• KDI Journal of Economic Policy
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• v.42 no.4
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• pp.59-90
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• 2020

U.S. monetary policy has been claimed to generate global spillover and to destabilize other small open economies. We analyze the effects of certain identified U.S. monetary shocks on gross capital flows in the Korean economy using the local projection method. Consistent with previous results on other small open economies, we initially confirm that U.S. interest rate hikes are dynamically correlated with foreign outflows and residents' inflows. That is, not only are they correlated with withdrawals by foreigners but they are also correlated with those by domestic (Korean) investors. The results are mostly driven by portfolio flows. Second, however, the marginal response to a U.S. monetary policy shock is, on average, subdued if we focus on the sample periods after the Global financial crisis of 2007-2008 (henceforth, global financial crisis). We conjecture a possible reason behind the change, an institutional change related to financial friction. If the degree of pledgeability of the value of net worth increases, the marginal responses by both investors would drop with a U.S. monetary policy shock, consistent with our findings.

• KDI Journal of Economic Policy
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• v.36 no.2
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• pp.1-64
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• 2014

This paper attempts to search the driving forces of the Korean economy after 2000 by analyzing an estimated DSGE model and observing the degree of implementation regarding non-systematic parts of both the monetary and fiscal policy during the global financial crisis. Two types of trends, various cyclical factors and frictions are introduced in the model for an empirical analysis in which historical decompositions of key macro variables are quantitatively assessed after 2000. While the monetary policy during the global financial crisis have reacted systematically in accordance with the estimated Taylor rule relatively, the fiscal policy which was aggressively expansionary is not fully explained by the estimated fiscal rule but more by the large magnitude of non-systematic reaction.

• Journal of Information Technology Applications and Management
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• v.20 no.4
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• pp.47-66
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• 2013

Recently, with the diffusion of a new paradigm named as the creative economy, the government's interests and efforts regarding support of SMEs' R&D have been concentrated. In particular, due to the dominant perception that the fundamental science and original technology from government-funded research institutes can further enhance the capabilities of SMEs' R&D, the importance of performance's diffusion on national R&D is further emphasized. In fact, the domestic SMEs don't have enough budget and workforce, so that all of self-contained technologies, product's competitiveness as well as the R&D capabilities, are very vulnerable, and thereby SMEs' commercialization is very likely to fail. For this end, SMEs need to adopt the concept of open innovation as the use of external R&D resources by licensing. In this study, we conducted a survey on a total of 286 domestic IT SMEs, and analyzed empirically to compare the degree of their acceptance on technological innovation between two groups divided by open/not-open innovation. As a result, we drew some of the key factors influencing the acceptance of the SMEs' open technological innovation, and found a variety of implications through them.

• Asia-Pacific Journal of Business
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• v.6 no.1
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• pp.17-25
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• 2015

In this study, we identified the various mechanisms through which entrepreneurial orientation impacts firm performance. We proposed that entrepreneurial orientation assists organizations in building cultural, structural, human and technical knowledge capabilities, which in turn lead to sustainable competitive advantage. We tested our proposed hypothesis using data collected from 76 managers of small entrepreneurial firms. We found that cultural knowledge capabilities are the strongest mediators of entrepreneurial orientation and firm performance relationship. By bringing in knowledge capabilities in the literature of entrepreneurial orientation, we open new directions for research. Our findings have implications for theory as well as practice.

• The Korean Journal of Financial Management
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• v.6 no.1
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• pp.31-62
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• 1989

By using deterministic dynamic models, we observe the behavior of the foreign exchange rate of a small open economy with rational expectation formation and different restrictions on the international economic integrations. First, an economy connected to the world by purchasing power parity and uncovered interest parity is studied in the next section. In both sections, financial assets available in the economy are domestic money and bonds. Stocks are added as a financial instrument in the next section, and real capital accumulation is also taken into account. Furthermore, the economy concerned there is fairly autonomous, and not directly governed by either purchasing power parity or uncovered interest parity. The expectation formation used throughout the whole paper is complete perfect foresight, which is the certainty version of rational expectation and free from any forecast errors. It is found that upon monetary expansion the short run depreciation of the foreign exchange rate is a fairly robust result regardless of the degree of the international economic integration, while it is not true for fiscal expansion. The expectation on the long run state significantly affects the short run response of the exchange rate. All of our models postulate that the current account should be balanced eventually. As the result, the short run behavior of the exchange rate is affected by the expectation on the long run balance and may well be a blend of the traditional flow view and modem asset view. The initial overshooting of the exchange rate is easily observed even in the fairly autonomous economy Furthermore, the initial overshooting is not reduced over time, but augmented for some time before it is eventually eliminated. As long as we maintain rational expectaion, introducing time delay in the adjustment of the foreign goods price to the foreign exchange rate does not make much difference.

• Journal of Fisheries and Marine Sciences Education
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• v.21 no.1
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• pp.106-120
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• 2009

The purpose of this paper is to derive some policy implications on Korea's international education based on the research of America's experience of international education. The implications are summarized as follows. First, the main aim of Korea's international education should be on the increase of mutual understanding among world citizens, and also on the improvement of Korea's competitiveness. Since Korea is a small-open economy, she must find some policy methods to develop her economy continuously. Second, Korea should establish q private-run institution concentrated on the increase of mutual understanding of world citizens, like IIE in America. Third, Korea should also give Korea's universities some incentives to improve its own internationalization as well as to develop educational curriculum for teachers in international education.

• East Asian Economic Review
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• v.28 no.2
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• pp.245-273
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• 2024

This paper sets up a small open new Keynesian economy model with constrained households and incomplete markets to address the driving forces of business cycles in Korea. It shows that there exists a substantial fraction of constrained households who cannot have access to financial market. Furthermore, the estimated model reveals that a TANK model is better than a RANK model in explaining business cycles in Korea. The effect of domestic productivity shock on Korean economy has dominated in the variations of output, while the contribution of the foreign productivity shock to the variations of output and inflation has increased after the Asian financial crisis. The monetary policy shock has dominated the variation of inflation at short and medium horizons.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.9
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• pp.309-316
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• 2022

In 2011, the 4^th industrial revolution officially occurred and developed in most countries. The fourth industrial revolution has given organizations numerous business opportunities, enabling them to optimize their manufacturing processes, cut costs, and thereby improve their operations. The development of enterprises is a decisive factor in increasing national productivity, thereby improving economic growth and per capita income. Therefore, it is necessary to grasp the digital transformation plan and apply science and technology to domestic enterprises and improve the operational efficiency of the economy. Research on small and medium enterprises in Hanoi, Vietnam, which is considered a successful country in economic development and digital transformation and has become a middle-income economy and a highly open economy, the research results suggest that the ability to apply technology in businesses is capable of improving corporate financial performance. The choice of capital structure favoring debt has a negative effect on the financial performance of the enterprise; that is, enterprises in Vietnam should limit the choice of financing investment projects with debt, on the contrary, enterprises should choose to finance with equity. Finally, the study also discusses managerial implications for improving business performance in the context of the rapidly evolving 4.0 technology revolution.

• International Journal of Internet, Broadcasting and Communication
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• v.7 no.1
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• pp.10-14
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• 2015

Video Content owners seek to squeeze the maximum amount of revenue from their assets via distribution into more territories. Digital Cinema Package(DCP), trusted solution to distribute protected content to theaters, caters to relatively small user base, which limits revenue. With the growth of the Internet & other digital media, the economics of media content has changed dramatically. Security remains main concern to deliver content to millions of consumers using intelligent digital display devices like Tablets, Smartphones, Smart TVs, Desktop & Laptop. By making the video content available to this segment securely, content owners will benefit from increased revenue. Through this paper we propose Open Source HomeDCP model to distribute the content to home users for offline viewing. We propose to include other open source CODEC than JPEG2000/MPEG2, which are specifically designed for theatrical performance. Final image size will be further reduced considering the display device resolution where video will be finally played. Key Delivery Message(KDM) system to be altered to suit new devices. This will be a big boost to Content Economy as content owners would be able to distribute the content securely to the wider audience & ensure more revenue.

• Journal of Distribution Science
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• v.16 no.10
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• pp.31-38
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• 2018

Purpose - The purpose of this paper is to seek some alternative to overcome difficult shipping situations for overcapacity pursuing economy of scale, which is widely spread in world shipping. Research design, data, and methodology - The research method to be adopted is first to review evolution of larger ships in terms of theoretical overview, and shipping market is examined, and it is studied some problems and solutions in relation to larger ship as field research aspects. Results - Supply and demand of shipping market is flexible and unpredictable nature of market. Sometime fierce competition has spread out the market, and shipowner may deploy mega ship in terms of economy of scale, etc., to overcome the difficult market situations. Both carrier and shipper have their own positions in this matter concerned. However, it causes some problems in the market including port matters, etc. Therefore, it is asked to solve this problems of larger ship employed in the markets, throughout shipping alliances, etc. Conclusions - Over tonnage done by larger ship has caused some problems in the shipping markets, forming monopolistic market by small number of larger shipping companies, destroying oligopolistic nature of shipping business, therefore, the answer is strategic alliance to collaborate each other.