• KDI Journal of Economic Policy
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• v.32 no.4
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• pp.153-195
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• 2010

The recent global financial crisis has been the outcome of, among other things, the mismatch between institutions and the reality of the market in the current global financial system. The International financial institutions (IFIs) that were designed more than 60 years ago can no longer effectively meet the challenges posed by the current global economy. While the global financial market has become integrated like a single market, there is no international lender of last resort or global regulatory body. There also has been a rapid shift in the weight of economic power. The share of the Group of 7 (G7) countries in global gross domestic product (GDP) fell and the share of emerging market economies increased rapidly. Therefore, the tasks facing us today are: (i) to reform the IFIs -mandate, resources, management, and governance structure; (ii) to reform the system such as the international monetary system (IMS), and regulatory framework of the global financial system; and (iii) to reform global economic governance. The main focus of this paper will be the IMS reform and the role of the Group of Twenty (G20) summit meetings. The current IMS problems can be summarized as follows. First, the demand for foreign reserve accumulation has been increasing despite the movement from fixed exchange rate regimes to floating rate regimes some 40 years ago. Second, this increasing demand for foreign reserves has been concentrated in US dollar assets, especially public securities. Third, as the IMS relies too heavily on the supply of currency issued by a center country (the US), it gives an exorbitant privilege to this country, which can issue Treasury bills at the lowest possible interest rate in the international capital market. Fourth, as a related problem, the global financial system depends too heavily on the center country's ability to maintain the stability of the value of its currency and strength of its own financial system. Fifth, international capital flows have been distorted in the current IMS, from EMEs and developing countries where the productivity of capital investment is higher, to advanced economies, especially the US, where the return to capital investment is lower. Given these problems, there have been various proposals to reform the current IMS. They can be grouped into two: demand-side and supply-side reform. The key in the former is how to reduce the widespread strong demand for foreign reserve holdings among EMEs. There have been several proposals to reduce the self-insurance motivation. They include third-party insurance and the expansion of the opportunity to borrow from a global and regional reserve pool, or access to global lender of last resort (or something similar). However, the first option would be too costly. That leads us to the second option - building a stronger globalfinancial safety net. Discussions on supply-side reform of the IMS focus on how to diversify the supply of international reserve currency. The proposals include moving to a multiple currency system; increased allocation and wider use of special drawing rights (SDR); and creating a new global reserve currency. A key question is whether diversification should be encouraged among suitable existing currencies, or if it should be sought more with global reserve assets, acting as a complement or even substitute to existing ones. Each proposal has its pros and cons; they also face trade-offs between desirability and political feasibility. The transition would require close collaboration among the major players. This should include efforts at the least to strengthen policy coordination and collaboration among the major economies, and to reform the IMF to make it a more effective institution for bilateral and multilateral surveillance and as an international lender of last resort. The success on both fronts depends heavily on global economic governance reform and the role of the G20. The challenge is how to make the G20 effective. Without institutional innovations within the G20, there is a high risk that its summits will follow the path of previous summit meetings, such as G7/G8.

• International Area Studies Review
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• v.22 no.3
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• pp.3-27
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• 2018

This paper analyzes Cuba's market-oriented reforms to alleviate essential problems with socialist countries such as soft budget constraints and incentive problems. It also discuss about effectiveness of industrial policy as a development strategy. The soft budget constraints and incentive problems resulted in the collapse of Soviet bloc and COMECON in early 1990s. After the collapse, Cuban economy suffered a steep dive, and national income tumbling down rapidly. Cuban faced serious shortages of food, gasoline, and other basic necessities of life. To halt and partially reverse economic downturn and dire austerity in the 1990's, the Cuban government made some partial reforms to the inherited Soviet system of cental planningand faced severe shortage in food, energy, and daily necessities. In response to the economic crisis. Cuba introduced economic reforms and implemented industrial policy as a development strategy as long as Cuba maintained a strong socialist country. Cuban government established the economic free zone law and attempted to induce foreign direct investment by implementing export-led industrial policy. Fiedel Castro approved the Law No. 165 "Free Zones and Industrial Parks", in 1996. However, Cuba's ESZ strategy seems to have failed because of the U.S. sanctions, but also because of Cuba's own policies, which do not allow foreign investors to hire workers directly and impose a high implicit tax on wages. By limiting advanced techniques of personnel and organization management, indirect employment can result in lowering work efforts and productivity of workers, and aggravating production efficiency in the ESZs. Another reason to fail comes from the double wage structure due to the double monetary-exchange rate system. Most of the high non-wage costs result from the double exchange rate system. Due to Cuba's imbalanced industry and production structures, concentrated labor force, and urbanization and centralization of agriculture production, the industrial transformation development model suggested by Lewis has not been successful unlike other Asian agriculture-led development model. Cuba has to overcome many difficulties in implementing industrial policy as a development strategy.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.3
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• pp.586-599
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• 2017

This study attempts to understand the overall research trends in Vocational Studies using a text mining method, which is a means to analyze big data. The findings of the research show that Vocational Studies in Korea has been directly influenced by global economic crises, as evidenced by its exponential growth after the 1997 foreign exchange crisis that resulted in a bailout from the IMF. In addition, the topics of research have been shifting from such macro subjects as government policies and systems to such micro topics as individual career development. Moreover, the perspective of research is being moved from the socially vulnerable, including women and the disabled, to the economically marginalized, including retirees and the unemployed. As for the research targets, college students overwhelmingly outnumbered primary and secondary school students. However, few cases analyzed the clinical outcomes of career counseling or attempted to process job information and study the history of jobs. This research is limited in that it only analyzed journal abstracts. Nonetheless, it is meaningful because it used topic analysis, one of the text mining methods, to give a complete enumeration of all articles available for search, thereby crafting a framework of quantitative analysis methodology for Vocational Studies. It is also significant in that it is the first attempt to analyze themes in every stage of the development of Vocational Studies.

• The Korean Journal of Financial Management
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• v.23 no.1
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• pp.101-133
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• 2006

We examine whether new derivatives on KOSPI 200 affect volatility asymmetry of KOSPI 200 portfolio, relative to the carefully matched non-KOSPI 200 portfolio. To test the effect or new derivatives trading, we use GJR-GARCH model and newly developed Volatility Ratio(down-market volatility to up-market volatility ratio). Our results show that KOSPI 200 portfolio experiences lower volatility asymmetry than non-KOSPI 200 portfolio after the trading of new derivatives on KOSPI 200, especially after the introduction of stock index options(KOSPI 200 options). For non-KOSPI portfolio, no significant reduction in volatility asymmetry occurred when trading of stock index options began. Also, we find that in the period of after January 1999, the period of after do-regulations and Financial Crisis in the Korean capital market, volatility asymmetry of stock markets was significantly decreased. This means that level of volatility asymmetry is closely related to the level of market regulations. Further, the results of the paper show that leverage effect and changes in foreign exchange ratio can be good candidates for explaining the stylized volatility asymmetry in the Korean stock market.

• The Journal of the Korea Contents Association
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• v.11 no.11
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• pp.296-312
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• 2011

Korea has been suffering from financial hardship with low birth rate and rapid growing of advanced aged people because low economic growth and low interest rate have continued after IMF foreign-exchange crisis. Under these circumstances, it is necessary for the middle-aged people to have well-prepared retirement plan in the sense of physical, psychological, social and economical preparedness. The study intends to find out how the occupation and activity characteristics affect the physical, psychological, social and economical preparation for their remaining old age. For the purpose, questionnaires were collected from 344 middle-aged people working in private companies, public offices and small-business owners in metropolitan and Chungcheong province. The findings are as follows: First, they were physically well-prepared, as they thought their leisure activity was more important, their occupational role was more stable and they were old and healthy. Second, Women had notion about their occupation if they kept a good relationship with their colleagues. And they were psychologically prepared well as they valued their leisure activities. Third, if they perceived their occupations as stable and had more social and leisure activities, they were socially well-prepared. Fourth, Although the level of economical preparation depends on their wealth, the occupation and activity characteristics had no effect on the economical preparation. These findings imply that the retirement preparation as a recent social issue has been influenced by the nature of occupation and activity and suggest that the definite policy and program will be required for the retirement preparation of the middle-aged people from various aspects.

• Journal of the Korean Society of Food Science and Nutrition
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• v.34 no.9
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• pp.1407-1413
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• 2005

Korean households' expenditures on the eating -out have been steadily increasing except for the foreign exchange crisis period. This paper aimed to examine the eating-out expenditures of salary and wage earners's households by educational attainment of household head. We modeled the demand function of eating-out in terms of income and price, examining the responsiveness of eating-out demand to changes in income and price using econometric methods such as regression, rolling regression and impulse response. This paper showed that coefficients of income and price tended to decrease as the income rises in the long-run. Specifically, the higher the educational attainment of household head is, the smaller the coefficients of income and price we. The impulse response analysis also indicated that while price shocks decreased the demand for eating-out, income shocks tended to increase tile demand for eating-out in all the educational attainments. Furthermore income shocks were much greater and last longer than price shocks at all educational attainments of household heads.

• Korean Security Journal
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• no.42
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• pp.277-308
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• 2015

Recently the Japanese hostage crisis with Syria, the stake of the pilots IS of the terror group's affiliates like Kim incident occurred while urinarado IS not an exception anymore in connection with terrorism will not be able to do. In addition, particularly against terrorist groups worldwide, IS being a hero has been marginalized and wants uncritical drugs aimed at teens, such as dialog or game IS through SNS joined nationals as well as other countries, while recommending domestic complaints until the people power or luck, put the older brother can sign up for any terror group IS the terrorist group's terrorist acts while making the environment a national mark by foreigners or immigrants can be caused by the situation. Therefore, in this study, this IS serious for the terrorist acts of the terrorist group, IS due to the expansion of the domestic terrorist group caused the terror raids of about the dangers of foreign countries to review the case, and the incident has sought ways to prevent and respond to the rapporteur. The result IS due to the expansion of the domestic terrorist group caused the terror raids of the dangers of sex exists and that causes a response to the implements are as follows. First of all, IS brokering for the site of the terrorist group's approach to counter-terrorism Act will be a, and the next, each agency and terror for the information exchange and cooperation and serves as a reexamination of terror occurred through the quick and appropriate measures should be the language. Finally, the duties related to terrorism for teens, especially education and strengthen the safety program development and against terrorism should be carried out.

• International Journal of Computer Science & Network Security
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• v.21 no.12spc
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• pp.664-674
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• 2021

The relevance of this scientific research is determined by the negative impact of the COVID-19 pandemic on the current trends and dynamics of world tourism development. This article aims to identify patterns of development of the modern tourist market, analysis of problems and prospects of development in the context of the COVID-19 pandemic. Materials and methods. General scientific methods and methods of research are used in the work: analysis, synthesis, comparison, analysis of statistical data. The analysis of the viewpoints of foreign and domestic authors on the research of the international tourist market allowed us to substantiate the actual directions of tourism development due to the influence of negative factors connected with the spread of a new coronavirus infection COVID-19. Economic-statistical, abstract-logical, and economic-mathematical methods of research were used during the process of study and data processing. Results. The analysis of the current state of the tourist market by world regions was carried out. It was found that tourism is one of the most affected sectors from COVID-19, as, by the end of 2020, the total number of tourist arrivals in the world decreased by 74% compared to the same period in 2019. The consequence of this decline was a loss of total global tourism revenues by the end of 2020, which equaled $1.3 trillion. 27% of all destinations are completely closed to international tourism. At the end of 2020, the economy of international tourism has shrunk by about 80%. In 2020 the world traveled 98 million fewer people (-83%) relative to the same period last year. Tourism was hit hardest by the pandemic in the Asia-Pacific region, where travel restrictions are as strict as possible. International arrivals in this region fell by 84% (300 million). The Middle East and Africa recorded declines of 75 and 70 percent. Despite a small and short-lived recovery in the summer of 2020, Europe lost 71% of the tourist flow, with the European continent recording the largest drop in absolute terms compared with 2019, 500 million. In North and South America, foreign arrivals declined. It is revealed that a significant decrease in tourist flows leads to a massive loss of jobs, a sharp decline in foreign exchange earnings and taxes, which limits the ability of states to support the tourism industry. Three possible scenarios of exit of the tourist industry from the crisis, reflecting the most probable changes of monthly tourist flows, are considered. The characteristics of respondents from Ukraine, Germany, and the USA and their attitude to travel depending on gender, age, education level, professional status, and monthly income are presented. About 57% of respondents from Ukraine, Poland, and the United States were planning a tourist trip in 2021. Note that people with higher or secondary education were more willing to plan such a trip. The results of the empirical study confirm that interest in domestic tourism has increased significantly in 2021. The regression model of dependence of the number of domestic tourist trips on the example of Ukraine with time tendency (t) and seasonal variations (Turˆt = 7288,498 - 20,58t - 410,88∑5) it forecast for 2020, which allows stabilizing the process of tourist trips after the pandemic to use this model to forecast for any country. Discussion. We should emphasize the seriousness of the COVID-19 pandemic and the fact that many experts and scientists believe in the long-term recovery of the tourism industry. In our opinion, the governments of the countries need to refocus on domestic tourism and deal with infrastructure development, search for new niches, formats, formation of new package deals in new - domestic - segment (new products' development (tourist routes, exhibitions, sightseeing programs, special rehabilitation programs after COVID) -19 in sanatoriums, etc.); creation of individual offers for different target audiences). Conclusions. Thus, the identified trends are associated with a decrease in the number of tourist flows, the negative impact of the pandemic on employment and income from tourism activities. International tourism needs two to four years before it returns to the level of 2019.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.2 no.4
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• pp.71-102
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• 2007

There were many comprehensive analyses conducted within the existing research activities wherein factors affecting technology progress including investment in R&D vis-${\Box}$-vis their influences act as the determinants of TFP. Note, however, that there were few comprehensive analysis in the industrial research performed regarding the impact of the economy of scale as it affects TFP; most of these research studies dealt with the analysis of the non -parametric Malmquist productivity index or used the stochastic frontier production function models. No comprehensive analysis on the impacts of individual independent variables affecting TFP was performed. Therefore, this study obtained the TFP increase rate of each industry by analyzing the factors of the existing growth accounting equation and comprehensively analyzed the TFP determinants by constructing a comprehensive analysis model considering the investment in R&D and economy of scale (smallness by industry) as the influencers of TFP by industry. First, for the TFP increase rate of the 15 industries as a whole, the annual average increase rate for 1993${\sim}$ 1997 was approximately 3.8% only; during 1999${\sim}$ 2000 following the foreign exchange crisis, however, the annual increase rate rose to approximately 7.8%. By industry, the annual average increase rate of TFP between 1993 and 2000 stood at 11.6%, the highest in the electrical and electronic equipment manufacturing business and IT manufacturing sector. In contrast, a -0.4% increase rate was recorded in the furniture and other product manufacturing sectors. In the case of the service industry, the TFP increase rate was 7.3% in the transportation, warehousing, and communication sectors. This is much higher than the 2.9% posted in the electricity, water, and gas sectors and -3.7% recorded in the wholesale, food, and hotel businesses. The results of the comprehensive analysis conducted on the determinants of TFP showed that the correlations between R&D and TFP in general were positive (+) correlations whose significance has yet to be validated; in the model where the self-employed and unpaid family workers were used as proxy variables indicating the smallness of industry out of the total number of workers, however, significant negative (-) correlations were noted. On the other hand, the estimation factors of variables surrogating the smallness of scale in each industry showed that a consistently high "smallness of scale" in an industry means a decrease in the increase rate of TFP in the same industry.

• Journal of the Korea Society of Computer and Information
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• v.16 no.2
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• pp.267-278
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• 2011

This study examines the relationship among stock options, pay equity, organizational commitment. Employees who received stock options tend to perceive their pay more equitable and the tendency shows a positive relationship among the amount of stock options and the equity perception. Also employees who received stock options perceive greater procedural equity, as they recognize stock options are awarded to many employees. However, the perception of stock options was not significantly associated with organizational commitment, turnover intention, and pay satisfaction. In 2003, the study surveyed 115 employees who received stock options in 10 publicly owned Korean firms that introduced stock option plans. The statistical analysis leads to the conclusions as follows. First, as the number of stock options increases, the receiver tends to perceive that pay system is more distributively equitable. Second, as the number of stock option receivers increases, the employees perceive the pay system more procedurally equitable. Third, stock option payments don't ensure that it improves pay satisfaction, turnover intention, and organizational commitment. This study shows a positive relationship that stock options work favorably in terms of pay equity, but the effect doesn't seem to be widely positive. The reason is that the introduction of stock options in domestic firms has been made only recently after the foreign exchange crisis in the late 1990s. More experiments and design issues should be discussed for the future.