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 BK21플러스 Working Paper는 간접적인 peer review 기회를 통하여 저널게재의 확률을 높이고 논문 작성 훈련의 기회가 될 수 있습니다. BK21플러스 Working Paper 게시 후 논문이 게재 되거나 게재가 확실 시 되는 경우, 요청 시 기존 Working Paper의 삭제가 가능함을 알려드립니다. 


Higher education decision and private tutoring for college admission: Theory and structural estimation using Korean panel data
Hyejin Park
2015 PDF 
Abstract
This paper analyzes dynamic decisions of parents who send their children to college. It first augments the Caucutt and Kumar (2003) dynamic model with private tutoring decision which is more suitable for the South Korean case. According to the model, parents with higher wage would send their children to college even if their ex ante admission probability is low as they can raise the probability through private tutoring. Then it estimates structural parameter such as elasticity of intergenerational substitution and intergenerational discount factor through simulation-based indirect inference designed by Gourieroux, Monfort, and Renault (2003) using Korean education and employment panel data. The result implies severe inequality of education in terms of private tutoring due to high elasticity of intergenerational substitution despite a great number of applications to college because of high intergenerational discount factor. This shows that education inequality in the country is revealed more primarily in the level of expenditure on private tutoring rather than the decision to send their children to college. Based on the estimates, this paper analyzes effects of need-based subsidy scheme like State Scholarship in Korea based on model-based indicators. The results report that the subsidy scheme would increase mean value of individual welfare and improve equality of opportunity, even though it may harm education efficiency.
 
Keywords: education inequality, private tutoring, college admission, higher education subsidy, structural estimation, Korean education

Identification of Auction Models With an Unknown Number of Bidders
Eunji Song
2015 PDF 
Abstract
This paper derives new identification results and proposes an estimation strategy for auction models with an unknown number of potential bidders. I first show that within the symmetric independent private values (IPV) model, the potential bidders’ value distribution is nonparametrically identified and consistently estimated from observations of any pair of valuations of which rankings from the top or the bottom are known. The results hold even if the number of potential bidders follows a different distribution across auctions. If the distribution of the number of potential bidders is the same across auctions, it is also identified only from a pair of valuations. I then apply new identification results to establish identification of various auction models of eBay, ascending, second-price sealedbid, and first-price sealed-bid auctions, including models with a binding reserve price and entry costs.
 
Key Words: Auctions, identification, unknown number of bidders, ranked statistics 

How Does a Market Perish? Lessons from the Japanese Floaters Market
Ji-Yeong Chung
2015 PDF
Abstract
By investigating the recent demise of the 15-year Japanese floating rate bond (JF) market, we investigate the role of arbitragers in establishing market efficiency. If the market is supported by the massive presence of arbitragers, their synchronized and collective actions polish the market more effectively by eliminating mispricing quickly and sufficiently during tranquil market conditions. However, such a feature itself may dismantle the market during a liquidity driven crisis because they are all vulnerable to funding liquidity shocks.
Such asymmetric role of arbitragers is highlighted by empirically investigating the term structure of liquidity implied by JFs.
 
Keywords: Arbitrage; Funding liquidity; Liquidity discount rate; Subprime crisis

EU의 무역과 투자환경: 연구 동향과 최근 변화 및 정책과제
장태석
2015 PDF
Abstract
본 연구는 최근 EU의 대외무역관계를 살펴보고, 유로존의 재정위기와 금융 분절화 등에 따른 단일 시장 내 투자환경의 변화와 조세정책의 의의를 논의하였다. 세계화와 금융통합의 가속화에 대해서 EU의 지속가능한 발전을 위한 시사점은 다음과 같다. 첫째, 중국을 위시한
신흥국 경제의 성장과 유로존 내 경제 불황의 지속으로 EU 내 무역과 투자 활성화를 위한 국가 간 정책적 공조가 활성화될 필요가 있다. 둘째, 최근 변화한 무역과 투자환경을 반영하여 단일 시장 내 사회후생의 증진을 도모하기 위해서 국가 간 상이한 조세 제도에 대한 관리뿐 아니라 EU 차원에서 기업 조세 제도의 왜곡정도를 낮추는 방안이 제시되어야 한다. 셋째, 국가 간 정책 공조를 통해 금융시장의 통합 확대로 인한 단기 투기자본 흐름을 지속적으로 관리해야 한다. 이를 위해서는 경제 위기 방지를 위한 국제 규범을 설립하고, 초국
가적 차원의 개입도 정당화 시킬 수 있는 회원국들의 암묵적 동의가 필요하다.

핵심주제어: 대외무역, 유럽연합, 재정위기, 투자
경제학문헌목록 주제분류: F14, F45, F68, O52

터키의 경제안정화와 공공부채: 신흥시장국의 통화정책과 재정정책에 대한 시사점
장태석
2015 PDF
Abstract
본 논문은 2000년대 경제안정화 정책이 터키 거시 경제에 미친 효과에 대한 실증적 분석을 목적으로 하였다. 이를 위해서 터키의 인플레이션, GDP, 이자율, 공공부채 자료를 바탕으로 최우도 기법을 이용해 동태적확률 일반균형모형(Dynamic Stochastic General Equilibrium Model)의 모수값을 추정하였다. 경험 분석 결과에 따르면 지난 10년간 터키의 중앙은행은 가격안정화를 적극적으로 추진한 반면에 중앙정부의 지출에 대한 경기 순응 반응은 비탄력적으로 추정되어서, 공공부채를 줄이는 데는 상대적으로 소극적이었음이 발견되었다. 특히 터키는 경제의 불확실성과 구조적인 취약성이 높은 신흥시장국으로 외부충격에 취약하다. 이것은 가격안정화 이외에도 대외수지의 불균
형 해소를 위한 노력과 투자 확대 및 노동시장 유연화를 통한 공급부분의 구조개혁을 필요함을 보여준다.

주제어: 가격안정화, 동태적확률 일반균형, 신흥시장국, 공공부채, 터키

Estimation and Evaluation of Monetary Policy in Korea Before and After the Global Financial Crisis
Jeonghun Choi
2016 PDF
Abstract
This study estimates a simple small open dynamic stochastic general equilibrium model through the Bayesian approach using Korean data. It mainly analyzes the monetary policy conducted by the central bank of Korea in relation to the 2008{2009 global nancial crisis. Speci cally, it aims to answer three questions. (1) Is there any change in the Korean monetary policy before and after the global nancial crisis? (2) If so, what is the difference between them? (3) What are the subsequent change in the role and e ect of the monetary policy alteration? To answer these questions, we first implement a rolling estimation, which enables us to control the influence of the crisis and to find the time-varying characteristics of the Korean economy. Based on the results from the first stage, we re-estimate the model by dividing the whole sample period into two sub-periods, namely, pre-crisis and post-crisis. According to our estimation results, exchange rate movements become an additional interest in deciding the policy rate of Korea after the peak of the crisis. In addition, the behavior of the Korean monetary authority becomes relatively more aggressive. When models including the data of the peak of the crisis are estimated, model ts become worse and the posterior estimates are distorted. Finally, we conduct simulations to gauge the altered role and effect of the change. As measures of performance, volatilities of inflation, output, and exchange rate of the simulated series obtained by stochastic simulation show that the central bank of Korea can achieve more stabilized inflation and exchange rates under the post-crisis policy rule. Our results are robust for various specifications of the monetary policy rule, alternative prior distribution, and data that can be used as proxies for the exchange rate and inflation of Korea.
 
Keywords: Korean monetary policy, global financial crisis, exchange rate, small open economy DSGE model, Bayesian estimation

Strategic Interactions on Networks: An Experimental Approach
Eungik Lee
2016 PDF  
Abstract
This paper experimentally investigates how global and local characteristics of a network influence the equilibrium selection and behavior in a network public goods game. Bramoulle et al (2014) shows that the equilibrium of the public good game can be characterized according to the simple characteristics of the underlying network. Precisely, guided by the theoretical predictions from Bramoulle et al(2014), I explore whether underlying networks can predict equilibrium selection and subjects’ behavior in the controlled laboratory. The data implies that 1) there is some aspect in which agents’ actions are consistent with the claims of Bramoulle et al(2014), but 2) local, rather than global, characteristics of the network are more fundamental in influencing behavior and equilibrium selection. Specifically, I show that asymmetry inside of network is a major factor in explaining the actions of individual economic agents.
 
Keywords: Network, local public good games, experiment, strategic substitute
JEL classification: C91, D00, D81, D85, C72, H41

Matching with Searching
Andrew Bongjune Choi
2016 PDF 
This paper models a two-sided matching market where workers can only match with firms that they are acquainted with. Each worker may conduct searches to acquaint himself with new firms. Concepts of stability and efficiency are defined.
We use the marginal value theorem of linear programming to show workers never search too little in the sense that all stable matchings are efficient. We then prove that in a large market which satisfies some regularity conditions, workers never search too much, i.e. all efficient matchings can be made stable.

An Agent's Preferences and the principal's Incentive Cost in the Agency Problem
Jin Yong Jung
2016 PDF 
Abstract
We provide the general results about the question of what effects the change of an agent's preferences over income and effort has on a risk-neutral principal's incentive cost. We argue that there are two factors affecting the principal's incentive cost. One is the agent's risk aversion and the other is his incentive sensitivity. We show that the increase in the agent's risk aversion or the decrease in his incentive sensitivity leads to the increase in the principal's incentive cost. And, we show that it is possible that the principal prefers the more risk averse agent.

Equilibria in eBay Auctions
Eunji Song
2017 PDF 
Introduction
This paper characterizes the set of symmetric Bayesian-Nash equilibria in eBay auctions within the independent private values model. There are multiple equilibria with respect to the bidding time but top two bidders bid their valuations by the end of auction and hence the expected revenue is the same in every equilibrium.
   EBay auctions are a mixture of traditional ascending and second-price sealed-bid auctions. The eBay auction takes an ascending-bid format but the highest bid is not revealed. A bidder can know every bid except the highest and whether or not he is the highest bidder. The eBay auction ends at the fixed ending time, hence a bidder may not have time to response to his competitior’s bid at the very end of the auction. Therefore, the eBay auction works more like the second-price sealed-bid auction rather than the ascending auction at the end of the auction. In eBay, there are auctions which sell multiple items and/or have a fixed-price component such as "buy-it-now" option. In this paper I focus only on auctions which sell a single item without using a buy-it-now option.
   While there has beeen a huge literature on empirical analysis of eBay auction data including …eld experiments, research on equilibria in eBay auctions has been limited. This paper sets up a bidding model for eBay auctions and characterizes all equilibria; this would improve understanding of eBay auction data for empirical work. The rest of the paper is organized as follows: The next section explains the eBay auction format, and Section 3 presents an eBay bidding model and its equilibria with discussion.

From Global Value Chains (GVC) to Innovation Systems for Local Value Chains and Knowledge
Zhuqing Mao (co-author)
2017 PDF 
Abstract
This paper puts forth a hypothesis that while at the initial stage of growth by a latecomer, more participation at the global value chains (GVC) is desired to learn foreign knowledge and production skills, functional upgrading requires effort to seek separation and independence from existing foreign-dominated GVC, and that latecomer firms and economies might have to re-seek an integration back into GVC after building up their own local value chains. This paper attempted to verify this “In-Out-In Again” hypothesis by looking into cases of “upgrading and independence” in Korea and Brazil, and by checking the national level data of the share of foreign value-added (FVA). Trends of FVA in successful catching-up economies, including China in recent years, are consistent with this In-Out-In Again pattern. Regression results also confirm correlations between the degree of local creation and diffusion of knowledge and FVA values. This finding can be viewed as an important contribution because the relationship illustrates the linkage between innovation system variables (knowledge localization) to the GVC variable of the FVA. This finding further implies that building local innovation systems is the key in making possible upgrading and local value creation while integrating in the GVC.
 
Keywords: GVC, innovation systems, local value chains, Knowledge, Korea, Brazil

 

 

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