Iljoong Kim

Is property crime caused by drug use or by drug enforcement policy

The relationships among drug offenses, prorperty crime, and the allocation of police resources are investigated in a structural model using data from Florida countries. Law enforcement resources are scarce, and as efforts to combat drug crime increase the amount of these resources allocated to property crime is reduced. This reallocation of police resources results in reduced deterrence for property crime and, as a result, an increase in these crimes. The evidence presented suggests that rising property crimes in Florida are at least partially the result of drug enforcement policy.

Deterrence and Public Policy: Trade-Offs in the Allocation of Police Resources

A large econometric literature has tested the implications of Becker’s (1968) pathbreaking article on the economics of crime. This literature typically focuses on a supply of crime-specific offenses, hypothesizing that the crime rate is related to the probability and severity of punishment for the crime, the expected benefits from the criminal activity, returns from alternative legal activities, and other socioeconomic factors. Many studies conclude that criminal behavior can be deterred by public sector law enforcement efforts. Critics such as Cameron (1988) and Brier and Fienberg (1980) have exposed apparent inconsistencies between the theoretical analysis and the empirical findings, however. For example, they emphasize that many studies use various aggregate measures of police resources in equations intended to explain crime rates, only to find either no relationship or a significant positive relationship. Such critics also note that whereas crime rates are generally negatively related to the probability of arrest using simultaneous equation estimators, the probability of arrest often does not seem to be significantly related to the level of police resources. The failure of measures of police

Deposit Insurance, Banks’ Moral Hazard, and Regulation: Evidence from the ASEAN Countries and Korea

Abstract: In this paper, we analyze the effect of deposit insurance (DI) on banks’ risk-taking for the ASEAN (Association of Southeast Asian Nations) countries and Korea. Previous studies focus primarily on developed countries or use mixed samples. The utilization of a panel data set consisting of 406 banks across our sample countries reveals that banks engage more actively in risk-taking in the presence of DI, that the adverse effect of DI is aggravated with extensive coverage, and that DI-related moral hazard is curbed through better regulatory quality. Particularly, risk-taking is relatively higher in Korea, but no difference is detected in the stabilizing effect of the regulatory quality. Relevant policy implications are offered.

An economic analysis of takings in Korea: endogenous probability and announcement effects

Abstract This paper analyzes a taking project which has recently come to the fore of public attention in Korea. Hypotheses as to why some ostensibly unreasonable incidents have occurred during this project will be presented. Also, starting with a general government incentive to maximize the discretionary budget, a theoretical reasoning will be developed to formally establish the hypotheses. The major features of taking focused on are the endogeneity of the takings probability and the government’s opportunistic use of announcement effects. The paper seeks to explain various phenomena that tend to emerge when the compensation rule and taking procedure are superficially established, thereby fostering a political game whereby the resident’s resistance deviates the taking probability from the efficient one.

Trade-offs in the allocation of prosecution resources: an opportunity cost of overcriminalization

One in every five citizens has a criminal record in Korea. Scarce prosecution resources have been severely skewed toward prosecuting more ‘legislated crime’ than ‘conventional crime’. We estimate the opportunity cost of this prosecutory pattern in terms of spillovers to conventional crimes. The cost was found to be substantial. For example, in 2003, the total spillovers accounted for approximately 25% of the increase in conventional crimes for 3 years from 2000 because of the disproportionate prosecutory focus on legislated crimes compared with that of the 1990s. This article has relevance to those countries with an overcriminalizing trend for legislated crimes.

An Information Saving and Efficient Nuisance Rule

The existing literature postulates that in nuisance suits courts should balance, for a property right under conflict, several values of the litigating parties. This practice, however, is controversial, mainly due to courts´ resource scarcity. This paper suggests an alternative institutional mechanism with which to relieve courts of various disputes and the potential demoralization arising from the judicial comparison of subjective values. It further submits that Posners nuisance rule can be fully utilized under imperfect information.

The growth of US labour productivity 1950–1989

A quarterly model of US labour productivity growth for the 1950–1989 period is presented. The time trend over this period is insignificant, a result superficially consistent with the notion that the problem of slow productivity growth has been exaggerated. Historically, high growth of labour productivity during the 1950–64 period and its subsequent decline are shown to be the product of trends in the growth of labour quality as measured by test scores. The results suggest that it will be difficult for the US to achieve its historic growth rate of labour productivity.

Eminent Domain: A Comparative Perspective

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Violent crime and female victimization: evidence from metropolitan regions in South Korea

ABSTRACT In the economics of crime literature, victimization by crime has received less attention than the supply side of crime. This article investigates the relationship between violent crime and female victimization. We show that violent crime increases with both the overall female exposure and female proportion in the victim-target group. Potential interactions between these female characteristics and income inequality are also shown to influence the incidence of violent crime. Empirically, we introduce proxies for female characteristics that better reflect our hypotheses – for example, young unmarried female-headed households (for exposure to crime) and new job gains among females (for economic status). Using a panel of South Korean metropolitan regions, 2000–2011, we find that a certain limited change in these female characteristics could account for as much as 16% of violent crime.

Efficiency of Posner's Nuisance Rule: A Reconsideration

We claim that Posners nuisance rule maintains the efficiency feature even under severe informational asymmetry. This paper, as a critical assessment of an overly complicated order-reporting mechanism by Kim [2002], argues that Posners original value-reporting mechanism alone is enough to guarantee a socially efficient outcome, despite the plaintiffs occasional incentive to overreport.