Visible success and invisible failure in post-crisis reform in the Republic of Korea : interplay of the global standards, agents, and local specificity

The reform package in post-crisis Korea was one of the most comprehensively designed and decisively implemented. Though impressed by the quick recovery, many are now raising doubts about real changes in the economy, as the result of a cost-benefits analysis: While the business climate is more stable and supportive, the economy is suffering from weak investment and rising unemployment. This study views the Korean story as one of"visible success and invisible failure,"based on the following findings: First, while some new laws were enacted and several quantifiable targets met, little real progress was made in changing institutional conventions, habits, and beliefs, such as enhancing transparency in management or trust in labor relations. Second, the reform process involved tension between global standards and local specificity, which accounts for the mixed results. Third, special interest politics at the implementation stage, plus the complexities caused by increasing democratization and globalization, have undermined the authorities'implementation capacity, which accounts for uneven outcomes of the reform. While globalization necessitates increasing flexibility, Korean managers are now facing much stronger labor unions. The outcome is not a fully flexible but segmented labor market, divided between the core, unionized workers and unorganized peripheral workers, and between the one overprotected and the other underprotected. Fourth, it is important to have an effective system of legislative bargaining to help resolve disputes. Only with this institutional vehicle will special interest groups reach some consensus. Korea tried to overhaul its financial system and achieve substantial financial liberalization in the early 1990s but those attempts were partly aborted and partly distorted, which paved the way for the financial crisis in 1997. This was due to the lack of clear consensus, without which reforms are more likely to be aborted or be unsuccessful. Fifth, implementation problems stem from institutional complementarities and inappropriate sequencing. One logical sequence might be banking reform, corporate governance, labor relations, and then finally business restructuring. Now, an emerging question is whether the reform blueprint was right. Post-crisis Korea just tried to be more market- or Anglo-Saxon model-oriented without paying attention to growth potential. While firms have now lowered their debt ratios, they are not borrowing to fund investments. The issue of right or wrong blueprint underscores the need to define the reform goal correctly. The goals of reform should not just be a move toward a market-oriented economy but toward a growth-oriented one or a pro-growth market-oriented one.Environmental Economics&Policies,Banks&Banking Reform,Children and Youth,Economic Theory&Research,National Governance

Bridge Health Mornitoring using Wireless Sensor Networks

Summary Wireless sensor networks bring new challenges to Bridge monitoring. To monitor a bridge, behavior, including vibration and displacement, must be measured to analyze the health of the structure based on measured and collected data. The collected data can be used to compute modal properties of the bridge. A bridge is moved by external forces, including wind, seismic activity, and traffic. So it is very hard reliance of safety through a preexistence method which uses Data Logger. Dynamic behavior of a bridge is difficult to measure because of costs and installation methods. In this paper, a new method, using a U-Smart Sensor and Sensor Networking to measure the dynamic behavior of the bridge, is suggested. A new wireless MEMS accelerometer sensor (U-Smart Sensor) board is designed to meet the specific hardware and software requirements of structural engineering applications

Regge phenomenology of pion photoproduction off the nucleon at forward angles

We present a Regge model for pion photoproduction which is basically free of parameters within the framework of the s-channel helicity amplitude. We use coupling constants of all exchanged mesons determined from empirical decay widths or from the SU(3) relations together with consistency check with existing estimates that are widely accepted in other reaction processes. Cross sections and spin polarization asymmetries at various photon energies are analyzed and results are obtained in better agreement with experimental data without referring to any fitting procedure.Comment: 19 pages, 20 figures, two column, revtex

Visible Success and Invisible Failure in Post-Crisis Economic Reform in Korea : Interplay of the Global Standards, Agents and Local Specificity

Post-crisis reform was one of the most comprehensive and decisive reform that was implemented in Korea. This paper develops a model of reform dynamics. This paper subsequently uses this model to discuss the following arguments. First, while reform tends to achieve some nominal success in terms of making new laws and several quantifiable targets, it has not been able to achieve much success in really changing institutional conventions, habit and beliefs, such as enhancing transparency in the management or trust in labor relations. Second, it had mixed results as a result of the reform process involved tension between global standard and local specificity. Third, one source of the implementation difficulty in reform has to do with the institutional complementarities, and we need to take a proper sequence in reforms. One possible logical sequence seems to be moving from banking reform, corporate governance, labor relations, and finally to business restructuring. The paper concludes by tossing up a question of whether the Korean response (the reform blueprint) was right

Could Fractional Exhaled Nitric Oxide Test be Useful in Predicting Inhaled Corticosteroid Responsiveness in Chronic Cough? A Systematic Review

© 2016 Background Fractional exhaled nitric oxide (FENO) is a safe and convenient test for assessing T H 2 airway inflammation, which is potentially useful in the management of patients with chronic cough. Objective To summarize the current evidence on the diagnostic usefulness of FENO for predicting inhaled corticosteroid (ICS) responsiveness in patients with chronic cough. Methods A systematic literature review was conducted to identify articles published in peer-reviewed journals up to February 2015, without language restriction. We included studies that reported the usefulness of FENO (index test) for predicting ICS responsiveness (reference standard) in patients with chronic cough (target condition). The data were extracted to construct a 2 × 2 accuracy table. Study quality was assessed with Quality Assessment of Diagnostic Accuracy Studies 2. Results We identified 5 original studies (2 prospective and 3 retrospective studies). We identified considerable heterogeneities in study design and outcome definitions, and thus were unable to perform a meta-analysis. The proportion of ICS responders ranged from 44% to 59%. Sensitivity and specificity ranged from 53% to 90%, and from 63% to 97%, respectively. The reported area under the curve ranged from abou t 0.60 to 0.87; however, studies with a prospective design and a lower prevalence of asthma had lower area under the curve values. None measured placebo effects or objective cough frequency. Conclusions We did not find strong evidence to support the use of FENO tests for predicting ICS responsiveness in chronic cough. Further studies need to have a randomized, placebo-controlled design, and should use validated measurement tools for cough. Standardization would facilitate the development of clinical evidence