Investigating the causal relationship between economic growth, inflation, and unemployment in South Korea

Policymakers and economists consistently implement monetary and fiscal policy to control economic growth, inflation, and unemployment due to the fact that these three factors directly influence people’s living standards. Every country has a different economic characteristic structure. Economic growth and inflation have a strong correlation in some countries, while other countries have a strong correlation between economic growth and unemployment. Therefore, investigating the causal relationship among economic factors can provide us with a better understanding of how economic phenomena affect each other. In South Korea, economic growth, inflation, unemployment have been in balance since the 1998 Korean economic crisis. Hence, investigating the economic growth, inflation, and unemployment of South Korea will enlighten how these three economic indicators affect each other in a country that developed rapidly and had several economic crises. To investigate such a model, the Vector Autoregressive Model (VAR) is used with the data between the years 1980 and 2019 in order to verify whether Okun’s law or/and the Philips curve hold in South Korea. The research also determines if there is either a bi-directional or uni-directional relationship if economic growth, inflation, and unemployment have a causal relationship. The research demonstrates that GDP is the main factor in South Korea that influences the other economic factors. This research paper can contribute to academia, since it has a vital outcome which shows that the mobility of the unemployment rate in South Korea is directly correlated to the movement of GDP.

Decision Making Pattern of Farm Women in Different Farm and Non-farm Activities

The present study was undertaken to study the decision making pattern of farm Women in different farm and non-farm activities with following objectives i) to study the selected personal and socio personal and socio-economic characteristic of rural women and ii) to analyze the decision making pattern of rural women in different farm and non farm activities The study was conducted in Six Districts of Assam. A purposive cum simple random sampling technique was adopted for selecting the respective samples for the study. Altogether 1200 farm women were selected for the present study. Data was collected personally by interview method. The findings reveals that farm women belonged to low socio-economic status, less than fifty per cent of farm women took independent decision in maintenance of house (35.25%), followed by buying food items for family consumption (34.17%) and crop harvesting and transporting (33.75%). majority (78.75%) of farm women took joint decision in purchase of household items, purchase of implements (73.66%) followed by selling of crops and where to sell (72.42%), buying of clothes for family members (67.25%).

FAKTOR SOSIAL EKONOMI PENENTU PARTISIPASI MASYARAKAT DALAM PENGEMBANGAN DAYA TARIK WISATA GUNUNG KERBAU

An important goal of status determining of Matras Tourism Village in 2010 was in order more people took participate in development programs of the local tourism sector. The relevant findings of previous research were that the socio-economic characteristics including knowledge and perceptions associated with participation. The purposes of the research were to study the socio-economic characteristics and perceptions, to study the shape and the level of participation, and to study the relationship between socio-economic characteristic and perception toward participation. The research was categorized as survey research that used purposive-snowball sampling. The data were analyzed by descriptive-qualitative, Scoring, Crosstabs, Chi-Square, and Spearman's Rank. Overall, 47,73% of respondents have moderate perception level. While, 38,64% of respondents have low participation level. All indicators were positively related to the participation, except for the age and the number of dependents (negatively). However, the relationship strength were different. The informal education, tourism knowledge, perception of institutional and funds budgeting were strongly related to participation (sig. 99%). While, the perception of planning product, object/attraction of tourism, support facilities, opportunity and competitiveness described sufficiently-strong relation to participation (sig. 95%).

Hotels’ occupancy rates and convergence: Empirical evidence from the first pandemic wave

The scope of this study is to unravel possible convergence clubs regarding the occupancy rates of the hotel industry in the US states in the aftermath of the first COVID-19 pandemic wave. For this reason, the underlying paper resorts to the application of the generic convergence algorithm developed in Phillips and Sul (2007) for a sample of 50 US states over the daily period ranging from 01.12.2019 to 26.07.2020. The empirical analysis supports the identification of two primary convergence clubs consisting of an equally distributed number of regions (states). However, the two clubs can be merged into one after the implementation of the Phillips and Sul (2009) methodology, revealing that the first pandemic wave has eliminated any distinct (economic) characteristic between the different US states. JEL codes:L10, L80, R10 .

GENERAL ECONOMIC CHARACTERISTIC OF POVERTY

Статья посвящена подробному изучению альтернативных подходов к определению и измерению проблемы бедности, а также выработке методов и путей ее решения с учетом российских особенностей. The article is devoted to a detailed study of alternative approaches to the definition and measurement of the problem of poverty, as well as to the development of methods and ways of solving it, taking into account the Russian specifics.

Funded-capitalized pension designs and the demand for minimum pension guarantee

Using funded and unfunded pillars, the optimal pension structure is estimated using an over-lapping generation model, calibrated to the average OECD countries. While simulating different pillar sizes, a socio-economic characteristic was revealed in which low-earning groups are prone to unexpected market risks than high-earning cohorts and support a larger contribution than better-off individuals. This led to high contribution rates for funded pillars and low contributions rates for social security pillars. This suboptimal allocation leads to inefficient hedging capability for the pension portfolio. An alternative is a minimum pension guarantee as an efficient system stabilizer as it rebalances the economic cost among different earning cohorts. However, the guarantee might be expensive to implement if not capitalized early in the working phases in an era of aging populations, low birth rates, and deep financial crisis.

Features of the functioning of the Ukrainian market for design work and the development of design in a pandemic.

The market for design work in civil and industrial construction was one of the first to react to the crisis trends during a pandemic in the economy. Back in 2013, the volume of orders declined, and the peak of the decline was in 2014. The main reason for the difficulties is the reduction in investment programs of civil and industrial enterprises, and developers. The Ukrainian market for design works is distinguished by a high level of competition. A large number of design companies are actively working in this market niche. This fact constantly pushes market participants to take active steps to adjust the competitive strategy, positioning strategy and pricing. The primary signs of a crisis in design are also recognized through price indicators, which personify both the cost of the project or design services, and the results of the project enterprise, taking into account the factors that form the price level. In recent years, the price indicators of the construction industry have been unstable and completely dependent on external market conditions. Price as an economic characteristic is a significant regulator in the project market of Ukraine and abroad. The design market is the backbone of the construction industry with a volume of over UAH 1 billion per year and high added value. The field requires highly qualified staffing and the introduction of modern technologies. Outdated systems of training, certification of specialists and technical regulation hinder the development of the project market in Ukraine. The market is prone to underestimated cost of design work. In 2018, the share of design in the total cost of construction in Ukraine averaged 1.5-2%; in France it was 8-13%, and in Great Britain the level reached 10-17%. There is practically no system of state orders for design. Today our market is characterized by technological backwardness. The work of designers is low-paid, which, accordingly, affects the quality. High-quality architecture is more expensive than low-quality one. In Ukraine, the demand for quality design is just beginning to emerge. In this regard, it is very important to create a competitive environment that will contribute to development. The project market, like the construction industry as a whole, is extremely heterogeneous. Currently, there are thousands of various design bureaus and small workshops in Ukraine, employing no more than ten people, and the number of freelance designers cannot be statistically estimated. Prices for design, as well as the approaches used to provide services, differ dramatically in these organizations. A high price for a service does not necessarily guarantee that the quality of its delivery will be the same. Therefore, first of all, one should imagine what kind of work will be performed and what their essence is. Many investors prefer to design their facilities using the services of European specialists. What are the features and secrets of the Ukrainian project market? Are there really so few good designers in their country, and by what parameters can they still be found? The article examines the features of the functioning of the Ukrainian market for design work and the development of design in a pandemic.

7 Economic Characteristics of Developing Countries

This chapter highlights the economic characteristics of developing countries. The economy of a developing country may possess characteristics that distinguish it from an industrialized economy, and markets often function differently in developing countries. These characteristics include small, fragmented, and less competitive domestic markets; widespread poverty, which further exacerbates the small size of the domestic market; significant variations in firm productivity; barriers to entrepreneurship; missing institutions and prevalence of market failure; poorly developed financial markets; heavy state presence; prevalence of the informal sector; domination of large business groups; and widespread corruption and state capture. Approaches to competition law enforcement formulated in industrialized economies are based on the economic environment of these countries and do not reflect the circumstances of a developing country economy. The chapter then discusses each economic characteristic one by one, proposing necessary adjustments to competition law doctrines and enforcement approaches.