• Journal of Cadastre & Land InformatiX
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• v.49 no.1
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• pp.45-63
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• 2019

Until recently, most people have invested in a traditional portfolio consisting of stocks, bonds and real estates based on the three-division method of properties in Korea. However, this study analyzed the impact of the composition of a portfolio combining representative real estate indirect investment products such as Reits and real estate funds on the investment performance. For this purpose, the empirical analysis using the mean variance model, which is the most appropriate method for the portfolio composition, was used. For variables used in this study, mixed asset portfolios were classified into Portfolio A through Portfolio G depending on the composition of assets, and the price indices selected as Kospi, Krx bond, Reits Trus Y7, Hanwha-Lasal fund, and Office (Seoul). The results are as follows; first Portfolio D, which combined bonds, stocks, Reits and Real Estate funds, and Portfolio G, which added the office, the actual real estate, were shown to have the lowest risk. second, Portfolio B composed of bonds, stocks and Reits and Portfolio D with added real estate funds had the lowest risk while Portfolio F composed of bonds, stocks, offices and real estate funds, and Portfolio G with added Reits were the most profitable. As a result, it has been analyzed that it was more effective to compose a portfolio including Reits and real estate funds, which were real estate indirect investment products that eliminated the illiquidity limitation of real estates than real estates, the traditional three-division method of properties. Therefore, it is possible to minimize the risk of investors and reduce the cost of ownership of the real estate by solving the illiquidity problem that is the biggest disadvantage of the direct investment, In addition, it is considered that it is more necessary to reinvigorate the real estate indirect investment market where small amounts can be invested.

• Korean Journal of Construction Engineering and Management
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• v.23 no.5
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• pp.108-116
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• 2022

Started in 1989 as Public Permanent Rental Housing scheme, public rental housing lease policy is increasing target residents and supply in each government by introducing new supply types. However, public housing business entities have difficulties in expanding the supply due to cumulated deficit. The research suggested long-term public rental housing reconstruction business as a method to preserve the cumulated deficit from the previous. Minimum floor area ratio mathematical model was suggested by defining the floor area ratio of reconstruction business as minimum, since housing sales profit after reconstruction could preserve aggregated deficit, and mathematically approached by considering the traits of long-term public rental housing reconstruction. The determinant for minimum floor area ratio mathematical model comprise cumulated deficit of the existing long-term public rental housing, land size of reconstructed sale housing, housing sales price per unit area, and business cost per unit area. Minimum floor area ratio mathematical model is expected to be the milestone for supporting decision making regarding the economic part of old long-term public lease housings' reconstruction scale, and expanding housing supply within urban area.

• Journal of the Korean Association of Geographic Information Studies
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• v.26 no.3
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• pp.65-84
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• 2023

In order to establish a balanced development plan at the local government level, it is necessary to understand the current urban spatial structure. In particular, since the central area is a key element of balanced development, it is necessary to accurately identify its location and size. Therefore, the purpose of this study was to identify the central area system for Busan and to derive underprivileged areas that were alienated from the service areas where the functions of the central area could be used. To identify the central area system, four indicators(De facto Population, Land Price, Commercial Buildings, Credit Card Consumption) were used to calculate the central area index, and Getis-Ord Gi* and DBSCAN analysis were performed. Next, the hierarchy of the central areas were classified and the service areas were derived through network analysis by using it. As a result of the analysis, a total of 12 central areas were found in Seomyeon, Jungang, Yeonsan, Jangsan, Haeundae, Deokcheon, Dongnae, Daeyeon, Sasang, Pusan National University, Busan Station, and Sajik. Most of the underprivileged areas affected by the central area appeared in the Eastern area of Busan and the Western area of Busan, and were derived from old industrial areas, residential areas, and some new cities. Based on the results of the study, we can find three meanings. First, we have made a new attempt to apply a machine learning methodology that has not been covered in previous studies. Second, our data show the difference between the actual data and the existing planned central areas. Third, we not only found the location of the central areas, but also identified the underprivileged areas.

• Journal of Urban Science
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• v.11 no.1
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• pp.49-57
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• 2022

Semi-industrial zone is the area where manufacturing, residential, commercial zones are mixed. Despite of their potentials in that proximity to city and convenient transportation infrastructure, a lot of semi-industrial zones in Korea have converted to other uses due to many issues such as change of industry, increasing land price, real estate speculations. Recently, local government is trying to solve their existing issues and develop them through a restoration of publicness. Now publicness is thought of as a key factor of regeneration in semi-industrial areas. In this regard, this study aims to examine the way of restoring publicness revealed in Brooklyn Navy Yard mainly focus on their urban contexts and architectural ways. Brooklyn Navy Yard, an exemplary case, is an industrial complex that has grown economically, socially and culturally through emphasizing publicness and it is evaluated as an advanced example of public industrial complex. Through the analysis of Navy Yard, this study was trying to emphasize the importance of publicness in the regeneration of semi-industrial areas and to provide implications for the Seoul Government's solutions, which are still in the conceptual stage. To analyze the publicness of the study subjects, framework and elements were derived by examining related theories and prior researches. Depending on this frame, the results of the publicness of the Navy Yard were as follows. First of all, the 'Publicness as an officiality' was identified at the characteristic of the site and Navy Yard development corporation. Second, the 'Publicness as a public interest' of the Navy Yard Development Corporation was identified in various ways of its operation methods. Finally, the 'Publicness as an accessibility' was identified in the opening of urban and architectural spaces in Navy Yard. These publicness were analyzed with seven Navy Yard's success factors. Thus, it can be interpreted that the publicness of the semi-industrial areas can contribute significantly to their success. The publicness restoring methods of Navy Yard could be used as a basic data in semi-industrial areas in the future in Korea. However they are limited to be applied directly, so extensive and in-depth research in terms of their applicability should be conducted.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.26 no.5B
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• pp.489-499
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• 2006

The Potential Flood Damage (PFD) is widely used for representing the degree of potential of flood damage. However, this cannot be related with the design frequency of river basin and so we have difficulty in the use of water resources field. Therefore, in this study, the concept of Potential Risk for Flood Damage Occurrence (PRFD) was introduced and estimated, which can be related to the design frequency. The PRFD has three important elements of hazard, exposure, and vulnerability. The hazard means a probability of occurrence of flood event, the exposure represents the degree that the property is exposed in the flood hazard, and the vulnerability represents the degree of weakness of the measures for flood prevention. Those elements were devided into some sub-elements. The hazard is explained by the frequency based rainfall, the exposure has two sub-elements which are population density and official land price, and the vulnerability has two sub-elements which are undevelopedness index and ability of flood defence. Each sub-elements are estimated and the estimated values are rearranged in the range of 0 to 100. The Analytic Hierarchy Process (AHP) is also applied to determine weighting coefficients in the equation of PRFD. The PRFD for the Anyang river basin and the design frequency are estimated by using the maximum rainfall. The existing design frequency for Anyang river basin is in the range of 50 to 200. And the design frequency estimation result of PRFD of this study is in the range of 110 to 130. Therefore, the developed method for the estimation of PRFD and the design frequency for the administrative districts are used and the method for the watershed and the river channel are to be applied in the future study.

• Journal of Korea Water Resources Association
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• v.56 no.12
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• pp.883-893
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• 2023

While South Korea's dependence on imported grains is very high, droughts impacts from exporting countries have been overlooked. Using the Evaporative Stress Index (ESI), this study globally analyzed frequency, extent, and long-term trends of agricultural droughts and their relation to natural oscillations and global crop prices. Results showed that global-scale correlations were found between ESI and soil moisture anomalies, and they were particularly strong in crop cultivation areas. The high correlations in crop cultivation areas imply a strong land-atmosphere coupling, which can lead to relatively large yield losses with a minor soil moisture deficits. ESI showed a clear decreasing trend in crop cultivation areas from 1991 to 2022, and this trend may continue due to global warming. The sharp increases in the grain prices in 2012 and 2022 were likely related to increased drought areas in major grain-exporting countries, and they seemed to elevate South Korea's producer price index. This study suggests the need for drought risk management for grain-exporting countries to reduce socioeconomic impacts in South Korea.

• Korean journal of food and cookery science
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• v.11 no.4
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• pp.356-361
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• 1995

This study was conducted to know the quality of marketed green teas which were devided into high, middle and low grade according to the price. we examined the content of water, ash, total nitrogen, tannin, caffeine, chlorophyll and color value and did sensory evaluation. The results were as follows: 1) The content of water was 2.17-3.67％ and content of ash was 4.50-5.17％, there were no significant difference in each grade. 2) The content of total nitrogen was 4.38％ in high grade, 4.60％ in middle grade and 4.68％ in low grade. 3) The content of tannin was 11.09％ in high grade, 14.22％ in middle grade and 14.44％ in low grade, middle and low grade were significantly higher than high grade. 4) The nitrogen rate to tannin (N/T) was 39.5％ in high grade, 32.6％ in middle grade and 32.70％ in low grade, N/T rate of high grade was significantly highest than others. 5) The content of caffeine is 1.78％ in high grade, 1.32％ in middle grade and 0.92％ in low grade, high and middle grade were significantly higher than low grade. 6) The content of total chlorophyll is 297.37 mg％ in high grade, 192.89 mg％ in middle grade and 204.79 mg％ in low grade, chlorophyll a was 69.23 mg％ in high grade, 51.99 mg％ in middle grade and 63.42 mg％ in low grade, and chlorophyll b was 228.47 mg％ in high grade, 131.21 mg％ in middle grade and 141.63 mg％ in low grade. 7) Yellow value of high and middle grade were significantly higher than low grade, but blue and red value were no significant diffrence in groups. 8) In sensory evaluation, appearance, taste, odor of high grade were better than others and total score was 15.25 in high grade, 12.97 in middle grade and 9.80 in low grade. 9) Price had a positive correlation with caffeine, appearance and taste, but a negative correlation with tannine. NT rate had a negative correlation with tannine, but a positive correlation with caffeine.

• KDI Journal of Economic Policy
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• v.30 no.1
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• pp.171-209
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• 2008

The Great Depression is one of the most important economic incidents in the twentieth century. A significant and long-lasting impact of this event is the rise of the government intervention to the economy. Under the catastrophic downturn of the economic condition worldwide, people required their government to play an active role for economic recovery, and this $mentalit{\acute{e}}$ prolonged even after the Second World War. Social science textbooks taught at Korean high schools mostly referred to the Great Depression for explaining the reason of government intervention in economy. However, the mainstream view commonly found in the textbooks provides a misleading theological interpretation. It argues that inherent flaws of the market economy causes over-production/under-consumption, and that this mismatch ends up with economic crisis. The chaotic situation was resolved by substitution of the governments for the market, and the New Deal was introduced as the monumental example ('laissez-faire economy ${\rightarrow}$over-production${\rightarrow}$the Great Depression${\rightarrow}$government intervention${\rightarrow}$economic recovery'). Based on economic historians' researches for past three decades, I argue that this mainstream view commits the fallacy of ex-post justification. Unlike what the mainstream view claims, the Great Depression was neither the result of the 'market failure', nor the recovery from the Great Depression but was due to successful government policies. For substantiating this claim, I suggest three points. First, blaming the weakness or instability of the market economy as the cause of the Great Depression is groundless. Unlike what the textbooks describe, the rise of the U.S. stock price during the 1920s cannot be said as a bubble, and there was no sign of under-consumption during the 1920s. On the contrary, a new consensus emerging from the 1980s among economic historians illustrates that the Great Depression was originated from 'the government failure' rather than from the 'market failure'. Policymakers of European countries tried to return to the gold standard regime before the First World War, but discrepancies between this policy and the reality made the world economy vulnerable. Second, the mainstream view identifies the New Deal as Keynesian interventionism and glorifies it for saving the U.S. economy from the crisis. However, this argument is not true. The New Deal was not Keynesian at all. What the U.S. government actually tried was not macroeconomic stabilization but price and quantity control. In addition, New Deal did not brought about economic recovery that people generally believe. Even after the New Deal, industrial production or employment level remained quite low until the late 1930s. Lastly, studies on individual New Deal policies show that they did not work as they were intended. For example, the National Industrial Recovery Act increased unemployment, and the Agricultural Adjustment Act expelled tenants from their land. Third, the mainstream view characterizes the economic order before the Great Depression as laissez-faire, and it tends to attribute all the vice during the Industrial Revolution era to the uncontrolled market economy. However, historical studies show that various economic and social problems of the Industrial Revolution period such as inequality problems, child labor, or environmental problems cannot be simply ascribed to the problems of the market economy. In conclusion, the remedy for all these problems in high school textbooks is not to use the Great Depression as an example showing the weakness of the market economy. The Great Depression should be introduced simply as a historical momentum that had initiated the growth of government intervention. This reform of high school textbooks is imperative for enhancing the right understanding of economy and history.

• Journal of the Korean Geographical Society
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• v.29 no.3
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• pp.318-339
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• 1994

U.S. had given large amount of cotton to Korea as food aid program since 1945. This cotton aid had negative impact on cotton culture in Korean agriculture. Korean government used counterparts funds (sale proceeds of food aid) not for investment to agriculture sector, but for military budgets. And food aid on program type had influenced general economic policies, which neglected agricultural sector too. Anti-agricultural policy which was helped by U.S. food aid, had caused cotton cultivator an economic loss. So this economic loss had made many farmers abandon cotton culture. But in our times, cotton is cultivated for the purpose of domestic consumption in a few rural villages. The purposes of this study are 1) to analyze the process of spatial reduction of cotton culture since 1945 in regional contexts in Korea, and 2) to identify the function and meaning of cotton culture which does not pay off in agricultural region. Materials for acreage of cotton culture are acquired through the agricultural statistical year book(1952-1989) and census. To clarify the meanings of cotton culture, field survey are conducted in a rural village which is identified as only one where cotton was cultivated in 1993. In these contexts, this study has come to the following conclusions. In the period of under the rule of Japanese Imperialism (1910-1945), G. arboreum, species of cotton which was traditionally cultivated since 1364, had been driven out. And G. hirustun species, which is suitable for the production of highly qualified textile, has been hierarchically diffused by policy. In these period, regional structure of Korean agriculture was reorganized for the provision with food to Japan. Crops leading this dependent spatial structure were rice and cotton. So agricultural region, specialized with cotton, were distributed in the hinterland of the area which is specialized with rice. U.S. cotton aid to Korea began in 1947. U.S. took an interest in agricultural export because of her domestic surplus of cotton. Cotton aid is one mechanism by which U.S government developed agricultural market in recipient countries, Specially in the exchange rates, up-valuation of won to the U.S. dollars made domestic cotton more expensive than cotton imported, Production cost of domestic cotton is higher than Government's purchasing price of cotton which was also more expensive than price of cotton imported. Korean farmer could not help abandoning the cultivation of cotton, and this gave rise to spatial reduction of cotton culture. Spatially, cotton culture was abandoned in early stage of reduction in regions where stand at a disadvantage climatically, and in next stage in regions where other up-land crops which paid off in urban market, eg, fruits, could be cultivated. In the stage of extinction, cotton was cultivated only in area where G. hirustun species was originated in Korean peninsula. This region is not only suitable climatically for cotton culture, but is far away from urban market. Use of cotton produced is not for spinning, but for fillings of comforter. The main purpose of cotton culture in rural village is not for cotton yields, but for increase of production of seasame, which is grown together with cotton as mixed crops. Cotton product are used for domestic consumption and sold out to gin house. Though cotton culture is not paid off, farmer wanted to cultivate continuously for the cultural purpose, and they wanted the cotton culture promotion policy with the goverment subsidy.

• Korean Journal of Agricultural Science
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• v.14 no.1
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• pp.164-185
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• 1987

The Korean economy has been developed rapidly in the course of implementing the five year economic development plans since 1962. Accordingly the industrial and employment structure have been changed from the traditional agriculture to modem industrial economy. In the course of implementing export oriented industrialization policies, rural farm economy has been encountered labour shortage owing to rural farm population drain to urban areas, rural wage hike and pressure on farm operation costs, and possibility of farm productivity decrease. To cope with the above problems the Korean government has supplied farm machinery such as power tillers, tractors, transplanters, binders, combines, dryers and etc. by means of the favorable credit support and subsidies. The main objectives of this study are to identify the investment effects of farm mechanization such as B/C and Internal Rate of Return by machinery and operation patterns, changes of labour requirement per 10a for rice culture since 1965, partial farm budget of rice with and without mechanization, and estimation labour input with full mechanization. To achieve the objectives Saemaeul farm mechanization groups, common ownership and operation, and farms with private ownership and operation were surveyed mainly in Nonsan granary area, Chungnam province. The results of this study are as follows 1. The national average of labor input per 10a of paddy has decreased from 150.1Hr in 1965 to 87.2Hr in 1985 which showes 42% decrease of labour inputs. On the other hand the hours of labour input in Nonsan area have also decreased from 150.1Hr to 92.8Hr, 38% of that in 1965, during the same periods. 2. The possible labor saving hours per 10a of Paddy was estimated at 60 hours by substituting machine power for labor forces in the works of plowing, puddling, transplanting, harvesting and threshing, transporting and drying The labor savings were derived from 92.8 hours in 1986 deducting 30 hours of labor input with full mechanization in Nonsan area. 3. Social benefits of farm mechanization were estimated at 124,734won/10a including increment of rice (10%): 34,064won,labour saving: 65,800won,savings of conventional farm implements: 18,000 won and savings of animal power: 6,870won. 4. Rental charges by works prevailing in the area were 12,000won for land preparation, 15,000won for transplanting with seedlings, 19,500won for combine works and 6,000won for drying paddy. 5. Farm income per 10a of paddy with and without mechanization were amounted to 247,278won and 224,768won respectively. 6. Social rate of return of the machinery were estimated at more than 50% in all operation patterns. On the other hand internal rate of return of the machinery except tractors were also more than 50% but IRR of tractors by operation patterns were equivalent to 0 to 9%. From the view point of farmers financial status, private owner-operation of tractors is considered uneconomical. Tractor operation by Saemaeul mechanization groups would be economical considering the government subsidy, 40% of tractor price. 7. Farmers recommendations for the government that gained through field operation of farm machinery are to train maintenance technology for rural youth, to standardize the necessary parts of machinery, to implement price tag system, to intercede spare parts and provide marketing information to farmers by rural institutions as RDA,NACF,GUN office and FLIA.