• KDI Journal of Economic Policy
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• v.45 no.4
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• pp.23-56
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• 2023

To investigate the causes of Korea's growth slowdown over the past thirty years, we estimate the contributions of major developmental factors, including i) demographic factors (changes in population growth and workforce age due to the demographic transition), ii) quality-of-life-related choice factors (changes in working hours, education, and the female employment rate), iii) structural change, and iv) the effects of productivity catch-up. Our estimates show that these four groups of factors account for approximately 90 percent of the growth slowdown, with demographic factors contributing approximately 30 percent and the other three groups of factors each contributing about 20 percent. We also show that the same factors explain most of Korea's high growth in the 1980s. These results suggest that Korea's growth slowdown is basically a consequence of its successful economic development and that the high growth and subsequent slowdown can be regarded as a single process. In addition, given that the factors examined here exhibit similar patterns of change in the course of economic development of most countries, we think that our estimation results of the relationship between economic development and changes in economic growth trends could have more general implications that go beyond Korea's experience.

• Journal of Korea Trade
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• v.23 no.8
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• pp.1-26
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• 2019

Purpose - This paper investigates the recent trade collapse, recovery, and prolonged slowdown to shed light on the discussions about whether the current slowdown is structural or cyclical. I examine structural, cyclical, and heterogeneous aspects of the recent trade trends using detailed statistics of a small open economy, South Korea, whose economic success and growth have been heavily dependent on exports. Design/methodology - I use both aggregated and disaggregated trade statistics of South Korea. I apply the following methodologies: 1) I decompose the trade growth into the extensive and the intensive margin and observe the effect of prices over time. 2) I estimate the trade-income elasticities focusing on the world's import demand, separately for goods from the world and from Korea. 3) I compare the drop in goods exports in slowdown and trade collapse, which are the two unusual periods in the recent history when world trade has substantially dropped altogether. Findings - I show that while the last drop of trade after 2015 has cyclical aspects, there is evidence that the continued slowdown from 2012 is structural: 1) the so-called 'China factor' is found in the analysis of trade-income elasticity of the world and China for imports from Korea. 2) The bilateral trade barriers between Korea and its principal trading partners are universally tightening. 3) Firm sizes, destination countries, and the mode of transactions affect disaggregated trade flows during the slowdown periods. Originality/value - This paper contributes to the debate regarding whether the current trade slowdown is structural or cyclical. I provide two concrete evidence that the export drop in 2015 stems from low oil prices: one is the divergence of Korean export value index from its export quantity index, which started in late 2014 when oil prices plunged. I also contribute to the literature by providing evidence that Korea's trade barriers with important trading partners are steadily increasing since 2012 as the protectionist measures toward Korea's export products are steeply increasing after the global financial crisis.

• International Commerce and Information Review
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• v.16 no.5
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• pp.225-248
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• 2014

Korea and China signed an FTA at November 10, 2014. The entry of China - the factory of the World - can be more active and easier. But Recently, China's economic growth is slowdown, and it began to emerge as a voice of concern. Therefore I analyze Chnia's economic slowdown is the impact on Korea's economy in this study. This study presented current trends and future prospects on China's economic situation. The changes of China's economic growth are the reduction of economic growth rate, falling proportion of processing trade, and the competition relationship of two countries. So they will be analyzed on this study. And this study presents ways that Korea economy reacts for China's economic growth slowdown. Trade statistics system of Korea International trade Association(KITA) is leveraged for this analysis. For competition relationship analysis, I analyze to use Contribution to the Trade Balance, Trade Specialization Index, Revealed Comparative Advantage of Country.

• Journal of KIISE:Computer Systems and Theory
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• v.35 no.6
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• pp.273-283
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• 2008

Many embedded real-time systems have adopted processors supported with dynamic voltage scaling(DVS) recently. Power is one of the important metrics for optimization in the design and operation of embedded real-time systems. We can save considerable energy by using slowdown of processor supported with DVS. In this paper, we propose heuristic algorithms to calculate task slowdown factors for an efficient energy consumption in embedded real-time systems with task synchronization. The previous algorithm has a following constraint : given the tasks are ordered in a nondecreasing order of their relative deadline, the task slowdown factors computed are in a nonincreasing order. In this paper, we relax the constraint and propose heuristic algorithms which have the same time complexity that previous algorithm has and can save more energy. Experimental results show that the proposed algorithms are energy efficient.

• Economic Analysis
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• v.27 no.2
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• pp.1-40
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• 2021

Using an unobserved components model that features trend growth as a random walk, we find that GDP trend growth rates had gradually declined from the late 1980s to early 2010s in Korea. To uncover the underlying features of the slowdown, we use trend growth accounting. A major feature appears to be a significant decline in the growth rate of labor productivity. To be specific, the first gradual decline in trend growth, which started in 1988 and continued to 1998, is associated with a drop in TFP measured in labor-augmenting units. This finding is inconsistent with the hypothesis that the slowdown in GDP trend growth can be attributed to the 1997-1998 Korean financial crisis. Sluggish investment growth is behind the second period of the gradual slowdown, from 2002 to 2012.

• Journal of Navigation and Port Research
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• v.33 no.10
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• pp.665-669
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• 2009

When maneuvering a ship in a narrow channel or under bridge, the ship operator may take actions of slowdown engine and altering course in order to avoid possible navigational dangers, which may reduce difficulties on navigation or collsion avoidance against other ship and/or bridge. In this paper, taking notice of the stress caused by these actions of slowdown engine and altering course, survey is carried out for whether it is possible to quantify the stress by time delay as an index. Based on the ship handling simulator experiment, it is verified that difficulty of navigation changes is highly correlated with the time delay, which result from compensation actions of slowdown engine and altering course.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.2
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• pp.55-62
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• 2019

China has become the second largest economy since 2010. China's economy is supported by the rapid growth of its automobile industry. The rapid growth of the automobile and tire industry will increase the natural rubber (NR) demand as its primary raw materials. Although as a significant producer, China cannot fulfill the consumption by its domestic production. Thus China relies heavily on import from Southeast Asia countries as the primary producers of natural rubber in the world. China and Southeast Asia are dependent on their economy in terms of the availability of natural rubber as raw materials. But the economic slowdown in China since 2008 is expected to affect the international trading between China and Southeast Asia countries. This research aims to analyze the determinants of NR export from Southeast Asia to China using panel data analysis. The results show NR price, exchange rate, and China's economic slowdown significantly affect NR export to China, while Southeast Asian NR production has no significant effect. China as the main importer of NR from Southeast Asia has a big role in growing NR export in Southeast Asia. If China's economy doesn't improve soon, it will affect the economy in Southeast Asia.

• KDI Journal of Economic Policy
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• v.30 no.1
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• pp.33-70
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• 2008

This paper examines sources of growth of Korea's economy for the period from 1980 to 2005, based on both primal and dual growth accounting methodology employed by Young (1995) and Hsieh (2002). Also, this paper evaluates post-crisis growth performance of Korea, using cross-country comparison of growth accounting results and cross-country regressions. Main results of this paper are as follows. First, the growth slowdown after the crisis has been mainly driven by the slowdown of per worker capital accumulation. By contrast, the estimated TFPG of Korea for the period from 2001 to 2005 seems higher than, or at least roughly comparable to, the estimated TFPG in the pre-crisis period of 1991-1995. In theses respects, there were no substantial differences between the results obtained from primal and dual growth accounting methodology. Second, the cross-country regressions revealthat post-crisis growth slowdown of the Korea's economy can be largely attributed to world growth slowdown (decade effect) and East Asia-specific effects. In particular, it was found that the noticeable decelerationin per worker capital accumulation can be mostly attributed to some unknown factors which commonly affected East Asian countries. Viewed from an international perspective, the lowered post-crisis per worker GDP growth rate, as well as per-worker capital growth, which triggered concerns and debates in varying contexts, still seems respectable. So, the slowdown in capital accumulation is likely to be mainly a story of spectacularly high rate of capital accumulation in the pre-crisis period, not a story of 'weak' investment after the crisis.

• Journal of Labour Economics
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• v.15
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• pp.367-385
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• 1992

• The Journal of Asian Finance, Economics and Business
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• v.3 no.1
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• pp.15-32
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• 2016

Between 2010 and 2012, former Bank of Japan Governor Shirakawa argued, in series of speeches, that Japan's economic performance, when compared to that of other G7 nations, was stronger after 1990 than appreciated by the critics. In May 2012, Nobel prize-winning economist and Princeton University professor Paul Krugman echoed a similar sentiment in a Financial Times interview. This analysis expands on these assertions and asks to what extent they are supported by cross-section data for the G7. As reviewed below, to date, no idiosyncratic explanation has arisen to explain the Japanese slowdown-perhaps this is the correct explanation: the slowdown in Japan, once adjusted for demographics, is less severe than in other G7 countries and, as recently noted by Eichengreen, Park, and Shin (2015), TFP growth in a number of other nations followed similar patterns. Focused on labor productivity, far from a laggard, Japan's performance ranks near the best in the G7.