KJC Korea
Journal Central

Limited public funds for infrastructures have the government consider joining the private in a BOT project finance scheme. Generally, the BOT projects entail lots of managerial flexibilities that may induce the radical change of project's cash flows, an asymmetric payoff, when facing on the uncertainties comes from the BOT project finance's unique characteristics. Among various managerial flexibilities occur in the BOT projects, the revenue cap agreement is frequently used to protect the government from the private's revenue exploitation. However, its impact on the project value is not well understood because the popular capital budgeting theory, NPV(Net Present Value) analysis, is limited to assess the contingency of this agreement. The purpose of this paper is to develop the numerical model to better assess the impact of the revenue cap agreement on the project value with the concept of the option pricing theory and to suggest a theoretical framework in quantitatively evaluating this agreement. The approach applied in this paper is justified with the hypothetical BOT toll case to show its applicability and some meaningful conclusions are drawn from. The results by the option pricing concept are scrutinized over those by NPV analysis and, finally, the revenue cap value appears significant relative to the project value.

Urban regeneration projects are done as a way of property-led development, therefore many original residents are forced to move to other area and the rate of resettlements is very low. This study purposes to explore the difference of social capital between the original residents and newcomer in urban regeneration projects area Social capital is composed of trust, participation, networks, and sense of community. Study area is Gileum newtown and the data collected from survey for the residents, Gileum new town is where new town project is done fastly, therefore it is possible to measure social capital among the different group of residents. The degree of trust and participation is high in newcomer group, however the degree of sense of community is high in original residents group. This result reflect the characteristics of social economic status of newcomer and original residents. A key conclusion is that to strengthen resettlement of original residents, strategy of strengthening the social capital of residents is needed.

Recently, Gim and Kim(2008b) verified that there is no consecutive connection between the output requirements matrix for final demand and the total output and that there are some limits to counting the economic impacts of the initial change of output. Therefore, we newly developed the Output-Output(OO) model and compiled the Output-Output table to solve the consecutive connection and overestimation problems naturally on the basis of the output requirements matrix for output . Based on the results and research findings in the literature of Output-Output Economics, the specific objectives of this paper can be summarized as follows. (1) We perform a comparative analysis between the IO and OO models in structure and characteristics to choose the best fitting model which coincide with the research themes. (2) We compute good indicators of growth(or impact) potential by sectors through interindustry multiplier and linkage effects originally developed by the author in the raw data of 2007 Output-Output Tables. The major findings from the empirical analysis are followed below. The growth potential sectors, which account for the top 30% of the standard normal distribution(SND), judged by sectoral multipliers for output, employment and income are petroleum and coal products, basic metals, and transport equipment, etc. in the IO model. As for the OO model, the only high growth potential sector, which account for the top 10% of the SND, is petroleum and coal products sector.

This study is supposed to clarify the relationship among factors on sale price depending on architectural size of commercial residential complexes using Path Analysis. Spatial scope of this study covers 193 commercial residential complexes located in the city of Seoul, and temporal scope covers commercial residential complexes having been completed by September 2008. In order to classify patterns pursuant to architectural size, K-means Cluster Analysis was performed using building area, total area and site area, and patterns were classified into two kinds such as big groups and small groups in architectural size, showing that there is about 1.4 million won difference in average sale price per ㎡ through T-test verification. In order to take a look at price determinants by architectural size patterns and grasp the relationship between them, analysis using Path Analysis to analyze the theoretical relation between configuration concepts and the relationship with measurement indices was performed, thereby developing each route model. Analysis results showed that big groups in architectural size were affected by the order of complex size, housing size, constructor brands, surrounding environments, composite facility size, complex access facilities, life convenience facilities and use zoning, and that small groups in architectural size were affected by the order of housing size, constructor brands, surrounding environments, complex access facilities, composite facility size, use zoning, complex size and life convenience facilities.

As cities are growing dramatically, urban structure is changed from mono-centric pattern to poly-centric pattern. Although many studies have introduced the method of identification of employment and population sub-center in each part, there are few research of relationship between population and employment sub-center. Therefore this study has an objective of identification of sub-center and relationship between population and employment sub-centers. Achieving this purpose, this study use modified nonparametric method. The 1st stage of the method is choice of potential sub-center using Locally weighted Regression (LWR). And 2nd step is estimating the CBD impact using Fourier Expansion method. And then density function is made using the results of LWR and Fourier Expansion. Above 2 stages are general nonparametric method to confirm sub-centers. Next, and then, the 3rd stage has an objective to confirm relationship between population and employment sub-center. The results in this study indicate the change of sub-centers from 2000 to 2007. And there are positive and negative relationship between population and employment sub-centers.

Urban neighborhood parks create hospitable urban environment by providing resting places with fresh air, where residents can lead comfortable recreational outdoor activities. Therefore, urban neighborhood park services need to be properly supplied to maintain a good quality of life in a city. To sustain a proper level of service provision, the size and the spatial distribution of neighborhood parks need to correspond to those of population in demand. That is, densely populated regions should be provided with large sized neighborhood parks in close proximity, and vice versa. To achieve this planning objective, systematic methodology capable of quantifying the distributional characteristics of population and neighborhood parks in various sizes is required. This study propose a methodological framework where park service deficit subregions relative to population size can be effectively identified. Formulating a service provision assessment index is a methodological core of this framework, which is defined as the difference between actually supplied and planned levels of urban neighborhood park services. The bigger the index value is, the more city residents may undergo service underprovision, since the ‘should-be’ level severely deviates from the actual one in this instance. For the empirical demonstration of the proposed methodology, the assessment index was applied to neighborhood parks in the City of Daegu, Korea.

The purpose of this study is to analysis the actual condition of urban decline for the cities in Chungcheong region, and under what impact structure the urban decline is under way. The major summary of this study is as follows. First, most cities were being declined except a few cities near metropolitan area in Chungcheong region especially, urban decline was severer in the central ares than the whole cities. Second, According to the analysis on influence structure of urban decline, its primary cause was attributed to an influence of economy, finance, peripheral cities. Such primary cause induced deterioration of residential environment, increase in secondclass citizens, decrease in population ending up the urban decline consequently. However, the direct influence of urban decline was an increase in old houses, increase in secondclass citizens, decrease in population, while indirect influence was an impact on surrounding cities, population reduction & job drought. Third, the causes for urban decline was varied by city, and particularly influenced by the peripheral cities. Therefore, to solve the urban decline problems, providing measures related surrounding cities are necessary as well as a consideration of internal matter of the cities.

We tested two hypothesis on the role of the housing price forecast for housing price in housing price and economic fluctuations from March 2003 to May 2008. Lagged indices of housing price forecast were found to have significant explanatory power for housing price. In addition, the efficient market hypothesis was not supported by the data. Lagged indices of housing price forecast has significant explanatory power for the excess return of housing price over market interest rate represented by the yield on the 3-year Treasury bond. Furthermore, our results showed that the investor sentiment for housing price does Granger-causes not only consumption, but also industrial production. These results hold regardless of whether we included other control variables such as industrial production and sales of consumer goods, or not.

Recently, mobile devices embedded with location-based tracking functions have become prevalent across the globe. These devices are also useful tools for conducting large scale, representative human behavioral research. In this paper, I review some seminal attempts that tried to first gather the data of citizens’ time-space behaviors by using mobile devices, then analyze and visualize urban daily activities. In addition, I investigate some of the barriers to the wide implementation of these kinds of experiments, focusing on data access and permission issues as well as personal privacy issues.

The Special Tourism Zone(STZ) institution was established to attract foreign tourists by designating the areas which meet certain conditions. However, it has been being criticized because of its inefficiency and insufficient supports from government sector. This research examines the problems of present STZ institution, and suggests following improvement devices in policy and management perspectives. For policy improvement, three measures are needed as follows: 1) the conditions for designation of STZ, such as statistics method of foreign tourists and land use classifications should be more specified, 2) supports from government for STZ, including fund and tax exemption, should be more strengthened, and 3) evaluation guideline in detail for STZ should be presented. For improving management of STZ, three measures are needed as follows: 1) the present STZ system should be restructured, 2) official name of STZ should be changed, and 3) differentiation strategy of each STZ based on tourism resources should be prepared.

This study hence was aimed at analyzing the characteristics of information network and determinant factors by pattern in a bid to obtain the information in the process of creating the knowledge and innovation by the business which serves the major role for creating the creative knowledge. As the data for analysis, “Technology Innovation Activity Survey” for 2002, 2005 and 2008 conducted for the domestic enterprises were used. The decision factor analysis of business information network by pattern was conducted to identify, making use of hierarchical linear model. As a result, in enterprises information network, a centripetal force toward the inner side of the company appeared over the entire area, except some industries requiring inter-disciplinary consilience. Second, business information network has been changed in terms of scope of network and the characteristics by industry and by scale of business. Third, in the wake of categorizing the information network, internal network of the company tended to be strengthened, while inter-business network has been weakened, together with the research and dispersion network. Fourth, business information network is determined by their own characteristics or by the regional characteristics, both of them appeared to have had effect on such determination.

The purpose of this study is to measure productivity change and productivity gap of manufacturing sectors between Korean East-Southern area and Japanese Kyushu area. The empirical result implies that in case Super Cross-Border Economy is constituted, manufacturing sectors in Korean East-Southern area internally have a relatively beneficial position over those in Japanese Kyushu area. As Korean East-Southern area and Japanese Kyushu area have different manufacturing sectors in comparative position of advantage, Korean East-Southern area do not need to worry about the competitiveness, even if constitution of Super Cross-Border Economy makes free trade increase and the exchange enlarge in this area. It would be a very important issue that we make haste to construct Super Cross-Border Economy for this area to be the center of the East-Asia’ growth.