• KDI Journal of Economic Policy
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• v.13 no.2
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• pp.129-140
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• 1991

The primary purpose of price regulation on public utilities and other public services is not to prevent them from rising and control inflation but to allocate resources efficiently and reflect social values, when market does not function perfectly. That is, price regulation by government is a policy tool which is aimed at microeconomic effects. Therefore, when a microeconomic policy tool is used for macroeconomic policy objectives, such as price stabilization, we can have problems stemming from the mismatch. One of the examples is distortions in the relative price structure of resources. As government suppresses increases in regulated prices in an effort to reduce inflationary pressures, some of the public services become relatively cheaper, resulting in excess use of those services under regulation. Also, inflexibility of adjusting regulated prices to the overall price changes results in deterioration of qualities of public services. This paper proposes a set of reform proposals which are itnended to minimize such government failures. It is argued that the authority of price regulation should be decentralized, and ultimately done by independent regulatory commissions for each service. The pricing should be based on the principle of separate and independent accounting by each service unit and the principle of beneficiaries bearing the costs of services.

• Journal of Preventive Medicine and Public Health
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• v.30 no.4 s.59
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• pp.697-707
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• 1997

This study was performed to estimate the quantity of the effects of tobacco price raise on the smoking rate, and the smoking attributable deaths in Korea. The data were collected by questionnaire survey from 538 male of male workers. The questionnaire contained items on age, sex, living place, status of education, smoking history, the intention to quit smoking when the tobacco price be raised. The questionnaire, were distributed to the offices of enterprises, hospitals, research centers, and public agencies and then collected. Data were analyzed by using the age specific smoking rate, relative risks of eight major smoking related diseases, vital statistics, and the population attributable risk of deaths of smoking males. On the other hand, the impact of the tobacco price raise on the population attributable risk of death due to smoking in Korea was estimated by applying the presumed smoking rate after the price raise. The results obtained were as follows: 1. The smoking rate of male white color workers in large cities was 59.5%. 2. The proportion of male smokers who has the intention to quit smoking when the tobacco price be raised was 61.5%. 3. The proportion of male smokers who has the intention to quit smoking if the price of tobacco be raised was proportional to the degree of increasing tobacco price. It is estimated that if the tobacco price were raised more than four times as now, the presumed smoking rate goes down as low as 26.7%. If the tobacco price be raised 20% each year, presumed smoking rate is 46.2%. 4. The number of attributable male death of smoking estimated by using 8 major smoking related diseases(lung cancer, laryngeal cancer, esophageal cancer, stomach cancer, pancreatic cancer, cerebrovascular disease, ischemic heart disease, chronic obstructive pulmonary disease) was 25,863 death each year. That is 20.1% of total age over 20 male deaths. 5. f the tobacco price were raised more than four times as now and all smokers who has intention to quit smoking quits smoking, 12,336 lives, or 47.7% of smoking related deaths could be saved. 6. IF the actual practice rate of quitting smoking among male smokers with intention to stop smoking when the price of tobacco be raised is 10%, 25%, or 50%, then the expected decrease of death numbers when the tobacco price were raised more than four times as now can be 1,112, 3,483, 5,796 respectively.

• Environmental and Resource Economics Review
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• v.31 no.2
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• pp.205-232
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• 2022

This study analyzes the effect of the 2^nd pilot test of Tiime of Use (TOU) pricing for Korean households using a two-level electricity demand model. The test, implemented from May to September 2021, was conducted to compare the effects of two TOU pricing rates and the standard rates for households living in apartment and detached house in 7 provinces of Korea. Based on the data on electricity consumption during the test period and during the same period last year of the 1,292 participants and their socio-economic characteristics, this study analyzes (1) whether the relative demand across periods has changed in response to hourly price changes and (2) whether the price responsiveness of daily consumption has changed after the introduction of TOU pricing. The results show that both types of TOU pricing affect neither the relative demand across periods nor the price responsiveness of daily consumption. The reason behind the results could be related to the level of TOU pricing rates and the periodical classification, which were not sufficient to induce changes in the participants' electricity demand patterns.

• Journal of the Korean Society of Tobacco Science
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• v.4 no.2
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• pp.41-50
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• 1982

To investigate tile effects of growth characteristics on the yield, price per Kg, chemical contents and physical properties in Burley tobacco, ten varieties including Burley 21 were tested in this study. The results obtained are summarized as follows. 1 Forty to fifty days after transplanting, CCR (Crop Growth Rate) was the highest. RCR (Relative Growth Rate) increased up to 40 days, but decreased 50 days when maturation began. High- yielding varieties showed high CCR and RCR till 60 days. 2. Total alkaloid content of cured leaf increased about three times than that of topping stage, but the increased rates were some what different among varieties. 3. Leaf area, stalk diameter, stalk height and days to flower showed positive correlations to yield, whereas leaf thickness and weight per unit leaf area showed negative. 4 Varieties which are high in cured leaf weight ratio and weight per unit leaf thickeners showed relatively poor quality. 5 Nitrogen content was high in leafy and larger stalk diameter variety. 6. There are positive correlation between weight per unit leaf thickness and filling power. The time of combustion was positively correlated to leaf thickness and weight Per unit leaf. 7. It can be concluded that many characteristics are related to the yield, but not quality. It is, there fore, easy to Predict tile yield, but difficult to forecast the qualiffy.

• International Area Studies Review
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• v.15 no.1
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• pp.87-106
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• 2011

Using an event study, this paper investigates stock price reactions on Korean listed firms' convertible bond (CB) issue announcements over the sample period of January 2000 to November 2007. This study finds that on the Korean Security market, the CB issue announcements are associated with an increase in shareholder wealth on the announcement date. An information leakage by insider traders is also observable at preannouncement dates. Unlike the prior studies that indicate a prevailing negative effect on the announcements, this paper shows that domestic CB issue announcements as well as offshore ones yield a positive impact on the stock prices. This presents that in terms of stock price reactions to the CB issue announcements, the two CB issue markets show the positively same effects on shareholder wealth for the post-2000 period. For its drivers, this paper suggests that on the Korean market, firm size have negative relationship with the increase in the wealth incurred by the announcements. By contrast, an issue to maturity, a growth opportunity, and a relative issue size make a positive impact on it.

• Journal of the Korean Regional Science Association
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• v.31 no.2
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• pp.63-77
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• 2015

Effects of shifting trend from Chonsei to monthly-rent and the changes in rental housing prices upon the welfare of tenants has been analyzed. In 2014, welfare of tenants has been found to be decreased by 660 billion Korean Won due to the change in rental housing prices. From the point of view of the welfare of tenants, it has been found that monthly-rent stabilizing policies are 1.47 times more effective than Chonsei price stabilizing policies. The effect of monthly-rent stabilizing policies has been found to be increased with the increase in the proportion of monthly-rent transaction, the decrease in the speed of the shifting trend from Chonsei to monthly-rent, the decrease in interest rate, the decrease in the proportion of variable deposit in monthly-rent, the decrease in the proportion of debt in Chonsei deposit. These findings indicate that the relative importance of monthly-rent stabilizing policies will be increased in the future.

• Journal of Korea Port Economic Association
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• v.27 no.3
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• pp.1-12
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• 2011

The effect of real exchange rate changes on trade balance is called the J-curve effect. That is, after real depreciation, the trade balance will deteriorate in the short run and improve in the long run. Specially, import and export prices respond with little or no decline in volume. Assuming a zero initial trade balance and dominance of the exporter currency in invoicing trade contracts, the trade balance continues to deteriorate in the medium term. Over time, the relative price-induced volume effect comes to dominate the price effect and the trade balance improves. This pattern of the trade balance adjustment is commonly referred to as the J-curve effect. This study examines the effects of changes in the exchange rate on the Korean port trade balance to China. The empirical results indicate that whilst there is J-curve effect in the short-run, but in the long-run, the real depreciation of the Korean won has positive impact on port trade balance to China.

• Korean Journal of Agricultural Science
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• v.50 no.3
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• pp.539-549
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• 2023

Domestic processed food exports might increase due to the free trade agreement (FTA) and spread of the Korean Wave, Hallyu. However, the share of the domestic raw materials in the domestic processed food industry is very low at 31.4%, which limits the spillover effect on domestic agriculture. Therefore, we selected frozen dumplings as a representative processed food whose exports are growing rapidly and conducted a multiple regression analysis to examine the effects of Hallyu and FTA variables on the frozen dumpling exports. We tried to link them to an increase in agricultural income through the expansion of demand for the domestic raw materials. This study analyzed tariff indicator as the FTA variable, cosmetics export value indicator as the Hallyu Wave variable, and other variables expected to change the trade environment such as gross domestic product (GDP) and the relative exchange rate by country as the key explanatory variables that affect changes in the trade environment. The analysis showed that the core hypothesis, the Hallyu variable and the FTA variable, have a positive impact on frozen dumpling exports. Frozen dumpling exports are expected to increase as the FTAs and the spread of Hallyu are expected to continue for the foreseeable future. Therefore, we should seek ways to increase the proportion of domestically produced ingredients in the frozen dumplings to spread the economic impact to domestic agriculture. We reviewed previous studies and determined, the price-related factors play a major role in the use of imported ingredients, and that price stability and competitiveness are essential to increase the share of the domestically produced ingredients. Based on these conclusions, we reviewed the current status of food industry-related policies and determined measures needed to expand the use of domestically produced ingredients.

• International Area Studies Review
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• v.15 no.1
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• pp.31-58
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• 2011

The purpose of this paper is to analyze the effects of real and monetary disturbances and economic interactions between two large countries, and to examine how wage indexation affects the transmission of real and monetary disturbances and affects the fiscal and monetary policies of a large country. A two large country model is built, and is theoretically analyzed. We conducted an empirical investigation to apply theoretical findings to the Japanese and US economic interactions in response to real and monetary disturbances originating in one or the other country. Empirical evidence on Japan-USA economic interactions shows that Japan is much more affected by the US economic policy than the USA is affected by the Japanese economic policy. The economic impacts of real and monetary disturbances on the Japanese and US economies are smaller when the Japanese and US wage indexing parameters are lower.

• Journal of Korean Society of Rural Planning
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• v.23 no.4
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• pp.111-126
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• 2017

This study analyzes the impacts of agricultural water shortages in Korea using a combined top-down and bottom-up model. A multi-region multi-output agricultural sector model with detailed descriptions of production technologies and water and land resource constraints has been combined with a standard CGE model. The impacts of four different water shortage scenarios were simulated. It is shown that an active adaptation of crop choices occurs in even the regions with relatively abundant water resources in order to respond to the change in relative output prices caused by water shortages. We found that although the losses in production values are not quite large despite water shortages due to the price feedbacks, the loss in GDP is substantial. We show that our combined approach has advantages in deriving region and product specific production effects as well as the overall GDP loss effect of water shortages.