• 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.

• Journal of Korea Game Society
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• v.15 no.2
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• pp.145-158
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• 2015

There are a lot of game regulations in Korea. Each scholar has invested a game regulation. But there is no research about all the game regulations. All regulations in government should be registered in Regulatory Reform Committee. So, this study researched the all game regulation in Regulatory Reform Committee and found the present state and character of game regulation in Korea. The registered game regulations are only 22. But actually, there are 44 regulations in game field. And according to legal context, there are over 60 regulations in game field. And a lot of game regulations focus on the game addiction and gambling. The differences of regulation would influence the policy trust and government trust. This result would contribute to reform the regulation of game in Korea.

• Korean Journal of Clinical Pharmacy
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• v.16 no.2
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• pp.123-130
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• 2006

The study was aimed to recommend the ways for improving regulatory system of quasi-drugs in governmental authority by comparing with other countries. According to the regulations, the scope of quasi-drugs includes 3 categories of 1) the health aids made of textile, rubber and paper, 2) the health aids which have very minimal effects or no any effects on humans, and 3) disinfectants and pesticides. In US, these quasi-drugs in Korea are classified into 5 categories of medical device, cosmetics, OTC drugs, dietary supplements and pesticides. To improve quasi-drugs administration in Korea, it is concluded that several measures should be implemented : 1) establish clear criteria for classifying into quasi-drugs and more detailed guidelines on designation of quasi-drugs, 2) reform current regulations to meet 3-categories characteristics, supplement detailed guidelines on quasi-drugs administration for effective application process, and update relevant regulations for efficacy, safety and quality, 3) update quasi-drug monographs, 4) re-evaluate current classification of individual quasi-drugs, 5) develop comprehensive list by ingredients, 6) reform post-marketing management system for safety and quality, 7) strengthen the review agency function by increasing the number of experts, 8) develop the database for quasi-drugs for effective information management.

• Informatization Policy
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• v.25 no.1
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• pp.60-81
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• 2018

Healthcare is on the verge of a paradigm shift towards an emphasis on wellbeing, integrative health, and prevention of disease, while the traditional medical model focuses solely on end-point treatment. The development of digital technologies has played a major role in this change as digital technology and health have converged. Therefore, many developed countries promote the digital healthcare industry as a new economic growth engine, and Korea is no exception. To promote the digital healthcare industry, the Korean government provides institutional support by improving the legal and regulatory system for medical devices and health data. However, Korea still has an underdeveloped legal and regulatory framework for digital healthcare compared with other countries. In this study, we review the relevant regulatory systems in the United States, United Kingdom, Germany, and Japan. We then explore newspaper articles and conduct expert interviews to analyze the regulatory situation in Korea and the problems the digital healthcare industry faces. In conclusion, we discuss a regulatory reform plan for development of the digital healthcare industry in Korea.

• 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.

• East Asian Economic Review
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• v.17 no.1
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• pp.27-53
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• 2013

In this paper, we look at the relationship between international trade and the rule of law, using the World Justice Project Rule of Law Index, which include index figures on human rights, limits on government powers, transparency and regulatory efficiency. Based on regression analyses using the rule of law index figures and international trade figures (merchandise trade, service trade, exports and imports as percentage of GDP,) international trade and basic human rights seem to have little relationship; but trade has a close positive relationship with strong order and security. Somewhat surprisingly, regulatory transparency and effective implementation seems to have little or no effect on international trade and vice versa. International trade shows a clear positive relationship with the country's criminal justice system, but the relationship with the civil justice system is not as clear as such. For regulatory implementation and civil justice, services trade positively affect these institutions, but these institutions in turn affect exports more strongly than services trade. Finally, the effect of trade on rule of law is stronger on a medium to long term (10-20 year) time horizon.

• STI Policy Review
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• v.4 no.1
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• pp.119-134
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• 2013

The Fukushima nuclear incident of 2011 served as an external shock that prompted Japan to reform its nuclear energy sector. The collusive relationship between the regulators within the Japanese government and the regulated power industry, as well as the lack of institutional independence of the regulatory agency, had derailed Japanese efforts to reform the sector for decades. The Fukushima crisis exposed these deeply-entrenched flaws in the system, causing public distrust and anger toward the government and the nuclear power sector. This paper discusses the institutional reform measures the Japanese government introduced in the wake of the Fukushima crisis to recover public confidence and revamp the sector to prevent future disasters. The paper also discusses the challenges the Japanese government faces on its road to a successful implementation of nuclear sector reforms.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.6
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• pp.23-32
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• 2022

This paper examines the effects of regulatory capital on a bank's profitability and risk. We employ annual data from Vietnamese commercial banks from 2005 to 2020 and use the dynamic GMM regression method to address the potential endogeneity issue, more suitable for panel data with relatively low time dimensions. Our panel regressions indicate that higher regulatory capital would significantly improve the bank's profitability and lower the bank risks. In particular, a one percent increase in the regulatory capital would significantly increase the bank's return on assets by 1.9%. We further explore the heterogeneous impacts of regulatory capital on the Vietnamese bank's performance across bank characteristics. We find that smaller, non-state-owned and non-listed banks would benefit from stringent regulatory capital requirements. The improvements in bank performance are mainly driven by reductions in the risk premium of the banks, resulting in lower funding costs and higher profitability. These findings are essential since Vietnam, as an emerging market, has only implemented the Basel II reform recently on a stable and fast-growing background rather than as a reaction to the global financial crisis. Thus, our empirical results support stringent regulatory capital in emerging countries to ensure a stable banking sector and boost economic growth.

• World Technopolis Review
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• v.4 no.2
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• pp.46-61
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• 2015

There is an implicit assumption in most regional innovation policy studies that once a policy has been made the policy will be implemented. This assumption is not valid for regional innovation policies formulated in many countries. This assumption rests upon certain political and organization conditions. It is frequently said that regional innovation system in Korea is one of the successful cases because of properly established institution for the implementation of innovation policies. The components of institution for innovation are defined in this article. For the analysis of institution for regional innovation system in Korea, three aspects such as organization, policies & programs, and governance structure were taken into account. Institution for regional innovation system in Korea is analyzed with three aspects: (1) organization for policy implementation, (2) innovation policy, and (3) governance structure. Firstly, organizations for innovation in Korea are composed of three categories such as organizations for policy formulation, organizations for policy implementation and agencies for coordination. Secondly, there are two categories of policies for innovation: (1) policies for the enhancement of national competitiveness and policies for the regional innovation capacity building, and (2) policies for fostering manpower and policy for regulatory reform. Thirdly, innovation governance in Korea is composed of three layer structure: (1) top level governance which is composed of two committee, three ministries and two agencies, (2) local level governance such as one innovation related offices and one center for regulatory reform, and (3) one category of agency for coordination as a regional platform.

• Health Policy and Management
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• v.28 no.3
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• pp.226-232
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• 2018

The objectives of this study were to evaluate the current state of governance structure and management of the health system to achieve the goals of the health system in South Korea, and to propose reform plan. This study drew implications from the governance of United Kingdom, Germany, and Netherlands, based on the principle of health system proposed by World Health Organization. The presidency and the health ministry should make macroscopic decision-making. The government has to decentralize the enforcement by municipality to operate public health and national health insurance (NHI), and to distribute the centralized NHI fund by municipality. The front line health centers and community centers should provide integrated health and social services. The government has to establish diversified regulatory bodies to enhance both the patient-centered care and the efficiency and equity of health care, and to provide mechanisms for ensuring autonomy of providers. The governance of the health system should be composed of the centralization of macro decision-making, the decentralization of implementation by municipality, the integration of health and social services on the front line, and the well-balanced regulation and autonomy on both consumers and suppliers.