• Communications for Statistical Applications and Methods
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• v.27 no.6
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• pp.649-673
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• 2020

This paper makes a theoretical contribution by providing clear and detailed derivation of economic agents' decision problems including elastic labor supply in Gertler's overlapping generation (OLG) model. We apply the model to the Korean economy by calibration based on Korean economic data. It also analyzes the impact of current social issues such as aging and extension of retirement age, on the Korean economy in a long-run equilibrium. Subsequently, we also discuss the implications of the analysis. Aging has prolonged the period of retirement; therefore, population structure changes by the increase in the proportion of retirees, the total consumption-to-GDP ratio decreases, and capital stock increases due to reduced propensity to consume out of wealth in preparation for an individual's retirement life. The implementation of retirement age extension increases the proportion of retirees relatively less and alleviates fluctuations in labor supply and the share of financial assets for both economic agents. However, the decrements in consumption-to-GDP ratio is larger than before, and this leads to a larger rise in the capital stock compared to when there is only an aging effect.

• Korea journal of population studies
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• v.30 no.3
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• pp.83-105
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• 2007

This study investigates the stance of the social capitals that explain voluntary services. The testing results indicate that the decision to join the voluntary services is significantly affected by ages, householder, marriage, preschool child, gender, physical condition, income, education, job position, occupation, region, day, etc. And a giving time is significantly influenced by ages, marriages, working together of husband and wife, gender, income, job, occupation position, a type of living house, etc. Moreover, we find that the economic values of the voluntary services estimate at 21,467 billion won a year in 2004, and GDP ratio is 0.2% that is lower than those of major developed countries.

• Proceedings of the Korean Statistical Society Conference
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• 2005.05a
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• pp.113-119
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• 2005

경제적성과는 생산자, 소비자, 정부 등과 같은 경제주체들이 생산, 투자, 소비 등의 활동을 얼마나 유기적이며 효율적으로 잘 하느냐에 달려있고, 소비자전망조사는 경제주체 중 소비자의 향후 경기 및 소비에 대한 심리를 조사하고 이를 지수화하여 소비 및 경기 예측자료로 활용하는데 그 목적이 있다. 이렇게 작성된 소비자기대지수와 소비자평가지수는 서로 높은 상관관계를 가지고 움직이며, 이들의 차는 동행지수 순환변동치보다 3개월 정도 선행하는 것으로 나타났다. 또한 소비자기대지수는 계절성 검토결과 계절성이 있으며, 원계열보다 계절조정계열이 움직임이 뚜렷하며, 동행지수 순환변동치와 비교결과 선행성도 더 큰 것으로 나타났다. 이외에도 소비자기대지수는 소비관련 지표인 GDP 민간소비와 가계소비지출과도 서로 상관관계가 있는 것으로 나타나 정보변수로서의 유용성이 있는 것을 확인하였다.

• The Korean Journal of Applied Statistics
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• v.25 no.6
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• pp.925-932
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• 2012

The article introduces a method to estimate a cointegrated vector autoregressive model, using mixed-frequency data, in terms of a state-space representation of the vector error correction(VECM) of the model. The method directly estimates the parameters of the model, in a state-space form of its VECM representation, using the available data in its mixed-frequency form. Then it allows one to compute in-sample smoothed estimates and out-of-sample forecasts at their high-frequency intervals using the estimated model. The method is applied to a mixed-frequency data set that consists of the quarterly real gross domestic product and three monthly coincident indicators. The result shows that the method produces accurate smoothed and forecasted estimates in comparison to a method based on single-frequency data.

• The Korean Journal of Applied Statistics
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• v.25 no.1
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• pp.89-99
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• 2012

This study investigates the Granger-causality between economic growth and demand for electricity in Korea, using two quarterly time-series data (real GDP and electricity consumption) for 1970:Q1 through 2009:Q4. We apply Hsiao's sequential procedure to identify a vector autoregressive model to a decision of the optimal lags in the vector error-correction model because the two time-series data contain unit roots respectively and they are cointegrated. According to the empirical results in this study, we find that Hsiao's approach to the Granger-causality indicates a bidirectional causal relation between economic growth and demand for electricity in Korea. Following the Granger and Engle's approach, we also find the statistical evidence on (1) short-run bidirectional causality between real GDP and electricity consumption, (2) bidirectional strong causality between them, and (3) long-run unidirectional causality running from demand for electricity to economic growth. Our results show an inconsistency with the existing studies on Korea's case; however, the results appear to provide more meaningful policy implications for the Korean economy and its strategy of sustainable growth.

• KDI Journal of Economic Policy
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• v.29 no.2
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• pp.41-74
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• 2007

This paper aims to assess the effectiveness of Korea's official development assistance (ODA) in terms of improvement in per capita gross domestic product (GDP) of aid recipients, and promotion of Korea's exports and outward foreign direct investments (FDI) to ODA recipients. The assessment has also been done for different groups of aid recipient countries divided by their regional location, income level, and economic freedom. For this purpose, this paper empirically tests the effectiveness of bilateral grants and loans for 163 aid recipient countries during the period of 1990 to 2003. Results show that ODA from Korea had not been able to explain the variations in aid recipient countries' growth in per capita GDP. Provision of aid promoted outward FDI to aid recipient countries during the entire period considered. With respect to exports, provision of aid had facilitated Korea's exports to aid recipient countries, except for the period of 2000~2003. On the basis of the findings, recommendations for future aid policy have been made.

• International Area Studies Review
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• v.13 no.3
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• pp.413-438
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• 2009

Tourism is an attractive field of industry to many countries due to its strong potentials in increasing employment rates as well as improving the national image. The positive effect of the tourism on the national economy and globalization has been recognized in Korea. A multilateral effort has been made in order to develop its tourist industry. Therefore, it is necessary to analyze the patterns of tourism demand in Korea. The present study analyzes and demonstrates the effects of a nation's characteristics on tourism demand. The study model was based on factors that affected tourism demand, especially emphasizing on the economic size, distance, national income, and language differences from the mother country. In particular, this study highlights the effects of economic relations between the countries and their exchange rate on tourism demand. In summary, this thesis demonstrates that actual national and international panel data enhance the credibility of the research and precisely determine factors that have a direct influence on tourism demand. A corresponding strategy of development and products are required as most tourists show the preference in advanced nations.

• The Journal of the Korea Contents Association
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• v.7 no.1
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• pp.184-189
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• 2007

In case of Korea Social cost by road traffic accident came to about 15 trillion per year and to 2.15% of GDP, a day about 20 person death to traffic accident and those damage scale reach out about 7 billions. Concretely, according to OECD traffic accident comparison on July 2005 (2003 statistical analysis), in korea, 7,212 Person were dead. This describe that the sacrifice numbers of traffic accident is 26 level of OECD 26 countries, the dead of traffic accident on children 100,000 persons is 25 level of OECD 25 countries. It is contrast to other developed countries. In the meantime, korea government executed various traffic policies to reduce traffic accident and depending on those policies, even if, there were epochal progressive phenomena the concerns of citizens which felt on franc accident is very deficient. On this research, traffic accident state of taking place of Gowangju.Jeonnam province was analysed depend on jeonnam province police station materials and want to suggest appropriate traffic safty counterplan propose. This subject was analysed traffic accident according the death with analysing per month, day, hour, and suggest counterplan depending on traffic accident analysis result on 2004. 2005 years.

• Korean Journal of Social Welfare
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• v.39
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• pp.41-73
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• 1999

There are few studies on the estimation of social expenditures, since few efforts so far have been made to introduce and study social expenditures based on OECD standards. Previous studies focused on the total amount based on ILO and IMF criteria, which is limited in the estimation of social expenditures by function and in detail. Accordingly, government and research institutes have faced difficulties from the lack of relevant statistics in establishing policies and performing research. This study, therefore, aims to develop an estimation model for social expenditures, and define the scope of the social security scheme and finances. In the process of developing this model, the accuracy of the scale of social expenditures estimated according to OECD criterion was also considered. Specifically, efforts were made to secure transparency of estimation through omission or duplication of expenditures. The estimation of Korea's social expenditures is applied to this model. The estimates for the year 1997 revealed 30,918.2 billion Won or 6.82% of GDP, which is a 20.8% increase per annum.

• Environmental and Resource Economics Review
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• v.19 no.4
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• pp.875-896
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• 2010

Using the difference in differences (DID) estimation method, this paper analyzes the effect of European Union's Emission Trading Scheme (EU ETS) on the reduction of per capita $CO_2$ emission among the twenty five participating countries. For this, the panel dataset of forty two European countries for the period 1990~2007 is constructed. Special attention is paid to the bias of the standard errors in the DID estimation due to the presence of serial correlation in the error terms. The results shows quite a robust effect of EU ETS on the reduction of per capita $CO_2$ emission among the participating countries regardless of the calculation methods of standard errors. The results also shows that the increased implicit tax rate on energy has a robust effect on the reduction of per capita $CO_2$ emission. On the contrary, the estimation results regarding the effects of per capita GDP and population density on the per capita $CO_2$ emission seem inconsistent. In particular, the environmental Kuznets curve is not statistically supported with the use of robust standard errors.