• Proceedings of the Korean Society of Computer Information Conference
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• 2023.01a
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• pp.443-445
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• 2023

Following the global financial crisis, the global value chain contracted, and characteristics of "reverse globalization" of the economy and trade gradually emerged. This is due to the term "reverse globalization" referring to a shift away from globalization. Within a short period of time, the phenomenon known as "reverse globalization" developed as an inescapable obstacle, coinciding with the development and dissemination of the COVID-19 virus. At some time in the distant future, the "reverse globalization" of economic trade and the "globalization" of the digital economy will co-dominate the shifting trend of the global economic landscape. This will happen gradually over time. The goal of this research is to look at the minor changes that happened in the methods and techniques used by the economic mechanism known as "globalization against the flow." It employs Chinese smart manufacturing companies as a model and proposes a digital drive model to investigate the prospects and constraints of smart manufacturing technology enterprise innovation development under "reverse globalization," with the goal of establishing a digital innovation development path. The theoretical insights given in this study have the potential to serve as a reference for China as it attempts to build a new growth pattern based on a double-cycle and promote a new type of globalization.

• Journal of the Economic Geographical Society of Korea
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• v.25 no.1
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• pp.23-40
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• 2022

Under the global economic system, production activities has formed an international division of labor, which has greatly affected industries in individual countries by global issues such as the U.S-China trade war and neo-protectionism. In particular the risk and change of disconnection of semiconductor value chain caused by COVID-19 are evaluated as offering the crisis and opportunity at the same time to all countries participating in the global electronics industry value chain. Therefore, this study was conducted with the OECD Trade in Value Added(TiVA) based on the time when a detailed analysis of the global chain of the electronic industry is needed. As a result of the analysis, it was confirmed that the global value chain of the electronics industry is gradually expanding and strengthening, and that various countries are emerging as major actors in the global value chain. It was found that the U.S. and Japan are in charge of relatively high value-added activities, while Korea, Taiwan and China are in charge of low value-added activities, although they are large scale.

• KDI Journal of Economic Policy
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• v.34 no.4
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• pp.27-68
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• 2012

This study outlines measures related to fiscal policies aimed at responding to the financial crisis according to the timing of commencement and then examines impacts of expansionary fiscal policies on macro variables so as to extract policy implications. The size of expansionary fiscal policy to respond to the financial crisis is found to total 59.8 trillion won (6.1% of GDP in 2007), among which a total of 30.5 trillion won was the increased fiscal expenditure made by the 2008 supplementary budget, the 2009 revised budget and the 2009 supplementary budget. In addition, tax reductions are found to be a total of 29.3 trillion won, mainly driven by the tax reforms in 2008 and 2009. Examining dynamic changes in macro variables caused by the temporary increase in fiscal expenditure and the tax reductions reveals that the increase effect of the real GDP growth rate brought by a temporary rise in fiscal expenditure excluding tax reduction effects turned out to be 1.1%p in 2009 and 0.3%p in 2010, compared to the period without the increase in fiscal expenditure. Meanwhile, when taking into account the effect of expansionary fiscal policies including tax reduction effects, the increase effect of real GDP turns out to be much higher. In the case of 2009, the real GDP rose additionally by 1.9%p, in which 1.1%p by the increase in fiscal expenditure and 0.8%p by tax reduction. Based on these results, the expansionary fiscal policy conducted during the financial crisis since the second half of 2008 can be seen to have played a significant role in helping the Korean economy post a higher-than-anticipated recovery pace from the economic slowdown triggered by the crisis.

• East Asian Economic Review
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• v.26 no.2
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• pp.143-169
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• 2022

This study investigates the effect of economic factors on immigration using the gravity model of immigration. Cross-sectional regression and panel data analyses are conducted from 2000 to 2019 using the OECD International Migration Database, which consists of 36 destination countries and 201 countries of origin. The Poisson pseudo-maximum-likelihood method, which can effectively correct potential biased estimates caused by zeros in the immigration data, is used for estimation. The results indicate that the economic factors strengthened after the global financial crisis. Additionally, this effect varies depending on the type of immigration (the income level of origin country). The gravity model applied to immigration performs reasonably well, but it is necessary to consider the country-specific and time-varying characteristics.

• 사회경제평론
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• v.29 no.1
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• pp.31-70
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• 2016

This study provides a comprehensive survey of Post Keynesian economics. The global financial crisis 2008-2009 has triggered an important debate concerning economic theory, policy and methodology. The most important thing that this economic crisis has done for economics is that it revealed mainstream economics was wrong. Mainstream economics has been unable to offer clear answers for the crisis. The economic crisis, at the same time, brought about a crisis in the field of economics. This study suggests that economics needs to be altered into a new form that can explain the real world economy. In this paper, it is argued that Post Keynesian economics can be understood as the alternative economics. The paper begins with the vision and the origins of several Post Keynesian ideas, leading to an examination of certain features of the various groups, including their methodology and their approaches to uncertainty, their pricing theories and their growth theories. The focus, however, is on the stage reflected in Post Keynesian economics which is concerned with the conception of Lakatos's 'Scientific Research Programmes'. It is recognized that more research is necessary in order to complete the post keynesian economics as a standard science or as a progressive Scientific Research Programmes in economics.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.7
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• pp.3053-3061
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• 2011

This study examines the relationship between R&D(research & development) investment and market value among KOSDAQ firms in the Korea Stock Exchange. We investigate the effect of R&D investment on firm value in both total sample and sub-samples classified by firm characteristics based on types of firms. And we study the impact of a major economic disruption as the global financial crisis triggered by sub-prime mortgage problem in the US on R&D investment relative to the firm value. We find that R&D investment positively affects firm value and the squared term of R&D investment is found to be significant and negatively correlated with market value. This suggests the presence of nonlinear relationship like a reverse U-shape between R&D investment and market value in total sample and most of sub-samples. And we find firm characteristics and global financial crisis partially affect the contribution of R&D investment to market value in some of sub-samples.

• Korean Journal of Labor Studies
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• v.19 no.1
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• pp.177-211
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• 2013

The Chinese dual structure of employment('Shuangguizhi') has been retained through the Economic Reforms, and has been supported and reproduced by the system of division between rural and urban household registration. In the 2000s, efforts of the government to abolish the division appeared to be effective with the introduction of the 'Labor Contract Act'. However, the eclecticism of the Act and the outbreak of the global financial crisis in 2008 gave new momentum to the revival of the Chinese dual structure of employment by increasing the scale of labor dispatching. Labor dispatching in China has become a regular form of employment rather than an exceptional one. Labor dispatching reveals its Chinese characteristics against the particular background formed during the periods of state-owned-enterprise restructuring around 2000. The combined effects of the 'Labor Contract Act' and the global financial crisis brought about the effect of increase rather than control of labor dispatching, and gave a signal to enterprises to use various forms of labor dispatching including 'reverse directional labor dispatching' to lessen burdens and costs caused by the Act and the crisis. As labor dispatching strengthens or displaces the existing dual structure of employment, social groups which need more social protection tend to be much more excluded from the protection of the government and the society.

• Analyses & Alternatives
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• v.7 no.1
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• pp.45-81
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• 2023

This paper examines how Korean economy has been asymmetrically changed after economics crises. The three crises during the last three decades, covid19, global financial crisis, and currency crisis, have deteriorated the economic inequalities of Korea in various ways. First, manufacture industry has been affected larger by economic crises, but recovered fast. The shocks in service sector were small but persist longer or were permanent. Second, although the covid19 spreaded out more to the capital area, the negative economic shock was greater in the non-capital region. That is, the crisis in the capital region transferred or amplified to the other region. Third, the inequality between permanent and temporary workers became worse after crises. Fourth, the sluggish small business growth problem became more serious during the covid19. In order to overcome the industrial and labor inequality, it is desirable to government strategy for economic development from focusing on high value-added industry to a balanced growth for all industry and region. To this end, governemt support should be asymmetric. That is, it should focus on indirect support such as regulatory reforms in the high value-added and private-led industries, and, for small business related service sector and non-capital region which have had limited opportunity of renovation and growth, the more active effort of government and government-driven gowth strategy would be desirable.

• Journal of Korea Port Economic Association
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• v.32 no.2
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• pp.25-37
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• 2016

The economy of South Korea has experienced two financial crises: the 1997 Asian financial crisis and the 2008 global financial crisis. These crises had a significant impact on the nation's macro-economic indicators. Furthermore, they had a profound influence on container traffic in container ports in Busan, which is the largest port in South Korea in terms of TEUs handled. However, the impact of the Asian financial crisis on container throughput is not clear. In this study, we assume that the two financial crises are independent and different, and then analyze how each of them impacted container throughput in Busan ports. To perform this analysis, we use an intervention model that is a special type of ARIMA model with input series. Intervention models can be used to model and forecast a response series and to analyze the impact of an intervention or event on the series. This study focuses on the latter case, and our results show that the impacts of the financial crises vary considerably.

• Journal of Korea Port Economic Association
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• v.27 no.4
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• pp.1-11
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• 2011

In much the same way as the US Lehman crisis of 2008-2009 severely impacted the European economy through financial market dislocation, a European banking crisis would materially impact the US economy through a generalized increase in global risk aversion. A deepening of the European crisis could very well derail the US economic recovery and have a harmful impact on the Asian economies. This kind of vicious circle could be a bad news to the shipping companies. The purpose of the study is to predict the Baltic Dry Index representing the shipping business during the period of 2012 using the ARIMA-type models. This include the ARIMA and Intervention-ARIMA models. This article introduces the four ARIMA models and six Intervention-ARIMA models. The monthly data cover the period January 2000 through October 2011. The out-of-sample forecasting performance is also calculated. Forecasting performance is measured by three summary statistics: root mean squared percent error, mean absolute percent error and mean percent error. The root mean squared percent errors, however, are somewhat higher than normally expected. This reveals that it is very difficult to predict the BDI The ARIMA-type models show that the shipping market will be bearish in 2012. These pessimistic ex-ante forecasts are supported by the Hodrick-Prescott filtering technique.