• Journal of Service Research and Studies
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• v.7 no.4
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• pp.139-150
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• 2017

Open economy tightly works with foreign economy. This paper investigates the effect of the shock of foreign bond yield on the credit spreads of domestic corporate bonds in Korea. Foreign bond is referred to as US treasury bond. Credit spreads are defined with the difference between log yields of domestic corporate bonds and log yield of Korea treasury bond. With the data of monthly three-year AA- and BBB- corporate bond yields- ratings, monthly three-year Korean treasury bond yields, monthly US dollar foreign exchange rates, and monthly three-year US Treasury bond yields during the period from October 2000 to September 2014 including global financial crisis period, the paper documents the results as follow. First of all, the yield of Korean treasury and the credit spreads are very sensitive to the increase in the level and the volatility of the yield of the US treasury bond. Changes in the level and the volatility little affect the change of the exchange rate. Second, the change in the level and the volatility negatively affect the level of Korean treasury bond yields but lead to the increase in the level of Korean treasury bond yields at the same time. Third, there exist time lags of the increases of credit spreads by the increase in the level and the volatility. These imply that credit spreads and bond yields are very sensitive to the change in the yields of foreign bonds such as US treasury bond.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2008.10a
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• pp.262-262
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• 2008

• The Science & Technology
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• s.497
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• pp.52-55
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• 2010

여든이 넘어도 현역보다 더 정열적으로 저술 활동을 하고 있다. 경기도 용인의 한적한 전원주택 단지에 터를 잡고 저서 40권을 채우기 위해 분주하다. 과학저술가이자 저널리스트 현원복(81)씨가 그다. 지금까지 38권의 과학교양서, 한국 과학자 인물백과 등을 펴냈고, 지금도 노벨상 관련 책을 쓰기 위해 자료를 모으고 있는 중이다. 한국의 1세대 과학지가이자 과학저술가인 그를 요인의 자택에서 만났다.

• Journal of the Korean Institute of Traditional Landscape Architecture
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• v.29 no.1
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• pp.1-13
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• 2011

Cheongpyeongsa Temple was originally built in the early years of Goryeo Dynasty, but its current structural framework was made by the Lord Jinrakgong Lee Ja Hyeon(1061-1125) of the middle Goryeo period based on the Zen thought after he began living in the Cheongpyeong mountain around the temple in 1089. The purpose of this study is to conceptualize, based on old documents, historical changes of the appearance and survival of man-made structures with in the Zen garden formed and developed after Lee Ja Hyeon laid the foundation for Munsuwon Zen garden. Among the eight, outside-the-temple hermitages built at the time of Lee Ja Hyeon's Munsuwon Zen garden, only three hermitages, which are Sik-am, Gyeonseong-am, Yangshin-am had been remaining thanks to restoration and repair until late Joseon Dynasty and preserved as symbolic hermitages. Also, the Yeongji Pond built at the time of Lee Ja Hyeon still remains as precious landscape relics which is meaningful as a genuine Goryeo-period pond. The nine pine trees said to be planted by Lee Ja Hyeon remained until middle 1800s through their descendant trees. When the Buddhist monk Bowoo Daesa(1509-1565)changed the name to Cheongpyeongsa Temple in middle Joseon based on the Munsuwon Zen garden built by Lee Ja Hyeon and greatly expanded it, he newly built and expanded all buildings inside the temple except for Neunginjeon(main temple building), resulting in the present temple structure. In addition, by greatly enhancing the level of scenery by reconstructing Yeongji Pond outside the temple area and transplanting garden plants from the royal court, he made Cheongpyeongsa Temple the most prosperous Zen garden in its history. But after the mid-1800s, which is late Joseon period, Cheongpyeongsa Temple failed to thrive further and began to decline, and so currently most buildings of the Zen garden have disappeared except for some parts of the temple and other facilities are neglected.

• The Korean Journal of Financial Management
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• v.19 no.2
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• pp.27-48
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• 2002

본 논문은 이자율의 기간 구조가 차익 거래의 기회가 없도록 움직일 때 새로운 평균만기 측 정치인 AR 평균만기(arbitrage-free duration)을 도출하고 선물가격과 선도가격과의 관계를 분석한다. 지금까지 평균만기에 관한 많은 연구들은 수익률 곡선이 특정한 형태로 이동한다는 가정 하에서 평균만기를 유도하고 이에 근거하여 채권가격의 변동치를 측정하고 있다. 본 논문에서는 기존의 평균만기의 가정을 완화한 AR 평균만기를 도출하였다. 여기서 제시하는 AR 평균만기는 기존의 Macaulay 평균만기를 포함하는 일반화한 측정치라고 할 수 있다. 아울러 본 논문에서는 선물가격과 선도가격사이에 존재하는 이론적 관계를 규명하고자 하였다. 선물가격은 선도가격에 비해 할인된 가격이라는 것을 보이고 이자율 변동위험이 선물가격의 할인정도에 미치는 영향을 모형화 하였다. 최근 들어 선물을 이용한 채권 면역화에 대한 실증연구에 관심이 지속적으로 증가하고 있다. 전통적 실증연구 방법론에서는 먼저, 선물가격과 기초채권 가격사이에 존재하는 분산-공분산 행렬을 추정한다. 그런 후 추정된 분산-공분산 행렬을 바탕으로 이자율 위험 헤징 전략을 수립한 후 이 전략에 대한 실증 분석을 수행하였다. 그러나, 전통적 접근법의 가장 큰 문제는 비안정적(non-stationary)인 분산-공분산 행렬을 적절히 고려할 수 없었다는 점이다. 따라서, 본 연구의 결과를 기반으로 하면 최적의 헷징 전략을 수립하기 위한 이론적 기틀을 수립할 수 있을 것이다.

• KDI Journal of Economic Policy
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• v.34 no.1
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• pp.29-52
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• 2012

During the global financial turmoil in 2007-2008, deviation from the covered interest parity (CIP) between the Korean won and US dollar through the foreign exchange swap has escalated in its magnitude beyond 1,000bp in November 2008, and it still persists around 100bp level. In this paper, we examine a newly developed margin based asset pricing model using Kalman filter approach and show that the escalation of the CIP deviation is found to be significantly related to the global dollar funding illiquidity and country-specific funding conditions. Furthermore, we find evidence that the poor funding conditions (or higher margins) are driven by the general money market illiquidity and may lead to higher funding illiquidity, which suggests the reinforcing effects of the liquidity spiral. We also show that the supply of dollar liquidity and improved funding conditions help alleviate the deviations from the parity, however the persistent anomaly is found to be related to the high level of volatility in the FX swap market.

• KDI Journal of Economic Policy
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• v.26 no.1
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• pp.3-33
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• 2004

This paper investigates the effects of inflation on real estate prices, particularly the discrepancy between the sales and chonsei prices of housing, in an economy in which real interest rates are secularly declining due to the fall in capital productivity. When real interest rates fall, real estate prices rise relative to chonsei prices, and thus the well-known adverse effect of inflation, or the discrepancy between the value of financial assets (or chonsei principal) and the value of real assets (or real estate), is aggravated although the monetary authority maintains the same rate of inflation. This theoretical prediction can help explain the trend of the ratio of apartment sales prices to chonsei prices. That is, the stabilization of inflation relative to real interest rates appears to have contributed to the secular stabilization of this ratio in the 1990s, while the fall in real interest rates appears to have led to the rise of this ratio since 2001.

• International Area Studies Review
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• v.14 no.1
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• pp.77-97
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• 2010

Recently, countries on the Caspian Sea were had heavily interested due to instability of international resource market. These countries having been developed basing on energy exports, especially Kazakhstan have drastically grown during a decades. However economy, heavily relied on the exports of energy, is influenced on fluctuation in the international energy price as well as sometimes exposed at Dutch disease. These days, Kazakhstan, increased trade and investment with Korea, has been on the rise as new supplier for energy. Therefore, economic change in Kazakhstan can be an important issue. In this paper, we analyze relations among oil price, interest rate, and real exchange rate during sample period from January 1999 to December 2008 expanding Balasa-Samuelson model. Empirical results present that oil price, interest rate, and real exchange rate mutually keep their balance. Eventually, we find out Kazakhstan has exposed at Dutch disease since oil price and interest rate have negative impacts on real exchange rate respectively.

• Asia Marketing Journal
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• v.12 no.3
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• pp.43-62
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• 2010

The notion of customer orientation is now importantly considered in the context of banking industries. Despite customer-oriented organizational cultures, there are few studies addressing the relationship between customer orientation and its outcomes. In particular, this study aims at testing the effect of customer orientation as a key marketing effort designed by a bank. This is because interest rate sensitivity is critical for evaluating banking services after raising the base rate. In so doing, first, this study investigates the relationships among customer orientation, interest rate sensitivity, and customer loyalty. Second, this paper examines how the moderating effects of both deposit interest and loan interest rates influence the linkages of customer orientation-interest rate sensitivity and customer orientation-customer loyalty. To test the proposed model, research data are collected from 304 subjects who use banking services(e.g., Shin-Han, Kookmin, the First Bank, Hana, and Woori banks). Each construct was measured by published items and the psychometric properties of the three constructs, excluding two constructs of the moderators, were evaluated by employing the method of confirmatory factor analysis via the use of AMOS. The model fit was also evaluated using the CFI, TLI, and RMSEA fit indices that are recommended based on their relative stability and insensitivity to sample size. The findings show that the relationship between customer orientation and customer loyalty is significant, whereas the relationships between customer orientation and interest rate sensitivity and between interest rate sensitivity and customer loyalty are not supported. Although customer orientation is highly evaluated, customers' interest rate sensitivity that results in the comparison of interest rates plays an important role in reducing the effect of customer orientation. As a consequence, interest rate sensitivity does not influence customer loyalty. First of all, one of interesting results in this study is that the moderating effect of loan interest rate is quite different from deposit interest rate. In the case of deposit interest rate, the linkages both customer orientation-interest rate sensitivity and customer orientation-customer loyalty are insignificant. In the case of loan interest rate, however, the two proposed linkages are supported. As our proposed relationships are still in its infancy in the context of banking industry, our study contributes to enhance scholars' knowledge of bank services and provides insights for practitioners when their marketing strategies, particularly both deposit and interest rates, have to be established. Finally, this research also illuminates the need for further research that considers the influence of customer orientation on consumer's decision-making and bank profits. More specifically, the results are encouraging and will lead us to further investigate this key outcome of the banking deposit/interest rates.

• Korean journal of applied entomology
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• v.62 no.3
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• pp.125-129
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• 2023

We report the unrecorded genus and species, Notopygus emarginatus Holmgren, 1857, for the first time from South Korea. The genus Notopygus is a parasitoid wasp of Pamphiliidae (sawfly) that can be distinguished by the posterior margin of metasomal tergite eight, which frequently project strongly upwards. In the study, we provide a description and photographs of newly recorded species.