• Journal of Labour Economics
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• v.31 no.2
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• pp.35-72
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• 2008

This paper examines whether me effects of product demand shocks on employment are different between unionized and non-unionized firms, using new firm-level longitudinal data in Korea over the period 1997~2004. The estimation result shows that the effects of both negative and positive demand shocks on employment are smaller in unionized firms than in non-unionized firms. The result implies that unions appear to provide their members with job stability in response to negative demand shocks, while playing a very limited role in employment determination in response to positive demand shocks leading to employment expansion.

• The Journal of Asian Finance, Economics and Business
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• v.2 no.2
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• pp.5-12
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• 2015

The authors calculate the long-term predictability of GDP, domestic demand, investment, and net exports for Guangdong province, P.R. China from 2000 to 2013. A vector autoregressive (VAR) model with quarterly data for this period is first co-integrated then the Granger causality test is applied to empirically assess the relationships among gross domestic product (GDP), consumption, investment, and net exports. There is a strong causality effect between investment and net exports in Guangdong province. However, the variance decomposition results indicate that exports respond to foreign shocks rather than domestic ones, making their impact on the Guangdong economy to predict. Results show the stimulating effect of domestic demand on GDP is larger than the stimulating effect of net exports and much larger than even the stimulating effect of investment. The analysis suggests that there are dynamic influences with various levels of persistence between GDP, consumption, investment, and net exports. Macroeconomic policy adjustments are urgently required to expand domestic demand and thereby stimulate economic growth in Guangdong province.

• Journal of Agricultural Extension & Community Development
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• v.24 no.4
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• pp.249-264
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• 2017

Modeling the consumer demand of fresh meat requires its distinct feature which other types of food product does not have. Most of the fresh meat products are likely to be unbranded, bought on a weight basis and affected by macro shocks such as seasonality, holiday effect and the disease incidence. Furthermore, consumers tend to purchase multiple categories of fresh meat in a week. Therefore, we apply a multiple discrete/continuous model on fresh meat consumption data to study the effect of macro shocks on fresh meat sales as well as of price change. As a result shows, Each fresh meat is relatively more likely to be bought in peak season of each fresh meat compared with imported pork which is set as a 'reference category' in this analysis. For clarity of the effect of disease incidence, we perform further analysis regarding the effect of livestock disease on fresh meat purchase probability. It shows that the avian flu in 2014 has strong negative impact on the purchase probability of chicken and the foot-and-mouth disease has negative impact on the purchase probability of pork and beef for part of outbreak periods.

• Journal of Korea Trade
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• v.25 no.4
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• pp.146-163
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• 2021

Purpose - This paper examines China's impact on Korea's ICT exports considering the direct competition channel, the production shift channel, and the indirect demand channel at once. This paper also takes China's economic rebalancing into account and discusses whether it makes any differences in the effect of the three channels. Design/methodology - To quantify the effect of the three channels, I constructed a linear panel regression model and estimated it with various estimation methods including the system GMM. China's exports toward the same destination as Korea's exports, Korea's exports toward China, and the third countries' exports toward China respectively reflect the three channels. China's GVC indicators are included as well to evaluate the effect of further China's economic rebalancing. Since the present paper has a greater interest in the effect of China rather than the determinant of bilateral trade, a (fixed effect) panel model becomes more appropriate than the gravity model because timeinvariant variables in the gravity model, such as the distance and the language, are eliminated during the estimation process. Findings - The estimation results indicate that Chinese ICT exports are complementary to Korea's ICT exports in general. However, when markets are considered in subgroups, China's ICT exports could have a negative effect in the long run, especially for SITC75 and SITC76 markets, implying a possible competitive threat of China. The production shift effect turns significant during China's economic rebalancing in the markets for the advanced economies and the SITC76 product. China's indirect demand channel is also in effect significantly for the advanced economy and SITC75 commodities during China's economic rebalancing periods. In addition, this paper shows that China's transition toward upstream in the global value chain could have a positive impact on Korea's ICT exports, especially at the Asian market. Originality/value - The contribution of this paper is threefold. First, it focuses on the ICT industry for which Korea increasingly depends on China and China becomes a global hub of the GVC. Second, this paper quantitatively studies three channels in a model in contrast to the literature which mostly examines those channels separately and pays less attention to the GVC aspect. Third, by utilizing relatively recent data from the period of 2001-2017, this paper discusses whether China's economic rebalancing affects the three channels.