributes to the scientific evaluation of the aviation economy.

• East Asian Economic Review
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• v.19 no.3
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• pp.275-322
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• 2015

The key objective of this study is to investigate the return and volatility spillover effects among stock market, credit default swap (CDS) market and foreign exchange market for three countries: Korea, the US and Japan. Using the trivariate VAR BEKK GARCH (1,1) model, the study finds that there are significant return and volatility spillover effects between the Korean CDS market and the Korean stock market. In addition, the return spillover effects from foreign exchange markets and the US stock market to the Korean stock market, and the volatility spillover effect from the Japanese stock market to the Korean stock market are both significant.

• East Asian Economic Review
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• v.25 no.1
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• pp.3-31
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• 2021

This paper estimates the effects of transport (road and rail) & energy and ICT infrastructure (telephone, mobile, and broadband) on GDP growths in neighboring countries as well as own countries. We confirm positive direct contributions of infrastructure, access to Internet, and human capital on economic growth. The spatial panel regression models indicate that there exist positive externalities of the broadband infrastructure and human capital, and these results are robust regardless of the choice of spatial weight matrices. Our findings on spillover effects of infrastructure suggest the key role of neighboring countries' infrastructure on own country's economic growth.

• Journal of Korea Technology Innovation Society
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• v.8 no.spc1
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• pp.499-524
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• 2005

The economic spillover effect from technology self-reliance of NSSS(nuclear steam supply system) by Korea Atomic Energy Research Institute was evaluated. Both production spillover effect and value added spillover effect were estimated by using Input-Output table. The production spillover effect from technology self-reliance of NSSS was estimated as 135 trillion Won during 1986-2015, while the value added spillover effect was 69 trillion Won during the same period. Besides, it was found that the technology self-reliance made great contribution to unquantifiable economic benefits such as enhancement of overall nuclear technology level, improvement of the role in international nuclear society, and improved potential to nuclear technology export.

• Journal of the Economic Geographical Society of Korea
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• v.25 no.1
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• pp.147-170
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• 2022

This article analyzes the spillover effects by dividing the weekly rate of return on apartment prices in 70 si-gun-gu (local area) in the Capital Region into three periods: the entire period (April 2008~August 2021); the period before the price surge (April 2008~October 2018); and the period of price surge (November, 2018~August 2021), based on a consideration of the cycle of fluctuations in apartment sales prices and the timing of the current government's policy interventions. The results obtained from this analysis are summarized as follows. First, the analysis of the spillover effects is similar to or different from the results of existing work depending on the period. The analysis of the spillover effects on the entire period and the period before the price surge shows that the 'Gangnam' effect exists in the apartment market in the Capital Region. On the other hand, the analysis of the spillover effects on the period of price surge reveals different results than before. The spillover effect index calculated through the analysis of the rolling sample decreases during the decline in the cycle of apartment sales prices, while the opposite trend is shown during the upward period. Looking at the timing between the peak of the spillover effect index and policy interventions, it appears that the government's policy interventions took place after the peak of the spillover effect index in 2017, before the peak in 2018 and 2019, and around or after the peak after 2020.

• East Asian Economic Review
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• v.20 no.4
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• pp.519-544
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• 2016

This paper examines quantile dependence and directional predictability between the foreign exchange market and the stock market in Korea. Instead of adopting a multivariate model such as a vector autoregressive model, a multivariate GARCH model or a combination of both models, we apply the cross-quantilogram recently proposed by Han et al. (2016). Considering various quantile ranges, we investigate various spillover effects between two markets. Our findings show that there exists an asymmetric bi-directional spillover between two markets and the interdependence between two markets implies that one market has significant predictive power on the other.

• Asian Journal of Innovation and Policy
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• v.6 no.1
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• pp.94-110
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• 2017

This paper approaches knowledge capital as social infrastructure and analyzes its impact on economic growth. To this end, we constructed a panel dataset for 120 countries for the years 2000-2014 and estimated the economic growth function using the panel analysis. As proxies for knowledge capital, we used the R&D expenditure per capita and the number of patent applications per thousand people in each country, both measured in stock. Economic growth was measured in terms of real GDP per capita and real value added per capita at the industry level. The empirical findings demonstrate that knowledge capital accumulated in a society significantly promotes economic growth. Especially R&D stock increases real value added per capita in all industries-not only manufacturing, but also services and agriculture-implying substantial inter-industry spillover effects. The findings of this study suggest that knowledge capital boosts economic growth as core social infrastructure.

• World Technopolis Review
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• v.3 no.3
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• pp.122-138
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• 2014

The number of environment-related technologies has increased remarkably over the past two decades, as has the public's interest in effective resource use and ways to reduce the effects of global warming. Industries that are based on environment-related technologies are thus growing rapidly. Previous studies revealed that externalities derived from the population concentration in urban areas positively affect agglomerations of high-tech industries. Such externalities have been named the "knowledge spillover effect". The purposes of the present paper are to (1) give a thumbnail sketch of the locations of environment-related industries around the world, using the Organisation for Economic Co-operation and Development environment-related patent statistics, and (2) explicate the effects of the Marshall-Arrow-Romer (MAR) and Jacobs externalities, which result from population concentrations in urban areas, on the agglomeration of environment-related industries in Sweden. The analysis revealed that environment-related industries are located chiefly in urban areas across the globe, and that only the MAR externalities influenced positively on the agglomeration of these industries in Sweden.

• KDI Journal of Economic Policy
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• v.44 no.4
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• pp.25-42
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• 2022

I analyze how the food delivery market's indirect network effect and spillover effect influence the spread of food delivery platforms in different counties. This study finds that there is a positive local indirect network effect and a positive spillover effect in the adoption of the platform by examining the food delivery platform market in South Korea as of 2020. As food delivery platforms secure consumers who use them, more restaurants on the other side of a two-sided market adopt such platforms (indirect network effect). The spillover effect would allow other restaurants in a region to become more likely to adopt food delivery platforms if there are a greater number of restaurants in the region that use such platforms. This study contributes to the comprehension of technology diffusion and the marketing strategies of platform providers by providing empirical evidence of both effects.

• 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.