Pub Date : 2021-08-01DOI: 10.23895/KDIJEP.2021.43.3.1
Meeroo Kim, Y. Oh
With CB data in South Korea, this study examines whether the credit risk of borrowers changes when the regulation on bank mortgage supply is relaxed. We analyze the effect of deregulation on LTV and DTI limits in the Seoul-metropolitan area in August 2014 with a difference-in-difference approach. We find that the probability of delinquency is lower in the Seoul metropolitan area after the deregulation than in other urban areas. The effect is noticeable among low-income and low-credit borrowers. We also find that borrowers change their debt structure to reduce the interest costs utilizing their improved access to bank mortgages. The findings suggest the necessity to consider the burden of the high interest costs of unsecured loans for debtors with low incomes and low credit ratings in designing housing finance regulations.
{"title":"Effects of Easing LTV·DTI Regulations on the Debt Structure and Credit Risk of Borrowers","authors":"Meeroo Kim, Y. Oh","doi":"10.23895/KDIJEP.2021.43.3.1","DOIUrl":"https://doi.org/10.23895/KDIJEP.2021.43.3.1","url":null,"abstract":"With CB data in South Korea, this study examines whether the credit risk of borrowers changes when the regulation on bank mortgage supply is relaxed. We analyze the effect of deregulation on LTV and DTI limits in the Seoul-metropolitan area in August 2014 with a difference-in-difference approach. We find that the probability of delinquency is lower in the Seoul metropolitan area after the deregulation than in other urban areas. The effect is noticeable among low-income and low-credit borrowers. We also find that borrowers change their debt structure to reduce the interest costs utilizing their improved access to bank mortgages. The findings suggest the necessity to consider the burden of the high interest costs of unsecured loans for debtors with low incomes and low credit ratings in designing housing finance regulations.","PeriodicalId":345921,"journal":{"name":"KDI: Journal of Economic Policy (Topic)","volume":"72 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125906340","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 : 2020-11-30DOI: 10.23895/KDIJEP.2020.42.4.91
Jongyearn Lee
As a project appraisal tool, the preliminary feasibility study (PFS) has contributed to enhancing the efficiency of public investment decisionmaking in the Republic of Korea over the last two decades. To overcome the limitations of the efficiency-oriented cost-benefit analysis, the PFS accommodates equity concerns among regions, namely balanced regional development (BRD) analysis. This study attempts to gauge the contributions of BRD analysis to PFS results. Specifically, it addresses how effectively policy efforts to promote decision-making have been implemented in the PFS stage while also considering the balance between equity and efficiency in terms of the trade-off between them, the degree to which they influence the results, and whether the consideration of equity is in fact actually reflected in seriously underdeveloped regions as intended. The study finds that the PFS results over the last two decades have been largely in line with the background and policy objectives. Based on the findings of the study, needs for institutional improvement are suggested, including enhancements in the analysis of regional economic ripple effects and taking into account the psychological factors pertaining to the evaluators in the overall judgment.
{"title":"Trick or Treat? Equity Concerns in the Preliminary Feasibility Study of the Republic of Korea","authors":"Jongyearn Lee","doi":"10.23895/KDIJEP.2020.42.4.91","DOIUrl":"https://doi.org/10.23895/KDIJEP.2020.42.4.91","url":null,"abstract":"As a project appraisal tool, the preliminary feasibility study (PFS) has contributed to enhancing the efficiency of public investment decisionmaking in the Republic of Korea over the last two decades. To overcome the limitations of the efficiency-oriented cost-benefit analysis, the PFS accommodates equity concerns among regions, namely balanced regional development (BRD) analysis. This study attempts to gauge the contributions of BRD analysis to PFS results. Specifically, it addresses how effectively policy efforts to promote decision-making have been implemented in the PFS stage while also considering the balance between equity and efficiency in terms of the trade-off between them, the degree to which they influence the results, and whether the consideration of equity is in fact actually reflected in seriously underdeveloped regions as intended. The study finds that the PFS results over the last two decades have been largely in line with the background and policy objectives. Based on the findings of the study, needs for institutional improvement are suggested, including enhancements in the analysis of regional economic ripple effects and taking into account the psychological factors pertaining to the evaluators in the overall judgment.","PeriodicalId":345921,"journal":{"name":"KDI: Journal of Economic Policy (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127207125","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 : 2017-08-31DOI: 10.23895/KDIJEP.2017.39.3.63
S. Cho
This paper investigates the sales process of treasury stocks, while most previous research studies treasury stock repurchases. The sales of treasury stocks are an important measure to protect management rights only in Korea, as Korea’s laws and systems allow treasury stock sales according to the board’s resolution and not by the decisions made at the general shareholders’ meetings. The board’s resolution, which considers the owner-manager’s interest on management rights, can cause damages to small shareholders. Considering (i) the economic characteristics of treasury stocks, (ii) other countries’ institutions and experiences, (iii) a theoretical assessment of the possibility of small shareholder losses, and (iv) lessons from Korea’s actual instances, Korea’s present system should be corrected at least in the mid and long term. Even in the short-term, rules pertaining to sales enacted by the board’s resolution inducing small shareholder losses should be overhauled. The autonomous discipline by various stakeholders could be an ideal measure by which to monitor owner manager’s decisions. In addition, temporary intervention measures, such as government examinations, could be implemented to protect small shareholders.
{"title":"Treasury Stock Sales and Management Rights Protection: Conflicts of Interest between an Owner-Manager and Small Shareholders","authors":"S. Cho","doi":"10.23895/KDIJEP.2017.39.3.63","DOIUrl":"https://doi.org/10.23895/KDIJEP.2017.39.3.63","url":null,"abstract":"This paper investigates the sales process of treasury stocks, while most previous research studies treasury stock repurchases. The sales of treasury stocks are an important measure to protect management rights only in Korea, as Korea’s laws and systems allow treasury stock sales according to the board’s resolution and not by the decisions made at the general shareholders’ meetings. The board’s resolution, which considers the owner-manager’s interest on management rights, can cause damages to small shareholders. Considering (i) the economic characteristics of treasury stocks, (ii) other countries’ institutions and experiences, (iii) a theoretical assessment of the possibility of small shareholder losses, and (iv) lessons from Korea’s actual instances, Korea’s present system should be corrected at least in the mid and long term. Even in the short-term, rules pertaining to sales enacted by the board’s resolution inducing small shareholder losses should be overhauled. The autonomous discipline by various stakeholders could be an ideal measure by which to monitor owner manager’s decisions. In addition, temporary intervention measures, such as government examinations, could be implemented to protect small shareholders.","PeriodicalId":345921,"journal":{"name":"KDI: Journal of Economic Policy (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128843578","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 : 2017-05-31DOI: 10.23895/KDIJEP.2017.39.2.25
Kyooho Kwon
This paper employs an Overlapping Generations Model to quantify the impacts of Korea’s demographic transition toward an older population on the total output growth rate. The model incorporates the projected population through 2060 according by Statistics Korea. The effects of the low fertility and increased life expectancy rates are studied. The model is considered suitable for analyzing the effects of demographic changes on the Korean economy. Under the assumption that the TFP growth rate will not slow considerably in the future, remaining at 1.3% per annum, the gross output growth rate of the Korean economy is projected to slow to 1.1% per annum in the 2050s, from 4.0% in the 2000s. The shrinking workforce due to the decline in fertility plays a significant role in the deceleration of the Korean economy. The increased life expectancy rate is expected to mitigate the negative effect, but the magnitude of its effect is found to be limited.
{"title":"Korea's Demographic Transition and Long-Term Growth Projection Based on an Overlapping Generations Model","authors":"Kyooho Kwon","doi":"10.23895/KDIJEP.2017.39.2.25","DOIUrl":"https://doi.org/10.23895/KDIJEP.2017.39.2.25","url":null,"abstract":"This paper employs an Overlapping Generations Model to quantify the impacts of Korea’s demographic transition toward an older population on the total output growth rate. The model incorporates the projected population through 2060 according by Statistics Korea. The effects of the low fertility and increased life expectancy rates are studied. The model is considered suitable for analyzing the effects of demographic changes on the Korean economy. Under the assumption that the TFP growth rate will not slow considerably in the future, remaining at 1.3% per annum, the gross output growth rate of the Korean economy is projected to slow to 1.1% per annum in the 2050s, from 4.0% in the 2000s. The shrinking workforce due to the decline in fertility plays a significant role in the deceleration of the Korean economy. The increased life expectancy rate is expected to mitigate the negative effect, but the magnitude of its effect is found to be limited.","PeriodicalId":345921,"journal":{"name":"KDI: Journal of Economic Policy (Topic)","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114867984","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 : 2016-02-29DOI: 10.23895/KDIJEP.2016.38.1.71
Sung Min Han
This paper examines the effect of the government college loan program in Korea on student academic performance, dropout decisions and loan defaults. While fairness in educational opportunities has been guaranteed to some degree through this program, which started in 2009, there has been a great deal of controversy over its effectiveness. Empirical findings suggest that recipients of general student loan (GSL) lower academic performance than those who received income contingent loan (ICL). Moreover, for students attending private universities, a higher number of loans received increased the probability of a dropout decision, and students from middle-income households had a higher probability of being overdue than students from low-income households. These findings indicate that expanding the ICL program within the allowance of the government budget is necessary. Furthermore, providing opportunities for students to find various jobs and introducing a rating system for defaulters are two necessary tasks.
{"title":"Student Academic Performance, Dropout Decisions and Loan Defaults: Evidence from the Government College Loan Program","authors":"Sung Min Han","doi":"10.23895/KDIJEP.2016.38.1.71","DOIUrl":"https://doi.org/10.23895/KDIJEP.2016.38.1.71","url":null,"abstract":"This paper examines the effect of the government college loan program in Korea on student academic performance, dropout decisions and loan defaults. While fairness in educational opportunities has been guaranteed to some degree through this program, which started in 2009, there has been a great deal of controversy over its effectiveness. Empirical findings suggest that recipients of general student loan (GSL) lower academic performance than those who received income contingent loan (ICL). Moreover, for students attending private universities, a higher number of loans received increased the probability of a dropout decision, and students from middle-income households had a higher probability of being overdue than students from low-income households. These findings indicate that expanding the ICL program within the allowance of the government budget is necessary. Furthermore, providing opportunities for students to find various jobs and introducing a rating system for defaulters are two necessary tasks.","PeriodicalId":345921,"journal":{"name":"KDI: Journal of Economic Policy (Topic)","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128103325","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 : 2016-02-29DOI: 10.23895/KDIJEP.2016.38.1.1
Youngwook Lee
This paper examines the effects of a universal childcare subsidy on childcare decisions and mothers’ employment by using Korea’s policy reform of 2012, which provided a full childcare subsidy to all children aged 0 to 2. I find that the introduction of a universal childcare subsidy increased the use of childcare centers by children aged 0-2, which led to less maternal care compared to that provided to children aged 3-4. However, the expanded subsidy had little effect on mothers’ labor supply. Moreover, the policy effects vary by individual and household characteristics. The effects of the expanded subsidy are mainly found in low-income households and less educated mothers. Highly educated mothers and high-income households are likely to focus more on the quality of childcare service. These results imply that a simple reduction in childcare costs would bring only limited effects on mothers’ time allocation behavior; thus, more attention should be paid to improving the quality of childcare services.
{"title":"Effects of a Universal Childcare Subsidy on Mothers’ Time Allocation","authors":"Youngwook Lee","doi":"10.23895/KDIJEP.2016.38.1.1","DOIUrl":"https://doi.org/10.23895/KDIJEP.2016.38.1.1","url":null,"abstract":"This paper examines the effects of a universal childcare subsidy on childcare decisions and mothers’ employment by using Korea’s policy reform of 2012, which provided a full childcare subsidy to all children aged 0 to 2. I find that the introduction of a universal childcare subsidy increased the use of childcare centers by children aged 0-2, which led to less maternal care compared to that provided to children aged 3-4. However, the expanded subsidy had little effect on mothers’ labor supply. Moreover, the policy effects vary by individual and household characteristics. The effects of the expanded subsidy are mainly found in low-income households and less educated mothers. Highly educated mothers and high-income households are likely to focus more on the quality of childcare service. These results imply that a simple reduction in childcare costs would bring only limited effects on mothers’ time allocation behavior; thus, more attention should be paid to improving the quality of childcare services.","PeriodicalId":345921,"journal":{"name":"KDI: Journal of Economic Policy (Topic)","volume":"117 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130922355","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 : 2013-11-01DOI: 10.23895/kdijep.2013.35.4.63
Young Il Kim
Korean Abstract: 주식시장에서 관찰되는 변동성은 시간에 따라 변하는 특징이 있는데, 변동성의 지속성을 기준으로 지속적인 변동성(long-lived volatility)과 일시적인 변동성(short-lived volatility)으로 구분할 수 있다. 본 연구에서는 한국 주식시장의 변동성을 지속적 요소와 일시적 요소로 분해하였으며, 지속적 변동성에서 관찰되는 주요 특징과 거시경제적 관련성을 분석하였다. 전체 변동성을 지 속적 요소와 일시적 요소로 분해하기 위해 GARCH-MIDAS 모형을 사용하였으며, 지속적 변동성 을 구성하는 정보변수로는 실현된 변동성(realized volatility)을 활용하였다. 1990~2009년의 표본 기간에 대해 모형을 추정한 결과, KOSPI 수익률의 지속적 변동성에는 과거 3~4년까지의 정보가 주요하게 반영되는 것으로 나타났다. 또한 1994~2009년 기간에 있었던 KOSPI 일별 변동성의 변화 중 약 2/3 정도가 지속적 변동성의 변화에 의한 것으로 나타났다. 한편, 주식시장의 변동성에서 관찰되는 장기적인 변화는 그에 상응하는 거시경제여건의 변화와 관련이 있을 수 있는데, 1994~2009년의 기간에 대해 분석한 결과, 주식시장의 지속적 변동성은 경기역행적 특징을 보이는 가운데 물가상승률에 대해서는 유의한 양의 상관관계를 보였다. 또한 거시경제적 불확실성이 상승하는 시기에는 주식시장의 지속적 변동성도 상승하는 경향이 있음을 확인할 수 있었다. 주식시장의 지속적 변동성과 거시경제여건과의 관련성에 대한 이상의 분석 결과는 경제안정화를 위한 거시경제정책이 주식시장의 변동성 완화에도 기여할 수 있음을 시사한다. English Abstract: This study aims to understand the long-run movement of volatility in Korean stock market by decomposing stock volatility into the long-lived and the short-lived components. In addition, I analyze how the low-frequency movement of stock market volatility is related to changes in macroeconomic conditions. The volatility decomposition is made based on the GARCH-MIDAS model, in which the long-lived volatility is constructed based on the combination of realized volatilities (RVs). The results show that the long-lived volatility contains information of up to 3~4 years of past RVs. In addition, the changes in the long-lived volatility can explain about two thirds of volatility changes in the Korean stock market from 1994 to 2009. Meanwhile, the low-frequency movement in the market volatility can be related to changes in macroeconomic conditions. The analysis shows that the stock market volatility appears to be countercyclical while showing a positive correlation with the inflation. In addition, the stock market volatility tends to rise as macroeconomic uncertainty increases. These results imply that macroeconomic policies aiming at economic stabilization could contribute to reduction in the stock market volatility.
Korean Abstract:股市中观察到的变动性有随时间而变化的特征，以变动性的持续性为基准，可分为持续性变动性(long-lived volatility)和暂时性变动性(short-lived volatility)。本研究将韩国股市的变动性分解为持续性因素和暂时性因素，分析了在持续性变动性中观察到的主要特征和宏观经济的关联性。GARCH-MIDAS模型将整个变动性分解为持久性因素和暂时性因素，并使用已实现的变动性(realized volatility)作为持续变动性的信息变量。韩国综合股价指数1990 - 2009年的模型预测显示，韩国综合股价指数收益率的持续变动主要反映了过去3 - 4年的信息。韩国综合股价指数1994年至2009年的日波动率中，约有2/3是由持续波动引起的。另一方面,股市的变动在观察他的长期的变化相适应的宏观经济条件的变化和相关能有,1994年至2009年期间,对分析的结果,股市的持续逆行变动性比赛表现特征的情况下,对于物价上涨率,现有的相关关系。另外，在宏观经济不确定性上升的时期，股市的持续变动性也有上升的倾向。以上对股市的持续性变动性和宏观经济条件的关联性的分析结果暗示，为稳定经济的宏观经济政策有可能对缓和股市变动性做出贡献。英语Abstract: This study aims to understand the long-run movement of volatility in Korean stock market by decomposing stock volatility into the long-lived and the short-lived components。In addition I analyze how the low-frequency movement of stock market volatility is related to changes In macroeconomic conditions。The volatility decomposition is made based on The GARCH-MIDAS model, in which The long-lived volatility is constructed based on The combination of realized volatilities (RVs)。The results show that The long-lived volatility contains information of up to 3~4 years of past RVs。the changes In the long-lived volatility can explain about two thirds of volatility changes In the Korean stock market from 1994 to 2009。the low-frequency movement in the market volatility can be related to changes in macroeconomic conditions。The analysis shows that The stock market volatility appears to be countercyclical while showing a positive correlation with The inflation。In addition the stock market volatility tends to rise as macroeconomic uncertainty increases。These results imply that macroeconomic policies aiming at economic stabilization could contribute to reduction in the stock market volatility。
{"title":"한국 주식시장의 지속적 변동성과 거시경제적 관련성 분석 (The Long-lived Volatility of Korean Stock Market and Its Relation to Macroeconomic Conditions)","authors":"Young Il Kim","doi":"10.23895/kdijep.2013.35.4.63","DOIUrl":"https://doi.org/10.23895/kdijep.2013.35.4.63","url":null,"abstract":"Korean Abstract: 주식시장에서 관찰되는 변동성은 시간에 따라 변하는 특징이 있는데, 변동성의 지속성을 기준으로 지속적인 변동성(long-lived volatility)과 일시적인 변동성(short-lived volatility)으로 구분할 수 있다. 본 연구에서는 한국 주식시장의 변동성을 지속적 요소와 일시적 요소로 분해하였으며, 지속적 변동성에서 관찰되는 주요 특징과 거시경제적 관련성을 분석하였다. 전체 변동성을 지 속적 요소와 일시적 요소로 분해하기 위해 GARCH-MIDAS 모형을 사용하였으며, 지속적 변동성 을 구성하는 정보변수로는 실현된 변동성(realized volatility)을 활용하였다. 1990~2009년의 표본 기간에 대해 모형을 추정한 결과, KOSPI 수익률의 지속적 변동성에는 과거 3~4년까지의 정보가 주요하게 반영되는 것으로 나타났다. 또한 1994~2009년 기간에 있었던 KOSPI 일별 변동성의 변화 중 약 2/3 정도가 지속적 변동성의 변화에 의한 것으로 나타났다. 한편, 주식시장의 변동성에서 관찰되는 장기적인 변화는 그에 상응하는 거시경제여건의 변화와 관련이 있을 수 있는데, 1994~2009년의 기간에 대해 분석한 결과, 주식시장의 지속적 변동성은 경기역행적 특징을 보이는 가운데 물가상승률에 대해서는 유의한 양의 상관관계를 보였다. 또한 거시경제적 불확실성이 상승하는 시기에는 주식시장의 지속적 변동성도 상승하는 경향이 있음을 확인할 수 있었다. 주식시장의 지속적 변동성과 거시경제여건과의 관련성에 대한 이상의 분석 결과는 경제안정화를 위한 거시경제정책이 주식시장의 변동성 완화에도 기여할 수 있음을 시사한다. English Abstract: This study aims to understand the long-run movement of volatility in Korean stock market by decomposing stock volatility into the long-lived and the short-lived components. In addition, I analyze how the low-frequency movement of stock market volatility is related to changes in macroeconomic conditions. The volatility decomposition is made based on the GARCH-MIDAS model, in which the long-lived volatility is constructed based on the combination of realized volatilities (RVs). The results show that the long-lived volatility contains information of up to 3~4 years of past RVs. In addition, the changes in the long-lived volatility can explain about two thirds of volatility changes in the Korean stock market from 1994 to 2009. Meanwhile, the low-frequency movement in the market volatility can be related to changes in macroeconomic conditions. The analysis shows that the stock market volatility appears to be countercyclical while showing a positive correlation with the inflation. In addition, the stock market volatility tends to rise as macroeconomic uncertainty increases. These results imply that macroeconomic policies aiming at economic stabilization could contribute to reduction in the stock market volatility.","PeriodicalId":345921,"journal":{"name":"KDI: Journal of Economic Policy (Topic)","volume":"163 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127412552","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 : 2012-08-01DOI: 10.23895/KDIJEP.2012.34.3.1
Hojun Lee, Hyungtai Kim, Do-Un Jeong
Korean Abstract: 본 연구에서는 혁신도시지역과 그 주변지역의 지가 데이터를 바탕으로 혁신도시사업에 따라 토지가격이 어느 시점부터 어느 정도 변동했는지 살펴보았고, 이를 통해 현행 제도가 개발이익의 배제원칙에 잘 부합하지 않음을 밝히는 한편, 현행 제도를 개발이익의 배제원칙에 보다 부합하도록 개선하기 위한 방안들을 모색하였다.우선 혁신도시지역과 그 주변지역의 지가 데이터를 분석해 보면, 대부분의 혁신도시지역의 지가가 2005년부터 그 주변지역들에 비해 통계적으로 유의하게 상승하기 시작하였음을 알 수 있다. 즉, 이 시기부터 혁신도시사업과 관련한 정보가 지가에 반영되기 시작하였다고 볼 수 있는데, 이와 같이 혁신도시사업 관련 정보가 반영된 지가를 바탕으로 실제 보상액을 산정하면 개발이익의 배제원칙과는 괴리가 생기게 된다. 그러나 토지보상법 제70조에 따른 보상액 산정의 기준지가는 2007년 1월 1일 공시된 공시지가이며, 또한 실제로도 이러한 기준을 적용하여 보상이 진행되었다. 즉, 2005년부터 2006년 말까지 개발 정보가 해당 혁신도시 지가에 반영되었음에도 불구하고 이를 배제하기 위한 제도적 장치 및 노력 없이 보상이 진행되었다.이러한 문제들을 해결하기 위해 본 연구에서는 크게 두 가지 방안을 제안하고 있다. 첫째, 토지보상법 제70조 제5항에서 소급적용할 수 있는 공시지가의 한계를 두지 말고, 대신 개발 이익이 반영되지 않았다고 판단되는 가장 최근의 공시지가를 기준시가로 적용하도록 변경하는 것이 필요하다고 판단된다. 이렇게 정해진 기준시가를 바탕으로 가격인정시점까지의 통상적인 평균 물가상승률, 평균 지가상승률 등을 바탕으로 보상액을 보정한다면 개발이익 배제의 원칙에 보다 부합할 것이다.둘째, 개발이익이 지가에 반영되었다고 판단하는 기준을 하위 법령에 명시적으로 포함시킬 필요가 있다. 현행 제도하에서는 수용보상액 산정 시 개발이익 반영 여부에 대한 평가자의 자 의적인 해석이 포함될 가능성이 크다. 따라서 본 연구에서의 학술적 연구 결과와 현행 토지보상 평가지침(감정평가협회) 등의 기준 등을 참고하여 개발이익 반영 여부를 판단하는 기준을 개선할 필요가 있다.English Abstract: Based on the spatial and land price data of innovation cities and their periphery areas in Korea, this study examines the degree and timing of changes in land price in relation to projects concerning innovation city. The study result confirms that the current system is inconsistent with the principle of restitution of development gain and therefore, this study attempts to seek improvement measures so that the current system can better fit the principle.The analysis reveals that most innovation cities, excluding Sinseo-dong of Daegu and Ujeong-dong of Ulsan, recorded a statistically significant increase in land prices since 2005, compared to those of their neighboring areas. It can be said that the information related to projects concerning innovation city was reflected in the land price since 2005.However, the standard land price pursuant to Article 70 of the Land Compensation Act is the officially assessed land price released on 1st of January 2007, and this official land price was actually applied to the compensation process. Therefore, estimating the compensation amount for land expropriation based on this land price will contradict the principle of restitution of development gain. In other words, despite the fact that development-related information was already reflected in land prices of innovation cities from 2005 to the end of 2006, the compensation process were carried out without institutional arrangements or efforts to exclude such reflection.To solve this problem, this study makes two suggestions. First, it is necessary to cast aside the limitations of the official land price that can be retroactively applied in accordance with Paragraph 5 of Article 70 of the Land Compensation Act, and instead apply the land price which is the most latest but deemed to have no reflection of development gains. Based on this revised standard land price, if the compensation amount is corrected
korean abstract:本研究中对创新的城市及其周边地区的地价数据为基础,创新城市工作按照地价是否从某一时刻变动的程度,打量,并通过好符合现行制度开发利益回避原则表明不排除开发利益的原则的同时,在现行制度改善方案,以便更符合进行了探索。首先，对革新城市地区及其周边地区的地价数据进行分析，可以看出，大部分革新城市地区的地价从2005年开始比周边地区在统计上有显著上升。也就是说，从这个时期开始，革新城市事业相关的信息就开始反映在地价上，如果像这样以反映革新城市事业相关信息的地价为基础计算实际补偿额，就会和开发利益的排除原则产生背离。但是，根据《土地补偿法》第70条计算补偿额的标准地价是2007年1月1日公布的公示地价，而且实际上也适用这样的标准进行了补偿。也就是说，从2005年到2006年年底，尽管开发信息反映在相关革新城市地价上，但在没有相关制度和努力的情况下进行了补偿。为了解决这些问题，本研究提出了两大方案。第一，在《土地补偿法》第70条第5项中，不要设定可以追溯适用的公示地价的界限，有必要将被判断为没有反映开发利益的最近的公示地价变更为标准市价。如果以这样规定的标准市价为基础，以到价格认定为止的通常的平均物价上涨率、平均地价上升率等为基础，补偿金额，将更加符合排除开发利益的原则。第二，有必要在下级法令中明确包含判断开发利益反映在地价上的标准。在现行制度下，很有可能包含评价者对计算征收补偿额时是否反映开发利益的自主解释。因此，有必要参考本研究中的学术性研究结果和现行土地补偿评价方针(鉴定评价协会)等标准，改善判断是否反映开发利益的标准。english abstract:Based on the spatial and land price data of innovation cities and their periphery areas in Koreathis study examines the degree and timing of changes in land price in relation to projects concerning innovation city。that The current system is inconsistent with The principle of restitution of development gain and therefore;this study attempts to seek improvement measures so that the current system can better fit the principle。The analysis reveals that most innovation cities, excluding Sinseo-dong of Daegu and uppong -dong of Ulsan, recorded a statistically significant increase in land prices 2005，compared to those of their neighboring areas。It can be said that the information related to projects concerning innovation city was reflected in the land price since 2005。国土面积大小Act is officially assessed land price released on 1st of January 2007and this official land price was actually applied to the compensation process。Therefore, estimating the compensation amount for land expropriation based on this land price will contradict the principle of restitution of development gain。2005 to the end of 2006年，2005 to the end of 2006年the compensation process were carried out without institutional arrangements or efforts to exclude such reflection。To solve this problem, this study makes two suggestions。First, it is necessary to cast aside the limitations of the official land price that can be retroactively applied in accordance with Paragraph 5 of Article 70 of the land Compensation Actand instead apply the land price which is the most latest but deemed to have no reflection of development gains。这是标准国土资源如果compensation amount is corrected by the average inflation rate and the average rate of increase in land price during the period until the recognized land pricethe amount would better satisfy the principle of restitution of development gain。it is necessary to clearly stipulate the standards of development gains being reflected on the land price by including it in the secondary legislation。under the current system,it is highly likely that appraiser's arbitrary interpretation on development gains is included in the process of calculating the amount of compensation for land expropriation。in this regard,it is necessary to improve the standards on determining whether development gains
{"title":"공공수용 적정보상지가에 관한 분석 (A Study on the Standard Land Price and Just Compensation)","authors":"Hojun Lee, Hyungtai Kim, Do-Un Jeong","doi":"10.23895/KDIJEP.2012.34.3.1","DOIUrl":"https://doi.org/10.23895/KDIJEP.2012.34.3.1","url":null,"abstract":"Korean Abstract: 본 연구에서는 혁신도시지역과 그 주변지역의 지가 데이터를 바탕으로 혁신도시사업에 따라 토지가격이 어느 시점부터 어느 정도 변동했는지 살펴보았고, 이를 통해 현행 제도가 개발이익의 배제원칙에 잘 부합하지 않음을 밝히는 한편, 현행 제도를 개발이익의 배제원칙에 보다 부합하도록 개선하기 위한 방안들을 모색하였다.우선 혁신도시지역과 그 주변지역의 지가 데이터를 분석해 보면, 대부분의 혁신도시지역의 지가가 2005년부터 그 주변지역들에 비해 통계적으로 유의하게 상승하기 시작하였음을 알 수 있다. 즉, 이 시기부터 혁신도시사업과 관련한 정보가 지가에 반영되기 시작하였다고 볼 수 있는데, 이와 같이 혁신도시사업 관련 정보가 반영된 지가를 바탕으로 실제 보상액을 산정하면 개발이익의 배제원칙과는 괴리가 생기게 된다. 그러나 토지보상법 제70조에 따른 보상액 산정의 기준지가는 2007년 1월 1일 공시된 공시지가이며, 또한 실제로도 이러한 기준을 적용하여 보상이 진행되었다. 즉, 2005년부터 2006년 말까지 개발 정보가 해당 혁신도시 지가에 반영되었음에도 불구하고 이를 배제하기 위한 제도적 장치 및 노력 없이 보상이 진행되었다.이러한 문제들을 해결하기 위해 본 연구에서는 크게 두 가지 방안을 제안하고 있다. 첫째, 토지보상법 제70조 제5항에서 소급적용할 수 있는 공시지가의 한계를 두지 말고, 대신 개발 이익이 반영되지 않았다고 판단되는 가장 최근의 공시지가를 기준시가로 적용하도록 변경하는 것이 필요하다고 판단된다. 이렇게 정해진 기준시가를 바탕으로 가격인정시점까지의 통상적인 평균 물가상승률, 평균 지가상승률 등을 바탕으로 보상액을 보정한다면 개발이익 배제의 원칙에 보다 부합할 것이다.둘째, 개발이익이 지가에 반영되었다고 판단하는 기준을 하위 법령에 명시적으로 포함시킬 필요가 있다. 현행 제도하에서는 수용보상액 산정 시 개발이익 반영 여부에 대한 평가자의 자 의적인 해석이 포함될 가능성이 크다. 따라서 본 연구에서의 학술적 연구 결과와 현행 토지보상 평가지침(감정평가협회) 등의 기준 등을 참고하여 개발이익 반영 여부를 판단하는 기준을 개선할 필요가 있다.English Abstract: Based on the spatial and land price data of innovation cities and their periphery areas in Korea, this study examines the degree and timing of changes in land price in relation to projects concerning innovation city. The study result confirms that the current system is inconsistent with the principle of restitution of development gain and therefore, this study attempts to seek improvement measures so that the current system can better fit the principle.The analysis reveals that most innovation cities, excluding Sinseo-dong of Daegu and Ujeong-dong of Ulsan, recorded a statistically significant increase in land prices since 2005, compared to those of their neighboring areas. It can be said that the information related to projects concerning innovation city was reflected in the land price since 2005.However, the standard land price pursuant to Article 70 of the Land Compensation Act is the officially assessed land price released on 1st of January 2007, and this official land price was actually applied to the compensation process. Therefore, estimating the compensation amount for land expropriation based on this land price will contradict the principle of restitution of development gain. In other words, despite the fact that development-related information was already reflected in land prices of innovation cities from 2005 to the end of 2006, the compensation process were carried out without institutional arrangements or efforts to exclude such reflection.To solve this problem, this study makes two suggestions. First, it is necessary to cast aside the limitations of the official land price that can be retroactively applied in accordance with Paragraph 5 of Article 70 of the Land Compensation Act, and instead apply the land price which is the most latest but deemed to have no reflection of development gains. Based on this revised standard land price, if the compensation amount is corrected ","PeriodicalId":345921,"journal":{"name":"KDI: Journal of Economic Policy (Topic)","volume":"93 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113960119","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 : 2012-08-01DOI: 10.23895/KDIJEP.2012.34.3.67
Yongseong Kim
Korean Abstract: 최근까지 정부의 많은 정책적 노력에도 불구하고 미취업 청년층의 문제는 해결하여야 할 중요한 과제로 남아 있다. 본 연구의 목적은 우리나라 고학력 청년층 미취업의 원인을 분석하고 개선을 위한 정책방향을 모색하는 데 있다. 노동 수요와 공급의 측면에서 분석하던 기존의 연구와는 달리 본 연구는 구인과 구직의 일자리 탐색과정에 초점을 맞추었다는 점에서 차별성이 있다. 구체적으로 미취업 시 소득과 일자리의 제안확률의 변화가 청년층 노동시장에 미치는 효과에 대하여 이론적 모형을 소개하고 실증적 분석을 실시한 결과, 미취업 시 소득이 낮아지거나 일자리 제안확률이 높아질 경우 모두 평균 미취업기간을 단축시킬 것으로 예상되었다. 그러나 정책대상의 구체성과 정책의 효과성(target efficiency) 측면에 비추어 볼 때 미취업 청년층에 대한 노동수요를 유인하는 정책을 통하여 일자리 기회를 확대하고 이를 취업으로 연결시키는 고용지원서비스의 기능을 강화하는 방향으로 정책의 역량을 모아 나가는 것이 바람직한 것으로 판단된다.English Abstract: Despite continuous efforts of the government, youth joblessness in Korea has remained as a top policy priority. At this end, the study focuses on the causes of youth labor market problems and tries to seek for policy directions. While the previous research attempted to explain youth joblessness based on the labor demand and supply, this study follows a job search model which emphasizes a job matching process. A theoretical model and empirical results predict that a mean duration of unemployment could decrease if an implicit income of unemployment declines or a rate of job offer rises. From policy point of view, it is advisable to raise incentives for labor demand and to strengthen employment services because a policy to lower an implicit income of unemployment may not secure policy target efficiency.
Korean Abstract:到目前为止，尽管政府在政策上做出了很多努力，但未就业青年层的问题仍然是需要解决的重要课题。本研究的目的是分析我国高学历青年层未就业的原因，摸索改善的政策方向。与以往从劳动需求和供给的角度进行分析的研究不同，本研究将焦点放在了招聘和求职的工作岗位探索过程上，这一点具有差别性。美国就业收入和工作岗位具体的提案概率的变化对青年对劳动市场的影响,介绍了理论模型,进行实证分析,结果显示,美国就业收入下降或提案工作岗位的概率提高,都平均待业时间将缩短了。但是,政策对象的具体成果政策的效益(target efficiency)方面来看,对待业青年层通过引诱劳动需求的政策,扩大就业机会,以此为就业,加强联系在一起的雇用支援服务功能的方向聚集政策的力量是理想的判断。英语Abstract: Despite continuous efforts of the government, youth joblessness in Korea has remained as a top policy priority。At this end, the study focuses on the causes of youth labor market problems and tries to seek for policy directions。While the previous research attempted to explain youth joblessness based on the labor demand and supply, this study follows a job search model which emphasizes a job matching process。A theoretical model and empirical results predict that A mean duration of unemployment could decrease if an implicit income of unemployment declines or A rate of job offer rises。From policy point of view，it is advisable to raise incentives for labor demand and to strengthen employment services because a policy to lower an implicit income of unemployment may not secure policy target efficiency
{"title":"고학력 청년층의 미취업 원인과 정책적 대응방안: 일자리 탐색이론을 중심으로 (Joblessness Among the Highly Educated Youth in Korea: The Causes and Policy Implications)","authors":"Yongseong Kim","doi":"10.23895/KDIJEP.2012.34.3.67","DOIUrl":"https://doi.org/10.23895/KDIJEP.2012.34.3.67","url":null,"abstract":"Korean Abstract: 최근까지 정부의 많은 정책적 노력에도 불구하고 미취업 청년층의 문제는 해결하여야 할 중요한 과제로 남아 있다. 본 연구의 목적은 우리나라 고학력 청년층 미취업의 원인을 분석하고 개선을 위한 정책방향을 모색하는 데 있다. 노동 수요와 공급의 측면에서 분석하던 기존의 연구와는 달리 본 연구는 구인과 구직의 일자리 탐색과정에 초점을 맞추었다는 점에서 차별성이 있다. 구체적으로 미취업 시 소득과 일자리의 제안확률의 변화가 청년층 노동시장에 미치는 효과에 대하여 이론적 모형을 소개하고 실증적 분석을 실시한 결과, 미취업 시 소득이 낮아지거나 일자리 제안확률이 높아질 경우 모두 평균 미취업기간을 단축시킬 것으로 예상되었다. 그러나 정책대상의 구체성과 정책의 효과성(target efficiency) 측면에 비추어 볼 때 미취업 청년층에 대한 노동수요를 유인하는 정책을 통하여 일자리 기회를 확대하고 이를 취업으로 연결시키는 고용지원서비스의 기능을 강화하는 방향으로 정책의 역량을 모아 나가는 것이 바람직한 것으로 판단된다.English Abstract: Despite continuous efforts of the government, youth joblessness in Korea has remained as a top policy priority. At this end, the study focuses on the causes of youth labor market problems and tries to seek for policy directions. While the previous research attempted to explain youth joblessness based on the labor demand and supply, this study follows a job search model which emphasizes a job matching process. A theoretical model and empirical results predict that a mean duration of unemployment could decrease if an implicit income of unemployment declines or a rate of job offer rises. From policy point of view, it is advisable to raise incentives for labor demand and to strengthen employment services because a policy to lower an implicit income of unemployment may not secure policy target efficiency.","PeriodicalId":345921,"journal":{"name":"KDI: Journal of Economic Policy (Topic)","volume":"4 18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130273254","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 : 2012-05-31DOI: 10.23895/KDIJEP.2012.34.2.41
Jungwook Kim
This paper investigates the effect of competition on innovative activity. In the research contest, the foremost reason for limiting entry into tournaments is to raise the level of contestant’s effort and to make the firms compete so that high value of innovation will be procured. Thus, a sponsor (or government) needs to take account into effort-inducing effect as well as effort-reducing effect from competition when she restricts entry. In this paper, this competition effect will be analyzed for the model of procurement for innovation, and it is shown that the individual effort level is not monotonic to the number of contestants.
{"title":"Research Tournament and Competition Effect.","authors":"Jungwook Kim","doi":"10.23895/KDIJEP.2012.34.2.41","DOIUrl":"https://doi.org/10.23895/KDIJEP.2012.34.2.41","url":null,"abstract":"This paper investigates the effect of competition on innovative activity. In the research contest, the foremost reason for limiting entry into tournaments is to raise the level of contestant’s effort and to make the firms compete so that high value of innovation will be procured. Thus, a sponsor (or government) needs to take account into effort-inducing effect as well as effort-reducing effect from competition when she restricts entry. In this paper, this competition effect will be analyzed for the model of procurement for innovation, and it is shown that the individual effort level is not monotonic to the number of contestants.","PeriodicalId":345921,"journal":{"name":"KDI: Journal of Economic Policy (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116189978","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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