‘Double marginalization’ problems: evidence from the Korean fixed-to-mobile service market

In this paper, examination of the possibility of a ‘double marginalization’ problem existing in the Korean telecommunication industry is conducted and suggestions are made for the provision of a new scheme to eliminate this possibility by changing the pricing system for fixed-to-mobile calls. Based on five key economic characteristics in the Korean mobile market, a simple model for double marginalization in the telecommunication market is introduced. Evidence was found to suggest that a double marginalization problem is likely to exist within Korea's telecommunication industry as it is presently structured, and that this problem is further likely to have an adverse effect on the industry by inflating the price of fixed-to-mobile calls. Two alternatives are proposed to effectively remedy this double marginalization issue. It is also shown that prices of fixed-to-mobile calls could be lowered by changing the caller pays principle into a receiver pays principle.     

中日韩自由贸易区的贸易流量和福利效应分析:一个局部均衡的校准方法

校准方法作为一种确定数理经济模型中的变量和参数的手段之一,在贸易政策的建模研究中得到广泛的应用.本文以局部均衡为基础,利用中日韩三国自1990～2003年共14年的贸易额及相关数据建立校准模型,并对拟议中的中日韩自由贸易区做出比较静态分析,从产业层面来模拟中日韩自由贸易区建成后所可能带来的福利效应.分析结果表明,中日韩三国建立自由贸易区会增加彼此的国民福利水平,并会对未加入贸易协定的其他东亚国家产生影响.因此,在东亚形成更为广泛的自由贸易安排从区域合作的角度来看是一种更佳的合作方式.     

长三角居民赴韩旅游消费模式初探

在实证研究的基础上从出游认知、消费构成、消费评价和消费趋势进行分析，探讨了长三角地区居民赴韩旅游消费模式。研究表明，长三角地区居民赴韩旅游出游认知和消费构成亦处于初级阶段，对消费评价和消费倾向大体上持肯定态度和乐观态度。     

Potential user factors driving adoption of IPTV. What are customers expecting from IPTV?

Internet Protocol Television (IPTV), the convergence services of television and Internet, is being rapidly developed around the world. The advent of digital technologies has changed the convergence market dramatically with the wide diffusion of the convergent services. Using the Technology Acceptance Model as a conceptual framework and method of logistic regression, this research analyzes the demand for IPTV by drawing data from 452 consumers. Individuals' responses to questions about whether they accept IPTV are collected and combined with observations of their socio-economic status and intrinsic/extrinsic factors modified from the Technology Acceptance Model. Results of logistic regression show two variables (intrinsic and extrinsic factors) that seem to explain what influences consumer behavior towards adopting IPTV. Overall, the logistic regression model explains over 50% of the variance in the IPTV adoption. The variances shed light on the multi-open platform environment that IPTV will forge.     

Investment opportunities and cash holdings of firms: an empirical study on Korean firms

We find that the cash flow sensitivity of cash holdings of firms whose investment opportunities are lower is significantly higher by examining a panel data of 898 Korean firms for 1999–2014. The cash flow sensitivity of investment is also found to be lower in case of low investment opportunity. Both findings suggest that firms decide to hold cash in response to an increase in cash flow when they do not have a good investment opportunity. Precautionary motive because of financial constraints and uncertainty, and agency problems, however, are not associated with the cash flow sensitivity of cash holdings. These findings imply that it is necessary to develop new investment opportunities to encourage firms to spend more cash in Korea.     

On wage- and profit-led demand regimes: learning from the evidence

Abstract

This paper contributes to the empirical research around the “wage-led” or “profit-led” demand regimes. It first reviews how Kalecki, and then Steindl, approached the relationship between economic growth and income distribution. Then, empirical analysis carried out under the probabilistic approach to econometric modeling shows statistical evidence, estimated through cointegration analysis, that in the long run, in three very open economies—Mexico, France, and Korea—the wage share is positively associated with demand and output. It finally discusses the macroeconomic dilemma that almost all countries have to face, i.e., a positive effect of a high-wage policy on demand and employment may diverge from a negative effect on output compatible with external equilibrium.     

中韩合资南京LG同创企业的发展及其启示

近几年来,随着中韩两国经贸易关系的发展,韩国对我国投资持续增长。由韩国LG与南京同创集团建立的南京LG企业经过短短几年的发展,已成为我国显示器生产的重要基地,实现了跨越式增长,其经营理念里所包含的“人本”意识和对于社会的责任感是值得认真总结和学习的。     

丹东市旅游文化开发及其利用

从丹东市旅游资源的属性、分布特征、开发利用现状等出发,以可持续发展的思想为指导,采用景观生态学的方法,分析了旅游文化载体的深层内涵,着重指出丹东的旅游文化开发利用应侧重满族文化,重点围绕“满朝江山绿”的内容开发利用,提出了旅游景观文化开发的设计思路。     

Characteristics of technology transfer in business ventures: the case of Daejeon, Korea

This article explores the characteristics of venture business and entrepreneurs in Korea to (1) identify technology transfer activities, (2) analyze the differences between technology transfer in linear and nonlinear venture businesses, and (3) guide more effective venture business policy and strategy. This empirical assessment reveals that entrepreneurs have insightful evaluations about their resources and capacities as well as expectations with regard to functions and features of science parks and incubators. Respondents from “linear model”-based start-ups tend to be older and have higher education, employ more basic research and development (R&D) and have more R&D-oriented careers, and have more varied work experience than “nonlinear”-based start-ups. The functions and features of science parks and incubators were generally not considered a critical influence on start-ups nor on the growth of venture businesses. Accordingly, alternative venture-nurturing strategies are discussed as being key to accelerate venture businesses growth.     

Convertibility risk: the precautionary demand for foreign currency in a crisis

This paper presents theoretical work linking money demand to the perceptions of households about the risk that domestic currency may become inconvertible or that it may be devalued. An empirical investigation of the size of this effect is carried out using monthly data for Korea to estimate an augmented demand-for-money equation. It is found that the fear of inconvertibility arising from the 1997 Korean currency crisis may have caused broad money demand to fall by 4–5% points,equivalent to the loss of reserves of $6–7.5 billion (or about 30% of reserves as measured at end-November 1997). This is a revised version of IMF Working paper WP/2001/210; it was written while Professor Black was Senior Policy Advisor at the IMF Institute and Christofides and Mourmouras were staff members in the IMF’s Policy Development and Review Department. The views expressed are those of the authors and should not be attributed to the IMF, its Executive Board, or its management. For useful comments and suggestions we thank an anonymous referee, Tim Lane, Ydahlia Metzgen, Roberto Perelli, Tony Richards, Christian Mulder, Steve Russell, as well as seminar participants at the IMF Institute, the IMF’s Asia and Pacific Department, Federal Reserve Board, and Bank of Indonesia. We would also like to note similar (unpublished) empirical results using our approach by Dr. Rino Effendi for Indonesia and Angana Banerji for Russia