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

• Journal of the Korea Society for Simulation
• /
• v.23 no.4
• /
• pp.163-170
• /
• 2014

This study calculates the employee receives severance pay scale are paid from the company in the DC system. In addition, by utilizing the reserve growth model were studied in accordance with shortfall risk levels generated by stochastic asset allocation. For the analysis, from 2004 to 2013 using the KOSPI returns and total bond yields were simulated. Scenario 1 is when compared to the severance reserve is insufficient. Scenario 2 is the same as if toy reserve this severance pay. During one period, depending on the asset allocation of stocks and bonds was confirmed that the probability pension risk does not occur. And we suggest that members of DC pension risk endeavor with the government and companies to avoid.

• Journal of the Korean Data and Information Science Society
• /
• v.25 no.1
• /
• pp.131-153
• /
• 2014

The Korean market of pension plans has recently increased and pension plans will be expected to play an important role in the retirement system as complement of the national pension system in the future. However, there are a few of research papers on actuarial projections of pension plans. This paper will discuss a long-term financial projection on defined pension plans using data based on the national pension workplace participants. Previous researches focused on company-based financial projection of pension plan. But, this paper concerns on total Korean pension participants and suggests a method to calculate future financial projection of total pension plans. Finally, this research will suggest several numerical results of normal costs, benefits, numbers of workers, etc.

• Proceedings of the Korean Nuclear Society Conference
• /
• 1999.05a
• /
• pp.445-445
• /
• 1999

• Asia-pacific Journal of Multimedia Services Convergent with Art, Humanities, and Sociology
• /
• v.6 no.12
• /
• pp.605-619
• /
• 2016

This study aims to figure out effects of the rewards applications receiving a lot of attention recently as mobile advertising using the smartphones. Therefore, this study examines differences of user satisfaction and continued use intention according to a user characteristic, demographic characteristic and rewards application characteristic. The research results are as follow. First, in terms of user satisfaction of the rewards applications, there is a significant difference according to the user gender and existence of the reserved value experience. Second, there is a significant difference in the continued use intention of the applications according to the user type and gender. Third, it is also found that there is an interaction effect between the user gender and existence of the reserved value use experience on the continued use intention. This study is significant in that the results may provide future researchers with practical foundations for marketing strategies to activate the rewards applications.

• Korean Journal of Social Welfare
• /
• v.35
• /
• pp.345-374
• /
• 1998

The purpose of this study is to contribute the improvement of national welfare by presenting of pension welfare business of Korea and Japan. The reason why I take the management of Japan's pension accumulation as the object of comparative study is that the history of pension system of Japan is relatively longer than that of Korea. First of all, National Pension Fund comes into use for public sector, financial sector, and welfare sector, The scale of pension management for welfare sector is 50 small. Therefore, the study for welfare business investment reflecting the intentions of pension entries and pensioners is needs of times. This study defines the concept of welfare investment business and prospects welfare investment business of the future on the basis of Japanese experiences, and then suggests the direction of efficient propulsion of welfare investment business to the reasonable decision-makers. Especially this study redefine the concept of welfare investment business on the basis of pension entry's social benefits which are composed of pension entry's gains and pensioner's gain. Of course, welfare investment business has to be presupposed the stability of pension system and the continuous contribution to national economy. Thus, in order to efficiently perform welfare business, the policy-making for national welfare improvement has to be established after the good of business is set up like the results of this study.

• The Research Journal of the Costume Culture
• /
• v.24 no.1
• /
• pp.13-26
• /
• 2016

The purpose of the present study is to investigate the effect of time remaining to use mileage in the notification message from retailers on consumer responses. A total of 577 consumers participated in experiments involving different notification messages of the time remaining to use mileage. Results showed: 1) a significant difference in mileage benefit perception, positive emotion, negative emotion, attitude toward retailers, and repurchase intention according to the remaining time to use mileages, 2) benefit perception positively affected positive emotion and negatively affected negative emotion; positive emotion positively affected and negative emotion negatively affected attitude toward retailers; and attitude positively affected repurchase intention on retailers, and 3) the remaining time to use mileages moderates the relationship between attitude and repurchase intention. Findings highlighted the importance of timing of the message to notify the consumer as to remaining time to use mileage. In the case of a message indicating long remaining time to use mileage, consumers showed more positive responses toward retailers than did consumers who had a message indicating short remaining time to use mileage. These results can be used as guidelines to select the optimal time to send notification messages of remaining time to use mileage in order to generate positive consumer responses.

• The Journal of the Korea Contents Association
• /
• v.20 no.11
• /
• pp.281-291
• /
• 2020

This study used Gauss-Poisson jump diffusion process on standard assets to estimate the statutory reserves of Variable Annuity (VA) guarantees specified in Korean bylaw of insurance supervision and calculated guarantee fees and risks based on the model to see the effect of considering the jumps. Financial assets, except KOSPI 200, have fat-tailed return distributions, which is an indirect evidence of discontinuous jumps. In the case of a domestic stock index and foreign stock indexes(Korean Won), guarantee fees and risks decrease when jumps are considered in models of underlying assets. This is explained by decreases in standard deviations after the jump diffusion is considered. On the other hand, in the case of domestic bond indexes and a foreign bond index(Korean Won), guarantee fees and risks tend to increase when jumps are considered. Results from a foreign stock index(US Dollar) and a foreign bond index(US Dollar) were opposite to those from the same kinds of Korean Won indexes. We conclude that VA guarantee fees and risks may be under or over estimated when jumps are not considered in models of underlying assets.

• 월간낙농육우
• /
• v.26 no.4 s.288
• /
• pp.179-183
• /
• 2006

슈퍼젖소탄생/ 국내 젖소검정우 세계4위 등재/ '한우 둔갑' 수입쇠고기 적발 가능해져/ DDA · FTA 개방대응 기금 조성/ DDA협상 난항, 회원국간의 입장차 커/ 한 · 미 FTA 대응체제 재정비 '탄력'/ 한우 가격 '600kg 기준' 발표/ 축단협 회장, 남호경 한우협회장 재추대/ 축산분뇨 활용 자연순환형 농업시급/ 소비자단체, '쇳가루 분유' 제조사와 수입업체 대상 소송 제기/ 농지내 축사 신축 더 어려워졌다/ 美 광우병 '전방위' 대응/ 작년 축산물 시장 외산 '폭증'/ 낙농가 '품질관리 시스템' 본격가동/ KRA, 특별적립금 843억 편성/ 국내산마 경매 최고가 경신/ KRA와 함께하는 농촌희망재단, 1학기 장학금 21억 지원/

• Korean Business Review
• /
• v.20 no.1
• /
• pp.123-143
• /
• 2007

This paper empirically examines whether the tax effect of indirect tax reductions such as reserves deductible and direct tax reductions such as tax credits and tax reductions is significantly associated with value relevance. That is, direct and indirect tax reductions bear upon an increase in accounting earnings and decrease in cash outflows through reducing tax burdens. The empirical result in this paper shows that firm value is significantly related to the tax effect of reserves for business improvement and other tax reserves, which comprise parts of the book value of equity through tax benefits, but is not significantly related to the tax credits and reserves deductible as necessary expenses that comprise accounting earnings. This paper also analyzes the difference in value relevance between direct tax reductions and indirect tax reductions(That is, Hypothesis No.5). We find that there are no significant differences between direct tax reductions and indirect tax reductions. Because the regressive coefficients of direct tax reductions and indirect tax reductions are not significantly.