• Title/Summary/Keyword: GDP Effects

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The Effect of Housing Affordability on Housing Prices Variation in Korea (주택구입능력이 주택가격 변동에 미치는 영향)

  • Heonyong Jung
    • The Journal of the Convergence on Culture Technology
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    • v.9 no.2
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    • pp.113-118
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    • 2023
  • This study analyzed the effects of macroeconomic variables, including housing affordability, and bank loan-related variables on variation in housing prices using multiple regression models. As a result of the analysis, consumer price growth rate, the total currency growth rate, and the housing affordability growth rate had a significant positive effect on changes in housing prices. As a result of analyzing the period of rising and falling housing prices, consumer price growth rate and the total currency growth rate during the period of rising housing prices had a significant positive effect on housing prices. Unlike the period of rising housing prices, the growth rate of household loans was found to have a significant positive effect on changes in housing prices. On the other hand, unlike the period of rising housing prices, the growth rater of mortgage loans was found to have a significant negative effect on changes in housing prices. The growth rate of housing affordability index did not have a significant positive effect on changes in housing prices during a falling housing prices. The determinants of housing prices showed different patterns during the period of rising housing prices and falling housing prices.

Transformation of Strategies for Chinese Regional Development in the Post-Mao Era: From Regional Uneven To Regionally Coordinated Development In China (마오쩌둥 이후 중국 지역 발전 전략의 전환: 불균등 발전에서 권역 협업 기반의 조화로운 발전으로의 진화)

  • Lina Zhang;Sung-Cheol Lee
    • Journal of the Economic Geographical Society of Korea
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    • v.26 no.4
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    • pp.359-374
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    • 2023
  • The main purpose of this paper is to explore the relationship between the transformation of Chinese regional development policy and trends in spatial inequality in mainland China. More specifically, it has attempted to identify the effects of Chinese regional development policies on regional economic inequality by investigating the coefficient of variation and Gini coefficient with GRDP in the province level. Regional inequality in China had increased from 1979 economic reform, but has eased since the 10th Five Year Plan(2001~2005) due to large-scale state investments in the western, central and northeastern regions. However, the analysis is likely to be resulted from the national level. Trends in regional inequality are differentiated in accordance with the eastern, central, northeastern and western regions. For example, regional inequality in the central region has increased, whereas other three regions has decreased since the 10th Five Year Plan. It has played a role in cutting down regional inequality in the national level. In particular, the central region has kept inequality since the 12th Five Year Guideline. It has led to the convergence of the regional economies in the national level. It has stemmed from some limits to greater regional policies in the Central region enforced in the 11th Five Year Guideline(2005~2010).

Study on the Effects of R&D Activities on the Exports of Korean Economy (R&D투자가 한국경제 수출에 미치는 영향 분석)

  • Kim Byung-Woo
    • Journal of Technology Innovation
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    • v.14 no.1
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    • pp.31-66
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    • 2006
  • The country with a relative abundance of human capital conducts relatively more R&D in the steady state than its partner. This country acquires the know-how to produce a relatively wider range of innovative goods. High technology comprises a large share of the national economy in the human-capital rich country and real output growth is faster. This prediction would seem to accord weakly with empirical observation of Korean economy.

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Understanding the Relationship between Value Co-Creation Mechanism and Firm's Performance based on the Service-Dominant Logic (서비스지배논리하에서 가치공동창출 매커니즘과 기업성과간의 관계에 대한 연구)

  • Nam, Ki-Chan;Kim, Yong-Jin;Yim, Myung-Seong;Lee, Nam-Hee;Jo, Ah-Rha
    • Asia pacific journal of information systems
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    • v.19 no.4
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    • pp.177-200
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    • 2009
  • AIn the advanced - economy, the services industry hasbecome a dominant sector. Evidently, the services sector has grown at a much faster rate than any other. For instance, in such developed countries as the U.S., the proportion of the services sector in its GDP is greater than 75%. Even in the developing countries including India and China, the magnitude of the services sector in their GDPs is rapidly growing. The increasing dependence on service gives rise to new initiatives including service science and service-dominant logic. These new initiatives propose a new theoretical prism to promote the better understanding of the changing economic structure. From the new perspectives, service is no longer regarded as a transaction or exchange, but rather co-creation of value through the interaction among service users, providers, and other stakeholders including partners, external environments, and customer communities. The purpose of this study is the following. First, we review previous literature on service, service innovation, and service systems and integrate the studies based on service dominant logic. Second, we categorize the ten propositions of service dominant logic into conceptual propositions and the ones that are directly related to service provision. Conceptual propositions are left out to form the research model. With the selected propositions, we define the research constructs for this study. Third, we develop measurement items for the new service concepts including service provider network, customer network, value co-creation, and convergence of service with product. We then propose a research model to explain the relationship among the factors that affect the value creation mechanism. Finally, we empirically investigate the effects of the factors on firm performance. Through the process of this research study, we want to show the value creation mechanism of service systems in which various participants in service provision interact with related parties in a joint effort to create values. To test the proposed hypotheses, we developed measurement items and distributed survey questionnaires to domestic companies. 500 survey questionnaires were distributed and 180 were returned among which 171 were usable. The results of the empirical test can be summarized as the following. First, service providers' network which is to help offer required services to customers is found to affect customer network, while it does not have a significant effect on value co-creation and product-service convergence. Second, customer network, on the other hand, appears to influence both value co-creation and product-service convergence. Third, value co-creation accomplished through the collaboration of service providers and customers is found to have a significant effect on both product-service convergence and firm performance. Finally, product-service convergence appears to affect firm performance. To interpret the results from the value creation mechanism perspective, service provider network well established to support customer network is found to have significant effect on customer network which in turn facilitates value co-creation in service provision and product-service convergence to lead to greater firm performance. The results have some enlightening implications for practitioners. If companies want to transform themselves into service-centered business enterprises, they have to consider the four factors suggested in this study: service provider network, customer network, value co-creation, and product-service convergence. That is, companies becoming a service-oriented organization need to understand what the four factors are and how the factors interact with one another in their business context. They then may want to devise a better tool to analyze the value creation mechanism and apply the four factors to their own environment. This research study contributes to the literature in following ways. First, this study is one of the very first empirical studies on the service dominant logic as it has categorized the fundamental propositions into conceptual and empirically testable ones and tested the proposed hypotheses against the data collected through the survey method. Most of the propositions are found to work as Vargo and Lusch have suggested. Second, by providing a testable set of relationships among the research variables, this study may provide policy makers and decision makers with some theoretical grounds for their decision making on what to do with service innovation and management. Finally, this study incorporates the concepts of value co-creation through the interaction between customers and service providers into the proposed research model and empirically tests the validity of the concepts. The results of this study will help establish a value creation mechanism in the service-based economy, which can be used to develop and implement new service provision.

Construction of Consumer Confidence index based on Sentiment analysis using News articles (뉴스기사를 이용한 소비자의 경기심리지수 생성)

  • Song, Minchae;Shin, Kyung-shik
    • Journal of Intelligence and Information Systems
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    • v.23 no.3
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    • pp.1-27
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    • 2017
  • It is known that the economic sentiment index and macroeconomic indicators are closely related because economic agent's judgment and forecast of the business conditions affect economic fluctuations. For this reason, consumer sentiment or confidence provides steady fodder for business and is treated as an important piece of economic information. In Korea, private consumption accounts and consumer sentiment index highly relevant for both, which is a very important economic indicator for evaluating and forecasting the domestic economic situation. However, despite offering relevant insights into private consumption and GDP, the traditional approach to measuring the consumer confidence based on the survey has several limits. One possible weakness is that it takes considerable time to research, collect, and aggregate the data. If certain urgent issues arise, timely information will not be announced until the end of each month. In addition, the survey only contains information derived from questionnaire items, which means it can be difficult to catch up to the direct effects of newly arising issues. The survey also faces potential declines in response rates and erroneous responses. Therefore, it is necessary to find a way to complement it. For this purpose, we construct and assess an index designed to measure consumer economic sentiment index using sentiment analysis. Unlike the survey-based measures, our index relies on textual analysis to extract sentiment from economic and financial news articles. In particular, text data such as news articles and SNS are timely and cover a wide range of issues; because such sources can quickly capture the economic impact of specific economic issues, they have great potential as economic indicators. There exist two main approaches to the automatic extraction of sentiment from a text, we apply the lexicon-based approach, using sentiment lexicon dictionaries of words annotated with the semantic orientations. In creating the sentiment lexicon dictionaries, we enter the semantic orientation of individual words manually, though we do not attempt a full linguistic analysis (one that involves analysis of word senses or argument structure); this is the limitation of our research and further work in that direction remains possible. In this study, we generate a time series index of economic sentiment in the news. The construction of the index consists of three broad steps: (1) Collecting a large corpus of economic news articles on the web, (2) Applying lexicon-based methods for sentiment analysis of each article to score the article in terms of sentiment orientation (positive, negative and neutral), and (3) Constructing an economic sentiment index of consumers by aggregating monthly time series for each sentiment word. In line with existing scholarly assessments of the relationship between the consumer confidence index and macroeconomic indicators, any new index should be assessed for its usefulness. We examine the new index's usefulness by comparing other economic indicators to the CSI. To check the usefulness of the newly index based on sentiment analysis, trend and cross - correlation analysis are carried out to analyze the relations and lagged structure. Finally, we analyze the forecasting power using the one step ahead of out of sample prediction. As a result, the news sentiment index correlates strongly with related contemporaneous key indicators in almost all experiments. We also find that news sentiment shocks predict future economic activity in most cases. In almost all experiments, the news sentiment index strongly correlates with related contemporaneous key indicators. Furthermore, in most cases, news sentiment shocks predict future economic activity; in head-to-head comparisons, the news sentiment measures outperform survey-based sentiment index as CSI. Policy makers want to understand consumer or public opinions about existing or proposed policies. Such opinions enable relevant government decision-makers to respond quickly to monitor various web media, SNS, or news articles. Textual data, such as news articles and social networks (Twitter, Facebook and blogs) are generated at high-speeds and cover a wide range of issues; because such sources can quickly capture the economic impact of specific economic issues, they have great potential as economic indicators. Although research using unstructured data in economic analysis is in its early stages, but the utilization of data is expected to greatly increase once its usefulness is confirmed.