• Economic and Environmental Geology
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• v.39 no.1 s.176
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• pp.39-51
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• 2006

Rare earth elements(REEs) in transgressive shelf core sediments were analysed to identify constraints of REE distribution patterns and sediment provenances in the northern East China Sea(ECS). Sediments of Chinese and Korean rivers, such as Huanghe and Yangtz rivers, Keum and Yeongsan rivers that supply sediments to the northern ECS, were also analysed to figure out their typical REE distribution patterns. The distribution patterns of Chinese and Korean river sediments, which are normalized with upper continental crust (UCC) REE values, appear to be enriched in middle rare earth elements (MREEs) in Chinese river sediments, whereas in light rare earth elements (LREEs) in Korean river sediments. We assign the MREE-enriched convex-type distribution pattern in Chinese river sediments as 'C-type', and the LREE-enriched linearly decreasing pattern in Korean river sediments as 'D-type'. A major constraint of the REE concentration in northern ECS core sediments is interpreted to be LREE-enriched monazite $((Ce,\;La)PO_4)$ that is ubiquitous in and around the study area. Meanwhile, the distribution pattern of northern ECS sediments appears to be between the C-type and the D-type. We suggest that the nothern ECS sediments are the mixture of China and Korea riverine sediments that have been accumulated in paleo-river mouth, paleo-coast, and present-day shelf environment as well.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.41 no.2
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• pp.141-152
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• 2018

Although the 1997 Raw Data of the National Wealth Statistical Survey (South Korea) is timely 20-year-old data, it is meaningful as a benchmarking in the capital stock estimations of Korea, which is estimated by PIM (permanent inventory method). In the case of machinery/equipment, it is the data that can analyze in depth the changes in the industrial structure of Korea. In the case of ASL (average service life) which has economic concept, since the change of ASL is not so large, ASL yielded by the Raw Data of the 1997 National Wealth Statistical Survey is meaningful as reference value for the ASL estimated by the Bank of Korea and the National Statistical Office. As you know Japan has changed its service life due to changes in its industrial structure. However, many of its assets are still used for the years indicated in Showa (before 1989). The same trend with other countries such as Japan. However, the United States is constantly devoted to assessing the useful ASL and value of assets by distinguishing between the Hulten-Wykoff models and those not. Korea has also benchmarked the useful ASL of the United States and Japan when it conducted its own survey every 10 years by due diligence until 1997. In this study, the 'constraint' Iowa curve estimation by the Raw Data of the 1997 National Wealth Statistical Survey is based on the age records of the assets and the maximum age of the assets appropriately derived. And then we made modified Iowa curve by smoothing. From this modified one, we suggested ASL by asset. After 1997, the vintage disposal data directly were collected by the National Statistical Office with Oh Hyun Seung, Cho Jin Hyung, in order to estimate the useful ASL. Since then, the B/S team of the Economic and Statistics Bureau of the Bank of Korea has been working on a new concept of content training.

• Economic and Environmental Geology
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• v.56 no.6
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• pp.817-830
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• 2023

This study investigates the age of the surficial rocks in the Arunta region using Uranium-Lead (U-Pb) geochronological dating. Rock samples were collected at four locations, Cattle-Water Pass (CP 1610), Gough Dam (GD 1622 and GD 1610), and London-Eye (LE 1601), within the Strangways Metamorphic Complex and crushed by selFragging. Subsequently, the zircon grains were imaged using Cathodoluminescence (CL) analysis and the U-Pb (uranium and lead) isotope ratios and the chrono-stratigraphy were measured. The imaged zircon revealed an anomalous heterogeneous crystal structure. Ellipses of the samples at locations GD1601, CP1610, and GD1622 fall below the intercept indicating the ages produced discordant patterns, whereas LE1601 intersects the Concordia curve at two points, implying the occurrence of an event of significant impact. For the rock sample at CP1610, the estimated mean age is 1742.2 ± 9.2 Ma with mean squared weighted deviation (MSWD) = 0.49 and probability of equivalence of 0.90; 1748 ± 15 Ma - MSWD = 1.02 and probability of equivalence of 0.40 for GD1622; and 1784.4 ± 9.1 Ma with MSWD of 1.09 and probability of equivalence of 0.37 for LE1601. But for samples at GD1601, two different age groups with different means occurred: 1) below the global mean (1792.2 ± 32 Ma) estimated at 1738.2 ± 14 Ma with MSWD of 0.109 and probability of equivalence of 0.95 and 2) above it with mean of 1838.22 ± 14 Ma, MSWD of 1.6 and probability of equivalence of 0.95. Analysis of the zircon grains has shown a discrepancy in the age range between 1700 Ma and 1800 Ma compared to the ASO dated to have occurred between 440 and 300 Ma. Moreover, apparent similarity in age of the core and rim means that the mineral crystallized relatively quickly without significant interruptions and effect on the isotopic system. This may have constraint the timing and extent of geological events that might have affected the mineral, such as metamorphism or hydrothermal alteration.

• KDI Journal of Economic Policy
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• v.14 no.1
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• pp.89-119
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• 1992

This paper purports to analyze the economic rationale of compensating balance requirements and its impact on money supply. This practice has recently been severely criticized for artificially increasing the money supply and, therefore, limiting the nation's aggregate lending policy under the tight constraint of the given money supply target. A review of the existing literature implies that compensating balance requirements is a banking practice which leads to corrections in the distortion of financial resource allocation due to the imperfection of financial market stemming from asymmetric information and/or financial regulations on deposit and lending rates. Therefore, the economic rationale of this practice is deemed to improve the efficiency of financial resource allocation. On the other hand, the macroeconomic impact of compensating balance requirements on the money supply depends on the impact on the money multiplier, which in turn depends on the desired ratio of deposit that people wish to maintain on the money borrowed from the banking system, and on the desired reserve ratio that the banking system would like to hold for deposit withdrawal. If the compensating balance requirements could increase the desired ratio of deposit to borrowing (bank lending), it will increase the available amount of total reserve within the banking system and, in turn, the money multiplier. However, this channel has not been fully analyzed in the literature, and the direction of the effect is ambiguous. If the practice could reduce the turn-over rate of deposit and, thereby, reduce the desired reserve ratio of the banking system, then it will also increase the money multiplier. While this channel operates unambiguously toward increasing the money multiplier, this effect will be limited by the extent that the banking system holds the excess reserve over the required reserve because the excess reserve will set the maximum amount for the desired reserve to fall. This paper tries to determine the effect on the money supply by empirically estimating the multiplier and the desired ratio of deposit to lending equations as functions of the ratio of compensating balance to the related lending, which is not observable and is estimated for the regression purpose. The results suggest that the effect of compensating balance requirements on the money supply in Korea does not exist or is very tenuous even if it could operate. Therefore, this paper concludes that the well publicized policy of cross cancelling the compensating balance and the related lending will not be effective at controlling the money supply and increasing the amount of loans without expanding the money supply.

• KDI Journal of Economic Policy
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• v.14 no.1
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• pp.191-212
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• 1992

This paper discusses the role of money in the process of capital accumulation where financial markets are impeded by contract enforcement problems in the context of overlapping generations framework. In particular, in less developed countries (LDCs) creditors may know little about the repayment capability of potential debtors due to incomplete information so that financial instruments other than money may not acceptable to them. In this paper the impediments to the operation of the private finanical markets are explicitly modelled. We argue that creditors cannot observe actual investment decisions made by the potential borrowers, and as a result, loan contracts may not be fully enforceable. Therefore, a laissez-faire regime may fail to provide the economy with the appropriate financial instruments. Under these circumstances, we introduce a government operated discount window (DW) that acts as an open market buyer of private debt. This theoretical structure represents the practice of governments of many LDCs to provide loans (typically at subsidized interest rates) to preferred borrowers either directly or indirectly through the commercial banking system. It is shown that the DW can substantially overcome impediments to trade which are caused by the credit market failure. An appropriate supply of the DW loan enables producers to purchase the resources they cannot obtain through direct transactions in the credit market. This result obtains even if the DW is subject to the same enforcement constraint that is responsible for the market failure. Thus, the DW intervention implies higher investment and output. However, the operation of the DW may cause inflation. Furthermore, the provision of cheap loans through the DW results in a worse income distribution. Therefore, there is room for welfare enhancing schemes that utilize the higher output to develop. We demonstrate that adequate lump sum taxes-cum-transfers along with the operation of the DW can support an allocation that is Pareto superior to the laissez-faire equilibrium allocation.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.40 no.5
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• pp.527-534
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• 2020

A significant factor in construction work is cost. At early- and advanced-stage design, costs should be calculated to derive realistic cost estimates according to unit price calculation. Based on these estimates, the economic feasibility of construction work is assessed, and whether to proceed is determined. Through the Korea Institute of Civil Engineering and Building Technology, the construction cost index has been calculated by indirect methods after both the producer price index and construction market labor have been reprocessed to easily adjust the price changes of construction costs in Korea, and the Institute has announced it since 2004. As of January 2000, however, the construction cost index was released, and this has a time constraint on the correction and use of past construction cost data to the present moment. Variables were calculated to compute a rough construction cost that utilized past construction costs through surveys of the producer price index and the construction market labor force consisting of the construction cost index. After significant independent variables among the many variables were selected through correlation analysis, the construction cost index from 1970 to 1999 was calculated and presented through multiple regression analysis. This study therefore has prominent significance in terms of proposing a method of calculating rough construction costs that utilize construction costs that pre-date the 2000s.

• Journal of Labour Economics
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• v.26 no.3
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• pp.149-179
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• 2003

This study is analysing the factors determining individuals' behavior of selecting self-employment not only at the micro-level but also at the macro-level to put a particular emphasis on the financial constraint and unemployment rate representing business cycle. The data used in this study are "Korean Labor and Income Panal Study" of the Korea Labor Institute and "Economically Active Population Survey" of National Statistical Office. The main findings are as follows. First, human capital such as educational attainment and job experience has positive effects on male's selection of self-employment. The effects of job experience, however, changed negative for female's selection of self-employment. Second, real estate is significantly enhancing the selection probabilities of employer selection while the income from financial assets has negative effects. Third, entrepreneurial culture and environment are also raising the self-employment selection probability. Lastly, the regional unemployment rate representing the business cycle has positive effects on the self-employment selection after the financial crisis in 1997 both at the micro and macro level. Moreover, the coefficient of regional unemployment rate has changed positive in the structural model of self-employment selection controlling for selection bias and income opportunities, which means that individual's behavior of self-employment selection is rather complex when accounting for the uncertainties of income opportunities and diverse characteristics of self-employment workforce.

• Journal of Korean Society of Transportation
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• v.18 no.4
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• pp.117-126
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• 2000

Conventional methods for collecting origin-destination trips have been mainly relied on the surveys of home or roadside interview. However, the methods tend to be costly, labor intensive and time disruptive to the trip makers, thus the methods are not considered suitable for Planning applications such as routing guidance, arterial management and information Provision, as the parts of deployments in Intelligent Transport Systems Motivated by the problems, more economic ways to estimate origin-destination trip tables have been studied since the late 1970s. Some of them, which have been estimating O-D table from link traffic counts are generally Entropy maximizing, Maximum likelihood, Generalized least squares(GLS), and Bayesian inference estimation etc. In the Paper, with user equilibrium constraint we formulate GLS problem for estimating O-D trips and develop a solution a1gorithm by using Genetic Algorithm, which has been known as a g1oba1 searching technique. For the purpose of evaluating the method, we apply it to Seoul inner ringroad and compare it with gradient method proposed by Spiess(1990). From the resu1ts we fond that the method developed in the Paper is superior to other.

• KDI Journal of Economic Policy
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• v.30 no.1
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• pp.131-170
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• 2008

Korea's public assistance system, represented by NBLS(National Basic livelihood Security), has disclosed critical problems despite the rapid increase in its budget, such as decreasing work incentive and deepening welfare trap. These typical problems of classical welfare system have been commonly witnessed in many other advanced countries. Therefore a number of efforts have been exerted to correct these problems by transferring the existing welfare system into a welfare-to-work(or workfare) system, and the most common one of such efforts is introducing the EITC(Earned Income Tax Credit)-type programs. They have already been implemented in many countries such as the USA, the UK and France, also Korean government decided to launch EITC program in 2009. This paper aims to propose some measures to improve Korean EITC program. For this, an optimization problem is constructed from the government's viewpoint. Optimal EITC program is defined to be a solution to the problem - a combination of phase-in rate, phase-out rate, and maximum credit that maximizes labor supply increase under a exogenously given budget constraint. Using a mechanism design analysis, we derive and characterize the optimal EITC program. Analysis results implies that Korean EITC structure needs to be modified so that phase-in rate is larger than phase-out rate and the upper limit of phase-out range becomes larger. Comparative static analysis results show that the feature of the optimal EITC program is sensitive to the change of income distribution, suggesting that if beneficiaries are categorized into different income groups, then it is desirable to apply distinctive EITC programs to each group.

• Strategy21
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• s.43
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• pp.29-55
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• 2018

Arctic sea ice has been retreating as a result of the global warming. Arctic sea ice extent for April 2018 averaged 13.71 million square kilometers. This figure shows far less sea ice compared to the average extent from 1981 to 2010. Meanwhile, 287 times of maritime transits through the Northwest Passage have been made during the 2017 and the first ship traversed the Northern Sea Route without the assistant of ice-breaker in August 2017. Commercialization of the Arctic Passage means significant economic and strategic advantages by shortening the distance. In this article, 'Arctic Passage' means Northern Sea Route along the Arctic coast of Russia and Northwest Passage crossing Canadian Arctic Ocean. As climate changes, the potential feasibility of the Arctic Passage has been drawing international attention. Since navigation in this area remains hazardous in some aspects, IMO adopted Polar Code to promote safe, secure and sustainable shipping through the Arctic Passage. Futhermore, Russia and Canada regulate foreign vessels over the maritime zones with the authority to unilaterally exercise jurisdiction pursuant to the Article 234 of UNCLOS. The dispute over the navigation regime of the arctic passage materialized with Russia proclaimed Dmitrii Laptev and Sannikov Straits as historically belong to U.S.S.R. in the mid 1960s and Canada declared that the waters of the passage are historic internal waters in 1973 for the first time. So as to support their claims, In 1985, Russia and Canada established straight baseline including Northern Sea Route and Northwest Passage. The United States has consistently protested that the Northern Sea Route and Northwest Passage are straits used for international navigation which are subject to the regime of transit passage. Firstly, it seems that Russia and Canada do not meet the basic requirements for acquiring a historic title. Secondly, since the Law of the Sea had adopted before the establishment of straight baseline over the Russian Arctic Archipelago and the Canadian Arctic Archipelago, Ships can exercise at least the right of innocent passage. Lastly, Northern Sea Route and Northwest Passage have fulfilled the both geographical and functional criteria pertaining to the strait used for international navigation under the international law. Especially, should the arctic passage become commercially viable, it can be expected to accumulate the functional criterion. Russia and Canada regulate the ships navigate in their maritime zones by adopting the higher degree of an environmental standard than generally accepted international rules and standard mainly under the Article 234 of UNCLOS. However, the Article 234 must be interpreted restrictively as this contains constraint on the freedom of navigation. Thus, it is reasonable to consider that the Article 234 is limited only to the EEZ of coastal states. Therefore, ships navigating in the Arctic Passage with the legal status of the territorial sea and the international straits under the law of the sea have the right of innocent passage and transit passage as usual.