This study divides the hierarchy, direction, strength, and sustainability of the interactions between the four economic communication variables, including the Korean economic news, objective economic reality, perceptions of subjective economic reality ...
This study divides the hierarchy, direction, strength, and sustainability of the interactions between the four economic communication variables, including the Korean economic news, objective economic reality, perceptions of subjective economic reality, and presidential economic support, By analyzing the results, we have integrated the theory of economic communication. In order to examine the characteristics and structure of economic communication effects in different political and economic conditions, we applied the economic time series analysis method, the vector autoregression (VAR) model and the impulse response function (IRF). The results of the analysis are as follows. Overall, the future economic reality is expected to deteriorate, media tone has also turned negative, and negative economic news tone negatively affected public perception of future economic conditions.
Presidential support and prospects for future economic conditions also influenced each other. In other words, if the prospects for the future economic situation improve (deteriorate) and the outlook for the future economic situation improves or deteriorates, the president's approval rating has also changed. In addition, when external shocks are worse than when the economy is good, the response of external shocks is larger and lasts longer. Theoretically, the effects of Korean economic communication differed according to political and economic structure and conditions.The theoretical implications of the analysis results are as follows. First, the Korean media prefers "event - oriented reporting" which reports the economic reality after the incident. Rather than acting as an agenda-setter that preemptively tackles economic issues or creates economic public opinion, agendas that convey data or data published by economic agents such as governments or corporations to event- follower) function. However, it is true that the event - oriented and follow - up reports of the media lead to framing effects that affect the public 's psychology of the national economy. This means that the press, regardless of the appropriateness of the coverage, affects the public's assessment and perception of the national economic outlook. In addition, the public 's evaluation of the future economic situation appears to be an explanatory variable affecting the support of the president. The prospect that the future of the national economy will lead to the public's assessment of the economic leadership of the president. The results of the impact response function model also show that the effect of the presidential variables is more widely reflected. In other words, the 'effect of presidential influence', which determines the psychological evaluation of the national economy according to the president 's approval, and the effect of the economic approval that the psychological evaluation of the national economic prospect leads to the presidential approval were mutual. In the case of the government-led economy such as Korea, it can be interpreted that the president's leadership and political logic work relatively more than the market situation.
However, this phenomenon varies depending on the political and economic structure and characteristics of the government. In the extreme economic crisis situation, the 'non-mediating effect' of evaluating economic reality through direct experience of the individual rather than relying on the media coverage was more prominent. For example, the Kim Dae-jung government suffered a foreign currency crisis, which was the first time in the history of the Korean government, that the influence of the media on the economic activities of the people was limited. This tends to assess the economic situation of individuals and countries based on their everyday experience instead of becoming insensitive to media coverage as the economy enters a long-term recession. This is consistent with previous research (Wu et al., 2004). The nature of economic issues is that the more difficult the economic situation is, the more pronounced obtrusiveness becomes, and the everyday experience is naturally enhanced. However, one interesting fact is that during the economic crisis, the media coverage of the media has soared, resulting in first-level framing effects that affect economic public opinion. In general, if the economy is difficult, the news report is changed to negative, which affects economic subjects. However, in this study, the news news report itself has more influence on the evaluation of the people 's economic situation. The frequency with which the media refers to certain social topics can be interpreted as having a stronger impact than any other framing mechanism established by the media.