• East Asian Economic Review
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• 제24권2호
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• pp.185-203
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• 2020

This paper investigates the connectedness among housing markets using the methodology developed in Diebold and Yilmaz (2014, 2016). In particular, we examine the international linkages among housing markets in Northeast Asian countries: namely, China, Japan, and Korea. The basic finding is that connectedness measures vary over the business cycle, with a surge during the global financial crisis. However, the international linkages among the three Asian housing markets seem rather weak. By including GDP in the model, we also find that housing market in one country is more affected by its own economic conditions than that of neighboring countries. Given earlier evidence that cross-regional spillover among domestic housing markets is high, this result suggests that housing market connectedness is more of domestic cross-regional phenomena, rather than international ones.

• Acta Via Serica
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• 제2권2호
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• pp.89-112
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• 2017

Today, we face many problems at the planetary, national, local, and personal level. What is interesting and important is the fact that the environmental crisis that we have been facing since the 1960s is seen by many environmentalists as a crisis of Western civilization, a slow collective suicide, and "the defining challenge of our age." This fact has encouraged many environmentalists, thinkers, and activists to turn to the wisdom of the East for a better and deeper understanding of nature and humanity for a sustainable future. Moreover, environmental, social, and economic threats are aimed at everyone without discrimination, be they Christian, Jew, Muslim, or Buddhist. Therefore, the very nature of the environmental crisis and challenge requires a cooperative, global response. In this context, this study suggests that Eastern societies may re-discover the richness of their own traditions in the light of pressing environmental problems and offer new insights to respond to these problems. This paper will explore the possibility and relevance of Sir Muhammad Iqbal's (1877-1938) ideas for an attitude of reverence and care for nature. It will suggest that his ideas could enlarge and enrich our perspective of ourselves vis $\grave{a}$ vis nature, and raise our "ecological consciousness" and moral responsibility to take action for the environment. It will be argued that Iqbal, as a great and towering son of the Silk Road and a bridge between East and West, is still relevant for us.

• 한국해양공학회:학술대회논문집
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• 한국해양공학회 2006년 창립20주년기념 정기학술대회 및 국제워크샵
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• pp.14-20
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• 2006

During the 11 year period of 1995-2005, there was about a 40% increase in the world copper demand mainly because of the Asian economic growth. In the increase, about a half was consumed by China. Most of the China's copper demand increase has been taken place over the final 5-6 years of that period. The growth is expected to continue for several years, and in 10 years or sooner the same situation is expected for India. Copper is the third metal in global demand, but its little abundance in the Earth's crust is not well recognized. From the production rate and the abundance, a copper shortage, or crisis, has a high probability than the other metals. Deep ocean mineral resources such as manganese nodules in the Clarion-Clipperton Fracture Zones, Kuroko-type massive seafloor sulfides (SMS), and cobalt-rich manganese crusts in the EEZ and the high sea areas have big potentials for the future sources. We need to re-evaluate their potentials as copper resources and other metals to realize their developments. The same situation is under progress in the hydro-carbon markets. Methane hydrates that are classified into non-conventional hydro-carbon resources have an important role as the future sources, too.

• 국제지역연구
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• 제16권1호
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• pp.303-325
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• 2012

본 논문은 유럽세계화조정기금 프로그램과 관련한 유럽 국가들의 기금의 지원사례를 분석하였다. 2006년 12월에 설립된 유럽세계화조정기금은 원래 세계화의 진전으로 인하여 대량해고를 당한 실직자들을 도울 목적으로 조성되었다. 현재의 유럽세계화조정기금은 세계화로 인한 대량해고자 뿐만 아니라 글로벌 금융위기 및 경제적 불황으로 인하여 실직한 사람들도 지원하는 것으로 확대되었다. 일반적으로 유럽세계화조정기금의 조치들은 취업검색, 트레이닝, 숙련도향상, 재취업알선, 창업지원을 위한 지원 활동들로 이루어져 있다. 본 논문은 유럽 국가들을 위한 유럽세계화조정기금에 관한 연구에 긍정적인 방법의 스터디를 부여하고 있다. 특히 세계화와 글로벌 금융위기 및 경제적 불황의 영향으로 실직한 실업자들의 구체적인 지원 현황을 2007~2011년의 유럽세계화조정기금의 통계 분석에 초점을 맞추고 있으며, 또한 변화하는 세계경제에서 유럽세계화조정기금의 실제적 지원 사례를 분석하였다. 마지막으로 유럽세계화조정기금 운영과 분석을 통해 얻은 시사점에서 한국의 무역자유화 확대로 인한 피해를 최소화하기 위한 정책적인 방향을 찾고자 함으로써 무역자유화의 피해를 극복하는데 도움이 될 수 있는 방안을 제시하였다.

• 한국항만경제학회지
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• 제27권1호
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• pp.1-11
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• 2011

글로벌 여객의 해상운송과 항공운송에 대한 수요패턴은 교통수단에 따라 다르게 나타나고 있다. 국제여객선 이용은 1998년 54만 명에서 2008년 253만 명으로 4.7배 증가하였으며, 국제선 항공여객은 1998년 1411만 명에서 2008년 3,534만 명으로 2,124만 명 증가하여 국제선 항공여객보다 여객선에 대한 수요가 더 크게 증가하고 있다. 이에 따라 국제여객 항공운송이 차지하는 비중은 1990년 97.6%에서 2008년 93.3%로 하락하였으나 여전히 대단히 높은 비중을 차지하고 있다. 이러한 점은 국제여객선에 대한 수요를 창출할 수 있는 기회가 그만큼 크다는 것을 의미하는 것이기도 하다. 글로벌 여객은 환율과 경기에 어떠한 형태로든 영향을 받을 수밖에 없기 때문에 본고는 두 운송수단에 대한 수요패턴의 차이를 보이는데 목적을 두었다. 그 결과 환율변동에 대해 항공여객이 여객선여객보다 훨씬 민감한 반응을 보이며 경기상승에 대해 여객선수요가 훨씬 더 크게 나타났다. 경기회복과 더불어 국제여객선에 대한 수요가 크게 증가할 것임을 보여주는 것이다. 환율과 경기충격이 운송에 미치는 효과는 상당히 오랫동안 지속되었다. 항공수요는 경기상승충격에 의한 양의 효과가 환율상승 충격에 의한 음의 효과에 의해 어느 정도 상쇄되는 데 비해, 여객선 수요는 경기충격과 환율충격이 같은 방향으로 작용하여 환율과 경기가 여객선 이용에 대한 수요를 크게 증가시킬 것으로 나타났다.

• Journal of Information Technology Applications and Management
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• 제21권3호
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• pp.119-133
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• 2014

Prior to the 2000s, internal control had not been among the high priority issues in the management's agenda. Since then, however, it has become one of the hottest issues, and has received a significant attention as the means of improving the transparency, sustainability, and competitiveness of a company. The objectives of this paper are to examine if there has been any noticeable changes in the level of internal controls of Korean companies before and after the 2010, and to analyze the underlying drivers and issues thereto. Accounting manipulation and moral hazard were among the factors to cause the Korean financial crisis in 1997 and 2008. Since then, the capital market has had a strong pressure on Korean companies to enhance the transparency of management and accounting while the government has made the laws, requirements, and recommendations to alleviate the moral hazard problems of management and enhance the accounting transparency. Both market and government have driven companies to put more priority on the reliability of financial reporting and the compliance of applicable laws and regulations. Thereby, the market and governmental forces has led companies to enhance the level of internal controls which contribute to the reliability of financial reporting and the compliance The pressure on companies to enhance the level of internal controls may be different across industries. The capital market and government experiencing the severe financial crisis in 1997 and 2008 put even more pressure on financial companies such as banks to upgrade the reliability of financial reporting and the compliance of regulations to the global level than on non-financial companies. A survey is performed on the changes in the level of internal controls of 54 major companies consisting of 10 financial and 44 non-financial companies in Korea. The survey results show that the average level of internal controls of Korean companies has noticeably improved and that the change in the level of control environment factor is higher than that of IT control factor. The analysis on the industry differences shows that financial companies increased the level of control environment factor more than non-financial companies did while non-financial companies upgraded the level of IT control factor more than financial companies did relatively. Among internal control categories, the most improved area since the economic crisis is "Risk Assessment." The global best practices for risk management have been developed primarily in the financial industry and then spread to other industries. The general level of control practices of Korean companies has been improving significantly, but still appears below the global advanced practices.

• 자원환경지질
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• 제43권5호
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• pp.523-528
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• 2010

미국발 금융위기 여파로 세계경제가 침체되변서 LME의 base metal 가격이 2008년 4/4, 분기 급락하였으나, 2009년 1-7월 거시경제 회복신호와 함께 base metal 가격이 다시 상승세를 보였다. Base meta1 상승 배경에는 미국 기업들의 개선된 실적 발표로 산업생산 및 제조업지수가 개선된 것 미달러화 약세로 인한 원자재 가격 상승, 그리고 무엇보다도 세계 금융 위기 속에도 경제성장을 위한 중국의 원자재 수요 증가가 주요 원인으로 꼽힌다. 이에 본 논문에서는 base metal 가격상승에 주요 base metal소비국의 수요가 영향을 주었는지를 중국 및 주요국 경제성장률을 가지고 회귀분석 하였다. 분석결과 중국의 경제 성장만이 LME시장의 base metal 가격상승에 영향을 주는 것으로 나타났다. 하지만 이런 결과에도 불구하고, 그동안 중국 상품의 주요 소비시장이었던 미국, 유럽 동 선진국들 경제의 본격적인 회복 없이 중국경제만으로 base metal 가격 상승랠리가 지속될지 여부를 보고자 한다.

• 국제학술발표논문집
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• The 3th International Conference on Construction Engineering and Project Management
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• pp.425-432
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• 2009

The construction industry has been a main pillar and serves as a regulator of the Hong Kong economy. Subsequently, the fluctuations in the level of construction output can induce significant rippling effects to the economy. The Asian Financial Crisis started in 1997 and the SARS outbreak in 2003 both introduced major challenges and impacts to the Hong Kong economy and consequently the construction sector. Such decline in the importance of construction has suggested a possible structural change in the sector. It is worth investigating the driving forces behind the construction demand and see if they have changed after the heavy impacts in the past decade. The above considerations have, therefore, been the motivation of the present study to model the Hong Kong residential construction demand through multiple regression technique which can identify the significant influencing factors to the residential demand. The residential construction is studied as it constitutes a significant portion of the total construction volume. The residential sector has great influence to the general economy of Hong Kong. It is found that the underlying market structure and the driving factors for Hong Kong residential demand before and after the Asian Economic Crisis and SARS outbreak are different, suggesting that the residential construction sector or even the larger construction industry may have undergone a major structural change as Hong Kong's economy approaches maturity. It is also observed that the past literatures on construction demand are mostly focusing on predicting demand under a stable economic environment. Hence, it is worth examining if it is possible to model during economic hardship when the residential sector fluctuate dramatically under different external impacts, such as the recent global financial tsunami.

• 아태비즈니스연구
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• 제15권1호
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• pp.209-223
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• 2024

Purpose - This article analyzes the impact of macroeconomic variables of the United States, China, and Korea on KOSPI and VKOSPI, in that United States and China have a great influence on Korea, having an export-driven economy. Design/methodology/approach - The influence of US, China, and Korea interest rates, industrial production index, consumer price index, US employment index, Chinese real estate index, and Korea's foreign exchange reserves on KOSPI and VKOSPI is analyzed on monthly basis from Jan 2012 to Aug 2023, using multifactor model. Findings - The KOSPI showed a positive relationship with the U.S. industrial production index and Korea's foreign exchange reserves, and a negative relationship with the U.S. employment index and Chinese real estate index. The VKOSPI showed a positive relationship with the Chinese consumer price index, and a negative relationship with the U.S. interest rates, and Korean foreign exchange reserves. Next, dividing the analysis into two periods with the Covid crisis and the analysis by country, the impact of US macroeconomic variables on KOSPI was greater than Chinese ones and the impact of Chinese macroeconomic variables on VKOSPI was greater than US ones. The result of the forward predictive failure test confirmed that it was appropriate to divide the period into two periods with economic event, the Covid Crisis. After the Covid crisis, the impact of macroeconomic variables on KOSPI and VKOSPI increased. This reflects the financial market co-movements due to governments' policy coordination and central bank liquidity supply to overcome the crisis in the pandemic situation. Research implications or Originality - This study is meaningful in that it analyzed the effects of macroeconomic variables on KOSPI and VKOSPI simultaneously. In addition, the leverage effect can also be confirmed through the relationship between macroeconomic variables and KOSPI and VKOSPI. This article examined the fundamental changes in the Korean and global financial markets following the shock of Corona by applying this research model before and after Covid crisis.

• 한국경제지리학회지
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• 제18권1호
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• pp.1-16
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• 2015

세계화와 산업구조조정으로 사회경제적 양극화가 진행됨에 따라 계층 간 거주지 분리가 심화될 것으로 여겨진다. 본 연구는 한국사회에서 1990년대 말 경제위기로 사회경제적 양극화가 급진전했음을 주목하고 이가 도시 내 거주지 분리에 미친 영향을 살펴보고자 하였다. 서울시를 사례로 2000년대를 걸쳐 일어난 계층별 거주지 분리의 변화를 분석하였다. 계층은 교육수준으로 정의되었으며 자료는 동별로 통계청 마이크로데이터서비스시스템(MDSS)을 통해 추출하였다. 거주지 분리의 주요 지리적 양태별로 개별 도시에서 시계열적 변화를 가늠하는 전역적 측도와 도시 내 공간적 변이를 보여주는 국지적 측도를 활용하였다. 구체적으로 집중-균등을 측정하기 위해 전역적 지표로 상이지수를 그리고 국지적 지표로 입지계수를 활용하였으며 군집-노출을 측정하기 위해 전역적 지표로는 상호작용지수와 노출지수를 국지적 지표로는 로컬 Moran's I를 활용하였다. 분석 결과, 사례지역에서 계층별 거주지 분화가 심화되었으며 도시내에서 뚜렷한 공간적 패턴을 보이고 있으며 계층 간 거주 패턴은 상호 연관되어 있음이 밝혀졌다. 본 연구는 국내 수위 도시에서 경제 위기 이후 거주지 분리의 최근 변화상을 보다 체계적인 방법으로 파악하였다는데 그 의의가 있다.