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수록정보
수록범위 : 1권0호(1985)~37권1호(2021) |수록논문 수 : 637
The Korean Economic Review
37권1호(2021년 01월) 수록논문
최근 권호 논문
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KCI등재 SSCI SCOPUS

1Burdens of Proof and Judicial Errors in Civil Litigation

저자 : Jeong-yoo Kim

발행기관 : 한국경제학회 간행물 : The Korean Economic Review 37권 1호 발행 연도 : 2021 페이지 : pp. 5-35 (31 pages)

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This paper considers the effect of whether burden of proof is assigned to plaintiffs or defendants in tort claims on the defendant's care-taking incentive under the possibility of judicial error. We argue that it is socially better to place burden of proof on the plaintiff if the proof costs of both parties are low and the evidence is very accurate, thus reducing the wasteful incentive for defendants to commit over-precaution. If the burden of proof is placed on the defendant, it exacerbates the defendant's over-precaution due to an accident-avoidance effect whereby the defendant is incentivized to take more care to avoid an accident, thereby saving evidence costs. We also discuss the sine qua non rule in the case of noisy evidence and reconfirm the accident-avoidance effect. This is compared to the result of Gómez (2002).

KCI등재 SSCI SCOPUS

2Impacts of Liquidity Preference on Loan-to-Deposit Ratio and Regional Economic Growth: A Post-Keynesian View

저자 : Wonik Park , Byoungkil Min

발행기관 : 한국경제학회 간행물 : The Korean Economic Review 37권 1호 발행 연도 : 2021 페이지 : pp. 37-63 (27 pages)

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In this study, we analyze the loan-to-deposit ratios (LDRs) and regional economic growth from the perspectives of Post-Keynesian endogenous money theory and liquidity preference theory. We also discover policy implications from the simulation results of a stock-flow consistent model. Contrary to the interpretation of exogenous money theory, we find that a low LDR in a region implies a high level of economic activity. Furthermore, regional economic gaps may emerge through the differences in the liquidity preferences of regions, that is, the liquidity preference differences among regions may lead to differences in various economic behavior, such as willingness to lend, investment propensity, and consumption propensity, which may exacerbate the regional economic gap. Therefore, regional finance should be examined from the perspectives of endogenous money theory and Keynesian theory of liquidity preference.

KCI등재 SSCI SCOPUS

3Payments Systems, Liquidity, Collateral, and Central Banking

저자 : Hyung Sun Choi

발행기관 : 한국경제학회 간행물 : The Korean Economic Review 37권 1호 발행 연도 : 2021 페이지 : pp. 65-84 (20 pages)

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A monetary model is constructed to explore the risk-sharing role of gross settlement as a determinant of money demand for consumption in a credit economy. Due to a deferred payment system, the costs of gross and net settlement are sensitive to the nominal interest rate. Gross settlement may dampen a consumption loss against interest-rate risk arising from inflation by acquiring additional cash from a financial market. Hence, it is optimal for the government to influence inflation and to drive net settlement out of a payment system. For payment policy, the optimal collateral requirement ratio is one whereas for monetary policy the optimal money growth rate is infinity. Payment policy can be a useful alternative to monetary policy.

KCI등재 SSCI SCOPUS

4Price Signalling Differentiated Experience Goods: Are Uniform Movie Prices a Puzzle?

저자 : In-uck Park , Joon Song

발행기관 : 한국경제학회 간행물 : The Korean Economic Review 37권 1호 발행 연도 : 2021 페이지 : pp. 85-113 (29 pages)

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In a simple static model of differentiated experience goods supplied by a single seller, we show that both a uniform price equilibrium and a price signalling equilibrium coexist. This is in contrast to the received wisdom that price signalling of quality is nonviable in static settings. We also show that the seller's profit is always higher in the price signalling equilibrium than in the uniform price equilibrium, but the consumer surplus and social welfare may be higher in either equilibrium depending on the distribution of the consumers' tastes for the differentiated goods.

KCI등재 SSCI SCOPUS

5Optimal Contracts under Moral Hazard and Costly Lying

저자 : Keeyoung Rhee

발행기관 : 한국경제학회 간행물 : The Korean Economic Review 37권 1호 발행 연도 : 2021 페이지 : pp. 115-140 (26 pages)

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We present a model in which the agent reports a privately observed signal about the stochastic outcome of her action, while bearing a cost of misreporting her private information. If the agent receives a low payment contingent on her performance, it is very costly for the agent to misreport her information to the principal so that the principal makes a decision favorable to the agent. However, if the contingent compensation is too high, the principal will terminate the project unless the agent truthfully reports that the project is likely to give a high return. The optimal outcome is achieved by a contract with the fee structure loosely tied with the outcome, but the cost of lying is necessarily high.

KCI등재 SSCI SCOPUS

6Politics, Religion, and Tax Incentives for Charitable Giving in South Korea

저자 : Youngrok Kim

발행기관 : 한국경제학회 간행물 : The Korean Economic Review 37권 1호 발행 연도 : 2021 페이지 : pp. 141-155 (15 pages)

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This study explores the effects of tax incentives for charitable contributions concerning taxpayers' socioeconomic characteristics, religion, and political preference. Using South Korean household-level panel data, we regard people from a wide range of demographics and religious and political groups as our research subject. We obtain the following results: (1) Controlling for religious and political preferences enhances the estimation result. (2) Taxpayers practicing Protestantism do not significantly respond to tax incentives, although they are the most philanthropic group of all religious groups studied. (3) Political preference significantly affects donation behavior, wherein conservatives react less significantly to tax incentives than progressives. Our results provide evidence that giving intention is not only practice-driven but also ideology-driven.

KCI등재 SSCI SCOPUS

7Credit Constraint and Excess Return: The Case of Chonsei Leases in Korea

저자 : Sam-ho Lee

발행기관 : 한국경제학회 간행물 : The Korean Economic Review 37권 1호 발행 연도 : 2021 페이지 : pp. 157-197 (41 pages)

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Chonsei lease arrangements, in which an up-front deposit is paid at the start and returned at the end of a lease without any periodic payments, are a unique and dominant form of lease in Korea. This paper offers a simple model to explain the existence of the chonsei lease arrangement. The chonsei deposit can be thought of as a loan from the tenant to the landlord, and interest is paid in the form of housing consumption. From this perspective, a chonsei deposit is cheap because the calculated interest rate is higher than the market rate. The landlord should have a good investment opportunity to justify the use of chonsei. However, it is widely understood that chonsei deposits are used mostly as leverage to purchase a house. With credit constraints, this paper suggests excess return can exist in the housing market and that the chonsei lease arrangement is utilized to capture this return. The current demand for housing can be restricted by credit constraints and house prices can be undervalued. A credit-constrained agent may resort to chonsei to fund the purchase of a house. In contrast, the tenant will ask for high-interest payments.

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