Kim, S.-A.; Lee, J.-P., and Han, J.-H., 2023. Establishing an assessment system for the Korean maritime industry's business cycle. In: Lee, J.L.; Lee, H.; Min, B.I.; Chang, J.-I.; Cho, G.T.; Yoon, J.-S., and Lee, J. (eds.), Multidisciplinary Approaches to Coastal and Marine Management. Journal of Coastal Research, Special Issue No. 116, pp. 368-372. Charlotte (North Carolina), ISSN 0749-0208.

This study aims to establish a system for monitoring and assessing the maritime industry's economic cycle. First, it intends to develop a coincident composite index that encompasses economic activities, such as production, consumption, employment, and external sectors in the maritime industry. Second, it analyzes the characteristics of the maritime industry's economic cycle based on the developed coincident composite index of the maritime industry. The study aims to establish a system that can provide accurate information on the economic cycle for principal economic players in the maritime industry and seeks to stabilize the maritime industry and minimize economic fluctuations. The study establishes a model to develop the index by selecting components of the maritime industry's economic index, and then verifies the validity of the model. With sufficient explanatory power for changes in economic conditions related to the maritime industry, the developed coincident economic index of the maritime industry could be utilized to monitor the maritime industry's economic cycle and establish future policy directions. Additionally, this study establishes a system that could analyze the characteristics of the maritime industry's economic cycle by extracting the cyclical component of the industry's coincident economic index. In doing so, the study shows the possibility of quantifying the maritime industry's economic cycle to economic actors, including policy authorities, in the maritime industry and lays a foundation for utilizing such results in diagnosing the actual economic cycle through further advancement.