Seoul Journal of Economics

Seoul Journal of Economics is a trade journal focusing on Seoul Economics


Vol. 33, No. 1, 2020

Management Ownership and Firm Value: An Empirical Analysis Using Panel Data
I.IntroductionIn this paper, we revisit an old issue on the relation between management ownership and firm's value. Empirically identifying the relation between ownership structure and firm value is a long standing issue in corporate finance. This paper...
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Consumption Risk Sharing in ASEAN: A Comparison of the ASEAN+3, East Asia, the OECD, and the Eurozone
I.IntroductionThe 1997-1998 Asian financial crisis started in Thailand when speculative attacks hit the Thai baht. Then, the crisis spread across Asia, which mostly affected the Association of Southeast Asian Nations (ASEAN) members. Afterward, East...
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Structural Change in the Trend and Cycle in Korea
I.IntroductionSince the beginning of the 21st century, economists have paid close attention to differences in business cycle regularities observed between emerging markets and developed countries (Neumeyer and Perri 2005; Aguiar and Gopinath 2007). Emerging...
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Deeper Regional Integration and Global Value Chains
I.IntroductionSince the Trump administration, the US has used bilateral trade actions as its leverage and simultaneously pursued regional trade negotiations with strategic partners. The United States has bilaterally imposed tariffs on steel and aluminum...
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Vol. 32, No. 4, 2019

Financial Frictions and the International Transmission of Shocks
I.IntroductionThe financial crisis in 2007-2008 has renewed interests in the role that financial factors play in the business cycle. Particularly, the rapid propagation of disruptions in financial markets from the U.S. to outside the U.S. at the onset...
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Fiscal Policy, Relocation of Firms, and the Exchange Rate
I.IntroductionThe international spillovers of fiscal policies have been studied extensively in new open economy macroeconomics (NOEM) literature, e.g., the works of Obstfeld and Rogoff (1995, 1996), Betts and Devereux (2000), Caselli (2001), Corsetti...
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Competition and Innovation Spillover
I.IntroductionInnovation and productivity are the core of economic growth. Given that numerous countries worldwide have experienced declining growth rate, innovation is important in many aspects. Technological advancements from research and development...
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Vol. 32, No. 2, 2019

Two-Sided Altruism and Level of Development
(ProQuest: ... denotes formulae omitted.)I.IntroductionParents can attain utility not only from their consumption but also from their children's consumption. The motivation of having, nurturing, and educating children is called parental altruism, which...
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Labor Market Institutions and Wage-Led Growth: A Panel Cointegration Approach
I.IntroductionThe last global financial crisis from 2007 to 2008 placed the global economy into a deep depression. Moreover, many traditional economic perspectives were changed. One of these perspectives is the wage-led growth strategy proposed by Lavoie...
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New Trade Restrictive Measures and Exports: Evidence from South Korea
(ProQuest: ... denotes formulae omitted.)I.IntroductionThe average world tariff rate has steadily declined (Figure 1) since the establishment of the World Trade Organization (WTO) in 1995. This decline is due to multilateral negotiations and rapid increase...
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A Call for Economics That Shapes Interests
A Call for Economics that Shapes Interests Rodrik, Dani (2017). Straight Talk on Trade: Ideas for a Sane World Economy. Princeton: Princeton University PressDonald Trump's shocking victory two years ago was immediately followed by strong disapproval...
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Vol. 32, No. 3, 2019

Impact of FDI on Economic Growth in Developing Countries: Role of Human Capital
(ProQuest: ... denotes formulae omitted.)I.IntroductionForeign direct investment (FDI) is one of the most important features of the contemporary globalization trend (Bajo-Rubio et al. 2010). This debate has held a distinct status in view of current variations...
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Dissaving by the Elderly in Japan: Empirical Evidence from Survey Data
(ProQuest: ... denotes formulae omitted.)I.IntroductionMany studies on elderly households show that retirees spend their wealth at a slower rate than predicted by the basic life-cycle model. Current explanations for the slow decumulation of wealth include...
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LTV Ratio Regulations and House Prices in a Small Open Economy with Heterogeneous Households
(ProQuest: ... denotes formulae omitted.)I.IntroductionAccording to recent studies, the decline in house price and the subsequent deleveraging of household debt played an important role during the U.S. financial crisis in 2007-2008. For example, Mian...
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Contests with Linear Externality in Prizes
(ProQuest: ... denotes formulae omitted.)I.IntroductionMany economic, political, and social phenomena can be modeled as contests, in which players expend effort to win prizes. Examples of these contests include elections, environmental conflicts, fund...
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Vol. 32, No. 1, 2019

Thailand's Middle-Income Trap: Firms' Technological Upgrading and Innovation and Government Policies
I.IntroductionFrom the mid-1980s to the mid-1990s, Thailand had been recognized as a high-performing Asian newly industrializing economy (NIE); this country could be successful in industrial catching up with the West, similar to the experiences of Korea,...
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Brazil and the Middle-Income Trap: Its Historical Roots
I. IntroductionPenn World Table (Summers and Heston 1991) and data from Maddison (see Maddison 2010, as an illustration) opened new avenues of research with new empirical opportunities for long-term, intercountry comparisons. In the investigation on...
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Caught-In or Breaking-Free from the Middle Income Trap: The Case of Malaysia
I. IntroductionThe middle income trap (MIT) phenomenon describes a situation in which middle income countries successfully emerge from the low income bracket but have been unable to break into the bracket of advanced countries in terms of income per...
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Globalization and the Scrambling Process of Catching Up in Mexico
I. IntroductionDuring the last 50 years, manufacturing value added in Mexico has multiplied almost by four times, keeping its rank among industrial countries. However, it has not been able to close the gap with large industrial economies like the United...
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Can Turkey Escape from the Middle- Income Trap? What Has Been Done? What Can Be Done? Lessons from South Korea
I. IntroductionMiddle-income trap (MIT) is a relatively new phenomenon in the literature of economics. MIT was first defined by Gill and Kharas (2007). The concept of MIT refers to an economy that is stuck between poor and rich economies (Bozkurt et...
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Vol. 31, No. 4, 2018

Has the Predictability of the Yield Spread Changed?
(ProQuest: ... denotes formulae omitted.)I.IntroductionA large literature has shown that the yield spread between the long- and short-term interest rates is useful for forecasting future economic activity. Examples include Harvey (1988, 1989), Estrella...
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International Transmission of the US Interest Rate Policy Shocks: Multi-Country Model Analysis Using FAVAR
(ProQuest: ... denotes formulae omitted.)I.IntroductionThis study analyzes how the rate hikes in the US central bank affect other countries. The Federal Reserve (Fed) is gradually completing its expansionary monetary policies as the shock from the financial...
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Vol. 31, No. 2, 2018

Some Empirical Evidence on Models of Fisher Relation
(ProQuest: ... denotes formulae omitted.)I.IntroductionThe Fisher relation underlies many important results in economics and finance. This relation explains that nominal interest rate is determined as the sum of expected inflation and real interest rate...
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Understanding Korea's Saemaul Undong: Theory, Evidence, and Implication
(ProQuest: ... denotes formulae omitted.)I.IntroductionSaemaul Undong (SMU) is regarded as the highlight of the economic development in Korea. The success story of the SMU has been frequently referenced by Korean, as well as foreign, developmental economists...
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Finance, Growth, and Inequality: New Evidence from the Panel VAR Perspective
(ProQuest: ... denotes formulae omitted.)I.IntroductionLong-standing debates exist on the empirical relationship between economic growth and inequality. Since Kuznets (1955) suggested an inverted-U shaped empirical relationship between economic growth...
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Can Housing Prices Be Justified by Economic Fundamentals? Evidence from Regional Housing Markets in Korea
(ProQuest: ... denotes formulae omitted.)I.IntroductionThe housing market in Korea has experienced three major episodes of boom since the mid-1980s. The first boom happened in 1988:Q11991:Q3, which marked the annual average of real house price increase...
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Vol. 31, No. 1, 2018

'Tilting towards South': Pattern and Determinants of Global Value Chains
(ProQuest: ... denotes formulae omitted.)I.IntroductionModern manufacturing process (Alfaro et al. 2015) and pattern of trade (Manova and Yu 2012) become increasingly fragmented across geographies paving the way for the new paradigm of theoretical literature...
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Productivity Analysis on the Service Sector in Korea: Evidence from Industry-Level and Firm-Level Data
I.IntroductionOne of the most dramatic characterizations of late industrialization is the speed and scope of structural transformation from manufacturingbased to service-based economy. In recent years, the structural transformation has been affected...
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Effect of Korean Rehabilitation Services on Work Resumption by Occupational Segments
(ProQuest: ... denotes formulae omitted.)I.IntroductionWorkers' Compensation Insurance (WCI) is a crucial component of the social safety net of Korea for workers with occupational disability, which is defined as a work-related illness or injury that...
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Vol. 31, No. 3, 2018

Entrepreneurship and Economic Growth during China's Economic Transformation, 1978–2008
I.IntroductionSince Adam Smith (1776), entrepreneurs have been recognized to spur improvements in living standards. For example, Schumpeter (1934) argues that entrepreneurs drive economic growth by undertaking risky ventures that create and introduce...
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Do Infrastructures Influence the Efficiency Convergence of the Indonesian Economy?
(ProQuest: ... denotes formulae omitted.)I.IntroductionIndonesia has arranged various programs for establishing infrastructure in the last 10 years. The recent government is focused on the role of infrastructure in boosting economic activities. According...
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Indigenous Capability and Effects of Foreign Capital Flows and Repatriated Profits on Economic Growth: A Cross-Country Empirical Study
(ProQuest: ... denotes formulae omitted.)I.IntroductionDespite initiatives of opening up the domestic economy for international integration and adopting foreign capital employed by several developing countries to usher development, a question arises...
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Comparing Japan, the US, and China's Roles in Trade Relationships with Emerging East Asian Countries during the Last Three Decades
(ProQuest: ... denotes formulae omitted.)I.IntroductionThe development of production possibilities and social welfare through trade under government control and not exclusively through open markets is the strategy that East Asian countries have adopted...
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Vol. 30, No. 4, 2017

Income, Health, and Suicide: Evidence from Individual Panel Data in Korea
(ProQuest: ... denotes formulae omitted.)I.IntroductionSuicide is a major public health concern worldwide and a particularly serious social issue in South Korea. Suicide rates in South Korea experienced a sharp rise during the last 15 years, especially...
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School Gender Composition and Academic Performance: Evidence from Transition from Single-Sex to Coeducational Schools
I.IntroductionWhether single-sex schooling can deliver better student outcomes than coeducational schooling is a public concern.1 Parents are concerned with their children's academic performance. Education policy makers are keen on finding ways to improve...
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Long-Run Mental Health Impact of the Korean War
(ProQuest: ... denotes formulae omitted.)I.IntroductionThe Korean War was a devastating conflict between South Korea and North Korea, which lasted for slightly over three years between June 1950 and July 1953. The war, which was initiated by the undeclared...
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Effectiveness of Official Development Assistance for Tuberculosis Control by Governance of Recipients
(ProQuest: ... denotes formulae omitted.)I.Background and Purpose of ResearchTuberculosis (TB) is second only to HIV/AIDS as the greatest killer worldwide because of an infectious agent (Vitoria et al. 2009). According to the WHO statistics, 9.6 million...
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Fetal Exposure to the 1918 Influenza Pandemic in Colonial Korea and Human Capital Development
(ProQuest: ... denotes formulae omitted.)I.IntroductionThe influenza pandemic of 1918 was the deadliest disease disaster in 20th-century human history; the pandemic infected 500 million people and killed approximately 50 million across the world. This...
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Effects of Wealth and Its Distribution on the Moral Hazard Problem
(ProQuest: ... denotes formulae omitted.)I.IntroductionIn the real world, a principal often faces the situation where he has to select one agent among people with different wealth levels or the situation to select one of groups of agents with different...
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Vol. 30, No. 3, 2017

Sustainable Emission Control Policies: Viability Theory Approach
(ProQuest: ... denotes formulae omitted.)I.IntroductionThe atmospheric concentration of ultrafine dust is a major socioenvironmental issue in South Korea. Government policymakers are increasingly facing conflicting challenges on emission abatement and...
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Knowledge Spillovers across Developing Economies
(ProQuest: ... denotes formulae omitted.)I.IntroductionThe evolution of the global economy shows that the application of knowledge has played a key role in shaping the trends and patterns of development. The recent phase of globalization and transformation...
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Investment-Specific and Multi-Factor Productivity in Multi-Sector Open Economies: Data and Analysis
(ProQuest: ... denotes formulae omitted.)I. IntroductionChanges in labor productivity growth in the United States and Europe are among the major economic events in the 1990s and early 2000s. Scholars generally agree that in the second half of the 1990s,...
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Vol. 30, No. 2, 2017

Specific Features of the Velocity of Money for Euro and Non-Euro Countries across the Euro Entry
(ProQuest: ... denotes formulae omitted.)I.IntroductionDanthine (2012, p. 2) emphasizes a noticeable increase in the ratio of domestic credit to GDP on a global scale from 74% in 1980 to approximately 138% in March 2009 and considers this extremely high...
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The Role of Foreign Exchange Rates in Sub-Saharan Countries: Empirical Comparison with Non-Euro OECD Countries Using Panel Data
(ProQuest: ... denotes formulae omitted.)I.IntroductionExchange rates are the necessary link between domestic economies and foreign economies. They play a very important role in contributing to the determination of exports, imports, trade balances, and...
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Interaction among New Firm Formation, Privatization, and Business Environment in Transition Countries
(ProQuest: ... denotes formulae omitted.)I.IntroductionThe creation of new private firms is key to a successful transition from socialism to a market economy. The formation of new firms accelerates reallocation and restructuring, which are the two core...
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Experience Goods Monopolist: Freeware as an Advertisement
(ProQuest: ... denotes formulae omitted.)I.Introduction"Freeware" is frequently observed in software markets. For example, "LogMeIn,"1 a web-based computer-remote-control service, provides some services for free but offers other services for paying customers....
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