Pub Date : 2021-01-01DOI: 10.23895/KDIJEP.2021.43.1.29
Dongseok Kim
The purpose of this paper is to measure the impact of the recent Korea-Japan trade dispute on the Korean economy using supply-driven input-output analysis. In July 2019, Japan announced the decision to tighten the export control of three materials which are indispensable in the manufacturing of semiconductors and electronic display panels. Japan's decision directly affects production in Korea's semiconductor and display sectors and is hence not a demand shock. For this reason, a standard demand-driven input-output analysis is not valid despite the fact that it can still be applied. The impact of Japan's decision on Korea's aggregate and individual sectors' gross output, GDP and employment were computed using both methods.
{"title":"Measuring the Impact of a Trade Dispute with a Supply-side Shock Using a Supply-driven Input-Output Analysis: Korea-Japan Dispute Case","authors":"Dongseok Kim","doi":"10.23895/KDIJEP.2021.43.1.29","DOIUrl":"https://doi.org/10.23895/KDIJEP.2021.43.1.29","url":null,"abstract":"The purpose of this paper is to measure the impact of the recent Korea-Japan trade dispute on the Korean economy using supply-driven input-output analysis. In July 2019, Japan announced the decision to tighten the export control of three materials which are indispensable in the manufacturing of semiconductors and electronic display panels. Japan's decision directly affects production in Korea's semiconductor and display sectors and is hence not a demand shock. For this reason, a standard demand-driven input-output analysis is not valid despite the fact that it can still be applied. The impact of Japan's decision on Korea's aggregate and individual sectors' gross output, GDP and employment were computed using both methods.","PeriodicalId":32627,"journal":{"name":"KDI Journal of Economic Policy","volume":"43 1","pages":"29-52"},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68936254","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-01-01DOI: 10.23895/KDIJEP.2021.43.1.1
C. Hahn
In this paper, we empirically examine how export pioneers emerge and how they are related to product creators/innovators, utilizing a rich plant-product level dataset from the Korean manufacturing sector for the period of 1990-1998. Our analysis covers the process from the appearance of product creators as well as product imitators to the emergence of export pioneers. We find, first, that product imitators are larger, more productive and older than product creators. Second, most export pioneers are nevertheless found to be product creators. This result is largely due to the fact that almost all export pioneers export the products in the same year as product creation. Third, there are similarities as well as differences between product creators and export pioneers. Plants that are more productive or larger are more likely to become product creators as well as export pioneers. However, previous exporting experience positively affects the probability of export pioneering only, while plants’ engagement in R&D positively affects the probability of product creation only. We discuss possible explanations for our main empirical results as well as their policy implications.
{"title":"How do Export Pioneers Emerge and How are They Related to Product Creators","authors":"C. Hahn","doi":"10.23895/KDIJEP.2021.43.1.1","DOIUrl":"https://doi.org/10.23895/KDIJEP.2021.43.1.1","url":null,"abstract":"In this paper, we empirically examine how export pioneers emerge and how they are related to product creators/innovators, utilizing a rich plant-product level dataset from the Korean manufacturing sector for the period of 1990-1998. Our analysis covers the process from the appearance of product creators as well as product imitators to the emergence of export pioneers. We find, first, that product imitators are larger, more productive and older than product creators. Second, most export pioneers are nevertheless found to be product creators. This result is largely due to the fact that almost all export pioneers export the products in the same year as product creation. Third, there are similarities as well as differences between product creators and export pioneers. Plants that are more productive or larger are more likely to become product creators as well as export pioneers. However, previous exporting experience positively affects the probability of export pioneering only, while plants’ engagement in R&D positively affects the probability of product creation only. We discuss possible explanations for our main empirical results as well as their policy implications.","PeriodicalId":32627,"journal":{"name":"KDI Journal of Economic Policy","volume":"43 1","pages":"1-27"},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68936203","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-01-01DOI: 10.23895/KDIJEP.2020.42.3.1
Sang Yoon
This paper studies urban growth in Korean cities. First, I document that population growth patterns change over time and that the current population distribution supports random urban growth. I confirm two empirical laws—Zipf’s law and Gibrat’s law—both of which hold in the period of 1995-2015, but do not hold in the earlier period of 1975-1995. Second, I find a systematic employment growth pattern of Korean cities in spite of the random population growth. I examine market access effects on employment growth. Market access, a geographical advantage, has a significant influence on urban employment growth. The market access effect is higher in the Seoul metropolitan area than in the rest of the country. This effect is stronger on employment growth in the manufacturing industry compared to employment growth in the service industry. These results are robust with various checks (e.g., different definitions of urban areas). The results here suggest that policymakers should consider geographical characteristics when they make policy decisions with respect to regional development.
{"title":"Market Access Approach to Urban Growth","authors":"Sang Yoon","doi":"10.23895/KDIJEP.2020.42.3.1","DOIUrl":"https://doi.org/10.23895/KDIJEP.2020.42.3.1","url":null,"abstract":"This paper studies urban growth in Korean cities. First, I document that population growth patterns change over time and that the current population distribution supports random urban growth. I confirm two empirical laws—Zipf’s law and Gibrat’s law—both of which hold in the period of 1995-2015, but do not hold in the earlier period of 1975-1995. Second, I find a systematic employment growth pattern of Korean cities in spite of the random population growth. I examine market access effects on employment growth. Market access, a geographical advantage, has a significant influence on urban employment growth. The market access effect is higher in the Seoul metropolitan area than in the rest of the country. This effect is stronger on employment growth in the manufacturing industry compared to employment growth in the service industry. These results are robust with various checks (e.g., different definitions of urban areas). The results here suggest that policymakers should consider geographical characteristics when they make policy decisions with respect to regional development.","PeriodicalId":32627,"journal":{"name":"KDI Journal of Economic Policy","volume":"42 1","pages":"1-32"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68936070","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-08-31DOI: 10.23895/KDIJEP.2019.41.3.39
Lee Jongyearn
An emphasis on public-private partnership (PPP) in the regulatory policy process can overcome the challenges hindering regulatory effectiveness with the emergence of fast developing technologies and new industries. This study attempts to evaluate quantitatively different aspects of institutional settings of South Korean regulatory policy in terms of stakeholder engagement as PPP, using evidence-based data released by the OECD. From the results of the principal component analysis, South Korea can be evaluated as being at a very good level overall in its institutional establishment. Nevertheless, the fact that the outcome of regulatory reforms in South Korea is still insufficient compared with this well-established system suggests that the country should concentrate on improving system operation. Consequently, this study makes policy suggestions to improve regulatory effectiveness through PPP by supplementing the facets that are well-equipped but not feasible with respect to regulatory policy cycle, regulatory governance, regulatory method, and conflict resolution.
{"title":"Easier Set Than Done: Stakeholder Engagement as Public-Private Partnership in Regulatory Policy of South Korea","authors":"Lee Jongyearn","doi":"10.23895/KDIJEP.2019.41.3.39","DOIUrl":"https://doi.org/10.23895/KDIJEP.2019.41.3.39","url":null,"abstract":"An emphasis on public-private partnership (PPP) in the regulatory policy process can overcome the challenges hindering regulatory effectiveness with the emergence of fast developing technologies and new industries. This study attempts to evaluate quantitatively different aspects of institutional settings of South Korean regulatory policy in terms of stakeholder engagement as PPP, using evidence-based data released by the OECD. From the results of the principal component analysis, South Korea can be evaluated as being at a very good level overall in its institutional establishment. Nevertheless, the fact that the outcome of regulatory reforms in South Korea is still insufficient compared with this well-established system suggests that the country should concentrate on improving system operation. Consequently, this study makes policy suggestions to improve regulatory effectiveness through PPP by supplementing the facets that are well-equipped but not feasible with respect to regulatory policy cycle, regulatory governance, regulatory method, and conflict resolution.","PeriodicalId":32627,"journal":{"name":"KDI Journal of Economic Policy","volume":"41 1","pages":"39-75"},"PeriodicalIF":0.0,"publicationDate":"2019-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45554356","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-05-01DOI: 10.23895/kdijep.2017.39.2.1
유정호
{"title":"Korea’s Rapid Export Expansion in the 1960s: How It Began","authors":"유정호","doi":"10.23895/kdijep.2017.39.2.1","DOIUrl":"https://doi.org/10.23895/kdijep.2017.39.2.1","url":null,"abstract":"","PeriodicalId":32627,"journal":{"name":"KDI Journal of Economic Policy","volume":"39 1","pages":"1-23"},"PeriodicalIF":0.0,"publicationDate":"2017-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46517707","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-05-01DOI: 10.23895/KDIJEP.2017.39.2.75
송준혁
{"title":"Revisiting Social Discount Rates for Public Investment","authors":"송준혁","doi":"10.23895/KDIJEP.2017.39.2.75","DOIUrl":"https://doi.org/10.23895/KDIJEP.2017.39.2.75","url":null,"abstract":"","PeriodicalId":32627,"journal":{"name":"KDI Journal of Economic Policy","volume":"39 1","pages":"75-98"},"PeriodicalIF":0.0,"publicationDate":"2017-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46021565","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-02-01DOI: 10.23895/kdijep.2017.39.1.41
이호준
{"title":"The Public-Private Partnerships and the Fiscal Soundness of Local Governments in Korea","authors":"이호준","doi":"10.23895/kdijep.2017.39.1.41","DOIUrl":"https://doi.org/10.23895/kdijep.2017.39.1.41","url":null,"abstract":"","PeriodicalId":32627,"journal":{"name":"KDI Journal of Economic Policy","volume":"39 1","pages":"41-82"},"PeriodicalIF":0.0,"publicationDate":"2017-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68935979","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-12-30DOI: 10.23895/KDIJEP.2016.38.4.1
Woojin Kim, D. Yang
This paper documents how the net profit margin of private firms improves when the CEOs of the companies relocate their primary residence to be closer to the corporate headquarters. By reviewing 127 Korean non-public companies belonging to 66 private business groups, we find that the top managers move closer to the headquarters when the profitability of the firms has recently deteriorated. A one basis point decline in the margin causes CEOs to relocate their homes approximately two kilometers closer to their corporate headquarters. The profit margin rebounds after their relocation. This finding implies that physical proximity can serve as a proxy for personal commitment.
{"title":"CEO to the Rescue: Residential Proximity of Private Firm CEOs and the Evolution of Corporate Profitability","authors":"Woojin Kim, D. Yang","doi":"10.23895/KDIJEP.2016.38.4.1","DOIUrl":"https://doi.org/10.23895/KDIJEP.2016.38.4.1","url":null,"abstract":"This paper documents how the net profit margin of private firms improves when the CEOs of the companies relocate their primary residence to be closer to the corporate headquarters. By reviewing 127 Korean non-public companies belonging to 66 private business groups, we find that the top managers move closer to the headquarters when the profitability of the firms has recently deteriorated. A one basis point decline in the margin causes CEOs to relocate their homes approximately two kilometers closer to their corporate headquarters. The profit margin rebounds after their relocation. This finding implies that physical proximity can serve as a proxy for personal commitment.","PeriodicalId":32627,"journal":{"name":"KDI Journal of Economic Policy","volume":"44 1","pages":"1-21"},"PeriodicalIF":0.0,"publicationDate":"2016-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68935923","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-08-01DOI: 10.23895/KDIJEP.2016.38.3.1
박윤수
{"title":"Autonomy, Incentives, and School Performance: Evidence from the 2009 Autonomous Private High School Policy in Korea","authors":"박윤수","doi":"10.23895/KDIJEP.2016.38.3.1","DOIUrl":"https://doi.org/10.23895/KDIJEP.2016.38.3.1","url":null,"abstract":"","PeriodicalId":32627,"journal":{"name":"KDI Journal of Economic Policy","volume":"38 1","pages":"1-15"},"PeriodicalIF":0.0,"publicationDate":"2016-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68936397","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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