Regional Economic Policy Transition in the Local Government of Korea

Regional economic policy in developing countries is dominated by central government. The potential of local government has recently attracted more interest (Eisiger 1988; Fosler 1988; Beckeman 1996; Jones 1990 ; Elkins 1966; Kossy; 1966; Leicht 1994). The general consensus is that local business climate manifests either entrepreneurial conditions. Since the early 1970s, local governments in Korea confine their policies for its diversification due to an incomplete financial environment. There has been increased public awareness that regional economic policies should be designed to give local authorities raising local organizational capacity as well as ensuring a greater equality in the allocation of funding and priorities. This study discusses regional economic policy and can summarize as follows; First, most local governments in Korea tend to adopt supply-led policies than the demanded one because of limited local resources and inexperience in its policy formulation/ implementation. Local government leaders, however, are increasingly aware of the importance of demand-led regional economic policy. This means that the entrepreneurial approach to economic development at the local level is being gradually imbedded after initiating local governance as a result of 1997 financial crisis in Korea. Second, the more wealthy, urban and industrial regions are the most innovative in every policy domain promoting regional economic development; this can be interpreted the urban areas have better access to financial/ human resources along with urban government officials having more experience in policy planning and implementation from their favorable resources. Third, there is a high correlation between policy environment factors and regional economic policy tools, particularly with the participation of private sector. The entrepreneurial approach to regional economic development is a crucial element in a firm's capability along with creation of the favorable business climate. Local governments with diverse regional economic policies tend to be associated with high government level and have more financial resources, expertise and a strong local leadership available to them. By contrast, the local governments with weaker regional economic programs are likely to be noted for poorer relationships with low level of policy environmental factor. Therefore, the central government needs to play a coordinated role of resource allocation for less favored regions in order to be diversify/ intensify regional economic development.

Estimating Chinese Interprovincial OutPut Spillovers with Provincial Input-Output Tables

This paper aims at estimating productivity improvement of Chinese 17 relatively backward provinces in manufactures through importing manufactured intermediates from advanced provinces on the basis of just published 2002 national and provincial input-output tables. As Chinese regional inequality remains large, North-South spillover models of trade are appropriate to guide this study. Applying reliable methods to approximate net interprovincial imports by province and sector and the allocation of imported manufactured inputs among sectors within each province, we use a Cob-Douglas production function incorporating Dixit-Stiglitz type increasing returns to variety to deal with the manufactured inputs, and treat the output spillovers as one part of total factor productivity. According to our estimations, as expected, interprovincial imports of manufactured inputs have significant impacts on industrial sectors as well on all sectors of these provinces.Chinese interprovincial trade;North-South spillovers;input-output tables;regional inequality;imported intermediates

Weak type estimates on certain Hardy spaces for smooth cone type multipliers

Let $\varrho\in C^{\infty} ({\Bbb R}^d\setminus\{0\})$ be a non-radial homogeneous distance function satisfying $\varrho(t\xi)=t\varrho(\xi)$. For $f\in\frak S ({\Bbb R}^{d+1})$ and $\delta>0$, we consider convolution operator {\Cal T}^{\delta} associated with the smooth cone type multipliers defined by \hat {{\Cal T}^{\delta} f}(\xi,\tau)= (1-\frac{\varrho(\xi)}{|\tau|} )^{\delta}_+\hat f (\xi,\tau), (\xi,\tau)\in {\Bbb R}^d \times \Bbb R. If the unit sphere $\Sigma_{\varrho}\fallingdotseq\{\xi\in {\Bbb R}^d : \varrho(\xi)=1\}$ is a convex hypersurface of finite type and $\varrho$ is not radial, then we prove that {\Cal T}^{\delta(p)} maps from $H^p({\Bbb R}^{d+1})$, $0<p<1$, into weak-$L^p(\Gamma_{\gamma})$ for the critical index $\delta(p)=d(1/p -1/2)-1/2$, where $\Gamma_{\gamma}=\{(x,t)\in {\Bbb R}^d\times\Bbb R : |t|\geq\gamma |x|\}$ for $\gamma=\max\{\sup_{\varrho(\xi)\leq 1}|\xi|,1\}$. Moreover, we furnish a function $f\in\frak S({\Bbb R}^{d+1})$ such that \sup_{\lambda>0} \lambda^p|\{(x,t)\in \bar{{\Bbb R}^{d+1}\setminus\Gamma_{\gamma}} : |{\Cal T}_{\varrho}^{\delta(p)}f(x,t)|>\lambda\}|=\infty.Comment: 13 page

Fatigue and Fracture of the FRP-Wood Interface: Experimental Characterization and Performance Limits

A performance-based material evaluation methodology was developed to qualify FRP composite reinforcement bonded to glulam structural members for highway bridge applications. The objectives of this thesis are: a) to implement and correlate two methods to evaluate the fatigue and fracture performance of FRP-wood interfaces with associated performance limits; and b) to provide data and recommendations necessary to develop performance-based material specifications. The first method is based on evaluating the apparent shear strength in a single-lap shear test by fatigue tension loading. The second method is based on evaluating the interface fracture toughness in Mode I or opening-mode using fracture mechanics. ASTM standard test procedures were identified as the basis for each method. However, these test procedures had to be modified and adapted for FRP-wood interfaces. The research approach combined experimental techniques, data reduction methods and analytical tools. A laminating press was designed and calibrated for timedependent effects to fabricate the test samples. Two material systems that passed adhesive screening tests were evaluated: E-glasslurethane pultruded composite sheet with urethane adhesive (material system B) and E-glasslepoxy composite sheet by continuous lamination with epoxy adhesive (material system C). The fatigue performance of FRPwood interfaces using a single-lap shear configuration was characterized by modifying ASTM D2339 standard test procedure. A fatigue performance-based evaluation criteria and associated limits were proposed. It was shown that material system C had higher apparent shear strength and better fatigue resistance than system B. Quality bonding was observed for both material systems in terms of high percentage of wood failure. Finite Element Analysis (FEA) was performed on a model simulating single lap shear specimens loaded in tension to analyze the peeling and shear stress distributions in the overlap area. The Mode I fracture toughness of FRP composite and wood bonded interfaces was evaluated using flat double-cantilever beam (DCB) specimens. ASTM standard test procedure D5528 for unidirectional FRP composites was modified to characterize hybrid FRP-wood materials. Crack lengths and crack opening displacements were monitored during the experiments using a CCD digital camera system with digital image correlation. An important simplification was realized with flat DCB geometry with respect to other methods based on tapered specimens. Three data reduction methods were applied to compute interlaminar fracture toughness: modified beam theory, compliance calibration and shear corrected compliance. The three methods provided similar fracture toughness values. It was found that Mode I fracture toughness of material system C (epoxy adhesive) was significantly higher than that of material system B (urethane adhesive). It was demonstrated that this fracture method could be used to quantitatively discriminate and evaluate FRP-wood bonded material systems

Capital Income Taxation Revisited: The Role of Information Asymmetry in the Credit Market

This paper reexamines the issue of optimal capital income taxation in an endogenous growth model with overlapping generations. By assuming costly state verification for capital producing projects, we show that the presence of the information asymmetry creates inefficiency in the credit market by driving a wedge between the rate of interest and the rate of transformation. In this context, we further show that capital income taxation worsens the credit market distortions and, subsequently, induces greater adverse effects on growth and welfare. Taken together, our analysis suggests that the presence of informational frictions in the credit market introduces a rationale for more conservative taxation on capital income from both growth and welfare perspectives.Capital income taxation; Asymmetric information; Economic growth

The dynamically induced Fermi arcs and Fermi pockets in two dimensions: a model for underdoped cuprates

We investigate the effects of the dynamic bosonic fluctuations on the Fermi surface reconstruction in two dimensions as a model for the underdoped cuprates. At energies larger than the boson energy $\omega_b$, the dynamic nature of the fluctuations is not important and the quasi-particle dispersion exhibits the shadow feature like that induced by a static long range order. At lower energies, however, the shadow feature is pushed away by the finite $\omega_b$. The detailed low energy features are determined by the bare dispersion and the coupling of quasi-particles to the dynamic fluctuations. We present how these factors reconstruct the Fermi surface to produce the Fermi arcs or the Fermi pockets, or their coexistence. Our principal result is that the dynamic nature of the fluctuations, without invoking a yet-to-be-established translational symmetry breaking hidden order, can produce the Fermi pocket centered away from the $(\pi/2,\pi/2)$ towards the zone center which may coexist with the Fermi arcs. This is discussed in comparison with the experimental observations.Comment: Some comments and references were added and typos were corrected. The published version. 9 page