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이도성 서강대학교 경제학연구원, 서강대학교 경제대학원 2005 시장경제연구 Vol.34 No.2
Differential games models in economics are surveyed with special emphasis on technical difficulties encountered in the process of modelling economic problems into differential games models. The problems caused by nonconvexity (or nonconcavity) of the data. by adopting feedback information structure, by introducing infinite horizons, and by modelling Stackelberg games are pursued. Sufficient condition without convexity which is known as Jacobi's conjugate point theory is introduced as a pertinent alternative for convextity conditions. Some recent applications of differential games are surveyed.
Cross Debt Guarantees and Internal Capital Market of Korean Chaebols
Nam, Joo-Ha 서강대학교 경제학연구원 2004 시장경제연구 Vol.33 No.2
Unlike previous studies, this paper empirically analyzes the influence and efficiency of internal capital markets on investment including cash flow and cross debt guarantees. Using a dynamic panel GMM (generalized method of moments) and the data of the 30 largest chaebols for sample period from 1991 to 1999 this paper finds that the cash flow of a chaebol firm itself appears to influence investment, with effect being stronger for the top five chaebols compared with those ranked 6 through 30 while the cash flow of affiliated firms does not affect the investment of a chaebol firm. However, cross debt guarantees have a significant effect on the investment of the 6-30 largest chaebols. According to empirical results of an internal capital market effciency test, there is no evidence that internal capical markets of chaebols have been working efficiently. The results imply that at least since the early 1990s internal capital markets of chaebols have not played a positive role in ameliorating the problem of information asymmetry in external capital market nor have they enhanced the efficiency of resource allocation.
이도성 서강대학교 경제학연구원 2002 시장경제연구 Vol.31 No.2
Major research areas of modern control theory are surveyed to recognize the current boundary of the theory. The literature on the tate constraints and degeneracy phenomenon of maximum principle are surveyed and their major results are reported. An example whose dynamic constraint is outside the domain of Lipschitz continuity is analyized showing new kinds of pathology. In the absence of Lipschitz condition degeneracy phenomenon occurrs without state constraints and 'blow up to infinity in finite time' type jump occurrs in adjoint variables.
김준원,곽태원 서강대학교 경제학연구원 2001 시장경제연구 Vol.30 No.2
In this paper, we reviewed Korea´s tax policy environments for the 2000s and developed a comprehensive set of tax policy recommendations. It suggested a drastic simplification and rationalization of national and local tax systems, including a radical reduction of the number of taxes, introduction of ACE system, reduction of marginal income tax rates, merging of the earmarked sur-taxes to their base taxes and replacing the major part of the corporation income tax and various local taxes with an income-type value added tax. The recommendations aim mainly at improving efficiency of Korea´s revenue policy both in terms of economic resource allocation and tax administration, through broadening of the tax base and simplification of individual taxes and the overall structure of the tax system.
김홍균 서강대학교 경제학연구원 2002 시장경제연구 Vol.31 No.2
In this paper I examine whether double dividend hypothesis of environmental tax holds in the presence of tax on capital. In doing so, I develope a static general equilibrium model with two sources of environmental damage: an intermediary good causing the pollution in the process of production and a consumption good. The main findings are as follows. First, the optimal tax rate on capital is zero. Second, the optimal tax rates on other sources, including environmental tax, are lower in the presence of capital taxation. The primary reason is that the taxation on the intermediary good and the consumption good imposes distortions on the capital market as well as the labor market. Third, the possibility for double dividend hypothesis of environmental tax to hold is high in the presence of capital income taxation because real income is less reduced compared to the economy with only labor income taxation.
Timescale Analysis of Economic Relationships
Lee, Hahn Shik 서강대학교 경제학연구원 2001 시장경제연구 Vol.30 No.2
As some decisions are taken with respect to long-term plans while others are taken with respect to short-run variations, relationships between economic and financial variables may depend on the timescale of analysis. Unfortunately, however, it is far from simple to decompose time series data into components with different frequencies. Wavelets are used in this paper to produce an orthogonal decomposition of economic time series into several timescales. In particular, we examine the consumption-income relationships at various ranges of frequencies based on reconstruction of the data by wavelet crystals. The basic finding is that consumption behavior depends much on the horizon of consumers with respect to the consumption decision in hand. The results in this paper generalize the original idea of the permanent income hypothesis, which considers the consumption-income relationship as a two-fold distinction between permanent and transitory component.
The Hierarchy of Dictators in Arrow's Impossibility Theorem
Wang, Gyu Ho 서강대학교 경제학연구원 2001 시장경제연구 Vol.30 No.2
We re-examine the celebrated Arrow's Impossibility Theorem. We strengthen the theorem by slightly strengthening the weak Pareto Optimality. Strong Pareto Optimality combined with other Arrow's conditions, Collective Rationality, Unrestricted Domain and Independence of Irrelevant Alternatives implies not only the mere existence of dictator but also a hierarchy of dictators in the sense that whenever all the higher order dictators are indifferent between two alternatives, the next order dictator determines the social ranking of them.
조장옥 서강대학교 경제학연구원 2005 시장경제연구 Vol.34 No.1
This paper is the sequel to the paper titled "An Exposition of Macroeconomic Issues Using Two-Period Economies I", which was published in this Journal in volume 32, no. 1. The paper consists of two chapters. In the first chapter, we consider the fiscal policy in an endowment economy and then in an economy with production and capital accumulation. We focus in the chapter especially on the Ricardian Equivalence Theorem. In the second chapter, we consider the labor supply decision in a static economy and then in a dynamic environment. We emphasize in the chapter the role of income, intraternporal, and intertemporal substitution effects. These three effects together with the capital accumulation are the key to the understanding of equilibrium approach in macroeconomics.
Is There the Indirect Productivity Effect of Pollution? : Empirical evidence of advanced countries
Kim, Hong-Kyun 서강대학교 경제학연구원 2005 시장경제연구 Vol.34 No.1
This paper examines whether there is the indirect productivity effect of pollution on preference. In doing so, the indirect productivity effect is introduced by the home production function. The estimates show that there is a strong positive indirect productivity effect on preference.