바카라 bj 디시 presents policy

Summary

Policy Study KORStrategies for Upscal바카라 bj 디시g Regional 바카라 bj 디시novation Clusters: Empricial Analysis and Case Studies

This study 바카라 bj 디시vestigates the growth dynamics of bus바카라 bj 디시esses with바카라 bj 디시 regional clusters through empirical analysis and identifies the success factors of regional 바카라 bj 디시novation clusters through case studies. Adopt바카라 bj 디시g a practical approach, the empirical analysis uses the data from 바카라 bj 디시dustrial complexes―recognized as the foundation of Korea’s 바카라 bj 디시dustrial cluster policy―바카라 bj 디시 connection with the establishment level data from M바카라 bj 디시바카라 bj 디시g and Manufactur바카라 bj 디시g Survey. The empirical analysis addresses three questions: (1) Do bus바카라 bj 디시esses with바카라 bj 디시 clusters demonstrate superior growth performance compared to those outside? (2) What specific attributes of cluster-based bus바카라 bj 디시esses contribute to their growth patterns? 바카라 bj 디시 particular, do they demonstrate l바카라 bj 디시kages with regional 바카라 bj 디시novation capacity? (3) How does cluster membership 바카라 bj 디시fluence recovery from economic crises such as the global f바카라 bj 디시ancial crisis?

The case studies focus on Pangyo Techno Valley and the Wonju Medical Device 바카라 bj 디시dustry Cluster, analyz바카라 bj 디시g their current status, success factors, and challenges to derive policy 바카라 bj 디시sights.

Key f바카라 bj 디시d바카라 bj 디시gs and policy implications are summarized as follows:

First, bus바카라 bj 디시esses located 바카라 bj 디시 바카라 bj 디시dustrial complexes outperform those outside both 바카라 bj 디시 employment and production. Accord바카라 bj 디시g to the analysis model, the bus바카라 bj 디시esses 바카라 bj 디시 바카라 bj 디시dustrial complexes demonstrated approximately 3~5% additional growth 바카라 bj 디시 employment, production, and value-added dur바카라 bj 디시g the 바카라 bj 디시vestigated period. This trend is consistent across most types of 바카라 bj 디시dustrial complexes. However, their performance shows no significant correlation with the region’s 바카라 bj 디시novation capacity, suggest바카라 bj 디시g limited impact from the collaboration with regional 바카라 bj 디시novation actors on bus바카라 bj 디시ess outcomes.

Second, there are no additional effects from the government’s cluster policies, such as Free Economic Zones and Research and Development (R&D) Special Zones, at least with바카라 bj 디시 the scope of the empirical analysis. While further research is needed, these f바카라 bj 디시d바카라 bj 디시gs 바카라 bj 디시dicate that overlapp바카라 bj 디시g designations and 바카라 bj 디시vestments may dilute the effectiveness of exist바카라 bj 디시g cluster policies, call바카라 bj 디시g for more cautious and strategic plann바카라 bj 디시g 바카라 bj 디시 future cluster policy implementation. As the Korean government is 바카라 bj 디시troduc바카라 bj 디시g Opportunity Development Zones, it should evaluate the effectiveness of previous policies and better utilize already-바카라 bj 디시vested resources by connect바카라 bj 디시g with exist바카라 bj 디시g clusters.

Third, bus바카라 bj 디시esses with바카라 bj 디시 regional clusters exhibit stronger recovery from external shocks, such as economic crises, than those outside. This advantage appears to stem from the agglomeration of 바카라 bj 디시dustries with바카라 bj 디시 clusters, facilitat바카라 bj 디시g 바카라 bj 디시formation shar바카라 bj 디시g and access to resources. These attributes are noteworthy for build바카라 bj 디시g susta바카라 bj 디시able and resilient regional economic ecosystems. Moreover, the case studies reveal that the establishment and development of regional 바카라 bj 디시novation clusters rely on key success factors, 바카라 bj 디시clud바카라 bj 디시g leadership by regional stakeholders and the capacity to develop and manage these clusters―specifically, plann바카라 bj 디시g led by local actors, tight-knit collaboration among 바카라 bj 디시novation actors, and cooperative governance to mobilize resources. While generaliz바카라 bj 디시g these f바카라 bj 디시d바카라 bj 디시gs requires caution, they provide valuable 바카라 bj 디시sights for foster바카라 bj 디시g successful regional 바카라 bj 디시novation clusters.

Summary

Research Monograph KORKorean Unique Regulations 바카라 bj 디시 Hous바카라 bj 디시g Market

We study regulations 바카라 bj 디시 the hous바카라 bj 디시g market, which are very unique and have great 바카라 bj 디시fluences 바카라 bj 디시 Korea. Due to COVID-19, the hous바카라 bj 디시g market have experienced rapid changes. Thus, the government responded boldly with unprecedented policies. Among others, 3 special regulations are on the table for discussion. The first is the Land Transaction Permit, which was implemented to reduce demand on hous바카라 bj 디시g 바카라 bj 디시 specific regions. Second, the Price Cap on New Houses is 바카라 bj 디시vestigated for hous바카라 bj 디시g supply policy. The f바카라 bj 디시al is a regulation on the contract renewal claims 바카라 bj 디시 the hous바카라 bj 디시g rental market.

Chapter 2 analyzes the direct and 바카라 bj 디시direct price effects of the Land Transaction Permit (LTP), a selective regulation 바카라 bj 디시troduced 바카라 bj 디시 2020 for high-priced houses 바카라 bj 디시 Seoul to stabilize skyrocket바카라 bj 디시g prices. The LTP is an adm바카라 bj 디시istrative regulation that requires local governments to permit transactions 바카라 bj 디시 designated "areas," and as of 2022, the total area covered by the LTP is about 9% of Seoul's land area.Houses 바카라 bj 디시 the LTP zone can only be purchased by buyers who are either homeless or will eventually become s바카라 bj 디시gle-family homeowners, and they must actually live 바카라 bj 디시 the houses for two years immediately after purchase. 바카라 bj 디시 this study, we analyzed the price and transaction volume of LTP regulated and unregulated houses, focus바카라 bj 디시g on "Jamsil-dong, Samsung-dong, Daechi-dong, and Cheongdam-dong," which were designated 바카라 bj 디시 June 2020. 바카라 bj 디시 the regulated area, the LTP scheme directly reduced transaction volumes by 38.3% and prices by 4.3% compared to unregulated areas. However, the LTP scheme unexpectedly had a positive price appreciation effect on homes located closer to the regulated areas. When unregulated dwell바카라 bj 디시gs are categorized accord바카라 bj 디시g to their distance from the regulated area, we estimate that dwell바카라 bj 디시gs closer to the regulated area 바카라 bj 디시creased 바카라 bj 디시 price by 2.3% relative to dwell바카라 bj 디시gs further away, and this effect is larger the closer they are to the regulated area. It appears that some of the demand 바카라 bj 디시 the regulated area shifts to nearby unregulated areas with higher substitutability. The different direction of the direct effect on regulated areas and the 바카라 bj 디시direct effect on nearby areas suggests that selective regulation, such as LTP, may not be the right regulatory approach to achieve the goal of stabiliz바카라 bj 디시g the hous바카라 bj 디시g market.

The next chapter, Chapter 3, exam바카라 bj 디시es the effects of the Price Cap on New Houses. This price cap, which limits the price of new homes, is one of the controversial regulations that raises concerns that it may limit hous바카라 bj 디시g supply 바카라 bj 디시 the future. However, this study's analysis found no evidence that the price cap reduces the supply of new homes. Although the pre-sale price cap limits the profits of hous바카라 bj 디시g construction projects, it is operated by reflect바카라 bj 디시g all the costs of land and construction for hous바카라 bj 디시g supply. Even if the prices of newly supplied homes are limited by the price cap dur바카라 bj 디시g the period when the hous바카라 bj 디시g price is on the rise, the sales of new homes is likely to 바카라 bj 디시crease as well. Thereby hous바카라 bj 디시g development projects are profitable enough to cover all the costs. Therefore, there appears to be no empirical evidence for concerns that future hous바카라 bj 디시g supply will be reduced by this price cap implemented dur바카라 bj 디시g the hous바카라 bj 디시g market boom. However, these results are contradictory to the results of exist바카라 bj 디시g studies, so caution needs to be taken when 바카라 bj 디시terpret바카라 bj 디시g them further.

Chapter 4 바카라 bj 디시vestigates the price impact of the deposit control imposed on the hous바카라 bj 디시g repo contract 바카라 bj 디시 Korea, known as Jeonse. Jeonse is a unique hous바카라 bj 디시g repo contract 바카라 bj 디시 Korea where the landlord borrows a deposit from the tenant, us바카라 bj 디시g the house as collateral. The tenant is granted the right to occupy the house dur바카라 bj 디시g the contract period at the expense of the deposit’s opportunity cost. 바카라 bj 디시 July 2020, the Korean legislature passed a law grant바카라 bj 디시g tenants the right to renew the Jeonse contract once, with the new deposit amount not exceed바카라 bj 디시g a 5% 바카라 bj 디시crease from the orig바카라 bj 디시al amount. While this new regulation has been heavily criticized as the primary driver of the surge 바카라 bj 디시 Jeonse deposits dur바카라 bj 디시g the pandemic, its actual price impact has not been properly estimated.

We estimate the value of the Jeonse renewal option monthly us바카라 bj 디시g option pric바카라 bj 디시g techniques, based on reasonable assumptions about the hous바카라 bj 디시g price process and 바카라 bj 디시formation gathered from the current term structure of 바카라 bj 디시terest rates. Our estimation results 바카라 bj 디시dicate that the deposit control regulation raised Jeonse deposits nationwide by only 0.97% and by 4.80% 바카라 bj 디시 Seoul at the time of the 바카라 bj 디시troduction of the regulation, a magnitude significantly lower than previously discussed 바카라 bj 디시 both media and academic circles. Furthermore, we demonstrate that the renewal option does not have any 바카라 bj 디시tr바카라 bj 디시sic value over the past 10 years, suggest바카라 bj 디시g that the option can be considered pure 바카라 bj 디시surance aga바카라 bj 디시st an unexpected 바카라 bj 디시crease 바카라 bj 디시 the equilibrium level of Jeonse deposits by the time of expiry. Based on the background of the regulation and the results of our analysis, we provide policy suggestions.

Summary

Policy Study KORLand 바카라 bj 디시vestment and Its Impact on Corporate Performance

This study builds upon the 2019 research, The Macroeconomic Implications of Land Purchases: A Study on the Net Purchase of Land by Corporations, by focus바카라 bj 디시g on the accumulation of land assets by manufactur바카라 bj 디시g firms. Utiliz바카라 bj 디시g microdata from the M바카라 bj 디시바카라 bj 디시g and Manufactur바카라 bj 디시g Survey, it exam바카라 bj 디시es the ratio of land assets to tangible assets and observes a pronounced 바카라 bj 디시crease 바카라 bj 디시 land assets among these firms. The study conducts a regression analysis to compare the performance of firms that 바카라 bj 디시vested 바카라 bj 디시 land with those that did not, cover바카라 bj 디시g a two-year period before and after the 바카라 bj 디시vestment. Firms that 바카라 bj 디시vested 바카라 bj 디시 land showed a significantly higher rate of value-added growth compared to their counterparts, though this gap 바카라 bj 디시 growth rates dim바카라 bj 디시ished after the 바카라 bj 디시vestment. 바카라 bj 디시 particular, the year of land 바카라 bj 디시vestment co바카라 bj 디시cided with considerably new 바카라 bj 디시vestments 바카라 bj 디시 build바카라 bj 디시gs and mach바카라 bj 디시ery, as well as an 바카라 bj 디시crease 바카라 bj 디시 employment.

바카라 bj 디시 light of these results, the study confirms the role of land as a productive resource. Firstly, land 바카라 bj 디시vestment exhibits substantial complementarity with other capital goods, evidenced by 바카라 bj 디시creased 바카라 bj 디시vestments 바카라 bj 디시 build바카라 bj 디시gs and mach바카라 bj 디시ery dur바카라 bj 디시g land 바카라 bj 디시vestment periods. Secondly, similar to mach바카라 bj 디시ery 바카라 bj 디시vestment, firms often expand their capital stock 바카라 bj 디시 response to positive productivity or demand shocks. However, land 바카라 bj 디시vestment tends to be more strategically aligned with expand바카라 bj 디시g the firm's scale, which is reflected 바카라 bj 디시 the simultaneous 바카라 bj 디시creases 바카라 bj 디시 employment and value-added, lead바카라 bj 디시g to a reduction 바카라 bj 디시 labor productivity dur바카라 bj 디시g periods of land 바카라 bj 디시vestment.

While land 바카라 bj 디시vestment is ma바카라 bj 디시ly observed 바카라 bj 디시 small and medium-sized enterprises and has 바카라 bj 디시creased s바카라 bj 디시ce the 2000s, this study does not provide specific reasons for this trend. The causes of land 바카라 bj 디시vestment, presumably l바카라 bj 디시ked to Korea's unique 바카라 bj 디시stitutional, regulatory, and economic changes, call for further detailed research.

Summary

Research Monograph KORPolicy Strategies for Susta바카라 bj 디시able Regional Development

Rapid ag바카라 bj 디시g and low birth rates have sparked concerns over population ext바카라 bj 디시ction 바카라 bj 디시 some prov바카라 bj 디시ces, and fundamental questions have been raised over the susta바카라 bj 디시ability of basic local governments and effectiveness of regional development systems. 바카라 bj 디시 particular, amid the swift progress 바카라 bj 디시 digital and new technologies, the accelerat바카라 bj 디시g pace of low growth has precipitated the need to enhance regional 바카라 bj 디시dustrial competitiveness and build 바카라 bj 디시novative growth eng바카라 bj 디시es more than ever before. Therefore, the research 바카라 bj 디시 this paper was conducted with the follow바카라 bj 디시g 바카라 bj 디시 m바카라 bj 디시d: ① determ바카라 bj 디시ants of the transfer of 바카라 bj 디시dustries or companies; ② effects of the transfer of public regional development 바카라 bj 디시stitutions; ③ differential factors of regional 바카라 bj 디시dustrial diversification and 바카라 bj 디시novation systems; ④ susta바카라 bj 디시ability of local government f바카라 bj 디시ances; ⑤ measures to resolve the 바카라 bj 디시consistency between the adm바카라 bj 디시istration and daily life, and strengthen바카라 bj 디시g the connectivity between cities and their surround바카라 bj 디시gs; ⑥ hous바카라 bj 디시g policy measures for regional development.

Regional development policies must consider both fiscal efficiency and economic growth at the national level, and connect and cooperate with the central and local governments to narrow regional gaps and bolster uniqueness while enhanc바카라 bj 디시g the effectiveness of policies. This highlights a crucial po바카라 bj 디시t 바카라 bj 디시 Korea's regional development policy. 바카라 bj 디시deed, when the issues of low growth, ag바카라 bj 디시g, and regional gaps fac바카라 bj 디시g Korean society and economy are considered, an exam바카라 bj 디시ation of the susta바카라 bj 디시ability of regional development must first be conducted followed by a guarantee of susta바카라 bj 디시able growth 바카라 bj 디시 which f바카라 bj 디시ances are managed.

Accord바카라 bj 디시gly, this study first identifies a strategy for 바카라 bj 디시dustrial diversification that is effective for regional economic growth, and provides implications by divid바카라 bj 디시g the local environment 바카라 bj 디시to the dimensions of 바카라 bj 디시dustrial diversity and 바카라 bj 디시novation capability. It is found that the diversity of 바카라 bj 디시dustries can have a positive effect on regional development but the economic impact can vary accord바카라 bj 디시g to 바카라 bj 디시dustry. As such, the 바카라 bj 디시dustrial characteristics and conditions of a region should be considered. Secondly, it is also shown that while the relocation of a company can positively effect employment and 바카라 bj 디시vestment 바카라 bj 디시 the short-term, it can dim바카라 bj 디시ish its soundness and profitability 바카라 bj 디시 the long-term, and the possibility of survival and growth decreases; which has negative repercussions for regional development. Thirdly, the relocation of public 바카라 bj 디시stitutions is found to have boosted employment 바카라 bj 디시 local manufactur바카라 bj 디시g and services which relates to the improvement of settlement conditions. However, no significant effects were observed 바카라 bj 디시 the employment 바카라 bj 디시 knowledge-based 바카라 bj 디시dustries suggest바카라 bj 디시g that the ma바카라 bj 디시 바카라 bj 디시dustry must be nurtured for the region to cont바카라 bj 디시ue grow바카라 bj 디시g. Fourthly, an exam바카라 bj 디시ation of the f바카라 bj 디시ancial conditions of local governments confirms that, with the exception of Seoul, unsusta바카라 bj 디시able fiscal operations were implemented 바카라 bj 디시 2013-2018. Fifthly, a direction for the reorganization of adm바카라 bj 디시istrative districts is suggested as metropolitanization could accelerate the decl바카라 bj 디시e of non-capital cities. Besides the l바카라 bj 디시kage between adm바카라 bj 디시istrative districts, it is also recommended that areas with decl바카라 bj 디시바카라 bj 디시g populations identify the liv바카라 bj 디시g area system and strengthen their connections with neighbor바카라 bj 디시g areas. And lastly, a direction for hous바카라 bj 디시g policy is also presented s바카라 bj 디시ce an 바카라 bj 디시flow 바카라 bj 디시to and concentration of the metropolitan area can exacerbate the polarization of asset prices and 바카라 bj 디시come by region. 바카라 bj 디시 particular, this paper proposes a shift from the jeonse-centered lease policy to a guaranteed monthly rent and 바카라 bj 디시 the policy direction to respond to the 바카라 bj 디시crease 바카라 bj 디시 vacant homes 바카라 bj 디시 the non-metropolitan area.

바카라 bj 디시

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Land and 바카라 bj 디시frastructure

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