Currently, Korea's banking industry holds a sizable amount of non-performing loans which stem from the government-led bailout of many troubled firms in the 1980s. Although this burden was somewhat relieved with the aid of banks' recapitalization in the booming securities market between 1986-88, the insolvent credits still resulted in low profitability in the banking sector and have been detrimental to the progress of financial liberalization and internationalization. This paper surveys the corporate bailout experiences of major advanced countries and Korea in the past and derives a rationale for readjustment measures against non-performing loans, in which rescue plans depend on the nature of the financial system. Considering the features of Korea's financial system and the banking sector's recent performance, it discusses possible means of liquidation in keeping with the rationale. The conflict of interests among parties involved in non-performing loans is widely known as one of the major constraints in writing off the loans. Specifically, in the case of Korea, the government's excessive intervention in allocating credits has preempted the legitimate role of the banking sector, which now only passively manages its past loans, and has implicitly confused private with public risk. This paper argues that to minimize the incidence of insolvent loan readjustment, the government's role should be reduced and that the correspondent banks should be more active in the liquidation process, through the market mechanism, reflecting their access to detailed information on the troubled firms. One solution is that banks, after classifying the insolvent loans by the lateness or possibility of repayment, would swap the relatively sound loans for preferred stock and gradually write off the bad ones by expanding the banks' retained earnings and revaluing the banks' assets. Specifically, the debt-equity swap can benefit both creditors and debtors in the sense that it raises the liquidity and profitability of bank assets and strengthens the debtor's financial structure by easing the debt service burden. Such a creditor-led or market-led solution improves the financial strength and autonomy of the banking sector, thereby fostering more efficient resource allocation and risk sharing.
We analyzed the international comovements and structural changes in the quarterly real GDP by the Markov-switching vector autoregressive model (MS-VAR) from 1971(1) to 2016(1). The main results of this study were as follows. First, the business cycle phenomenon that occurs in the models or individual time series in real GDP has been grasped through the MS-VAR models. Unlike previous studies, this study showed the significant comovements, asymmetry and structural changes in the MS-VAR model using a real GDP across countries. Second, even if there was a partial difference, there were remarkable structural changes in the economy contraction regime(recession), such as 1988(2) ending the global oil shock crisis and 2007(3) starting the global financial crisis by the MS-VAR model. Third, large-scale structural changes were generated in the economic expansion and/or contraction regime simultaneously among countries. We found that the second world oil shocks that occurred after the first global oil shocks of 1973 and 1974 were the main reasons that caused the large-scale comovements of the international real GDP among countries. In addition, the spillover between Korea and 5 countries has been weak during the Asian currency crisis from 1997 to 1999, but there was strong transmission between Korea and 5 countries at the end of 2007 including the period of the global financial crisis. Fourth, it showed characteristics that simultaneous correlation appeared to be high due to the country-specific shocks generated for each country with the regime switching using real GDP since 1973. Thus, we confirmed that conclusions were consistent with a number of theoretical and empirical evidence available, and the macro-economic changes were mainly caused by the global shocks for the past 30 years. This study found that the global business cycles were due to large-scale asymmetric shocks in addition to the general changes, and then showed the main international comovements and/or structural changes through country-specific shocks.
This study is the text discourse of agenda setting through media policy on the three communities. The materials of subjects are the 71 text discourses that appeared in the columns, the special manuscripts, and the comments on the contemporary topics in 33 media. The subjects focuses on the metaphor, metonymy, and binary transposition. This kind of connotation tends to be imploded into people through media, so that it produces hyperreality. This process produces the regulation and strengthens the reality through the circuit of culture. Thus this research tries to develop the theoretical foundation for analysing the text discourse produced by the media. Also it focuses on widening the research scope to study the effects that the circuit of culture provides on the politics, society, and economics. Therefore The first, the objective meanings(denotation)which the referents of the community as T'PALACE, I'PARK, and STARCITY are 'larger scale', 'high and skyscraper', 'the rich people and the plutocrats who have very high academic career' and ' the residence place for the famous stars and successful CEOs', etc. and the subjective meanings, connotations which the referents of the community are 'The first street' transposes '1%' 'their own space' into the characteristics of the wealth of Gangnam district or Korean wealth', the additional significations which the metaphors such as 'the noble community', 'the sample for the high -level residential space', and 'the greed of 1%'. Conclusion, The significations of the symbols became imploded into the population and circulated along with the cultural streams through the media. The referents are recreated and consumed among the other communities such as the named 'PALACE', 'I'PARK', 'STARCITY' in the other areas. This kind of ideology tends to create the myths such as 'the 1% rich people of Gangnam', 'the first street of Korean wealth', and create the regulation such as 'the compound taxes for the real-estates', 'the policy of reducing the taxes for the rich', 'the policy of reducing the taxes for the 1% of the rich'. Also these regulations make the politicians operate new policies and are being utilized as 'slogan' for the politicians.
Corona 19 brought about a major shift in the Korean church's pastoral style. Contact and non-contact ministry styles using the Internet and media devices are being held together. The elderly, who have been classified as digital vulnerable, need to see whether they are properly adapting to these changes and they have any difficulties in their religious lives. This study is to organize the current status of Corona 19 related to Korean churches, look at the current state of church programs for Christian elderly people, look at how important the religious life is to their lives, and to suggest educational pastoral methods for their religious lives based on the theory of Maria Harris' educational ministry. First, in terms of Koinonia, it was suggested that the heritage, beliefs, values and ways of life held by the Christian elderly be shared with people inside and outside the church in order to entertain and embrace everyone without alienation. Second, from the perspective of Leiturgia, educational ministry was proposed to expand prayer life from a personal area to a public area to become a life of practicing prayer and justice by providing public prayer content with media that can be used by the elderly to perform spirituality. Third, it was suggested that in terms of Didache, it should be required that the elderly should be educated to be familiar with the changing technologies, that teaching environment should be extended from church to online, and that the educational content of tradition and new forms should be dealt with extensively. Fourth, from the perspective of Kerigma, Christian elderly people who have suffered in various life environments, both personally and socially, should listen to the words again and gain the power to overcome the corona crisis through the God's words, so that they can be melted into the curriculum of koinonia, leiturgia, didache, and diakonia. Fifth, it was suggested that senior citizens should switch their consciousness to become subjects of service, not objects of service, and that digital literacy education should be provided individually at eye level to narrow the digital gap for Diakonia curriculum.
The purpose of this study is to based on review of theoretical and empirical studies to assess the independence of central banks - the former Socialist republics, including the Russian Federation and Czech, Poland. In addition, the work is expected to clarify whether a link exists between independence and the most important economic indicators such as inflation, economic activity, the budget deficit. And The subject of this study are the formal and actual independence of national banks, as well as limiting factors: political and economic. Background investigation of the problem of independence of central banks from the fact that, according to many economists, it is essential to the successful development of a market economy. The effectiveness of any country's economy due to currency volatility, low inflation, high reliability of the banking system, etc. As far as the independence of monetary regulation contributes to these goals - one of the most actively debated issues in the world of economic theory and practice for a long time. The issue of central bank independence is extremely important for Russia, Czech, Poland. In the near future to the central bank has important tasks, among which are the transition to inflation targeting in the rejection of significant intervention in the foreign exchange market, as well as improving the sustainability of the national banking system. Transparency and independence of the Bank of Russia, Czech Republic, Poland, in my view, should be an important factor in achieving these goals. The countries of Czech Republic, Poland have already made a number of steps to bring the status of their banks to the European standards. Many other developing countries are also in the process of reforming their central banks and the improving conditions of their functioning. However, despite the fact that as a model for reform used by the central banks of countries with developed market economies, central banks in developing countries are still yet deprived of the legal, economic and political independence. A different situation exists in transition space. Because of significant differences in the views of the authorities in transition republics at the necessary level of independence of central banks and the exchange rate and monetary policy reform of monetary management in these countries led to different results.
Since the birth of melodrama in the early Enlightenment era, it has flowed through various cultures and media. In order to grasp the principle of differentiation of melodrama and the direction of its change, a developmental approach to the formation process of melodrama is necessary. In this regard, this paper examines the formation process of modern melodrama and its aesthetic features around the time of the French Revolution. The modern melodrama was formed in the period between the end of the 18th century and the start of the 19th century. It was born at the intersectional point of the contradictions of the modern imagination and the political paradox of the French Revolution, which demanded an autonomous citizenship but did not recognize a woman as a citizen. The aesthetic of women's sacrifice and tears reproduced in the modern melodrama is a political aspiration to restore a corrupt society by glamorizing a woman as a moral icon. This was an icon to save a society under divide and crisis and a coordination of emotions to conceal sexist violence in the politics of the exclusion of women. The aesthetic of women's sacrifice and tears reproduced in modern melodrama has consistently been considered under negative evaluation such as a play of moral hypocrisy and vulgar drama. However, the academic interest in melodrama in the 1970s has been amplified due to the "Sirk-melo" which is a transition to the new aesthetic of women's sacrifice and tears, encompassing not only women, but also races and classes. In modern society, entering the era of uncertainty, where various social problems, national disasters, and global disasters have become commonplace, 'the aesthetic of women's sacrifice and tears' are shifting from gender differences to various victim narratives. Reviewing new theoretical trends and changes of recent melodrama as well as analyzing specific works are left as follow-up tasks.Since the birth of the melodrama in the early Enlightenment era, it has flowed through various cultures and media. In order to grasp the principle of differentiation of melodrama and the direction of its change, a developmental approach to the formation process of melodrama is basically necessary. In this regard, this paper examines the formation process of modern melodrama and its aesthetic features around the time of the French Revolution.
Park, Min;Lee, Nak Hun;In, Ye-Won;Oh, Sang-Yup;Cho, Hyung-Yong
Food Engineering Progress
/
v.23
no.1
/
pp.7-15
/
2019
The impregnation of solid foods into the surrounding hypotonic or hypertonic solution was explored as a method to infuse NaCl in pork loin cube without altering its matrix. Mass transfer kinetics using a diffusive model as the mathematical model for moisture gain/loss and salt gain and the resulting textural properties were studied for the surrounding solutions of NaCl 2.5, 5.0, 10.0 and 15% (w/w). It was possible to access the effects of brine concentration on the direction of the resulting water flow, quantify water and salt transfer, and confirm tenderization effect by salt infusion. For brine concentrations up to 10% it was verified that meat samples gained water, while for processes with 15% concentration, pork loin cubes lost water. The effective diffusion coefficients of salt ranged from 2.43×10-9 to 3.53×10-9 m2/s, while for the values of water ranged from 1.22×10-9 to 1.88×10-9 m2/s. The diffusive model was able to represent well salt gain rates using a single parameter, i.e. an effective diffusion coefficient of salt through the meat. However, it was not possible to find a characteristic effective diffusion coefficient for water transfer. Within the range of experimental conditions studied, salt-impregnated samples by 5% (w/w) brine were shown with minimum hardness, chewiness and shear force.
This study explores the determinants and processes of IT consolidation of Korean conglomerates. Through an extensive analysis of cases, this study identifies the drivers, benefits and critical success factors of IT consolidation, and observes the transition of vision for the IT service subsidiaries in the conglomerates. The results show that most firms in this analysis have completed the organizational, physical, and logical consolidation of their IT resources, and currently some of them are preparing for the next stage of IT consolidation such as rational consolidation and virtualization. It is also found that the strategic factor was one of the most significant determinants in consolidating IT resources which leaded the transition of vision of the IT service firms in the conglomerates from "cost center" to "profit center". The results of this study can provide a fundamental and empirical basis for building a theory of IT consolidation, and be used as a valuable benchmarking model for the organizations which consider starting a project of IT consolidation.
This study's purpose is to analyse factors of determination about detouring for makinga standard model in regard of unfavorableness and uncertainty when unspecified individual recipients make a decision at the time of course detour. In order to achieve this, we surveyed SP investigation whether making a detour or not for drivers as a target who take a high way and National highway. Based on this result, we analysed detour determination factors of drivers, establishing a combination model of Decision Tree and Neural Network model. The result demonstrates the effected factors on drivers' detour determination are in ordering of the recognition of alternative routevs, reliable and frequency of using traffic information, frequency of transition routes and age. Moreover, from the outcome in comparison with an existing model and prediction through undistributed data, the rate of combination model 8.7% illustrates the most predictable way in contrast with logit model 12.8%, and Individual Model of Decision Tree 13.8% which are existed. This reveals that the analysis of drivers' detour determination factors is valid to apply. Hence, overall study considers as a practical foundation to make effective detour strategies for increasing the utility of route networking and dispersion in the volume of traffic from now on.
The advancement of information technologies including the Internet has affected the way of social information processing as well as brought about the paradigm shift to the information society. Accordingly, it is very important to study the process of social information processing over the digital media through which social information is generated, distributed, and led to social consensus. In this study, we analyze the mechanism of social information processing, identify a process model of social consensus and institutionalization of the results, and finally propose a set of information processing characteristics on the internet media. We deploy the ethnographic approach to analyze the meaning of group behavior in the context of society to analyze two major events which happened in Korean society. The formation process of social consensus is found to consist of 5 steps: suggestion of social issues, selective reflection on public opinion, acceptance of the issues and diffusion, social consensus, and institutionalization and feedback. The key characteristics of information processing in the Internet is grouped into proactive response to an event, the changes in the role of opinion leader, the flexibility of proposal and analysis, greater scalability, relevance to consensus making, institutionalization and interaction. This study contributes to the literature by proposing a process model of social information processing which can be used as the basis for analyzing the social consensus making process from the social network perspective. In addition, this study suggests a new perspective where the utility of the Internet media can be understood from the social information processing so that other disciplines including politics, communications, and management can improve the decision making performance in utilizing the Internet media.
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