• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.11
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• pp.804-813
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• 2020

This paper finds that Korean zero-leverage firms are not homogeneous. By conducting both univariate and multivariate logit regression analysis, this paper finds that Korean zero-leverage firms have zero leverage as either a consequence of financial constraints or because of a strategic decision to mitigate under-investment incentives and preserve financial flexibility. There are two distinct groups of unlevered firms with different levels of constraints as measured by their dividend policy, namely dividend payers and non-payers. Importantly, this paper finds new evidence that these two groups have different motives for selecting a zero leverage policy. Firms in the first group (non-payers) have zero leverage, mainly due to financial constraints. They rely heavily on their internal funds and consequently invest in fewer growth opportunities than their levered counterparts. Firms in the second group (payers) deliberately avoid debts and preserve financial flexibility to mitigate investment distortions, as predicted by the under-investment and financial flexibility hypotheses.

• KDI Journal of Economic Policy
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• v.34 no.1
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• pp.1-27
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• 2012

This paper attempts to define, construct a policy framework, and analyze interactions with monetary policy of macroprudential policy. The available pieces of evidence suggest that the effects of the LTV and DTI regulations for financial stability are rather unclear in Korea. It also shows that when financial markets exhibit instability in a stable inflationary environment, macroprudential policy could run into conflict with monetary policy. This paper proposes an appropriate modality of macroprudential policy to minimize the potential conflict with monetary policy.

• KDI북한경제리뷰
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• v.21 no.10
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• pp.73-93
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• 2019

본 연구는 2013년 북한 쌀가격 및 환율안정의 배경에 대하여 고찰하였다. 이를 위해 외국 이론 및 사례 분석을 참고하였다. 짐바브웨의 사례에서 볼 수 있듯이 하이퍼인플레이션으로 격화된 달러라이제이션이 그 자체로 하이퍼인플레이션을 중단시키지는 못한다고 보았다. 하이퍼인플레이션을 겪었던 모든 국가는 결국 화폐개혁을 단행하게 되었고 때늦은 개혁조치는 대부분 실패하였지만, 성공적인 경우에서 확인되는 중요한 필요조건은 재정통제와 통화남발 중단이라는 점이 발견되었다. 북한도 달러라이제이션을 더 이상 방치할 수 없었고, '조용한' 금융개혁들을 나름 성공적으로 추진하였다고 보았다. 한편, 인플레이션 완화에 불구하고 달러라이제이션이 지속되는 현상에 대해서도 살펴보았다. 외부성(externality) 개념을 도입한 히스테레시스(hysteresis) 이론에 의하면 북한도 '외화통용안정적정태'로의 새로운 균형에 이른 것으로 볼 수 있다. 이는 다른 표현으로 북한의 금융이 안정적인 다중통화체제(multiple monies system)로 변했다는 말이지만, 다중통화체제의 분석은 주류경제학에서도 이렇다할 모델이 없는 것이 실정이다. 다만, 북한 정부는 적극적으로 외화흡수를 시도하고 있으며 그런 의미에서 디달러라이제이션(de-dollarization)이 일정 부분 시작되었다고 보았다.

• Journal of the Korean Data and Information Science Society
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• v.27 no.1
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• pp.19-32
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• 2016

Due to the increasing fiscal burden and structural unbalanced premium/benefit costs, the new reform on the government employees pension system (GEPS) was considered even after the recent reform in 2009. This article examines the various effects of recent amendment in 2015 on GEPS using a simple probabilistic model. We consider effects on both sides, the pensioners and the government. First of all, the expected net value of pension payment for an individual employee was calculated based on the supposed survival distribution. The fairness of individual pension holders was compared using the benefit-cost ratio. Secondly, from pension system users' point of view, the default probability and the government subsidy were examined by Monte-carlo simulation. From the simulation experiment, we could see that the 2015 reform plan indeed reduces the default probability and the size of the fiscal burden of government by increasing the premium and decreasing the benefit. However, the size of the effect is not very standout at this moment because the number of new employees who are fully subject to the reform will be much smaller than the number of previous employees for a while. Thus, the effect of the reform is expected to appear in a slow manner.

• Journal of Korean Home Economics Education Association
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• v.26 no.3
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• pp.1-15
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• 2014

The purpose of this study was to investigate the relation among family environment variables, self-esteem, family strengths, and achievement motivation. This subjects were the 467 middle school students living in Gwangju. Data were analyzed with SPSS/WIN 20.0 program. The major findings were as follows; First, adolescents' self-esteem, family strengths, and achievement motivation scores were higher than median(3.00). Second, the male adolescents' achievement motivation showed significant positive correlation with standard of living, self-esteem, and family strengths. The female adolescents' achievement motivation showed significant positive correlation with standard of living, father's education achievement, mother's education achievement, self-esteem, and family strengths. Third, the male adolescents' achievement motivation was influenced by self-esteem, role sharing and problem solving, communication and family bonding, and financial stability. And the male adolescents' achievement motivation was explained about 42% by this variables. The female adolescents' achievement motivation was influenced by self-esteem, communication and family bonding, and financial stability. And the male adolescents' achievement motivation was explained about 39% by this variables. Examining the influence of Family Environment variables, self-esteem, and family strengths on achievement motivation of adolescents, self-esteem has the greatest influence and students who think themselves positive and competent has high level of achievement motivation. Adolescents find their own strong point and advantage so that cherish, respect and have proud of themselves.

• 한국노년학
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• v.41 no.1
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• pp.127-147
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• 2021

It is critical to secure stable financial resources and efficient financial management for local governments to promote elderly welfare. Using the Fuzzy Set Qualitative Comparative Analysis method, we empirically examined the conditions under which the 17 metropolises and provinces in Korea increase or decrease their budget for elderly welfare. After examining previous studies, socio-economic variables(ratio of elderly people, ratio of elderly welfare recipients), financial variables(financial independence ratio), and political administrative variables (number of regulations on elderly welfare) were included in the analyses to determine the causal conditions of elderly welfare budget per person. Fs/QCA resulted in three combinations of elderly welfare budget per person: first, the combination of low ratio of elderly people, high ratio of elderly welfare recipients, and low number of regulations on elderly welfare; second, the combination of low ratio of elderly welfare recipients, low financial independence ratio, and high number of regulations on elderly welfare; and lastly, the combination of high ratio of elderly people, high ratio of elderly welfare recipients, and low financial independence ratio. Implications for elderly welfare were made considering socio- economic, financial, and political administrative circumstances based on the study results.

• Proceedings of the Korean Society of Propulsion Engineers Conference
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• 2002.04a
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• pp.80-81
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• 2002

비행체의 액체 저장탱크에서의 슬로싱 현상은 비행체의 조정 안정성 상실은 물론 구조적인 파손이 발생하여 인명 및 재정 손실이 초래 될 수 있다. 또한 최근 대형 선박에서의 액체 저장탱크에서도 슬로싱 문제는 주요한 관심사로 되어 있다. 선진기술국에서는 이러한 슬로싱 문제를 해결하기 위해 많은 관심을 쏟아 왔으나 국내에서는 체계적인 연구가 미흡한 실정이다.

• 한국정보통신설비학회:학술대회논문집
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• 2003.08a
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• pp.56-59
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• 2003

최근 통신 시장은 전례없는 변화를 맞이하고 있다. 많은 신생 사업자들이 사라지며 기존 종합 통신 사업자들 역시 심각한 재정상의 어려움을 맞이하고 있으며 장비의 가격은 2년 동안 거의 40% 정도의 가격 하락이 있었다. 따라서 앞으로 모든 통신 사업자들에게는 검증된 비즈니스 모델, 안정적인 기술 그리고 신뢰할 수 있는 공급업체 선택이 가장 중요한 요소가 될 것이다.

• Feed Journal
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• v.3 no.9 s.25
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• pp.97-102
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• 2005

30여년이라는 세월이 지난 지금은 육골분 제조업계가 국가나 지방자치단체의 재정적 지원 없이 전형적인 3D업종이라는 열악한 환경에서도 년간 생산량이 25,000톤((90여억원상당)으로 괄목할 만한 물량증가는 물론 안정적인 품질의 단백질자원이라는 인식이 정착되기까지의 비약적인 발전을 거둔 것은 국내 부존자원의 최대한 개발$\cdot$활용이라는 측면에서 매우 고무적인 현상이 아닐 수 없을 것이다. 또한 돌이켜 보면 지금 이 시점이 축산물의

• Journal of Digital Convergence
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• v.19 no.2
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• pp.61-69
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• 2021

The military pension deficit is increasing due to an increase in the average life expectancy and pension option rate, and a significant reason for this is estimated to be a continued increase in the number of military pension recipients. In terms of the soundness of military pension finances, this paper uses the Markov chain model to validate the stability of the military group, suggesting the direction of future military pension system in terms of the ratio of pension receipts to employees, and verifying the feasibility of the method applied through verification. Through this paper, we have confirmed that the initial 45,270 military personnel converge to 43,141 after a certain period of time and reach a stable state, which is expected to help us to estimate the long term size of military pension recipients to confirm the direction of national financial support. Military man who are eligible for pensions for more than 20 years have a relatively low rate of turnover or retirement compared to ordinary private groups, making it easier to define their status and simplify state transition probabilities. Therefore, it is expected that the sustainability of the military pension will be confirmed from a long term perspective by viewing the military group as a system and applying it to the Markov chain model by checking the probability of transfer of status such as promotion, maintaining the current grade, and retirement during the period.