• Journal of Environmental Policy
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• v.6 no.3
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• pp.115-145
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• 2007

This study was performed for developing upscaling Environmental Conservation Value Assessment Map(ECVAM) of National Land in South Korea and presenting the application method of ECVAM. This ECVAM adopted the least indicator method and uses a Geographic Information System(GIS). This map is made through evaluation of 67 items. As a result, the construction of ECVAM was defined as a process of identifying land use to scientifically assess the physical and environmental value of land and classify conservation value into several grades for the sustainable management of environmental resources. After applying ECVAM criteria of five degrees to the whole of study area, Grade I, showing the highest conservation value, accounted for 29.3% by land area of ECVAM. Grades II, III, IV and V likewise accounted for, respectively, 21.7%, 17.2%, 7.1% and the lowest conservation value of 24.7%. other result, ECVAM and land suitability assessment agreement rate is Grade I 33.05%, Grades II, III, IV and V likewise accounted for 12.92%, 15.05%, 36.93% and last value of 53.28% This study set up "the realization of the improvement ECVAM" as the vision of the advancing strategy. In order to accomplish the vision, this study established the purpose as follow; constructing strategic assessment value relation to ECVAM based on knowledge, arranging the foundation to upscaling assessment value And this study devised preparatory plans to achieve the vision and the purpose as next; construction on base theme map by 1:5,000 scalie, base on land register theme map and precision land cover map. Therefore, for applying the result of this study to the upscaling Environmental Conservation Value Assessment Map(ECVAM), it considers regularly the systematic categorization of preceding item, consideration issue of national environmental geographic information using the ECVAM.

• KDI Journal of Economic Policy
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• v.30 no.2
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• pp.129-155
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• 2008

The rate of antibiotics prescription for an acute airway infection significantly varies depending upon the diagnosis type, specialty, and the location of the hospital along with many other related factors. The objective of this study is to empirically investigate the possible relationship between the antibiotics prescription rates for an acute airway infection and the degree of competition in the hospital market regions of mainly the providers of primary medical care services such as clinics, internal medicines, pediatrics and otorhinolaryngology department. Using the data from Health Insurance Review and Assessment Service (HIRA) regarding the hospitals' antibiotics prescription rates for the acute airway infection and controlling for selected variables of demand and supply sectors, this study tries to figure out that the degree of competition in the hospital market, regardless of what type of competition indexes we employed, has a statistically significant effect on the variations of antibiotics prescription rate of the clinics in local areas. This result implies that as an economic consideration itself, the change in the degree of competition in the hospital market can play a crucial role influencing the treatment behaviors of the medical doctors. More specifically, this study reveals that as the degree of competition increases the antibiotics prescription rate goes up. This result means that if the market becomes more competitive in a specific region so that it might cause a reduction in doctor's income, doctors with rational decision-making process, recognize that the benefit created from inducing patients' seemingly unnecessary demand for medical care (income effect) would be higher than the costs associated with sustaining their targeted income (substitution effect). It is because that the doctors are more likely to prescribe antibiotics which create relatively higher margins than other medical care services in order to sustain their targeted income when the hospital market competition becomes tighter. Even though this study empirically confirms that antibiotics prescription can be affected by the economic incentives, it still raises following issues as limitations of the study: first issue is about the representativeness of the hospital regions segregated for this study, which might be weak in explaining whether these regions are mutually exclusive in reality. Patients actually consider the quality of services, transportation cost, time costs, and any other related factors choosing the doctors or hospitals, and in that sense, this study rules out 'border-crossing' in using the medical care services. Second issue arises in capturing the data of antibiotics prescription rate. Since we use the average rate for each medical institution, we cannot figure out the average rate for each patient so that we are not able to control for the variation of patients' medical conditions. It is because of the unavailability of data regarding each patient's medical condition from HIRA. Thirdly, since this study mainly analyzes the medical institutions providing primary care such as clinics, internal medicines, pediatrics, and otorhinolaryngology department, it is skeptical of whether those institutions can represent the hospital market in respective regions and truly reflect the degree of competition. It needs to extend the study areas and disease types as well as any micro data for future studies.

• 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 Technology Innovation
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• v.17 no.2
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• pp.55-80
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• 2009

Technology innovation activity plays a pivotal role in constructing the entrance barrier for other firms and making process improvement and new product. and these activities give a profit increase and growth to firms. Thus, technology innovation activity can reduce the default risk of firms. However, technology innovation activity can also increase the firm's default risk because technology innovation activity requires too much investment of the firm's resources and has the uncertainty on success. The purpose of this study is to examine the effect of technology innovation activity on the default risk of firms. This study's sample consists of manufacturing firms listed on the Korea Securities Market and The Kosdaq Market from January 1,2000 to December 31, 2008. This study makes use of R&D intensity as an proxy variable of technology innovation activity. The default probability which proxies the default risk of firms is measured by the Merton's(l974) debt pricing model. The main empirical results are as follows. First, from the empirical results, it is found that technology innovation activity has a negative and significant effect on the default risk of firms independent of the Korea Securities Market and Kosdaq Market. In other words, technology innovation activity reduces the default risk of firms. Second, technology innovation activity reduces the default risk of firms independent of firm size, firm age, and credit score. Third, the results of robust analysis also show that technology innovation activity is the important factor which decreases the default risk of firms. These results imply that a manager must show continuous interest and investment in technology innovation activity of one's firm. And a policymaker also need design an economic policy to promote the technology innovation activity of firms.

• Journal of Environmental Impact Assessment
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• v.28 no.5
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• pp.427-439
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• 2019

Natural environmental ecology ofthe environmental impact assessment(EIA)is very much lacking in quantitative evaluation. Thus, this study attempted to evaluate quantitative assessment for ecosystem service in the site of Eco-delta project in Busan. As a part of climate change adaptation, this study evaluated and compared with the value for carbon fixation and habitat quality using the InVEST model before and after development with three alternatives of land-use change. Carbon fixation showed 216,674.48 Mg of C (year 2000), and 203,474.25 Mg of C (year 2015)reducing about 6.1%, and in the future of year 2030 the value was dropped to 120,490.84 Mg of C which is 40% lower than year 2015. Alternative 3 of land use planning was the best in terms of carbon fixation showing 6,811.31 Mg of C. Habitat quality also changed from 0.57 (year 2000), 0.35 (year 2015), and 0.21 (year 2030) with continued degradation as development goes further. Alternative 3 also was the highest with 0.21(Alternative 1 : 0.20, Alternative 2 : 0.18). In conclusion,this study illustrated that quantitative method forland use change in the process of EIA can helpdecision making for stakeholders anddevelopers with serving the best scenario forlow impact of carbon. Also it can help better for land use plan, greenhouse gas and natural environmental assets in EIA. This study could be able to use in the environmental policy with numerical data of ecosystem and prediction. Supplemented with detailed analysis and accessibility of basic data, this method will make it possible for wide application in the ecosystem evaluation.

• Journal of the Korean Institute of Traditional Landscape Architecture
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• v.40 no.4
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• pp.15-31
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• 2022

This study interpreted the logical validity of the landscape restoration and maintenance patterns of Changgyeonggung Palace, where modern landscapes coexist. The results of the study are as follows; First, the changes in the landscape restoration and maintenance attitude concerning the Changgyeonggung management organization were identified. With the establishment of the Office of the Imperial Garden, an imperial property was nationalized. The Cultural Heritage Managing Department was opened in 1961, and Changgyeonggung Palace were preserved as designated as historical sites in 1963. An environmental purification was implemented by the Changgyeonggung Office as a follow-up measure for restoration in 1983. As the Cultural Heritage Administration promoted in 1999 and the Royal Palaces and Tombs Center was established in 2019, the palace has been managed professionally as a palace landscape to provide a viewing environment. Second, In the 'Purification Period of Changgyeongwon(1954~1977)', environmental purification was carried out to restore amusement facilities, install facilities for cherry blossom viewing, and develop the place into a national zoo. In the 'Reconstruction Period of Changgyeonggung(1983~1986)', restoring function as an urban park, reserving green areas, the outside space was recreated in the traditional feel, and the forest area was generally maintained. In the 'Supplementation Period of Traditional Landscape Architecture Space(1987~2009)', a uniform green landscape was created with pine trees and various vegetation landscapes centered on the flower beds. In the 'Improvement and Maintenance Period of Viewing Environment(2010~2022), a master plan was reestablished on the premise of utilization, but maintenance has been carried out in a small scale centering on unit space. Third, regarding the validity of the landscape restoration and maintenance, It was found in terms of 'originality' that the recovery of the palace system has not been expanded for over 40 years in existing areas. The 'characteristics of the times', which shows whether multi-layered history was taken into account, Changgyeongwon was excluded from the discussion in the process of setting the base year twice. In terms of 'integrity,' the area of the Grand Greenhouse where the historic states coexists needs a maintenance policy that binds the greenhouse, carpet flower bed, and Chundangji Pond. The 'utility' identified as the utilization of spaces suggests the establishment of a sense of place in the Grand Greenhouse area, which is concentrated with programs different from other areas.

• Journal of International Area Studies (JIAS)
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• v.14 no.2
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• pp.499-524
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• 2010

The purpose of this study is to based on review of theoretical and empirical studies to assess the independence of central banks - the former Socialist republics, including the Russian Federation and Czech, Poland. In addition, the work is expected to clarify whether a link exists between independence and the most important economic indicators such as inflation, economic activity, the budget deficit. And The subject of this study are the formal and actual independence of national banks, as well as limiting factors: political and economic. Background investigation of the problem of independence of central banks from the fact that, according to many economists, it is essential to the successful development of a market economy. The effectiveness of any country's economy due to currency volatility, low inflation, high reliability of the banking system, etc. As far as the independence of monetary regulation contributes to these goals - one of the most actively debated issues in the world of economic theory and practice for a long time. The issue of central bank independence is extremely important for Russia, Czech, Poland. In the near future to the central bank has important tasks, among which are the transition to inflation targeting in the rejection of significant intervention in the foreign exchange market, as well as improving the sustainability of the national banking system. Transparency and independence of the Bank of Russia, Czech Republic, Poland, in my view, should be an important factor in achieving these goals. The countries of Czech Republic, Poland have already made a number of steps to bring the status of their banks to the European standards. Many other developing countries are also in the process of reforming their central banks and the improving conditions of their functioning. However, despite the fact that as a model for reform used by the central banks of countries with developed market economies, central banks in developing countries are still yet deprived of the legal, economic and political independence. A different situation exists in transition space. Because of significant differences in the views of the authorities in transition republics at the necessary level of independence of central banks and the exchange rate and monetary policy reform of monetary management in these countries led to different results.

• Journal of Environmental Impact Assessment
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• v.32 no.6
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• pp.533-544
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• 2023

The Ministry of Agriculture, Food and Rural Affairs has been promoting policies to strengthen the functions of rural centers (culture, welfare, economy, education, etc.) and to ensure that services from the centers are delivered to and connected to hinterland villages. For this policy purpose, the rural center revitalization project and the basic living base creation project within the rural development projects are being promoted. However, in the process of carrying out the actual project, as the focus is on strengthening the functions of rural centers, service delivery and connection with hinterland villages are not being actively promoted. therefore, in this study, we analyze the projects previously carried out in Jeoksang-myeon, Muju-gun and the regional status, analyze the reasons why hinterland village services were not connected and activated, and propose a direction for the second phase of the basic living base creation project to be carried out in the future. As a result of analyzing the reasons for the failure of hinterland village services to be activated, problems such as disadvantages in accessing services due to dispersed residence in rural areas and limitations in topographical structure, and the lack of a service delivery system to develop demand in hinterland areas were found to be problems. Improvement measures were derived as follows. First, it is a stepping stone construction plan proposed to overcome topographical limitations. Establish a stepping base that will function as a service intermediate terminal to ensure efficient service delivery. Second, for a rational decision-making structure, we proposed a plan for deploying communication channels that could closely collect local opinions by operating various small-scale communities along with the efficient composition of a resident committee that includes residents of the central and hinterland villages and various classes. Third, it is a virtuous cycle of local manpower training plans that train local residents into professional instructors. We aim to complete a sustainable, resident-led service supply system by nurturing the most important service deliverers, that is, activists, in service delivery.

• Journal of Gifted/Talented Education
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• v.11 no.3
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• pp.131-153
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• 2001

The importance of identifying gifted children during early childhood is becoming recognized. Nonetheless, most researchers preferred to study the primary and secondary levels where children are already and more clearly demonstrating what talents they have, and where more reliable predictions of gifted may be made. Comparatively lisle work has been done in this area. When we identify giftedness during early childhood, we have to consider the potential of the young children rather than on actual achievement. Giftedness during early childhood is still developing and less stable than that of older children and this prevents us from making firm and accurate predictions based on children's actual achievement. Dynamic assessment, based on Vygotsky's concept of the zone of proximal development(ZPD), suggests a new idea in the way the gifted young children are identified. In light of dynamic assessment, for identifying the potential giftedness of young children. we need to involve measuring both unassisted and assisted performance. Dynamic assessment usually consists of a test-intervene-retest format that focuses attention on the improvement in child performance when an adult provides mediated assistance on how to master the testing task. The advantages of the dynamic assessment are as follows: First, the dynamic assessment approach can provide a useful means for assessing young gifted child who have not demonstrated high ability on traditional identification method. Second, the dynamic assessment approach can assess the learning process of young children. Third, the dynamic assessment can lead an individualized education by the early identification of young gifted children. Fourth, the dynamic assessment can be a more accurate predictor of potential by linking diagnosis and instruction. Thus, it can make us provide an educational treatment effectively for young gifted children.

• Journal of agricultural medicine and community health
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• v.28 no.1
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• pp.53-66
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• 2003

Objectives: To investigate the state of medical care around health sub-centers, public health doctors' participation and opinion in the process of district public health programs. Methods: The study included 1,036 public health doctors who worked at health sub-center all over the country. The data were collected for Feb, 2002 using self-administered questionnaire by mail. Results: One or two doctors were working at health sub-center and 33.5% of health sub-centers was located in the region of the separation of prescription and dispensing. There were another medical facilities in 45.9% of the administrative district(eup or myon) where health sub-centers were located. The count of medical utilization went down to 14.8${\pm}$14.8 per a day in Nov, 2001 from 18.0${\pm}$15.6 in May, 2000, and the decline was much more in the region of the separation of prescription and dispensing. Among public health programs in health sub-centers, public health doctors participated mostly in preliminary medical examination for vaccination and least in health education. They participated in implementation rather than planning or evaluation of health program. Over a half of public health doctors were found to be positive that health programs implemented in their health sub-centers would promote the level of health in community people and they were willing to participate in district public health program if community people were in need. Conclusions: Recently health sub-centers are required to turn into health promotion facilities rather than medical practice facilities. Health program in health sub-centers will be advanced in both quality and quantity by turning the role of public health doctors who have provided medical services mainly into managing health program. Persistent education about managing health program and the policy to motivate participation in health program should be provided for public health doctors.