• Journal of Environmental Policy
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• v.6 no.2
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• pp.97-122
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• 2007

In 2006, the Ministry of Environment of the Republic of Korea, completed the construction on national environmental geographic informations including National Environmental Assessment Map, Ecological Map, Land Cover Map and so on. At this point of time, it is necessary to establish the advance strategy on national environmental geographic information, considering the complicated characteristics. Therefore, this study suggests the advance strategy on national environmental geographic information, reflecting results of analyzing the given condition and the trend of informatization. National environmental geographic information has spacial quality to be managed dispersedly in a department unit or an operations unit. According to this quality, requirements for users who need the policy based on national environmental geographic information and complex information are not satisfactory. And, the information system centering the process of administrative affairs should be converted to one putting decision supporting first in importance. Therefore, this study sets up "the realization of the sustainable land management system by advancing national environmental geographic information" as the vision of the advancing strategy. In order to accomplish the vision, this study established the purpose as follow; constructing strategic and geographic information based on knowledge, arranging the foundation to open information to the public transparently, building expanded and integrated national environmental geographic information, embodying the environmental administration based on national environmental geographic information, enhancing the efficiency of national environmental geographic information, and supporting efficiently the process of administrative affairs. And this study suggests executive plans to achieve the vision and the purpose as next; developing the quality control program to verify the information confidence, building the system to integrate and to provide environmental information, collecting information, readjusting laws and regimes in parts of the construction, the application and the management of the system, and operating the task process, human power, organization and information technology. This study puts the emphasis on providing the turning opportunity politically which is possible to make sure of the information confidence in quality, advancing from the expansion of one in quantity. However, this improvement strategy doesn't reflect all national environmental geographic information and current status of environmental administrations. Therefore, for applying the result of this study to the actual environmental administration, it is necessary to discuss regularly the systematic categorization of national environmental geographic information, to interview with the contracting parties and so on hereafter.

• KDI Journal of Economic Policy
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• v.34 no.3
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• pp.1-29
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• 2012

Based on the spatial and land price data of innovation cities and their periphery areas in Korea, this study examines the degree and timing of changes in land price in relation to projects concerning innovation city. The study result confirms that the current system is inconsistent with the principle of restitution of development gain and therefore, this study attempts to seek improvement measures so that the current system can better fit the principle. The analysis reveals that most innovation cities, excluding Sinseo-dong of Daegu and Ujeong-dong of Ulsan, recorded a statistically significant increase in land prices since 2005, compared to those of their neighboring areas. It can be said that the information related to projects concerning innovation city was reflected in the land price since 2005. However, the standard land price pursuant to Article 70 of the Land Compensation Act is the officially assessed land price released on 1st of January 2007, and this official land price was actually applied to the compensation process. Therefore, estimating the compensation amount for land expropriation based on this land price will contradict the principle of restitution of development gain. In other words, despite the fact that development-related information was already reflected in land prices of innovation cities from 2005 to the end of 2006, the compensation process were carried out without institutional arrangements or efforts to exclude such reflection. To solve this problem, this study makes two suggestions. First, it is necessary to cast aside the limitations of the official land price that can be retroactively applied in accordance with Paragraph 5 of Article 70 of the Land Compensation Act, and instead apply the land price which is the most latest but deemed to have no reflection of development gains. Based on this revised standard land price, if the compensation amount is corrected by the average inflation rate and the average rate of increase in land price during the period until the time of the recognized land price, the amount would better satisfy the principle of restitution of development gain. Second, it is necessary to clearly stipulate the standards of development gains being reflected on the land price by including it in the secondary legislation. Under the current system, it is highly likely that appraiser's arbitrary interpretation on development gains is included in the process of calculating the amount of compensation for land expropriation. In this regard, it is necessary to improve the standards on determining whether development gains are reflected based on the results of this academic research and the existing guidelines for appraisal of compensation for land expropriation published by the Korea Association of Property Appraisers.

• KDI Journal of Economic Policy
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• v.12 no.2
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• pp.135-149
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• 1990

Housing owners in Korea have a variety of tax advantages such as income tax exemption for the imputed rent of owner-occupied housing, exemption from the capital gains tax and deduction of the estate tax for one-house households. These tax reliefs for housing owners not only conflict with the principle of horizontal and vertical equity, but also lead to resource misallocation by distorting the housing market, and thus bring about regressive distribution effects. Particularly in the case of Korea with its imperfect capital market, these measures exacerbate the inter-class inequality of housing ownership as well as inequalities in wealth, by causing the affluent to demand needlessly large housing, while the poor and young experience difficulties in purchasing residential properties. Therefore, the Korean tax system must be altered as follows in order to disadvantage owner-occupiers, especially those owners of luxury housing. These alterations will promote housing-ownership, tax burden equity, efficiency of resource allocation, as well as the desirable distribution of income. First, income tax deductions for the rent payments of tenants are recommended. Ideally, the way of recovering the fiscal equivalence between the owner-occupiers and tenants is to levy an income tax on the former's imputed rents, and if necessary to give them tax credits. This, however, would be very difficult from a practical viewpoint, because the general public may perceive the concept of "imputed rent" as cumbersome. Computing the imputed rent also entails administrative costs, rendering quite reasonable, the continued exemption of imputed rent from taxation with the simultaneous deduction in the income tax for tenants. This would further enhance the administrative efficiency of income tax collection by easing assessment of the landlord's income. Second, a capital gains tax should be levied on the one-house household, except with the postponement of payments in the case that the seller purchases higher priced property. Exemption of the capital gains tax for the one-house household favors those who have more expensive housing, providing an incentive to the rich to hold even larger residences, and to the constructors to build more luxurious housing to meet the demand. So it is not desirable to sustain the current one-house household exemption while merely supplementing it with fastidious measures. Rather, the rule must be abolished completely with the concurrent reform of the deduction system and lowering of the tax rate, measures which the author believes will help optimize the capital gains tax incidence. Finally, discontinuation of the housing exemption for the heir is suggested. Consequent increases in the tax burden of the middle class could be mitigated by a reduction in the rate. This applies to the following specific exemptions as well, namely, for farm lands, meadows, woods, business fields-to foster horizontal equity, while denying speculation on land that leads to a loss in allocative efficiency. Moreover, imperfections in the Korean capital market have disallowed the provision of long term credit for housing seekers. Remedying these problems is essential to the promotion of greater housing ownership by the low and middle income classes. It is also certain that a government subsidy be focused on the poorest of the poor who cannot afford even to think of owning a housing.

• KDI Journal of Economic Policy
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• v.12 no.2
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• pp.95-120
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• 1990

The underpricing of new shares of a firm that are offered to the public for the first time (initial offerings) is well known and has puzzled financial economists for a long time since it seems at odds with the optimal behavior of the owners of issuing firms. Past attempts by financial economists to explain this phenomenon have not been successful in the sense that the explanations given by them are either inconsistent with the equilibrium theory or implausible. Approaches by such authors as Welch or Allen and Faulhaber are no exceptions. In this paper, we develop a signalling model of capital investment to explain the underpricing phenomenon and also analyze the efficiency of investment. The model focuses on the information asymmetry between the owners of issuing firms and general investors. We consider a firm that has been owned and operated by a single owner and that has a profitable project but has no capital to develop it. The profit from the project depends on the capital invested in the project as well as a profitability parameter. The model also assumes that the financial market is represented by a single investor who maximizes the expected wealth. The owner has superior information as to the value of the firm to investors in the sense that it knows the true value of the parameter while investors have only a probability distribution about the parameter. The owner offers the representative investor a fraction of the ownership of the firm in return for a certain amount of investment in the firm. This offer condition is equivalent to the usual offer condition consisting of the number of issues to sell and the unit price of a share. Thus, the model is a signalling game. Using Kreps' criterion as the solution concept, we obtained an essentially unique separating equilibrium offer condition. Analysis of this separating equilibrium shows that the owner of the firm with high profitability chooses an offer condition that raises an amount of capital that is short of the amount that maximizes the potential profit from the project. It also reveals that the fraction of the ownership of the firm that the representative investor receives from the owner of the highly profitable firm in return for its investment has a value that exceeds the investment. In other words, the initial offering in the model is underpriced when the profitability of the firm is high. The source of underpricing and underinvestment is the signalling activity by the owner of the highly profitable firm who attempts to convince investors that his firm has a highly profitable project by choosing an offer condition that cannot be imitated by the owner of a firm with low profitability. Thus, we obtained two main results. First, underpricing is a result of a signalling activity by the owner of a firm with high profitability when there exists information asymmetry between the owner of the issuing firm and investors. Second, such information asymmetry also leads to underinvestment in a highly profitable project. Those results clearly show the underpricing entails underinvestment and that information asymmetry leads to a social cost as well as a private cost. The above results are quite general in the sense that they are based upon a neoclassical profit function and full rationality of economic agents. We believe that the results of this paper can be used as a basis for further research on the capital investment process. For instance, one can view the results of this paper as a subgame equilibrium in a larger game in which a firm chooses among diverse ways to raise capital. In addition, the method used in this paper can be used in analyzing a wide range of problems arising from information asymmetry that the Korean financial market faces.

• Journal of the Korean Institute of Gas
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• v.22 no.1
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• pp.37-44
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• 2018

As the international Maritime Organization is tightening up the emission regulation vessel, many countries and companies are pushing ahead the LNG fuel as one of long term solution for emission problems of ship. as a study on the way to conduct business for LNG bunkering around the world, this study was analyzed in view-point of business models focused on major countries such as Japan, China, Singapore, Europe and United States. The results of this study are as follows. China first established a nation-centered LNG bunkering policy. And then, the state and the energy company have been cooperating and carrying on LNG bunkering business for LNG fueled ships. Some countries in Europe and United States are in the process of LNG bunkering business mainly with private company. To obtain cheaper LNG fuel than bunker-C, the private company has a business model of LNG bunkering on their own LNG fueled ships, while securing LNG with high price competitiveness through partnership with middle class operators such us LNG terminal and natural gas liquefaction plant. Also, the LNG bunkering business around the world is focused on private companies rather than public corporations, but it was going to be focused on large energy companies because the initial cost required to build LNG bunkering infrastructure. Three models (TOTE model, Shell model, ENGIE model) of LNG bun kering business are currently being developed. It has been found that the way in which LNG bunkering business is implemented by different countries is applied differently according to the enterprise and national policy.

• 대한공업교육학회지
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• v.39 no.1
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• pp.189-208
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• 2014

The purpose of this research was to investigate the critical issues and practical strategies that Korean technology teachers perceived. To accomplish the purpose of this study, a qualitative study was conducted to identify critical issues and practical strategies of Korean technology education targeted on Korean technology teachers. A purposeful sampling for choosing technology teachers was used for this study with three selection conditions: 1) 'Excellent Korean technology teacher' award winning teachers, or 2) technology teachers actively involved in both on-line and off-line teachers' association, and 3) leaders in local technology teachers' association. This study conducted exploratory in-depth interviews with selective 15 technology teachers regarding critical issues and practical strategies of Korean technology teachers. The interpretation of the interview content was conducted by two researchers using the thematic analysis which analyzed the frequency of concepts, words, and meanings held from collected data. In the conclusion, critical issues researchers identified were 1) curriculum problems, 2) education environment and facilities problems, 3) teachers' problems, 4) students' problems, 5) related research institution and college problems, 6) social problems. Secondly, Korean technology teachers agreed with following practical strategies 1) separating technology education from home economic education, 2) sharing practices on managing and improving educational environment and laboratory for technology education, 3) actively involving in technology teachers' group, 4) motivating students using hands-on activity 5) improving the quality and the quantity on technology teachers preparatory institution, 6) advertising the values of technology education to the public. Lastly, the positive factors to succeed technology education were 1) technology education satisfying social needs and 2) technology teachers' will or passion toward improving their technology classrooms. The negative factors to hinder technology education were 1) low self-respect of Korean technology teachers and 2) rejection or retarded acceptance toward social transition. Several recommendations based the conclusion were suggested as 1) implementing supplementary study toward selected critical issues and 2) conducting exemplary case studies regarding concrete practical strategies for improving challenges of Korean technology education.

• Journal of the Korean Institute of Landscape Architecture
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• v.43 no.4
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• pp.62-74
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• 2015

This study was carried out to provide examples of planting methods for the construction of street green spaces with abundant greenery by analyzing road type, surrounding land use and planting structures in street green spaces on Port Island, Kobe, Japan. Port Island_(total area: 826ha) is a marine cultural city located in Japan's first artificial island with facilities of urban function and port facilities. The study site was designated at 11 plots of $55{\sim}285m^2$ on Port Island, and topography structure styles were divided into four types with mounding style, slope style, slope and flat style, flat style according to the adjacent roads width. The area adjacent to the middle roads with high levels of noise and pollution set up the mounding style, slope style, slope and flat style of multi-layer structures using topographic properties. The area adjacent to small roads focused on a green strip with shrubs on a flat style. Surrounding land-uses include a public institution, housing complex, and a commercial building. The planting concept was a buffer and landspace function in case of the middle road_(lane 4) while the small road_(lane 2) was a landspace function. Planting species were diverse with Liquidambe formosana, Cinnamomum camphora, Sapium sebiferum, Cedrela sinensis, Laeocarpus sylvestris var. ellipticus, Ginkgo biloba, Prunus serrulata var. spontanea, Zelkova serrata, Quercus glauca, Juniperus chinensis, Magnolia kobus, Rhododendron spp., Camellia japonica, Abelia mosanensis, etc. Planting density was 0.02~0.08(0.04) individual/$m^2$ at the canopy layer, 0.02~0.08(0.04) individual/$m^2$ at the understory layer. Ratio of green coverage was 40.0~173.7(93.0)% at the canopy layer, 2.1~79.8(34.9)% at the understory layer and 17.9~64.2(32.9)% at the shrub layer. $Gr{\ddot{u}}volumenzahl$ was $1.43{\sim}6.67(4.13)m^3/m^2$ at the canopy layer, $0.02{\sim}2.01(0.85)m^3/m^2$ at the understory layer and $0.14{\sim}0.58(0.26)m^3/m^2$ at the shrub layer. The ratio of green coverage of street green space on Port Island was higher than that of Seoul, and particularly, the ratio of green coverage and $gr{\ddot{u}}volumenzahl$ at the shrub layer differed, compared to the main street green space in Korea. The result of this study may be applicable to other coastal reclaimed cities in terms of setting methods for street greenery considering the topography structure, planting structure and planting function.

• Journal of the Korean Institute of Landscape Architecture
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• v.40 no.2
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• pp.24-37
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• 2012

In this study, Community Garden of various national and international practices trends to an advanced research, the concept of community garden participated with a group operation out of initiative to produce safety food while securing space for the community, ensuring the area that has gone through a new form of active secure urban green space plan, urban renewal movement was defined as the mean. Furthermore, for the purpose of improving the poor welfare environment by attempting to experimentally make a community garden of a disabled welfare house rooftop and how to target its planning and construction process, partnership involvement, business processes have been investigated, such as cost sharing. The whole process including a budget for development of this case was conducted by the Busan Green Trust. Standard Chartered (SC) First Bank's 50% fund share by community chest, participation of volunteers, support of Busan City and Saba-gu, outside of that, sharing parts or trial to participate by diverse partnership of enterprise, public corporation and laboratory, these are the key in developing community garden's model. Established community garden places resulted food production to users of welfare center for the disabled, participating urban agricultural experience program, horticultural therapy, complex community chapter and cultural center. Furthermore, we could find the meaning of rooftop community garden in the point that it is a low cost garden by applying movable and unmovable planters. This study is profitable for improving urban environment, ensuring community chapter and urban green areas, regenerating a city to develop experimental community garden model by using a welfare house rooftop.

• Journal of the Korean Institute of Landscape Architecture
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• v.40 no.1
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• pp.23-33
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• 2012

In this study, how much users of Hannamkeumbuk Keumbuk Mountains are aware of Baekdaegan and its attached mountain chains, a traditional geographic system, according to Sangyungpyo and basic data like the degree of awareness and use-behaviors, etc. have been studied. In addition, the environmental value of Hannamkeumbuk Keumbuk Mountains separating the central and the southern part of Korea among attached mountain ranges, secondary mountain chains, which act as an ecosystem buffer in the Baekdudaegan Range, has been estimated at the current amount of currency. In the questions of the perception of the traditional classification standard of mountain chains and Baekdudaegan, more than 70% of respondents answered that they had heard of or known them but 66.8% werenot aware of Hannamkeumbuk Keumbuk Mountains. While the awareness for Baekdudaegan is high, the perception of its attached mountain chains was very poor. DBDC responder system and CVM, which is used widely for the value estimate method of environment goods, were used. As the result, an additional benefit got when a person visits Hannamkeumbuk Keumbuk mountains was estimated as 5,813 won. It could find out that this amount was very low compared with 51,984 won, average visit cost. It judged that the reason was that damage of environmental conditions, the monotony of the trails and progress of indiscriminate environmental destruction, etc. The results of this study will offer a new perspective on public relations activities and resource conservation of Baekdudaegan and its attached mountain chains and estimate perceptions and efficient services for visitors to HannamKeumbuk Keumbuk Mountains. This study will act as data for basic planning and management to increase the mountains' value and to preserve them. Further studies are needed to make a frame of work division and management with various organizations so that the management of Hannamkeumbuk-Keumbuk Mountains may be properly established and their value may been hanced.

• Journal of the Korean Institute of Landscape Architecture
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• v.40 no.3
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• pp.69-80
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• 2012

The purpose of this paper was to study the issues related to converting the graveyards within forests into spaces intended for tree burials by means of planting, given the situation that the graveyards have encroached on land and damaged the environment. For the reason, a field survey was performed to determine the width, length, and distance to the nearest tree of 205 graveyards in the capital area. Through this, it was determined that the domestic lands damaged by graveyards amounted to $862km^2$, including the areas that were deforested to manage the graves. This only confirms that land encroachment by graveyards is a serious issue. The methods for making tree burial sites were examined from the perspective of how to meet public demands given the graveyard's spatial distinctiveness. As a result, this study suggested different methods to establish tree burial sites according to the degree of transformation and the term of its formation. This study also classified the graveyards into three types, and identified the planting methods that harmonized the safe growth of trees and the scenic beauty of memorial places based on the standard. This is in order to plant trees that are shade-tolerant and suitable to the forest line, along with which other tree line was and also, to plant aesthetic trees around the empty space. Through applying the developed methods, this study established and monitored two exemplary sites in Yongin and Boryeng. Aesthetic trees were planted in Yongin site which was located in an open area, aod the shade-tolerant trees were planted in Boryeong, which was located in a forest area. As a result, the image of a garden appeared at Yongin site and the image of a tree colony harmonized with the near forest emerged at Boryeong site. Therefore, it is confirmed that the method of planting according to the distribution status of neighboring trees was effective. As a result of monitoring, mulching wood chips were suitable for sites that were small or easy to approach. This is because the weeds were controlled in Yongin site by mulching. Furthermore, by monitoring the growth of 11 species of vegetation, this study confirmed that low and cover-type vegetations were suitable for tree burial sites. In Boryeong site, the wild cherry trees, which were planted as adult trees, all died, and the tilling of snake's beard, which were planted as cover vegetation, was slow. Therefore, this study found that seedlings were more suitable to plant in forest graveyards than adult trees, which were large and difficult to approach, and it was effective to use the remaining lawn and form a low vegetation after the crown of trees had expanded to such places.