• KDI Journal of Economic Policy
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• v.13 no.1
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• pp.167-197
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• 1991

This paper is intended as an introductory essay to explain endogenous changes in the scope of firm activities in the competitive structure of a deregulated, multi-product financial industry. Recently, the global financial industry has been experiencing a widespread reshuffling in its activities, reflecting both consolidation and specialization. The spread of the universal banking system, which involves the integration of various kinds of financial activities, has resulted in the so-called financial supermarket. At the same time, the traditional set of banking activities has been unbundled into so-called financial boutiques. A relevant question is where the current reshuffling process of integration and disintegration in financial activities might lead the financial industry. However, presently popular theories of the financial industry are not really appropriate for the analysis of this issue. This paper attempts to integrate the theory of specialization [George J. Stigler, "The Division of Labor is Limited by the Extent of the Market," Journal of Political Economy, Vol. LIX, No.3, June 1951] and the theory of the multi-product firm [William J. Baumol, John C. Panzar, and Robert D. Willig, Contestable Markets and the Theory of Industry Structure, Harcourt Brace Jovanovich, Inc., New York, 1982] and to apply the resulting hybrid theory, a theory on the scope of financial activity, to the financial industry. The implications of this theory for the issues raised above are formalized under five hypotheses on the reshuffling of financial activities as listed below: Hypothesis I: The differences in the organization of financial industries among countries are determined by differences in the size of the financial markets, other things being equal. Hypothesis II: A financial firm will separate those financial activities simultaneously having relatively strong economies of scale and relatively weak economies of scope (alternatively, diseconomies of scope) from other activities. Conversely, the firm will integrate those activities simultaneously having relatively weak economies of scale (alternatively, diseconomies of scale) and relatively strong economies of scope with incumbent activities. Hypothesis III: A competitive equilibrium in the deregulated financial industry will consist of both specialized and multi-product financial firms, resulting in a mixed form of specialized and universal banking systems. Hypothesis IV: As world financial markets fully integrate and all countries consequently face this single, common world market, the financial structures of individual countries will become increasingly similar. Hypothesis V: A more universal banking system will dominate the deregulated financial industry in countries with relatively small financial markets, while a more specialized banking system will dominate in countries with relatively large financial markets. However, equilibrium will ultimately be mixed, with specialized and universal banks coexisting, as stated in Hypothesis III. Based on these hypotheses, this paper interprets the historical development of specialized vs. universal banking systems in major industrial countries as a process driven by the evolution of the financial market in each country - i.e. the change in the size of the financial market over time. In addition, this paper anticipates that the final equilibrium of the world financial industry, which is currently under the pressure of financial innovations and deregulation, will be a mixed equilibrium with both specialized boutiques and universal supermarket-type financial firms, instead of an exclusively specialized or universal banking system. Future research should seek continued theoretical elaboration and empirical verification of this paper's hypotheses.

• KDI Journal of Economic Policy
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• v.13 no.1
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• pp.35-63
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• 1991

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.

• KDI Journal of Economic Policy
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• v.13 no.1
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• pp.115-134
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• 1991

The role of pension plans in the macroeconomy has been a subject of much interest for some years. It has come to be recognized that pension plans may alter basic macroeconomic behavior patterns. The net effects on both savings and labor supply are thus matters for speculation. The aim of the present paper is to provide quantitative results which may be helpful in attaching orders of magnitude to some of the possible effects. We are not concerned with the providing empirical evidence relating to actual behavior, but rather with deriving the macroeconomic implications for a alternative possibilities. The pension plan interacts with the economy and the population in a number of ways. Demographic variables may thus affect both the economic burden of a national pension plan and the ability of the economy to sustain the burden. The tax transfer process associated with the pension plan may have implications for national patterns of saving and consumption. The existence of a pension plan may have implications also for the size of the labor force, inasmuch as labor force participation rates may be affected. Changes in technology and the associated changes in average productivity levels bear directly on the size of the national income, and hence on the pension contribution base. The vehicle for the analysis is a hypothetical but broadly realistic simulation model of an economic- demographic system into which is inserted a national pension plan. All income, expenditure, and related aggregates are in real terms. The economy is basically neoclassical; full employment is assumed, output is generated by a Cobb-Douglas production process, and factors receive their marginal products. The model was designed for use in computer simulation experiments. The simulation results suggest a number of general conclusions. These may be summarized as follows; - The introduction of a national pension plan (funded system) tends to increase the rate of economic growth until cost exceeds revenue. - A scheme with full wage indexing is more expensive than one in which pensions are merely price indexed. - The rate of technical progress is not a critical element in determining the economic burden of the pension scheme. - Raising the rate of benefits affects its economic burden, and raising the age of eligibility may decrease the burden substantially. - The level of fertility is an element in determining the long-run burden. A sustained low fertility rate increases the proportion of the aged in total population and increases the burden of the pension plan. High fertility has inverse effects.

• The Journal of Korean society of community based occupational therapy
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• v.7 no.2
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• pp.1-8
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• 2017

Objectives : This study was conducted to investigate the activity of the supra and infrahyoid muscles according to the temperature and the amount of water in healthy adults. Methods : The amount of water was set to 3 mL and 20 mL, and the temperature was subdivided into $4^{\circ}C$, $22^{\circ}C$, and $40^{\circ}C$ in order to compare the activity of the supra and infrahyoid muscles in twenty-seven healthy adults. We used the mean value of the activity of the supra and infrahyoid muscles while they were swallowing saliva in order to set the reference voluntary contraction (%RVC). Results : Muscle activity was significantly increased when they swallowed 20 mL of water rather than 3 mL in the left infrahyoid muscles at $4^{\circ}C$, $22^{\circ}C$ and $40^{\circ}C$ (p=.00; p=.00; p=.00), the right infrahyoid muscles at $22^{\circ}C$and $40^{\circ}C$ (p=.01; p=.01), the left suprahyoid muscles at $4^{\circ}C$ (p=.03). Muscle activity of the right suprahyoid muscles was significantly decreased at $40^{\circ}C$ compared to $4^{\circ}C$ and $22^{\circ}C$ when they swallowed 20 mL of water (p=.04). Conclusion : In the future, other variables such as viscosity and taste should be considered, and further studies on patients with impaired nervous system as well as healthy subjects will be needed.

• Journal of Korean Home Economics Education Association
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• v.21 no.3
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• pp.29-43
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• 2009

The purposes of this study were to examine effective variables influencing on adolescents' mobile phone addiction. The subjects were the 666 middle or high school students who had their own mobile phone in Gwangju. Data were analyzed with frequency, percentage, cronbach's ${\alpha}$, mean, SD, pearson's correlation and multiple regression using SPSS/PC WIN 14.0 program. The major findings were as follows: 1. The most frequently used function of student mobile phones was text message and they used text message more than 41 times a day. Mostly they were talking to the same sex friends on the phone and the monthly charges ranged from 20,000 to 30,000 won. In general, they called to their friends after school. Their parents' attitudes toward their mobile phone using showed that the most of their parents did not care about their children's mobile phone use. The restriction of using their mobile phone at school was normal. 2. The average scores of mobile phone addiction were lower than median(3.0) and self esteem, self control, family strengths, peer conformity and school life adaptation were higher than median. 3. The adolescence's mobile phone additions were influenced by peer conformity, school life adaptation, school levels, sex and self control. And these variables explained to the adolescence's mobile phone additions about 28%.

• Journal of Korean Home Economics Education Association
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• v.21 no.3
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• pp.1-28
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• 2009

The purpose of this research was to provide the information needed for improving the elderly housing education and the elderly housing contents of Technology and Home Economics textbook. Thus, the elderly housing contents of current Technology and Home Economics textbook were categorized. Then, a total of 233 teachers were surveyed to examine their importance perception on the elderly housing contents. Elderly housing contents were grouped into S categories, each of which was named 'safety and safety management', 'room plan for the elderly', 'shrinking stage in family life cycle and dependency stage in housing life cycle','a house for 3-generation extended family', and 'universal design'. Teachers' importance perception was generally high for 'safety and safety management' and especially for 'safety and safety management' of bathroom(protection against slippery floor, safety bar, the appropriate position and height of shower, bathtub, and wash stand) ; the basic guidelines of 'room plan for the elderly'(emergency call, closely located bathroom, flat and non-slippery floor) ; the general guidelines during shrinking stage in family life cycle and dependency stage in housing life cycle'(protection equipments against safety accident, emergency call, flat and non-slippery floor) ; independent life among 3-generation extended family members(bathroom for the elderly, space plan for independent life among extended family members) ; the basic design guidelines of universal design(safety bar in bathroom, flat floor) and the guidelines of universal design which were especially helpful for wheelchair users(enough empty space in front of door and in corridor, wide door and corridor). Recommendations for the elderly housing education and the elderly housing contents of Technology and Home Economics textbook were that 'emergency call','safety bar in bathroom' and 'flat and non-slippery floor' were the most basic guidelines for elderly housing; that 'enough empty space in front of door and in corridor', 'wide door and corridor', 'low and wide steps', 'ramp for wheelchair users' and 'D-type or lever-type door handle' were most recommendable guidelines for universal design; that 'need for elderly housing', 'types of elderly housing', 'alternatives and choices of dependency stage in housing life cycle' and 'house plans for shrinking stage in family life cycle' were required guidelines for increasing elderly-only family.

• Journal of Korean Home Economics Education Association
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• v.21 no.3
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• pp.45-64
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• 2009

The purpose of this study was to develope issue-centered teaching learning process plan for environment-friendly housing education and to apply it to the housing section of Technology Home Economics in a middle school. PRO-CON cooperative group model was used for the teaching learning process plans of 2-session lessons according to the ADDIE model. In the development stage, 7 activity materials and 20 teaching learning materials (4 reading texts, 12 pictures and photos, & 5 moving pictures) were developed for 2-session lessons. The plans applied to the 7 classes, 222 students, in the third grade of the G middle school in Gyeonggi-do during July 10th-17th, 2008. The results showed that the final pro-con was influenced by the rationals of juries' pro-con of each team and the representative's discussion besides one's environmental perspective. The intention to implement environment-friendly housing activities was significantly increased between before and after the lessons. The contents, methods, goals, and process of the 2-session lessons were evaluated over medium to somewhat higher levels. Those evaluations except methods and general satisfaction with the lessons were differed by sex, students' and their families' interests in environments but not by the type of housing. These results might support that pro-con cooperative group model of controversial issues on parking lot would be appropriate to environment-friendly housing lessons and could apply to broad issues on housing and various schools in other areas.

• Journal of Korean Home Economics Education Association
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• v.22 no.3
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• pp.37-54
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• 2010

In this work, we investigated the images of (unmarried) single women as seen from the viewpoint of married men and women. In-depth interviews were conducted with twenty-seven (married) men and women of ages from twenties to sixties. By carrying out a content-analysis on the interview results, we could extract three different thematic types of images on single women, which are (1) single women seeking some outlet of their passion instead of forming a family, (2) single women who are enjoying a life of unbound liberty, unlike married men and women, and (3) single women who have distinct personalities from married men and women. Each of these three thematic types could be further classified into narrower themes of specific images. From the first theme of single women who are looking for some outlet of their passion instead of forming a family, one could extract two specific image types in which the single women choose their work as the main outlet of their passion, or else they choose self-development. From the second theme of single women who are leading a life of unbound liberty, four different specific types were found, which are single women with sexual freedom, single women enjoying liberty from the bondage of a family, single women who can freely choose men to go out with, single women who have privileges to enjoy consumption and leisure life only for themselves. From the third theme of single women who have distinct personalities from married men and women, four different types of images were found, that are single women who want to avoid the hard reality of marriage life, single women who are selfish and self-assertive and leading a life that is self-centered or one that is centered around communities of only singles, single women who have secret feelings of emptiness and loneliness, and finally single women who can not find satisfaction in their life style. The images of married men and women on (unmarried) single women are based on the perception that 'those single women are different from us because they are not married'. That is, married men and women look upon the life of single women from the perspective of marriage life that they are experiencing.

• Journal of Korean Home Economics Education Association
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• v.19 no.1 s.43
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• pp.81-97
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• 2007

This study investigated the Present status of laboratories for experiment and practice, and analyzed teachers' recognitions on experiment and practice for Home Economics area of a Technology and Home Economics curriculum according to majors of teachers. Questionnaires were mailed to middle school teachers who taught home economics part and they answered on the web. 220 replies were used for the final analysis. The findings were as follows: First, the facilities and teaching equipments of laboratories for home economics area were inferior, especially, for clothing and textiles part and housing part. Second, teachers recognized necessity to conduct experiment and practice highly. Food life part scored the highest, while housing part scored the lowest. Teachers who majored in home economics recognized more necessities of experiment and practice than teachers who didn't majored in home economics. Third, they recognized level of experiment and practice to be suitable to students, but 'maintenance and repair of housing' section was relatively less suitable than other sections. Fourth, 'making clothes and recycling' section was recognized to have the least suitability in quantities and hours of experiment and practice lesson, because of too much contents and lack of lesson hours. Fifth, teachers recognized that students were more interested in 'the basis of food preparation and practice' section, but they are less interested in 'maintenance and repair of housing' section. Sixth, teachers recognized that contents of experiment and practice were very useful to the real life. 'The basis of food preparation and practice' section was the most useful, while 'maintenance and repair of housing' section was the least useful. Seventh, experiment and practice lessons for food life part were put in practice very well, followed by the order of clothing and textiles part and housing part. Teachers who majored in home economics usually took more experiment and practice lessons than teachers who didn't major in home economics.

• Journal of Korean Home Economics Education Association
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• v.26 no.1
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• pp.119-134
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• 2014

This research looks at the effects of portfolio-based lessons to help female middle school students understand and develop their self identity, and to examine the influence of various factors within the school and home environment. The participants were 256 female middle school students in Gangneung-si, Gangwon-do and the analysis was done using the SPSS/WIN 12.0 program. The 6 portfolio-based teaching lessons were made with the aim of developing each subordinate scope in every module for development of self-receptiveness, uniqueness, closeness, tendency of planning the future, and independence. Results of the pre and post-test revealed that scores of self-receptiveness and uniqueness increased. Content analysis revealed that the students pursued their talents and interests through the portfolio activities, and made specific plans for their future careers. In sum, the results demonstrate that the students became specifically and systematically concerned about their future career. The results of hierarchical regression showed that self-receptiveness developed when their parents' attitudes were not rejecting and their peer relationships were positive. Uniqueness was shown to develop as the fostering attitudes of parents were receptive. Closeness developed as fostering attitudes of parents were receptive and as their relationships with peers were positive. The students' tendency to plan the future developed as fostering attitudes of parents were receptive and as their relationships with teachers were good, and independence was shown to develop as the fostering attitudes of parents were not rejecting. Results of a two-year follow-up study appeared that self-receptiveness scores decreased as time passed, so students had highest scores in their first year and lowest scores in their third year. Scores of uniqueness, tendency of planning the future, and identity increased in the students' second year and then remained steadily afterward.