• KDI Journal of Economic Policy
• /
• v.33 no.1
• /
• pp.1-44
• /
• 2011

Terms of trade shocks have been considered one of the main driving forces causing business cycle fluctuations in small open economies. Despite their importance in business cycles of small open economies, it is hard to find a serious study in existing literature investigating their implications on monetary policy under a small open economy. Considering it, this paper studies what form of monetary policy rule is the most adequate for a small open economy where terms of trade shocks are dominant factors in generating its business cycle fluctuations. For this purpose, various implementable monetary policy rules frequently analyzed in existing literature are compared in terms of social welfare levels which they can provide for the economy respectively. Main results of this paper can be summarized as follows. First, for a small open economy where terms of trade shocks are main driving forces of its business cycle fluctuations, the nontradable goods price inflation targeting can provide higher level of social welfare than other traditional monetary policy rules such as the CPI inflation targeting or the fixed exchange rate regime. Second, the social welfare improvement of the non-tradable goods price inflation targeting is more apparent when export goods price shocks are more important than import goods price shocks.

• Journal of Korea Technology Innovation Society
• /
• v.17 no.1
• /
• pp.1-24
• /
• 2014

The new Korean government sets its main policy direction as Creative Economy. The Creative Economy can be defined as a growth strategy that establishes new companies, enhances the competitiveness of established companies and creates new markets, industries and jobs in consequence of combining of creative imagination, science and technology and ICT. In this context, the concept of innovation cluster, which aims to foster technological innovations from an organic ecosystem perspective, can be a valid policy instrument for attaining Creative Economy. Innovation cluster can and must make a contribution to achieving the Creative Economy of Korea. In particular, the ICT Convergence Innovation Cluster will be a good strategy for this purpose. Based on this conceptual background, this paper analyzes a recently notable case of an ICT Convergence Cluster in Korea, Pangyo Technovalley (PTV). We argue that the Pangyo Technovalley is a representative cluster of converging ICT and science and technology. We identify the major factors for successful development of ICT cluster: regional government's flexible response to environmental change, careful pre-planning and balance between private and public involvement. In addition, we also found that additional factors, settlement condition for securing good workforce, agglomeration of various innovation actors for promoting convergence, and cluster network revitalization are also important for implementing the creative ICT convergence cluster.

• Journal of Technology Innovation
• /
• v.27 no.3
• /
• pp.113-142
• /
• 2019

Based on the Knowledge Spillover Theory of Entrepreneurship, this study analyzes the relationship between technological entrepreneurship and national competitiveness. It also analyzes how innovation-driven economy moderates this relationship. Using data on technological entrepreneurship, national competitiveness indexes and economy development stages from 83 countries over 2011 to 2014, this study finds that a ratio of technology-based start-ups in a country has a U-shaped relationship with national competitiveness. this study also finds that countries that are in the innovation-driven economy strengthen this relationship. This finding shows that a higher ratio of technology-based start-ups of a country does not have unconditional positive effects on national competitiveness, thus, related environments and conditions should be elaborately matched. In particular, this finding also implies that policies related to technology-based start-ups should have a proper fit with the level of economic development of the country so that the positive effects of technological entrepreneurship on national competitiveness can be strengthened.

• Journal of Digital Convergence
• /
• v.12 no.4
• /
• pp.85-92
• /
• 2014

In recent years, the government has pushed ahead with the convergence and innovation of science technology and information technology in order to realize the creative economy. So, a creative economy ecosystem has been set up to realize the creative economy for small businesses growth and small business happiness. According to proliferation of mobile area taking the lead in the recent IT transition, development of various convergence technologies related to mobile such as mobile Apps, SNS, and big data have been promoted. For realizing government's creative economy, systematic raising plan to create newly value-added market and occupation being considered with developing technology for mobile convergence based on imagination and creativity of small businesses is proposed in this paper.

• Journal of Korean Institute of Industrial Engineers
• /
• v.43 no.1
• /
• pp.72-82
• /
• 2017

Sharing economy is expected to grow high with the notable development of Internet technology. Despite this importance, however, existing studies so far have addressed the consumers for the services of sharing economy in limited perspectives and have not properly considered the recent advent of technology. Especially, car sharing service is one of the cases that have been changed rapidly with growth of the Internet technology. In this sense, the present study focuses on car sharing service and analyzes the effects of its service factors on consumers' attitude and intention to use. In addition, we examine differences in such effects between two types of services, business to customer (B2C) and customer to customer (C2C). Based on the analysis results, we discuss the guidelines for successful development of services in sharing economy.

• Transactions of the Korean Society of Automotive Engineers
• /
• v.16 no.6
• /
• pp.65-73
• /
• 2008

The purpose of this study is development of universal engine model for integrated Hybrid Electric Vehicle (HEV) simulator and a optimization of engine model. The engine model of this study is based on the MATLAB Simulink for universal and include engine fuel economy technologies for HEV. Various engine fuel economy technologies for HEV is estimated by commercial engine 1-D simulation program - WAVE. And, the 1-D simulation model of base version is compared with engine experiment result. The analyzed engine technologies with 1-D simulation are Dual-CVVT, Atkinson-Cycle and Cylinder-Deactivation System. There are improvement of fuel economy and power performance with Dual-CVVT model at part load and full load, pumping loss reduction with Cylinder-Deactivation System at idle and regeneration. Each estimated technologies are analyzed by 1-D simulation on all operation region for base data to converse simulink. The simulink based engine model maintains a signal with ECU for determination of engine operation point.

• SUVANNABHUMI
• /
• v.13 no.2
• /
• pp.7-35
• /
• 2021

This research is an attempt to understand the economic and social consequences that are occurring in Indonesia due to the spread of COVID-19. Indonesia, which has maintained solid economic growth since the inauguration of President Jokowi's government, is also experiencing difficulties to deal with unexpected COVID-19 pandemic as the global economic turmoil has had a very significant impact on its economy. The economic impact of COVID-19 can be felt, starting from the phenomenon of panic buying, the free fall of the stock price index, the depreciation of the Rupiah against the Dollar, sluggish activities in the processing industry, and ultimately it has an impact on slowing economic growth. Various policies and measures have been taken by the Indonesian government to minimize the negative impact caused by the COVID-19 pandemic on the economy. One such area is electronic commerce business or e-commerce that witnessed a vast increase of online and non-cash transaction amid rising voices that the country needs to prepare for the advent of a new economic system, the so-called New Normal era. The Covid-19 pandemic will temporarily slow economic growth and delay some development projects and policy initiatives as the Indonesian government diverts capital from infrastructure development to help respond to the crisis. However, the Jokowi administration's efforts for continuous reform are expected to accelerate the transition to the digital economy.

• Journal of Distribution Science
• /
• v.20 no.5
• /
• pp.23-33
• /
• 2022

Purpose: The purpose of this article is to study the theory of railway transport in Azerbaijan. And also to determine the economic importance of this mode of transport and analyze its relationship with the country's GDP. Research design, data and methodology: This paper studies the theory of railway transport with a focus on the case of Azerbaijan. The economic value of this type of transport is determined, and its relationship with countries' GDP was analyzed. A qualitative model of multiple regressions was developed to characterize the dependence of the GDP of Azerbaijan on the performance of the railway industry. The feasibility of the Gauss-Markov hypotheses was analyzed. Finally, an economic interpretation of the results from the developed model is provided. Results: The results show that the main factors of this dependence are the length of roads and the average monthly salary of employees of the railway industry in Azerbaijan. Conclusions: Therefore, it can be concluded that rail transport contributes to the country's economy. The commencement of active work on the new railway Baku-Tbilisi-Kars railway will increase contribution to the economy of Azerbaijan. The development of railway transportation is important for the country's economy, as it will contribute to the development of other sectors in Azerbaijan.

• KDI Journal of Economic Policy
• /
• v.14 no.2
• /
• pp.155-187
• /
• 1992

The Korean economy has sustained high growth rate for almost three decades, that have been associated with the rapid expansion of manufacturing industries. In the beginning stage of development, the high growth of the Korean economy has been based on improvements in productivity obtained by the economies of scale. In that period, the improvements in productivity could be secured by the economies of scale in the export-oriented industries which are the labor- and material-intensive industries. In the latter half of the 1980s, the Korean economy went through rapid transition. Now Korea is at another juncture in its development process, where economic restructuring is critical to sustain high growth. However, economic restructuring in the 1990s call for much more concerted effort than before, since changes in internal and external conditions have profoundly altered the environment for economic development. If Korea is to sustain high growth in the 1990s, it has to promote balanced economic and social development in coordination with the smooth facilitation of industrial restructuring. There are no inherent conflicts among the issues involved, so they can be resolved by restructuring the economy to facilitate, in a global context, the development of knowledge- and technology-intensive activities and to ensure that the benefts of growth are reflected of qualitative improvements in national living standards. In this paper, we examined a scenario of structural changes using a mid- and long-term multisector model, in order to understand the conditions needed for realizing the growth potential. This examination explains the important features of the development course and policy directions that will help sustain high growth in the 1990s.

• Journal of Korean Society of Rural Planning
• /
• v.21 no.1
• /
• pp.1-8
• /
• 2015

Population growth and increasing consumption of resources in the process of the industrial development has caused environmental pollution, climate change, and resource exhaustion. Therefore 'sustainable development' has become the important issue for the future. The sustainable development aims at effective resource use, less environmental impacts, and higher social security. Generally the rural area including agricultural fields and forest has various and plentiful natural resources which could make future development sustainable. To develop potential rural resources, the values for energy, environment and economy should be assessed considering the life-cycle of resources. The purposes of this study are to suggest the E3 (Energy, Environment, and Economy) assessment model for rural biomass considering life-cycle of resource and to apply the model to rice, the major agricultural product. As the results of this study, it turned out through E3 assessment that economic gain of rice cultivation is 578,374 won/10a, carbon absorption is $1,530kgCO_2/10a$, carbon emission is $926.65kgCO_2/10a$, and bio-energy potential of by-product is 394,028 kcal/10a. When E3 assessment was applied to by province, the results varied by regions because of the amount of input during cultivation. These results would be useful to realize the rural biomass and design regional resources plan in integrated E3 perspective.