• Journal of International Area Studies (JIAS)
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• v.14 no.2
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• pp.499-524
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• 2010

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.

• KDI Journal of Economic Policy
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• v.29 no.2
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• pp.117-133
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• 2007

This paper evaluates the efficiency of monetary policy in Korea within the framework of interest rate feedback rules. For this, a small open macroeconomic model is constructed in a similar fashion to Ball (1999). The model is shown to capture key features of the Korean economy well. Using this estimated model, optimal instrument rules are derived for a set of different monetary policy objectives. Empirical results find that the actual monetary policy in the class of instrument rules was not very effective in stabilizing the output gap relative to inflation. However, seemingly successful inflation stabilization observed in the data are not consistent with the policy rules as the reaction of the interest rate to inflation is very low. It also appears that the central bank did not react right to movements in the real exchange rate. This paper offers some suggestions for the conduct of monetary policy in Korea.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.11 no.4
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• pp.1419-1429
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• 2010

Industry structure and environment of the domestic bank have been changed by an influx of large foreign-banks and advanced financial products when the currency crisis erupted in Korea. In a competitive environment, accurate forecasts of changes and tendencies are essential for the survival and development. Forecast of whether to approve loan applications for customer or not is an important matter because that is related to profit generation and risk management on the bank. Therefore, this paper proposes the method to improve forecast accuracy of loan underwriting. Processes in experiments are as follows. First, we select the predictor variables which affect significantly to the result of loan underwriting by correlation analysis and feature selection technique, and then cluster the customers by the 2-Step clustering technique based on selected variables. Second, we find the most accurate forecasting model for each clustering by applying LR, NN and SVM. Finally, we compare the forecasting accuracy of the proposed method with the forecasting accuracy of existing application way.

• Economic Analysis
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• v.26 no.2
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• pp.43-71
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• 2020

This paper aims to derive macroeconomic implications by analyzing the business cycle characteristics of the youth unemployment. The results of empirical analysis seem to show that youth unemployment appears to be relatively less correlated with business cycle compared to other age groups, and thus it is difficult to explain the recent steady increase in the potential labor force as a result of the business cycle fluctuation alone. Moreover, the alternative unemployment measures of the youth group showing upward trend were estimated to be co-integrated with output measures. This co-integrated trend increase suggests that unlike other age groups, youth may be influenced by structural factors inherent in Korea's economic growth path. The fact that the wage difference based on firm size has widened steadily since the Asian financial crisis and that the proportion of large companies that provide relatively high-quality jobs compared to major industrialized countries is significantly lower may be the evidence of the structural changes in Korean youth labor market. The results of above analysis may explain why the job search periods for youth has lengthened amid these structural changes.

• Economic Analysis
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• v.17 no.2
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• pp.56-89
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• 2011

The sensitivity of investment with respect to cash flow is positive in imperfect financial markets. Using a switching regression model, cash flow sensitivity of investments in chaebol firms and large firms appears to be higher. Also, investments are found to be more responsive to cash flow during monetary contraction periods. These findings imply that monetary policy works through a credit channel. Furthermore, it appears that monetary policy exerts distributional effects as well as aggregate effects on that firms are unevenly affected by monetary changes.

• The Journal of Bigdata
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• v.7 no.2
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• pp.225-234
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• 2022

In this paper, we study the recent changes in the credit risk interconnectedness in Korea. Using the CDS spread data from November 2015 to August 2022, we estimate the network structure of sovereign and corporate credit risk. The results show that sovereign and corporate credit risks are interconnected significantly, particularly with respect to the banking sector where FX-related transactions are made. Since 2022 when the monetary policy has become contractionary, such credit risk interconnectedness seems to be strengthened because of greater common exposure.

• Korea Trade Review
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• v.47 no.2
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• pp.103-120
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• 2022

This paper studies the possibility of options as an instrument for central bank to intervene foreign exchange market. As opposed to spot transaction or forward transaction, which impacts spot exchange rate only once, currency options can continuously resist a directional speculative pressure on spot market due to the dynamic delta hedging of OTC currency options market maker. This research also analyzes whether and how central banks can use currency options to lower exchange rate volatility and maintain (implicit) target zones in foreign exchange markets. It argues that short position rather than long position in options will result in market makers dynamically hedging their long option exposure in a stabilizing manner, consistent with the first objective. Selling a "Strangle" allows a central bank to increase the credibility of its commitment to a target zone, and could have a lower expected cost than spot market interventions. However, this strategy also exposes the central bank to an unlimited loss potential. Therefore these kinds of intervention strategies must be used in the short run and temporarily.

• Sim-seong Yeon-gu
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• v.25 no.2
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• pp.163-193
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• 2010

A Korean fairy tale, "I live on my fortune" is discussed and interpreted from the perspective of analytical psychology. Analytical psychology understands fairy tales are stories in which the workings of archetypes of unconsciousness are represented symbolically. Therefore they are intended to achieve psychic wholeness compensating collective consciousness. The fairy tale is found in almost every region of Korea. There are several parallel stories that share similar motifs, such as Samgongbonpoori, a mythological story and a tale on the king Mooh. The father in the story asked his three daughters whose fortune they lived on. The youngest was expelled by her father for she answered, "I live on my own fortune." Then she came into a humble cottage in the mountain marrying a poor charcoal maker and she found gold there. She became rich, made the charcoal maker a decent learned man and seeked for and took care of her parents who had become beggars. This fairy tale is interpreted as a story about individuation process of a woman who integrated 'inferior' aspects and unconscious animus through actively accepting the suffering from being expelled and commitment to the unconscious world, and also about how rigid collective psyche, under patriarchal system, changes toward wholeness through the workings of the unconscious.

• The Inventors News
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• no.50
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• pp.1-16
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• 2006

'제1회 여대생 발명캠프' 성황리에 마쳐/'발명으로 풍성한 가을을 맞이하시길'/IT기업, 국내 특허 30% 이상 넘었다/레이저 프린터 특허출원, 프린터 분야 중 최다/피부 보호하는 자외선 차단제, 특허출원 꾸준히 증가/액정표시장치 관련 특허 지속적 증가/진공청소기, 첨단 기술로 혁신 꾀해/소멸특허정보, 온.오프라인 제공/발명 지도자 양성 연수, 온라인에서 이루어진다/검색율증가로 활발한 지재권 활동 기대/'2006상표-디자인 전시회'/표준기술특허로 신제품 개발 쉬워져/김광림 전 차관, 세명대 총장에 취임/영양 살린 '기능성 국수' 눈길 끌어/특허청, 포스코와 혁신 파트너십 체결/한국특허정보원, 성과 관리제 도입으로 경영 성과 극대화/특허청, 상반기 미국 국제특허출원 심사 1백18건 유치/중소기업 48%, 고액 기술이전비 '지불 가능'/특허청, 고객눈높이 맞춘 민원서비스 제공/모범명세서 첨부제도로 특허 받기 쉬워져/'여성 발명인의 축제' 개최/'제5회 전국 대학발명 경진대회'/'미스터 차우' 둘러싼 상표권 분쟁 치열/외환은행, 외국인 근로자 해외송금서비스 특허 획득/재난 방지 시스템 구축 핵심기술, 특허출원 증가/비밀디자인 청구기간 확대/이젠, 여름용품 정리할 때/역사 속의 발명품/하루 10분 발명교실/특허Q&A/한경희 (주)한경희 생활과학 대표이사/특허청, 수해복구에 두 팔 걷고 나서/무선환경에서의 저작권보호 관련 외국인출원 급증/아이디어 착상 및 발명 기법/다림질 편하게 하는 요령 10가지/발명을 통한 사업화, 시대의 흐름과 인간의 마음을 담아야/스텐서의 전자레인지/3차원 구조물 만들수 있는 나노종이 개발/애플, 크리에이티브에 1억불 지급/흰 우유에 꽂으면 딸기맛 나는 '퍼니스토로우'/한올제약, 씹는 비만 치료제 특허 취득/음성군, 기술로 복숭아 털 알레르기 잡았다/향기로 소비자 마음을 사로잡는다/'독일 국제 아이디어.발명.신제품 전시회'/한국여성발명협회 회원사 발명품 가이드/코네쥬얼리, 우선심사 통해 특허등록/

• Asia Marketing Journal
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• v.9 no.3
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• pp.233-255
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• 2007

본 사례는 외환위기 및 대우 그룹 해체로 인해 존폐의 위기에 처했던 대우증권이 선도업체 위상을 탈환하기까지의 재건 과정에서 실행했던 마케팅 전략 및 영업활동을 분석하고 있다. 이를 통해 경영위기를 효과적으로 극복하고 새롭게 도약하기 위해 활용 가능한 마케팅 및 영업 전략의 일례를 소개하고자 한다. 끝으로 대우증권의 향후 마케팅 과제와 관련된 토의 주제가 제시된다. 국내 증권업계 선두주자였던 대우증권은 1999년 '대우 사태'로 인해 한때 업계 5위까지 추락하고 1조 2,000억원의 적자를 기록하였으며 신용등급은 투자부적격 단계인 CCC+까지 하락하는 등 위기를 맞이하게 되었다. 대우증권이 회생과 재도약을 위해 채택한 마케팅 전략은 '선택과 집중'이었다. 즉, 최대 수익원이자 경쟁력이 있는 사업 분야인 위탁매매(brokerage)에 역량을 우선 집중하여 안정적으로 수익 기반을 다진 뒤 이를 바탕으로 IB(Investment Bank)와 자산 관리(Wealth Management) 등 여타 분야에서의 역량도 점진적으로 강화하는 전략이다. 전략의 실행 방향은 높은 효율성 확보 및 자원의 확충을 통해 시장 지배력과 수익성을 창출하는 것이었다. 전략적 공감대, 오프라인 영업 강화, 현장 및 고객 중시를 위한 기업 자원의 확충 배치를 바탕으로 영업 프로세스, 영업 인프라, 영업 관리, 고객 서비스, 영업 문화의 혁신을 실행한 결과, 대우증권은 증권명가의 옛 명성과 위치를 성공적으로 탈환하게 되었다. 대우증권은 2004년 위탁매매 영업 부문에서 1위 위상을 되찾은 이래 전 사업 분야에서 성장을 지속하였다. 2006년 증권업종 시가총액 1위를 회복하는 등 각종 경영지표는 큰 폭으로 개선되었고, 신용등급은 AA-로 상향 조정되었다. 나아가 자본시장통합법 시대에 걸맞는 선도 글로벌 투자은행으로서 진화한다는 계획을 추진하고 있다.