• Korean Journal of Agricultural Science
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• v.49 no.3
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• pp.679-690
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• 2022

As the supply and demand of pork has become a significant concern in Korea, controlling it has become a critical challenge for the industry. However, compared to the demand for pork, which has relatively stable consumption, it is not easy to maintain a stable supply. As the preparation of measures for a supply-demand crisis response and supply control in the pig industry has emerged as an important task, it has become necessary to establish a stable supply model and create an appropriate manual. In this study, a pork supply prediction model is constructed using reported data from the pig traceability system. Based on the derived results, a method for determining the supply-demand crisis stage using a statistical approach was proposed. From the results of the analysis, working days, African swine fever, heat wave, and Covid-19 were shown to affect the number of pigs graded in the market. A test of the performance of the model showed that both in-sample error rate and out-sample error rate were between 0.3 - 7.6%, indicating a high level of predictive power. Applying the forecast, the distribution of the confidence interval of the predicted value was established, and the supply crisis stage was identified, evaluating supply-demand conditions.

• 사회경제평론
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• no.38
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• pp.241-259
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• 2012

This paper reviews four different kinds of currency crisis models proposed to explain the Korean crisis of 1997 to examine which model is more relevant to explain the Korean crisis of 2008. According to the author's investigation, the 'Frenkel-Neftci' cycle is more relevant model to interpret the Korean crisis of 2008. In 2008, spreads opened due to, first, high interest rate policy by the Korean government aimed to suppress real estate price increase, and, second, the expectation about exchange rate appreciation, and thirdly stock market returns after recovering the crisis. Then the international capital market catastrophe due to the subprime crises produced the sudden change of expectation of the market participants. Huge capital outflows resulted from the credit crunch in the international capital markets, and the possibility of exchange rate depreciation by the Korean government to promote exports in the course of the global recession.

• Journal of Korea Port Economic Association
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• v.27 no.3
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• pp.161-177
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• 2011

Nowadays, a capital flow and intimacy of financial system among countries have been increasing in global financial environment. So it is easily possible that the risk of some countries which are in financial crisis infects other countries in the world. A recent global financial crisis reminds countries in East Asia of advancing the financial cooperation as well as financial integration. Countries in East Asia agreed with the Chiang Mai Initiative to prevent a recurrence of financial crisis in East Asia. A bilateral swap arrangement of the CMI has several purposes in order to offer foreign currency liquidity against economic crisis, remove the opportunity cost of foreign exchange reserve, push ahead the financial integration, increase the export-import logistics and so on. This paper analyzes the effect of financial cooperation in East Asia on the export-import logistics with random effect estimation and fixed effect estimation. As a result, each of country in East Asia is able to increase almost 10.3% of the export-import logistics on average.

• Journal of Industrial Convergence
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• v.14 no.2
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• pp.33-38
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• 2016

The Korean shipbuilding industry, which started in the 1970s with the advance of three shipbuilding companies, has been ranked as the world's largest and most successful model of the heavy and heavy chemical industry in the world since the 1990s, and has become a driving force for Korea's economic growth for several decades, including job creation and trade surplus. The domestic shipbuilding industry has won a lot of orders in favorable market environment, expanded facilities and manpower, built many ships and delivered them to shipowners, earning a lot of foreign currency and creating a 'successful myth.' However, when the global economic crisis broke out in 2008, shipbuilding in Chosun was stagnant and shipbuilding orders sharply decreased.As the facility and manpower increased in the boom period, the economy and the facilities become overcrowded as a result of the crisis, signs of a crisis in 2013 begin to appear. In 2015, three major Korean shipbuilders lost more than 6 trillion won in operating losses. Now, Korea's shipbuilding industry is facing a crisis such as massive insolvency and restructuring. Would not it have been possible to prevent the loss and restructuring of a trillion won if we recognized the recession of the global economy and understood the appropriate timing of technological innovation and prepared countermeasures against the crisis? Therefore, we analyze trends and trends of global shipbuilding industry such as Europe, China, and Japan in the competition structure of the shipbuilding industry and identify the problems of our shipbuilding industry and suggest suggestions.

• Asia Marketing Journal
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• v.14 no.3
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• pp.7-26
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• 2012

The success story of E-mart fascinated many academics and practitioners alike. Though E-mart began as a nameless discount store in Chang-dong, Seoul in 1993, it has transformed itself into a leading distribution company and one of the most powerful brands in Korea. Surprisingly, it achieved the great success against the two crises it met: the national economic crisis and the invasion of the global giant Walmart. The main objective of this case study is to formally examine how E-mart overcame the two crises. More specifically, this case study highlights the ways with which E-mart turned those difficulties into opportunities for growth. In our examination of the E-mart case, we could clearly see E-mart's competence and spirit that allowed it to turn crises into advantageous opportunities. E-mart attracted the customers who wanted value-oriented consumption by its positioning as the "Lowest price discount store", when consumer sentiment was frozen under the economic crisis. Furthermore, when a large-scale foreign discount store like Walmart entered the Korea market, E-mart built its core competencies as the 'Korean style discount store'. These ingenious positioning and efforts resulted in E-mart taking over their archrival, Walmart, and forced the global Goliath to exit the Korean market. The case of E-mart's effective crisis management teaches many important lessons and a few core lessons that apply to many companies. One such lesson is the importance of positioning which enabled E-mart to turn crises into opportunities. Granted, the strategy of positioning as the 'Korean style discount store', or 'Lowest price discount store' was possible due to overall support with cost reduction, development and management of their own system, an apprentice educate system, etc. based on an excellent selection of location of the store and efficient distribution systems. Still, the positioning strategy of E-mart was truly ground breaking in distancing itself from its competitors. The lessons from E-mart will help those companies currently in a stagnant situation or a crisis to turn their obstacles into great success.

• Journal of Korean Society for Quality Management
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• v.52 no.2
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• pp.287-301
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• 2024

Purpose: This paper aims to verify the difference in production resilience between local clusters and regions without clusters before and after a major crisis. Furthermore, this paper aims to identify the clusters' quality factors that impact clusters' shock vulnerability and resilience. Methods: Utilizing open-source data from the US Cluster Mapping platform, this paper compares regions with industrial clusters to those without using the Differences-in-Differences (DID) estimator. It considers the regions with industrial clusters as a treatment group and others as the control group, comparing the period before and after the pandemic. Additionally, the paper examines which cluster factors make a difference in economic resilience during the crisis using Regression Discontinuity Design (RDD). Results: The study finds that regions with industrial clusters show higher production resilience compared to regions without clusters. Moreover, the number of establishments, annual payrolls, and employment can have a positive impact on resilience during the pandemic shock. Conclusion: Though clusters could be vulnerable during the global crisis, industrial clusters can contribute to regional economic development and production resilience in the long-term aspect. Thus, it is required to construct a high-quality local cluster and support it during the economic crisis in the long-term aspect.

• Korea journal of population studies
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• v.29 no.3
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• pp.111-137
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• 2006

The purpose of this study is to analyze how to change the fertility behavior at each parity after/before the economic crisis, and to find its significant determinants. The study assumes that because the socioeconomic changes have significant effects on the individual's fertility behavior, the individual's fertility behaviors and the determinants affecting fertility at each parity may change with economic crisis. Such assumption has been proven in this study. After the economic crisis, Korean fertility behavior at each parity has changed. The proportion of women having no child has increased. However, women who want to have a second child or a third one are more likely to do so within shorter period after marriage. The rectangularization of fertility has appeared after the economic crisis, because women married at later ages tends to finish their child bearing within the short period, especially before age 35. Based on the multiple variable analysis, the determinants affecting the fertility behavior have changed after the economic crisis. Interestingly, the men's safety job have the positive effects on the first childbearing while the women's safety careers have the negative effects on it, after the economic crisis. Before the economic crisis, both do not have significant effects on the first childbearing. This findings point out the limitation of women career favor policy, which purpose to raise the fertility rates by making good environments for women having children to work comfortably without the anxiety of child care.

• East Asian Economic Review
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• v.26 no.2
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• pp.171-176
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• 2022

• East Asian Economic Review
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• v.23 no.4
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• pp.353-379
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• 2019

This paper aims to determine factors causing the stagnation of Korean firms' fixed investment after the global financial crisis, using panel data for the period of 1999-2016. Fixed investment remained sensitive to cash flow and Tobin's q although their effects decreased after the global financial crisis. A decreasing trend of cash flow and an increase in Tobin's q since the early 2000's imply that the worsening cash flow was a major factor behind the sluggish investment after the crisis. Meanwhile, debt-equity ratio remained significant for non-chaebol affiliated firms, reflecting disparity in access to external financing. Volatility of stock returns also became insignificant after the crisis, casting doubt on the argument that uncertainty was a major factor contributing to the decline of fixed investment. Analysis of financial investment confirmed the significant effect of cash flow, larger than that on financial investment than on fixed investment. In particular, debt repayment and other financial investment, except share repurchase, were sensitive to cash flow. However, the substitution of fixed investment by financial investment is a consequence, rather than a cause of declining fixed investment.

• East Asian Economic Review
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• v.21 no.4
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• pp.317-342
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• 2017

The US dollar has kept as a position of key currency in the global economy in the changing international monetary system where the euro was introduced to some states of the EU in 1999. It is an evidence of inertia of the US dollar as a key currency. Our previous study (Ogawa and Muto, 2017b) conducted empirical analysis to investigate effects of several events on inertia of the US dollar. One of our findings was that the introduction of the euro increased utility of euro while utility of US dollar was kept unchanged. This paper examines the effects of the global financial crisis and the euro zone crisis as well as the introduction of the euro on the utility of the Japanese yen. The introduction of the euro significantly decreased the utility of the Japanese yen. It indicates that the introduction of the euro increased the utility of the euro while reducing the utility of the Japanese yen rather than the utility of the US dollar. The utility of the Japanese yen has significantly decreased while the global financial crisis and the euro zone crisis occurred. The Japanese yen has a declining trend in terms of its utility over time in the changing international monetary system.