Korea’s Fading Economic Miracle 1990-97

By the late 1980s Korea’s interventionist and export oriented development model had contributed to a number of serious structural weaknesses in the economy. Ongoing government involvement in the banking and corporate sectors, weak prudential supervision of financial institutions, and restricted financial market and corporate competition created moral hazard, as banks and corporates believed they would not be held accountable for their actions due to their close relationship with government. This resulted in financial sector risk mismanagement and highly leveraged growth of the chaebols. After 1988, when the new democratically elected civilian administration removed long-standing restrictions on union activity, rapid wage growth, in excess of productivity gains, eroded profitability. These structural weaknesses, and policy errors and mismanagement, made Korea increasingly vulnerable to external shocks during the 1990s. In mid-1995, a rapid depreciation of the Japanese yen and a world semi-conductor glut and price fall provided the trigger for a rapid slowdown in exports and industrial output, and an unprecedented wave of chaebol bankruptcies that undermined the solvency of financial institutions. Korea’s long period of sustained economic growth, low inflation, strong investment and balanced budgets had lulled policy makers into complacency. They failed to act decisively to tackle the growing structural weaknesses. Korea’s high exposure to short term foreign debt and loss of foreign exchange reserves through a vain and unsustainable attempt to defend the won further undermined foreign investor and creditor confidence. This paper discusses in some detail these developments and their contribution to the financial and economic crisis experienced by the country during 1997-98. It also identifies key lessons for countries contemplating similar rapid development, and key warning signs that need to be heeded to avoid similar happenings to that which occurred in Korea

DEMAND FOR NUTRIENTS: THE HOUSEHOLD PRODUCTION APPROACH

The household production approach is used to characterize the household's preference toward nutrients in food consumption. Elasticities of substitution and Hicksian price elasticities are estimated, price- and expenditure-nutrient elasticities are calculated. Results show that protein is the most expensive nutrient, and that nutrients played an important role in determining households' food consumption.Consumer/Household Economics, Demand and Price Analysis, Food Consumption/Nutrition/Food Safety,

An Analysis Technique for Layered Manufacturing Based on Quasi-Wavelet Transforms

An analysis technique based on the Wavelet transform (WT) has been recently introduced that allows the spatial frequency content of objects produced by layered manufacturing (LM) techniques to be interpreted in terms ofmanufacturable features. (Lee and Thomas, 1997) Using Haar's wavelet as a basis function, layers with vertical edges are modeled exactly. Using analysis, a 3D model can be transformed, filtered, and inverse transformed resulting in an image ofthe part as it would look if constructed from layers of a specific thickness. In order to extend this analysis to construction techniques using higher order edges (ruled surface edges or curved edges), the quasi-wavelet transform (QWT) is introduced. QWT analysis is conceptually the same as WT analysis, except that the basis function can be selected by the user, allowing exact analysis of layered manufacturing techniques using higher order construction algorithms. This work is supported by a grant from the University ofUtah Research Foundation.Mechanical Engineerin

Crystallization and characterization of Y2O3-SiO2 glasses

Glasses in the yttria-silica system with 20 to 40 mol pct Y2O3 were subjected to recrystallization studies after melting at 1900 to 2100 C in W crucibles in 1 and 50 atm N2. The TEM and XRD results obtained indicate the presence of the delta, gamma, gamma prime, and beta-Y2Si2O7 crystalline phases, depending on melting and quenching conditions. Heat treatment in air at 1100 to 1600 C increased the amount of crystallization, and led to the formation of Y2SiO5, cristabalite, and polymorphs of Y2Si2O7. Also investigated were the effects of 5 and 10 wt pct zirconia additions

Panel discussions : Number 5

For an answer to questions concerning the bible of Christian living.https://digitalcommons.biola.edu/biola-radio-pubs/1137/thumbnail.jp