• KDI Journal of Economic Policy
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• v.45 no.1
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• pp.69-86
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• 2023

Regulatory sentiment refers to the market's subjective evaluation of regulatory reform and is one of the most widely adopted indicators to those charged with implementing and diagnosing regulatory policies. The use of regulatory sentiment in advanced analysis has become universal, albeit it is often limited due to difficulties in articulating consistent and objective quantitative indicators that can meticulously reflect market sentiment overall. Thus, despite ample effort by scholars to read the economic impact of regulatory sentiment in the real economy, causal links are difficult to spot. To fill this gap in the literature, this study analyzes a regulatory sentiment index and economic performance indicators through a text analysis approach and by inspecting diverse tones in media articles. Using different stages of tests, the paper identifies a causal relationship between regulatory sentiment and actual economic activities as measured by private consumption, facility investment, construction investment, gross domestic investment, and employment. Additionally, as a result of analyzing one-unit impulse of regulatory perception, the initial impact on economic growth and private investment was found to be negligible; this was followed by a positive (+) response, after which it converged to zero. Construction investment showed a positive (+) response initially, which then rapidly changed to a negative (-) response and then converged to zero. Gross domestic investment as the initial effect was negligible after showing a positive (+) reaction. Unfortunately, the facility investment outcome was found to be insignificant in the impulse response test. Nevertheless, it can be concluded that it is necessary and important to increase the sensitivity to regulations to promote the economic effectiveness of regulatory reforms. Thus, instead of dealing with policies with the vague goal of merely improving regulatory sentiment, using regulatory sentiment as an indicator of major policies could be an effective approach.

• The Korean Journal of Air & Space Law and Policy
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• v.13
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• pp.9-25
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• 2001

• KDI Journal of Economic Policy
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• v.39 no.4
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• pp.51-68
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• 2017

This paper adapts the World Bank Regulatory Quality Index (RQI), which is produced annually to provide a better understanding of the effects of regulatory reforms, instead of the Production Market Regulation (PMR) indicators, which are published every five years. We find that 9.9 to 36.0 billion USD worth of regulatory cost could be reduced if the regulatory quality in Korea improves to the level of the OECD average considering that the total burden of regulation in Korea is estimated to range from 2.2 to 357.4 billion USD. The estimated reduction in the regulatory cost accounts for roughly 0.76 to 2.47% of Korea's GDP in 2013, underscoring the importance of regulatory reforms for the Korean economy. This paper introduces a new method with which to examine the distribution of regulatory costs across different industries and firm sizes. This alternative method is largely consistent with the conclusions reached by other studies, specifically that small firms typically bear a disproportionate regulatory burden.

• 한국디지털정책학회:학술대회논문집
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• 2006.06a
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• pp.113-123
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• 2006

The purpose of this paper is twofold; 1) to evaluate the efforts of participatory government in regulatory reform, 2) to propose the strategies and tasks for future regulatory reform in Korea. An ex-post evaluation model for regulatory performance is applied to process, output, and outcome of the regulatory reform. The results of the evaluation show that there is still room for improvement in many aspects of regulatory reform. While there has been substantial advance in regulatory quality and management, carefully planned strategies are essential for Korean regulatory reform to move to the next stage of regulatory reform. Thus, based on the evaluation, future strategies and tasks for regulatory reform are presented as short-term tasks, mid to long range tasks, and continuous tasks.

• Nuclear Engineering and Technology
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• v.41 no.4
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• pp.403-412
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• 2009

For efficient and effective nuclear regulation, regulatory organizations must establish consistent and rigorous regulatory positions on safety matters. These positions should be based on high technical expertise and relevant ordinances, standards, and guidelines reflecting policy changes governing nuclear regulations. The Korea Institute of Nuclear Safety, a regulatory expert organization in Korea, has developed regulatory requirements, guidelines and analytical tools that provide regulatory technical bases for ensuring nuclear safety. The nuclear regulatory research also contributes to regulatory decision making by providing resolution for current and future safety issues. In this article, we introduce nuclear regulatory research and its main achievements in the past 10 years. Also, suggested here are future directions of nuclear regulatory research.

• East Asian Economic Review
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• v.22 no.3
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• pp.243-273
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• 2018

A consequence of global trade liberalization is that domestic regulatory policies have become a focal point for efforts to reduce the costs of engaging in cross-border production and exchange. This article discusses the general challenges of reducing trade frictions created by regulatory differences, focusing specifically on the role trade agreements might play in addressing regulatory spillovers. A case is made for a greater focus on plurilateral cooperation under the umbrella of the WTO.

• The Journal of Fisheries Business Administration
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• v.34 no.2
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• pp.1-25
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• 2003

During the past 100 years, Korean fisheries management policies have enforced the license system, it is the most typical regulation system in Korean fisheries. Even now, it has caused resource management failure, it has also invited economic inefficiency and inequity. Accordingly, the Korean government has recently introduced the self-regulatory management system for fishermen with the TAC system. These systems are one of the most market-oriented regulation systems in fisheries management systems. It is defined as regulatory policy tools other than regulations with command and control approach. It is also called “alternatives” which is composed of regulatory alternatives and non-regulatory alternatives. The self-regulatory management system and the ITQ system are cooperative-based co-management between government and fishermen as an alternative management strategy ; it is gaining the increasing attention to improve the effectiveness of fisheries management in Korea. It is expected not only to positively improve function in fisheries regulation, but also to decrease inefficiency in fisheries policies. However, these systems have many problems. The monopolization of rent is one of the typical examples. As solutions for the problem in the aspect of fishery management, fisheries policy is need of approach to industrial organization. For instance, Contestable market theory is one of the good theoretical background, it mean that market is able to free entry and free exit. Thus, fisheries management carry out policies such as revitalization of the used market of capital goods in fisheries, organize of the self-regulatory management group. Conclusively, as the exploiters and managers, fishers and the government should put emphasis on improving economic efficiency so that fishery would grow as an industry that contributes to the increase of social welfare, and the change to that direction will be the only way for our fisheries to preserve its importance.

• KDI Journal of Economic Policy
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• v.41 no.1
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• pp.15-41
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• 2019

This paper economically analyzes the benefits and concerns of the sharing economy and derives policy implications that could help to achieve the expected benefits and respond appropriately to any concerns. Primary benefits anticipated from the sharing economy are the creation of new transactions and promotional and market testing opportunities, and the main concerns include the crowding out of existing transactions as well as transaction and social risks. How these benefits and concerns are being realized in Korea is empirically examined by conducting a survey on participation experiences with the sharing economy. The sharing economy is expected to contribute to the enhancement of social welfare with its wide range of benefits if risk factors can be properly controlled. Accordingly, an institutional framework is needed to support the stable growth of the sharing economy, and the unique characteristics of non-professional, peer-to-peer transactions should be reflected in tandem with regulatory equity between existing and sharing economy suppliers. To do this, transaction-volume-based regulations are recommended. Furthermore, to secure regulatory effectiveness and to alleviate transaction risks, the pertinent obligations must be imposed on sharing platforms.

• Journal of Aerospace System Engineering
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• v.9 no.3
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• pp.17-22
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• 2015

The UAV industry grows rapidly and the civil UAV market which preparing the commercial services is expected to accelerate the growth. The new opportunities from the technological progress and deregulation show two kinds of organizational structure in the UAV industry. The companies from the traditional aircraft industry and the other sectors like IT industry have different organizational structures of the value chains, supply chains and the regulatory policies which related with them. And from the isomorphism theory it is predicted that those structures will change and converge to certain similar homogeneous features as the UAV industry matures. The matured form will be resulted by the new regulatory policies about the airspace, certifications and the operation rules about the UAV and the future market size and growth speed are also affected by them.

• Journal of the Korean Society for Aeronautical & Space Sciences
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• v.46 no.12
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• pp.1056-1069
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• 2018

In order to promote the commercial space activities of the private sector, the Trump Administration announced the commercial space regulatory reforms by issuing the Space Policy Directive-2 (SPD-2) on May 24, 2018, followed by the SPD-3 dealing with a separate issue of the space traffic management on June 18. Both executive orders, based on the recommendations prepared by the National Space Council (NSC) reconstituted in June 2017 and signed by the President, involve regulatory reform policy related to launch services, commercial remote sensing, establishment of one-stop shop office in Commerce Department, radio frequency spectrum, export control, and space traffic management, providing a strong guidance to the Federal Government. The commercial space regulatory reform policy can be seen in broader terms of the National Security Strategy earlier announced on Dec. 18, 2017, and as such, it pursues the economic growth of the U.S. and the national security as well. The U.S. law and policy prioritizing its national interests by promoting commercial space activities may lead to concerns and debate on the potential breach of the provisions of the Outer Space Treaty. Hence, it is worth noting the legal implications as derived from the U.S. space policy and domestic legislation, thereby accelerating international discussion to build on international norms as appropriate to the pr ogress of space technology and space commercialization.