• KDI Journal of Economic Policy
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• v.40 no.2
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• pp.53-73
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• 2018

Using an overlapping generations model, this paper examines tax policy effects across generations. The model incorporates housing assets separately from capital assets and includes taxes on labor income, capital income, consumption and housing assets. Tax reforms for each tax rate have different effects on tax burdens across generations and the overall efficiency of the economy, leading to different welfare costs for generations. Specifically, raising housing property taxes results in the smallest welfare loss by future generations, as in the model it does not hurt economic efficiency and the tax burden increases mainly for the elderly, who have accumulated housing assets in preparation for retirement.

• Environmental and Resource Economics Review
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• v.23 no.4
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• pp.747-784
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• 2014

Many countries have implemented a variety of climate and energy policies to reduce greenhouse gas emissions and expand renewable energy production. The ultimate goals of those policies are associated with transition to a low-carbon economy that aims to combat climate change and economic growth. This study aims to examine empirically if the countries which implement overlapping climate policies and renewable energy policies show additional reduction of the GHG emissions than the countries which implement single climate or renewable energy policy. The result shows that overlapping policies contribute to reduce additional GHG but not all cases. In particular, only overlapping policies mixing 'ETS and RPS(renewable portfolio standards)' and 'Carbon Tax and FIT(Feed-in Tariff)' can lead to additional reduction of GHG emissions.

• Journal of Korea Technology Innovation Society
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• v.18 no.2
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• pp.358-386
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• 2015

The aim of this paper is to evaluate policy impact of Inno-biz verification and Venture verification, especially focusing on the complementarity effect according to the overlapped support in Korean ICT industry. Alongside the implementation of various government innovation policies, discussions regarding evaluations of such policies have been consistently undertaken in economics, because it is very important to evaluate whether public policies have played a proper role. However, one of the distinguished point of this research from previous studies is that this paper not only includes evaluations of a single policy, but also the discussion about interaction between different innovation policies. The main result of this paper is that, in the case of overlapping homogeneous policies such as Inno-biz and venture verification, the complementarity effect is negative. Compared with previous studies, the uniqueness of this research is as follows. First, deviating from the view of previous studies that focused on the evaluation of a single policy, this paper has considered interactions and the complementarity effect of innovation policy through "policy mix," an economic term. Second, based on this concept, the paper suggests an analysis framework for the evaluation of interactions and the complementarity effect of innovation policy.

• KDI Journal of Economic Policy
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• v.33 no.2
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• pp.145-175
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• 2011

We analyse an overlapping generation model in which economic agents, especially their income distribution, influence environmental policy and redistributive policy through political decision making process. In an economic equilibrium which doesn't consider political process, the introduction of environmental policy is shown to increase economic growth rate. In contrast to an economic equilibrium, environmental policy can be adopted when economic inequality reduces to a certain threshold in a political economic equilibrium. The adoption of environmental policy, on the other hand, incurs the demand of strengthened redistributive policy, which in turn decreases economic growth in a short run. We discuss broad policy implications based on our political economic analyses.

• KDI Journal of Economic Policy
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• v.14 no.2
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• pp.189-203
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• 1992

Any money model should address the most important phenomenon of a monetary economy, which is the phenomenon of the rate of return dominance. Even if the holding returns on financial or nonfinancial assets are higher than the rate of return on fiat money holding, which is typically zero, people still hold and use money. In a period of accelerating inflation, number of dominating assets increases continuously, yet people continue to hold and use money. Wallace's (1980) overlapping generations model cannot address the rate of return dominance phenomenon. His model does not capture the mediun of exchange role of fiat money. In this paper, an overlapping types model of fiat money is constructed, in which different types of consumers have different preferences on different types of goods, are endowed with different types of goods, are located at seperated regions, and live for only two periods. In this model, people hold and use money despite the dominating assets, even if inflation accelates. Money in this case serves as a pure medium of exchange, whereas in Wallace's model, money serves as a pure store of value, and money disappears if a dominating asset exists. An interesting feature of the overlapping types model presented in this paper is that money does not provide a cheap approximation to an idealized and efficient real allocation. A monetary economy is always superior to a nonmonetary economy, because money helps overcome the incompleteness of the overlapping types friction. In a monetary economy, however, a pareto optimal allocation cannot always be achieved, because money cannot always overcome the overlapping types friction itself. Therefore, with the criterion of optimality of real allocations, the monetary economy is more optimal than a nonmonetary economy but less optimal than a complete Arrow-Debreu economy. This feature has important implications on macro modelling. Because of the difficulty in introducing money into a macro model in an essential and endogenous manner as in the overlapping types model of this paper, a macro model typically ignores money and studies real allocations without the money factor. The possible inefficiencies of a monetary economy, relative to a complete real Arrow-Debreu economy, may indicate differences in real allocations between the two models.

• Proceedings of the KSR Conference
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• 2011.10a
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• pp.1816-1824
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• 2011

Recently, with traffic SOC investment policy changing from road-centered to railway-centered according to environment-friendly and sustainable development, issues regarding overlapping and overinvestment of traffic facility have been raised. Regarding investment of various traffic facilities of which departure and destination are similar to each other, academia, civic organizations, government, etc. are recognizing problems including overlapping investment of budget, environmental destruction, etc., but not suggesting definite solutions. Objective transportation network analysis is required because various positive effects including solutions of delay/congestion may occur due to provision of alternative way and distribution of the amount of traffic when accidents occur, as well as negative effects suggested by some of civic organizations in various transportation facility investment of similar departure and destination. Hereupon, this study tries to suggest a tool that can objectively evaluate interrelations of transportation network by applying multi-criteria analysis including economic feasibility regarding analysis of interconnections between and within means of transportation.

• KDI Journal of Economic Policy
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• v.39 no.2
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• pp.25-51
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• 2017

This paper employs an Overlapping Generations Model to quantify the impacts of Korea's demographic transition toward an older population on the total output growth rate. The model incorporates the projected population through 2060 according by Statistics Korea. The effects of the low fertility and increased life expectancy rates are studied. The model is considered suitable for analyzing the effects of demographic changes on the Korean economy. Under the assumption that the TFP growth rate will not slow considerably in the future, remaining at 1.3% per annum, the gross output growth rate of the Korean economy is projected to slow to 1.1% per annum in the 2050s, from 4.0% in the 2000s. The shrinking workforce due to the decline in fertility plays a significant role in the deceleration of the Korean economy. The increased life expectancy rate is expected to mitigate the negative effect, but the magnitude of its effect is found to be limited.

• Journal of the Korean Regional Science Association
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• v.9 no.2
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• pp.59-69
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• 1993

This paper empirically analyzes economic impacts of policy instruments and suggests policy alternations to improve the urban poor's alternatioes to improve the urban poor's standard of living in Korea. By estimating a joint decsim model of hours of work and housing demand utilizing a sample of 270 urban poor housholds, the study finds that the efects of policies dre diverse. The dncome subsidy to msst effectwe in increasing comsumption while the wage increase is least likely to decrease hours of work. Policy suggection are firstly that policies to ward the urban poor should hot be overlapping or contradictory, and secondly that the policies should be able to increase the poor's wage earning abiliby.

• The Korean Journal of Financial Studies
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• v.2 no.1
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• pp.159-187
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• 1995

A two-country overlapping generations model with fiat monies is used to study international coordination of monetary policies under the flexible exchange rate system. The optimal monetary policy and the welfare of individual countries are investigated for: coordination and non-coordination cases. It is shown that the coordination is Pareto superior to the non-coordination. The countries choose more inflationary policies in the non-coordination case; the world output decreases, which depends on the degree of risk aversion.

• Ocean and Polar Research
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• v.25 no.2
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• pp.227-235
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• 2003

In August 1998, during the resumed fourth session of the Authority, the delegation of the Russian Federation reminded the Assembly that, in addition to polymetallic nodules, other mineral resources existed in the Area, including polymetallic sulphides and cobalt crusts, and requested the Authority to adopt rules, regulations and procedures for exploration for such resources. Pursuant to article 162, para. 2(o)(ii), of the 1982 UNCLOS, such rules, regulations and procedures are to be adopted within three years of the date of such a request. This article reviewed the 'Draft Rules and Regulations for the Exploration and Exploitation of Sea-Floor Massive Sulphides and Cobat-rich Ferromanganese Crusts in the Area' by ISA in 2001, and the 'Madang Guideline for Offshore Mineral Policy' written in 1999 in respect of the international trends of polymetallic sulphides and cobalt crusts. Issues for size of mining area and relinquishment, application of the site-banking system, procedure for dealing with overlapping claims and precautionary approach etc. for the establishment of the norm of polymetallic sulphides and cobalt crusts are reviewed as consideration factors.