• KDI Journal of Economic Policy
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• v.42 no.4
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• pp.117-138
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• 2020

Few studies have specifically focused on the uncertainty of demand forecasting despite the fact that uncertainty is the one of greatest risks for governments and private partners in PPP projects. This study presents a methodology for finding robust contract conditions considering uncertainty in travel demand forecasting in a PPP project. Through a case study of an urban railway PPP project in Korea, this study uncovered the risk of excessive government payments to private partners due to the uncertainty in contracted forecast ridership levels. The results allow the suggestion that robust contract conditions could reduce the expected total level of government payments and lower user fees while maintaining profitability of the project. This study offers a framework that assists contract negotiators and gives them more information regarding financial risks and vulnerabilities and helps them to quantify the likelihood of these vulnerabilities coming into play during PPP projects.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.683-692
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• 2020

The primary purpose of the study is to investigate the volatility spillovers from global economic policy uncertainty and macroeconomic factors to the Islamic stock market returns. The study focuses on the Islamic stock indices of emerging economies including Indonesia, Malaysia, and Turkey. The Macroeconomic factors are industrial production, consumer price index, exchange rate. EGARCH model is employed for investigation of volatility spillovers. The results show that the global economic policy uncertainty has a significant spillover effect only on the returns of Turkish Islamic stock index. Similarly, the shocks in macroeconomic factors have little influence on the volatility of Islamic indices returns. The volatility of Indonesian and the Turkish Islamic stock indices returns is not influenced from the fluctuations in macroeconomic factors. However, there is significant volatility spillover only from industrial production to the returns of Malaysian Islamic index. The results suggest that the Islamic stock markets are less likely to influence from the global economic policies and macroeconomic factors. The stability of Islamic stocks provide opportunity for diversification of portfolios, particularly in stressed market conditions. The major price factors of Islamic markets could be firms' specific factors or investors' behaviors. The findings are helpful for policy makers and investors in formulating policies and portfolios.

• Journal of Korean Society of Rural Planning
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• v.18 no.4
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• pp.69-78
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• 2012

Korean population has been rapidly aging. Most of people regard the aging population as future crisis due to the rate of change and agree to prepare for a soft-landing on aging society in South Korea. Particularly, the aging population growth in rural areas is much faster than urban areas. Also rural areas relatively have poorer social and economic conditions so the countermeasures for population aging considering related social and economic indices are required. Moreover, each rural region has the different preparedness level for rural aging based on regional socio-economic characteristics. In this study, we analyzed correlations of the rural aging rate and local characteristics and developed an evaluation index to show the regional preparedness status for rural aging. To test the applicability of developed indicators, we applied them to 161 rural regions and assessed regional preparedness level for rural aging. This study would provide basic data for establishing policies for rural aging.

• Journal of Korean Society of Rural Planning
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• v.20 no.3
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• pp.67-74
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• 2014

The purpose of this study is to estimate regional economic effects of spatial diffusion of wildfire using Cobb-Douglas production function of agriculture and forestry. The analysis is applied to Gangwon and Gyeongbuk provinces where are the most damaged of wildfire in Korea. The damaged areas are derived from multiplied by the occurrence probability of wildfire and diffusion areas of wildfire for micro-spatial unit level with ArcGIS techniques. The models of wildfire provides that the spatial diffusion of wildfire increases with the rising of highest temperature and average wind speed. Through the production function, value added of Agriculture and Forest sectors get damaged where the Cos-converted slope aspect of mountains are toward the South. The production model provides reductions of regional value added by increasing damaged areas of wildfire. It reveals that the most damaged region is Andong city in Gyeongbuk province, where value added loss is 1.25 billion Won, which is about 0.72% of total value added in agriculture and forestry of the city. As a view of policy makers, it needs to be considered to establish prevention policies against wildfires because regional economic losses from wildfire are depending on geographical conditions and performances of the major industry related to wildfire's diffusion such as agriculture or tourism sector according to the result of analysis.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.4
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• pp.317-324
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• 2020

The study aims to analyze the theoretical background of the economic growth and sustainable development; systematization of scientists view on monitoring and economic and innovative evaluation, analysis and diagnosis of factors affecting these processes. Rating characteristics of the level of innovative resources development obtained based on the comparative analysis of Kazakhstan regions. Calculations were done based on official statistics during 2010 and 2015-2017. Based on obtained data there has been grading of the country regions and their ratings were determined by the level of development of innovative resources. This research identifies areas and mechanisms to ensure balanced sustainable development of the national economy. The findings suggest that sustainable development of the state is affected by the innovative activity of the regions, the sustainable development of which is ensured by innovative enterprises. Transition to the model of sustainable territorial development involves the formation of such conditions and the use of mechanisms under which the natural base of this development is not destroyed, the environment suitable for human existence is preserved and reproduced. The findings of this research support for pursuing a national policy of reducing regional imbalances, and promoting a more balanced and sustainable development of the whole country.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.78
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• pp.145-174
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• 2018

This study, focused on Official Development Assistance(ODA) as a solution to the global polarization and demonstrated how corporate social responsibility (CSR) plays a role in raising the performance of ODA. First, socio - economic value and profit - created by CSV activities have a significant effect on constructing an economic reciprocal relationship between donor countries and recipient countries. In addition, it has shown that it promotes the simultaneous development of companies and society through the strategic CSR model and consequently contributes to the achievement of ODA. Second, it suggests that the elements of the BOP model have a significant effect on improving the unreasonable wage system and unethical working conditions of developing countries. Furthermore, this suggests that improving the income of the poor can improve the performance of ODA. Third, this study reconstructed 'CSR Pyramid' of Carrol and newly devised CSRD theory. In the case of ODA to developing countries, economic, legal, ethical, and charitable responsibilities are set priorities. In this study, it is suggested that the priority should be flexibly set as economic ${\rightarrow}$ charitable ${\rightarrow}$ ethical ${\rightarrow}$ legal responsibility. This study reexamines the strategic CSR model in the international management field and conducted empirical analysis on CSV, BOP, CSRD model as the constituent elements. In addition, the strategic CSR model that has moved away from the traditional and old-fashioned perspectives still has room for development, and exploratory research to develop the model will continue to contribute to clarifying the concept and scope of CSR.

• The Journal of Industrial Distribution & Business
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• v.10 no.11
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• pp.15-23
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• 2019

Purpose: Global economic integration has provided good opportunities and conditions for the development of foreign direct investment in Finances. Therefore, this paper attempts to explore what determines foreign direct investment in Finances of Organization for Economic Co-operation and Development (OECD) countries. Research design, data and methodology: This paper employs the panel data over the period 2005-2017 and uses the random effect model to estimate this proposition. Results: The results indicate that the foreign direct investment in services, growth rate of GDP, interest rate and saving are positively related with foreign direct investment in finances. Conversely, the growth rate of wage and fluctuation rate of exchange rate are negatively related with foreign direct investment in finances. Moreover, the results verify that the effect of these variables on foreign direct investment in finances is different before and after 2008 (global economic crisis). In addition, the results also manifest that the regional effect exists. Namely, the effect of these variables on foreign direct investment in finances between G7 countries and G20 countries exist significant difference. Conclusions: Those variables used in this paper are related with foreign direct investment in Finances of (OECD) countries.

• Journal of Environmental Science International
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• v.10 no.2
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• pp.91-97
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• 2001

A macroeconomic minimodel was simulated to analyze the effect of global exchange on the Korea\\`s economy. The simulation results illustrate some of the consequences of public policy and some insight into current world problems. All computer simulation runs made under various conditions suggest that the Korea\\`s system in the near future may be strongly influenced by the favorable availability of outside resources, while the national power and assets may be declined by indigenous environmental stock depletion. The borrowed capital allows the temporary money stock to increase and the national assets to grow faster and a little higher, as using up the environmental resources more quickly. Later, when the debt is paid off, the foreign exchange holdings may not go so high. For the environmentally sound and sustainable development, over 75% of total economic production should be invested to the natural resource management. Therefore, the economic structure of Korea should be transferred from the present industrial structure to social-economic structure based on ecological-recycling concept.

• Journal of Fisheries and Marine Sciences Education
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• v.18 no.3
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• pp.261-271
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• 2006

The present study is aimed at evaluating the economic effectiveness of Abalone, haliotis discus hanai Releasing Project(ARP) conducted in the fishing ground owned by a fishing village in Ulsan, Korea. The results were summarized as follows: First, an average ratio of released abalones in the total landing after releasing is shown to be 85.0%. Second, the recapture rate of released abalones is 46.8%, exceeding the recapture rate of BEP(Break-Even-Point), 22.9%. Third, it is evaluated that total economic effectiveness of the ARP is 6.7-6.8 times, net effectiveness is 2.2-2.3 times, and the NPV(Net Present Value) discounted by a 8% interest rate is 474, 635 thousand wons, indicating the project is profitable. Considerable parts of the positive results on the ARP are based on some beneficial conditions, including the selection of favorable releasing sites, best self-regulation system of a fishing village for preservation of seaweed facilities and continued activities for protecting small abalones and their rearing. These results imply that the success of the ARP would be primarily dependent upon the selection of releasing site and effective management system after releasing.

• Journal of the Korean Institute of Landscape Architecture
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• v.26 no.3
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• pp.90-103
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• 1998

The purposes of this study are to estimate the economic value and reasonable entrance fee of the Yeido Park, which is under construction in Seoul, by conduct the face-to-face interview. A total of 645 daults were selected by two stage cluster sampling. The senario was designed to meet the requirements for doubgle-bounded dichotomous choice CVM, and distributed with the photograph to epict and compare the current and suggested conditions. A donation vehicle and entrance fee were utilized to find the possibility of strategic behaviors and protest zero, and to make the data estimatable tfor interval censored survival analysis. Date was calibrated by the survival analysis to eleminate the 'fat-tail problem'. Weibull distribution was assumed as a baseline distrubution. The mean WTP of donation and entrance fee was ￦5,281 and ￦783, respectively. The economic value of this park was determined by aggregating the mean value, giving a total WTP for the population of ￦36,861,645,000. This economic value was composed with the use value and existence value. The calibrationi of the Weibull proportional hazard model showed that nearness to the park, age, intention to isit the park, and educational attainment were significant independent variable to influence an amount of donation.