• Korea journal of population studies
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• v.14 no.1
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• pp.1-25
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• 1991

The Purpose of this study is to analyze the contribution of the total human capital formation to economic growth in Korea. In order to assess the contribution of the total human capital formation to economic growth, aggregate production functions are estimated using two ways of ordinary least squares and polynomial distributed lags based on 1955 - 1988 time series data in Korea. The total amount of investment in human capital is calculated by adding each amount of investment in formal education, vocational training, inter-provincial migration, and health in pecuniary terms. The findings of this study could be summarized as follows ; (1) If we enumerate the variables in good order according to the importance, we get the following ; namely, total number of labor force, inter-provincial migration, vocational training, health, physical capital, and formal education. (2) The contribution of the human capital to economic growth is much more larger than that of physical capital. In particular, it appears that inter-provincial migration and vocational training make a great contribution to economic growth. (3) It appears that investment in formal education has a continuous effect for fifteen years and maximum effect is observed approximately eight years later. In the case of vocational training, the effect of investment lasts for about 12-14 years and its effect on economic growth reaches maximum with the passage of seven to eight years after initial investment. (4) Investment in vocational training contributes more in the long run compared with investment in formal education. The effect of investment in formal education lasts longer than that of vocational training, while the effect of investment in vocational training is considerably larger in the short run compared with the investment in formal education.

• ETRI Journal
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• v.27 no.2
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• pp.206-218
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• 2005

We measure and compare externalities of IT and R&D capital stocks in different Korean industry sectors using inter-industry input-output tables of 1985, 1990, 1995 and 2000. We also compute the multiplier effects that relate to the directions of future economic effects. The key findings are as follows. First, we observed continuous capital deepening in all nine industries over the period of 1985 to 2000. Second, the backward multipliers of IT capital were the highest in the manufacturing industry. As for inter-industry externalities, the indirect backward multipliers, which exclude intra-industry backward multiplier effects within the industry, were also the highest in the manufacturing industry. Third, the forward multiplier effects of IT capital stock were the most substantial in the construction industry during the 1980s and in the manufacturing industry thereafter. Finally, using the transition multiplier matrix reflecting the backward effects of the two capitals in the past, the economic backward effects, especially the external economic effects, are predicted to increase through 2010 among all industries. The above findings suggest that, in order to maximize the forward and backward effects of the ever-increasing IT capital, we need to formulate an industry policy reducing the cost of capital accumulation in the manufacturing industry through improvement in productivity of the IT industry.

• KDI Journal of Economic Policy
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• v.37 no.2
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• pp.64-97
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• 2015

This paper studies a series of capital market promotion policies Korea pursued over a 30-year period during its development era (1960s - 1980s). The purpose of this paper is twofold. The first purpose is to understand the policy approaches Korea took, and the second is to extract lessons that can benefit policymakers in the developing world, where capital market promotion is an important policy goal. There are two key features of Korea's capital market promotion policies. First, the government was actively involved, sometimes indirectly by giving tax incentives to encourage IPOs. However, in other times, it was directly involved by giving IPO orders and threatening those that did not comply. No stock exchange in a developed country has ever experienced such government involvement. Combined with rapid economic growth, this interventionist approached allowed the Korean stock market to experience phenomenal growth over a short period of time. Second, the capital market promotion policies had multiple objectives. One was to mobilize domestic capital for economic development. Another was to lower firms' debt-to-equity ratios. Most interestingly, however, the Korean government wanted to popularize stock ownership, thereby allowing ordinary Koreans to share in the fruits of economic growth.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.43-52
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• 2020

This paper examines how macroeconomic variables, such as interest rate differences, inflation, exchange rates, economic growth and external debt growth, affect capital flight in the ASEAN-8 countries. We apply a panel data model with fixed effect estimation for the data for eight countries from the period 1994 to 2018. We use the residual approach used by the World Bank to measure the value of capital flight. The results show that the interest rate differences, exchange rates, economic growth and foreign debt growth had a positive and significant effect on outward capital flight. A further implication of this finding is that the interest rate differences, exchange rate, economic growth and foreign debt growth are factors that trigger an increase in capital outflow in the ASEAN-8 countries. Nonetheless, inflation rate is not considered to be the main factor influencing capital flight, as average inflation in the ASEAN-8 countries remains relatively stable. This paper will be beneficial for policymakers in the ASEAN-8 countries and encourage them to constantly pay attention to these four variables, as they significantly influence capital flight, whereas they can disregard the impact of the inflation variable that is not significant in influencing capital flight.

• The Journal of Industrial Distribution & Business
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• v.13 no.12
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• pp.33-39
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• 2022

Purpose: This research investigates the paths of some important economic variables: government domestic product (GDP), capital accumulation, unemployment rates. Decreasing GDP, declining capital accumulation and higher unemployment affect to South Korea economy. The macroeconomic policies discussed are all capital financed accumulation policy and an enactment of unemployment regulation. Research design, data and methodology: The GDP, capital accumulation rates and unemployment rates are the main macroeconomic issues in the South Korea. This research studies the correlations of the GDP, capital accumulation, and unemployment rates by time series data from 2000 to 2005 in a Vector Autoregressive (VAR). Results: The first, GDP relates a positive effect between the GDP and capital accumulation in the long term. The second, there is the negative relationship between GDP and unemployment rates. Economic growth was strongly supported by employment growth and by declining unemployment. The third, There is positive relationship between unemployment rates and capital accumulation. Conclusions: This research provides that fiscal policy introduce to increasing GDP, private investments and employment rates. The GDP should be major on capital accumulation to increase employment rates in South Korea.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.863-867
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• 2020

This study was conducted on financial data of 38 economic groups listed on Vietnam's stock market for the period 2009 - 2019 and it aims to provide an empirical evidence on the impact of working capital management policy on performance in all phases of the economic cycle of Vietnamese economic groups. The study uses FGLS estimation method with 2 dependent variables ROA, GOP, independent variables including INV, AR, AP, CCC, dummy variable representing different phases of the economic cycle, variables Control includes CAT, CR, LEV, SZ, GR. Research shows that the greater the level of investment by companies in liquid assets corresponding to a certain level of activity (shown by average days of inventory (INV), average days of collection. (AR), cash flow cycle (CCC)) the lower the rate of return on assets. The study also provides additional evidence of the negative effects of economic crisis on the performance of economic groups. The study also shows that the number of short-term asset cycles has a positive impact on operational efficiency, and the level of debt use has a negative impact on operational efficiency. This result implies that the managers of economic groups can increase the efficiency of businesses through a reasonable working capital policy.

• Journal of Family Resource Management and Policy Review
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• v.20 no.2
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• pp.19-41
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• 2016

This study examines the human capital, economic capital, and psychological factors that influence social participation among the elderly in the future. The data, 'Survey on the Elderly in 2014', were collected from 'The Ministry of Health & Welfare' and the 'Korea Institute for Health and Social Affairs'. The samples included 10,279 elderly people who were over 65 years of age. Multiple regression analysis was used to analyze the research model. The findings are as follows. First, the highest participation awareness level of all was for the hobbies and leisure activities, and the lowest participation awareness level was for volunteer activities. Second, human capital factors such as age, education level, and health status, and economic capital factors such as household consumption expenditure and standard of living signigicant affected social participation awareness among the elderly. Psychological factors such as self-esteem, depression, and the subjective age of becoming elderly, also affected the social participation awareness. Third, awareness differed by sex. In particular, age and depression were restrictions of social participation awareness that were more common among elderly women than among elderly men, although single women were more likely to participate in religious, learning, and hobby and leisure activities. In contrast, chronic diseases and household consumption expenditures were more restrictive of social participation awareness among elderly men compared to elderly women. These results show that human capital, economic capital, and psychological factors heavily influence the social participation awareness of the elderly, although the degree of influence of these factors differs by sex.

• Asian Journal of Business Environment
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• v.7 no.3
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• pp.23-31
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• 2017

Purpose - The purpose of this paper is to rationale the new approach to analysis of the human capital as a factor of effective development of a national economy and increase the level of country's competitiveness. Research design, data, and methodology - This research aims the furthest development of the conception in human capital formation. The study made on the base of the methods with scientific classification and systematization, that is, comparative, statistical analysis, economic-mathematic method, and expert assessment and ratings. Results - This research attempted to measure the correlation between the human capital elements and the level of country's competitiveness. The study revealed that formation of the competitive human capital cannot be considered in separation from the development and modernization of education system, the improvement of employment sphere, and the creation of effective interaction between them through the system of professional skills. Conclusions - The competitive human capital formation is one of the most important goals in the innovative economy construction and modern development, and it is also indispensable subject. Especially in the condition of economic crises, the necessity of formation and development of the effective human capital is considerably increasing. Realization of this task requires the development and stimulation of all the factors influencing the growing human potential.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.829-837
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• 2021

The study investigates the impact of the Counter-Cyclical Buffer Policy (CCB) on regional development bank profitability in Sumatra, Indonesia. CCB requires banks to hold capital at times when credit is growing rapidly so that the buffer can be reduced if the financial cycle turns down or the economic and financial environment becomes substantially worse. This study employs time series data of regional development banks (RDBs) in Sumatra Island, Indonesia. The methodology applied in this study is a panel dynamic model with Generalized Methods of Moments (GMM). The results show that increasing capital through the implementation of CCB did not have a significant effect on RDBs' profitability. The findings of this study suggest that the activation and implementation of CCB lead to an increase in the amount and cost of loans to companies but do not affect the profitability of RDBs. The value of a Non-Performing Loan (NPL) proved to have a negative and significant effect on bank profitability. The CCB policy aims to overcome the pro-cyclicality of credit growth and improve bank resilience through increased capital which is expected to reduce excessive credit growth as a source of systemic risk. This causes a lack of lending to the community so that the profits obtained by the bank decrease.

• Journal of the Korea Convergence Society
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• v.8 no.6
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• pp.337-348
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• 2017

This study is intended to look into the effects of human, social and cultural capitals on economic independence and life satisfaction in disabled persons, and the reciprocal relationships. To achieve this, a survey was empirically carried out to the disabled. The findings were summarized as follows. As for the above-stated findings, human capital had a positive effect on economic independence, and social and cultural capitals had a positive effect on economic independence and life satisfaction, comparing those with rejection of the effect of human capital on life satisfaction and the effect of economic independence on life satisfaction. Consequently, human capital is not just a tonic for disabled persons' life, and economic independence has not just a reciprocal relationship as a mechanism to improve life satisfaction. Based on this result, we discussed the activation for practical and diverse human, social and cultural networking.