• KDI Journal of Economic Policy
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• v.26 no.2
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• pp.209-247
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• 2004

Although various publicly reserved funds have recently come to the fore of academic and policy-making attention in Korea, researchers rarely take up the issue of the reserve fund retained from annual profits by the central bank (i.e., the Bank of Korea). Starting with the general public choice premise that bureaucrats seek to maximize their discretionary budget, this paper first provides a theoretical reasoning why central bank's bureaucrats would prefer retaining annual profits to turning them to the Treasury. The major tenet to be emphasized is that retained profits as a reserve fund can give the central bankers discretionary power in their disposition. In particular, we focus on the close relationship between the reserve fund and the discount windows. The latter, as a monetary instrument, has traditionally been demonstrated to cause secrecy, arbitrariness, and other bureaucratic amenities in the previous literature. Subsequently, this paper, based on 61 countries data, empirically verifies that the central bank's reserve fund is at least partially used to additionally increase the discount windows. Since an excessive use of discount windows results in inflationary bias, we conclude the paper with some policy suggestions to have such bureaucratic power of discretion in check. This paper, if in its experimental nature yet, is expected to shed a critical implication for establishing the meaningful independence of the central bank to a host of countries.

• International Area Studies Review
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• v.20 no.1
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• pp.277-295
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• 2016

It is undoubtedly true that national security in Korean peninsula is on the road to destabilization. The main factors are known to be North Korea's development and experiment on nuclear arms, especially the forth nuclear experiment on January 6th, ICBM launch February 7th, and encroachment upon the territory the NLL on the 8th along with the shutdown on Gaeseong Industrial Complex. Also, China's trouble with other nations over sovereignty over islands in the South China Sea and the fact that Japan's government is veering to the right side and having territorial dispute are making the case worse. Nations in Northeast Asia are striving to obtain the interest for the sake of their own country. In order to do so, they're walking the path to achieve national security. Until then, they are not so willing to participate foreign matters or economical race. Even in our perspective, these issues are many of the main problems which our country is currently facing. However, it is important for them to avoid making policies which may take away the citizen's happiness. The number one priority for the nation or any form of a group is to act in the best interest for the national security and the citizen's happiness. They are the main factors why a nation could exist. They are the symbols of a nation's sovereign authority. Countries outside are proving it by increasing their national defense budget even in this unprecedented economical crisis. If we are willing to stay the same as ever, the disparity in the military force will not be the same in the future. In conclusion, the study examines the problem which changes in Northeast Asia's defense environment could bring and the appropriate amount of national defense budget in order to support the nation's integration of its abilities to move toward South and North Korea's unification.

• Knowledge Management Research
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• v.24 no.1
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• pp.245-271
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• 2023

The change to the data economy requires a new analysis beyond ordinary research in the management field. Data matching refers to a technique or processing method that combines data sets collected from different samples with the same population. In this study, statistical matching was performed using random hotdeck and Mahalanobis distance functions using 2020 Survey of Korea Venture Firms and 2020 Korea Innovation Survey datas. Among the variables used for statistical matching simulation, the industry and the number of workers were set to be completely consistent, and region, business power, listed market, and sales were set as common variables. Simulation verification was confirmed by mean test and kernel density. As a result of the analysis, it was confirmed that statistical matching was appropriate because there was a difference in the average test, but a similar pattern was shown in the kernel density. This result attempted to expand the spectrum of the research method by experimenting with a data matching research methodology that has not been sufficiently attempted in the management field, and suggests implications in terms of data utilization and diversity.