• 패션비즈니스
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• 제20권1호
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• pp.17-34
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• 2016

This research is a construct to understand CSR and pro-social consumption behavior of fashion consumers which classifies CSR efforts of fashion company and conducts positive analysis of the relationship between such characteristics and social relationship behaviors(sharing of values, consciousness of kind, consciousness of future expectation) and pro-social consumption behavior. For this path analysis was conducted utilizing a sample of 430 consumers who have experience of CSR efforts of fashion brands. The result is as follows. First, as a result of the path relationship among CSR efforts & sharing of values of fashion brands, consciousness of kind and consciousness of future expectation, economic efforts, relational efforts and cyclical efforts meaningfully affected sharing of values, whereas creative efforts did not. Also, relational and creative efforts meaningfully affected consciousness of kind, whereas economic and cyclical efforts did not. Furthermore, economic, relational and cyclical efforts meaningfully affected consciousness of future expectation, when creative efforts failed. Second, as a result of the analysis of path relationship among sharing of values, consciousness of kind, consciousness of future expectation and pro-social consumption behavior of social relationships, sharing of values had a meaningful impact on consciousness of kind, consciousness of future expectation and pro-social consumption behavior. And finally consciousness of kind and future expectation showed meaningful influence on pro-social consumption behavior.

• 기술혁신연구
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• 제16권2호
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• pp.147-165
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• 2008

The researches on cyclical patterns of R&D investment has a long history in developed economies since the Schumpeterian hypothesis that long-term productivity-enhancing innovative activities increase during recession. But in Korea the cyclical patterns of R&D investment is one of the unexplored academic areas. Unlike theoretical explanation of R&D's cyclical pattern, empirical results has shown that R&D investment is procyclical to business cycles in developed countries. This paper investigates whether Korean R&D investment show procyclical or countercyclical pattern to business cycles. The empirical results show that Korean R&D investment in private area is procyclical to business cycles with statistical significance, which confirms the credit-constraint theory's prediction, while public area's is not sensitive to them. Public R&D investment has long-term investment characteristics and can be utilized to stabilize procyclically-fluctuating private R&D investment.

• KDI Journal of Economic Policy
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• 제24권1호
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• pp.3-44
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• 2002

This study attempts to explain why traditionally pro-cyclical trade balance became counter-cyclical since early 1990's in Korea. Structural VAR analysis for two sub-periods reveals two interesting changes in the role of the supply shock. First, impulse response analysis shows that the conditional correlation between the supply shock and trade balance turned from positive to negative over the two sub-periods. Second, the relative importance of the supply shock increased over the sub-periods. These two factors together explain the change in the cyclical properties of trade balance over time. Underlying cause behind these changes is likely to be the trade and financial market liberalization since late 1980's.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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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.

• 한국의상디자인학회지
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• 제24권3호
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• pp.169-184
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• 2022

This study aims to discuss sustainable fashion trends and sustainable design directions that fashion companies are practicing with ESG in the post-corona new normal era. As a research method, this study examined sustainable fashion trends and ESG practices through empirical case studies focusing on each fashion brand's website, including previous research and literature research, using materials such as newspapers and magazines. As for ESG practice plans, they were divided into four categories: technology orientation, design orientation, consumption orientation, and social value pursuit orientation. The sustainable fashion trends were also divided into four categories. First, the trend exhibits cyclical sustainability using pro-environmental materials, such as pro-environmental fibers, recycled fibers, biodegradable fibers. Second, high sensitivity and rare value sustainability were shown using reuse and upcycling. Third, consumption-oriented trends were promoted through slow fashion. Fourth, in order to realize eco-friendly sustainable fashion and ESG as practical ways to pursue social values, there is a trend of integrating sustainability through changes in perception considering people, society, and the environment. Beyond spreading concern about value consumption trends and the environment, it presents a direction for future industries concerning core values with social roles, responsibility, and ethical awareness from various perspectives.

• East Asian Economic Review
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• 제22권4호
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• pp.531-555
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• 2018

This article aims to review the monetary policy rule under inflation targeting framework focusing on Mongolia. The empirical analysis estimates the policy reaction function to see if the inflation targeting has been linked with a monetary policy rule emphasizing on inflation stabilization since its adoption in 2007. The study contributes to the literature by examining the linkage between Mongolian monetary policy rule and inflation targeting directly and thoroughly for the first time and also by taking into account a recent progress in the inflation targeting framework toward forward-looking mode. The main findings were: the Mongolian current monetary policy rule under inflation targeting is characterized as inflation-responsive rule with forward-looking manner (one quarter ahead); the inflation responsiveness is, however, weak enough to be pro-cyclical to inflation pressure; and the rule is also responsive to exchange rate due to the "fear of floating", which weakens the policy reaction to inflation and output gap.

• KDI Journal of Economic Policy
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• 제44권1호
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• pp.77-98
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• 2022

This paper empirically verifies that the types of capital adjustment costs serve as an important mechanism in relation to investment decision-making after confirming that the investment dispersion of Korean firms is pro-cyclical and can affect business cycles. Specifically, it is found through empirical methods using corporate financial data that capital adjustment costs generally assumed to take a quadratic form in macroeconomics are asymmetric and irreversible in the Korean economy. In particular, capital adjustment costs are empirically proven to cause investment dispersion to expand given that the substitution effect of the marginal value to the marginal cost for one unit of investment in the inter-temporal investment decision is affected by that cost with regard to the resale of owned equipment assets, as opposed to new investments in equipment assets. We ultimately show, albeit indirectly, that investment dispersion can affect business cycles as capital adjustment costs influences investment decisions. What is implied is that the capital adjustment cost is not merely an exogenously deep parameter that fits the dynamics of business cycles in a macroeconomic model but could instead be a policy variable that can be endogenized through government policies.

• 기업가정신과 벤처연구
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• 제19권3호
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• pp.1-16
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• 2016

한국 정부는 효과적인 경기대응 수단으로 공적보증을 이용해 왔다. 그러나 공적보증과 같은 중소기업에 대한 정책금융의 효과성에 대해서는 아직 논란이 해소되지 않았다. 비판적인 견지에서 보면 정책금융이 오히려 중소기업의 정부에 대한 의존도만 증가시켜 기업 스스로의 경쟁과 혁신을 방해하고 한계기업의 퇴출을 지연시킨다는 논리이다. 따라서 이 논문은 공적보증시스템의 운영은 어떻게 자리 잡아야 하며, 동시에 시장기반 중소기업 금융시스템과 어떻게 공존해 나가야 하는지에 대해 구체적 의견을 제시하고 있다. 첫째, 공적보증은 민간금융시장의 경기 순응적 행태가 초래하는 시장실패를 보완하기 위한 경기대응수단으로 이용되어야 하며, 정부, 국회, 납세자를 포함하는 이해관계자들과 이에 대한 인식을 공유해야 한다. 공적보증기관의 목적은 이윤추구가 아니라 성장 가능성이 높은 중소기업을 선별하여 지원하는 공공성의 확보에 있음을 명확히 할 필요가 있다. 둘째, 공적보증은 자금을 필요로 하는 중소기업에게 직접적으로 유동성을 공급해 줌으로써 단기간에 경기를 회복시킬 수 있는 대증적 처방이라는 점에서 한국은행의 이자율정책의 효과가 낮을 때 사용할 수 있는 중요한 정책대안이다. 특히 공적보증은 자본금에 근거한 운용배수 범위 내에서 공급이 이루어지므로 정부재정 정책 시 우려되는 재정적자의 위험으로부터 상대적으로 자유롭다는 장점을 지닌다. 셋째, 공적보증의 존재는 창업기업, 성장기업, 생산성 향상, 수출향상, 장기시설투자, 고용창출 사업, 그리고 혁신기업 지원과 같이 민간은행으로부터 기대하기 어려운 서비스의 제공에서 찾아야 한다.

• The Journal of Asian Finance, Economics and Business
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• 제7권3호
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• pp.127-135
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• 2020

The paper aims to examine whether business cycles affect the link between financial development and bank risk, measured by Zscore and non-performing loans to total loans in six Southeast Asian countries, namely Indonesia, Philippines, Malaysia, Singapore, Thailand and Vietnam. This study uses a sample of 95 listed commercial banks over a 15-year period between 2004 and 2018 in the six Southeast Asian countries. This study employs panel OLS regression and modifications to tackle issues such as endogeneity and heteroscedasticity. The results show that the impact of stock market development (the ratio of the market capitalization to GDP) on Zscore is significantly positive, whereas its effect on non-performing loans is significantly negative. The findings suggest that financial development, in terms of stock market capitalization, improves banks' Zscores and reduces their level of non-performing loans, suggesting that financial development on average reduces bank risk. The impact of business cycle is insignificant towards bank risk, thus rejecting both counter- and pro-cyclical hypotheses, except for the case of risk indicator of loan loss provisions. Examining the joint effect of the business cycle and financial development on bank risk, we find that the phase of business cycles generally does not moderate the link between financial development and bank risk.

• KDI Journal of Economic Policy
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• 제23권1_2호
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• pp.71-147
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• 2001

The structural balance is obtained by neutralizing the impact of economic cycles on the actual balance. It is often used as an indicator of the long-term stability of government finance and as a measure of fiscal stance. Many countries nowadays produce and report the estimates of their structural balances regularly, and the IMF recently advised the Korean government to adopt this practice for better fiscal transparency. This paper surveys the methodologies employed by the OECD secretariat and the IMF to estimate structural balances and apply them to the Korean data. It then computes the fiscal impulse indicator (FI) and suggests a decomposition of FI into the changes in structural expenditures and revenues. In addition, primary and operational balances are estimated. The estimated series of structural balances, one by the OECD methodology and the other by the IMF, show no sizable difference from each other. These series also follow the actual series of budget balance quite closely. The latter characteristic stems from two factors, namely the rather small GDP gap and the rather small size of the tax revenue as a share of GDP. The impulse indicator estimated for the last three decades indicates that the fiscal stance in Korea contributed to smoothing the economic cycles in about half of the times. In particular, the fiscal tightening in the early 1980s to reduce inflation resulted in a pro-cyclical movement in fiscal stance as did the expansionary policy in the early 1990s. The overall performance, however, is not bad when compared with those of other countries.