Seeks to present the detailed empirical study of contemporary business fluctuations in Korea. Follows the methodology of modern business cycle research in conducting an…
Abstract
Seeks to present the detailed empirical study of contemporary business fluctuations in Korea. Follows the methodology of modern business cycle research in conducting an atheoretical statistical analysis of the cyclical properties of key aggregate time series. Shows, by analysis, that many of the cyclical regularities documented for developed countries also exist in Korean business cycles. Regularities include the relative volatilities of many expenditure components and the co‐movement of real and nominal variables with output. Particularly of note is the counter‐cyclicality of prices. Posits that counter‐cyclicality of prices signals the importance of supply side shocks in Korean business fluctuations. Reveals, in the analysis, that the fluctuation in the import price of oil may have been the major source of Korean business cycles. States that analysis has also revealed that there are some idiosyncrasies in Korean business cycles. Net exports are significantly pro‐cyclical and lead the cycle for most of the period under study.
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While there is strong consensus at the conceptual level aboutsustainable development there are few formal models that outline theconditions for environmentally steady and…
Abstract
While there is strong consensus at the conceptual level about sustainable development there are few formal models that outline the conditions for environmentally steady and sustainable growth in a decentralized market economy. Addresses this issue by building a Green GNP model and then deriving a single long‐run condition for environmentally steady and sustainable growth. Examines the relationship between industrial affluence and environmental decay. If industrial affluence comes from the lower elasticity of substitution among goods, it does not necessarily cause environmental decay. Finding that substitutability still plays an important role in environmentally steady and sustainable growth and concludes that public policy makers should pay more attention to the relationship between substitutability among goods and environmental sustainability.