• The Korean Journal of Financial Management
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• v.26 no.2
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• pp.155-180
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• 2009

This study is to estimate and compare hedging effectiveness in emerging currency and advanced currency futures markets. Emerging currency futures includes Korea won, Mexico peso, and Brazil real and advanced currency futures is Europe euro, British pound, and Japan yen. Hedging effectiveness is measured by comparing hedging performance of the naive hedge model, OLS model, error correction model and constant condintional correlation bivariate GARCH(1, 1) hedge model based on rolling windows. Analysis data is used daily spot and futures rates from January, 2, 2001 to March. 10, 2006. The empirical results are summarized as follows : First, irrespective of hedging period and model, hedging using Korea won/dollar futures reduces spot rate's volatility risk by 97%. Second, Korea won/dollar futures market produces the best hedging performance in emerging and advanced currency futures markets, i.e. Mexico peso, Brazil real, Europe euro, British pound, and Japan yen. Third, there are no difference of hedging effectiveness among hedging models.

• The Korean Journal of Financial Management
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• v.25 no.1
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• pp.1-22
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• 2008

This study is to evaluate, to the extent to, which advanced currency futures and emerging currency futures markets can predict accurately the future spot rate. To this end, Johansen's the maximum-likelihood cointegration method(1988, 1991) is adopted to test the unbiasedness and efficiency hypothesis. Also, this study is to estimate and compare a quantitative measure of relative efficiency as a ratio of the forecast error variance from the best-fitting quasi-error correction model to the forecast error variance of the futures price as predictor of the spot price in advanced currency futures with in emerging currency futures market. Advanced currency futures is British pound and Japan yen. Emerging currency futures includes Korea won, Mexico peso, and Brazil real. The empirical results are summarized as follows : First, the unbiasedness hypothesis is not rejected for Korea won and Japan yen futures exchange rates. This indicates that the emerging currency Korea won and the advanced currency Japan yen futures exchange rates are likely to predict accurately realized spot exchange rate at a maturity date without the trader having to pay a risk premium for the privilege of trading the contract. Second, in emerging currency futures markets, the unbiasedness hypothesis is not rejected for Korea won futures market apart from Mexico peso and Brazil real futures markets. This indicates that in emerging currency futures markets, Korea won futures market is more efficient than Mexico peso and Brazil real futures markets and is likely to predict accurately realized spot exchange rate at a maturity date without risk premium. Third, this findings show that the results of unbiasedness hypothesis tests can provide conflicting finding. according to currency futures class and forecasts horizon period, Fourth, from the best-fitting quasi-error correction model with forecast horizons of 14 days, the findings suggest the Japan yen futures market is 27.06% efficient, the British pound futures market is 26.87% efficient, the Korea won futures market is 20.77% efficient, the Mexico peso futures market is 11.55%, and the Brazil real futures market is 4.45% efficient in the usual order. This indicates that the Korea won-dollar futures market is more efficient than Mexico peso, and Brazil real futures market. It is therefore possible to concludes that the Korea won-dollar currency futures market has relatively high efficiency comparing with Mexico peso and Brazil real futures markets of emerging currency futures markets.

• East Asian Economic Review
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• v.21 no.1
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• pp.81-100
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• 2017

This study measures the degree of dollarization in North Korea using results from a survey of 231 North Korean refugees. Specifically, we compare foreign currency use of households as both store-of-value substitutes (i.e., asset substitution) and transaction substitutes (i.e., currency substitution) before and after the confiscatory currency reform of 2009. The degree of dollarization has advanced since the currency reform in terms of both asset and currency substitutions. Survey results also indicate that the Chinese yuan is frequently used in the Sino-North Korean border area, whereas the US dollar is predominantly used in non-border areas. Furthermore, foreign currency increasingly serves as a medium of exchange not only for large transactions but also for smaller transactions, such as food purchases.

• International Journal of Advanced Culture Technology
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• v.9 no.3
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• pp.152-159
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• 2021

Small local businesses such as corner shops and street markets have been severely impacted by the COVID-19 pandemic and declining consumption. A community currency is a local currency that can be used to exchange for one of the local currencies within an online community. Community currencies can be effective not only in supporting small businesses, but also in helping the local economy more vibrant, benefiting consumers in the community. An important goal of Community Currency is to foster a vibrant local economy by building mutually beneficial relationships between local business owners and customers. The purpose of this study was to identify how the existing community currencies of participating SMEs and self-employed in Seoul and Gyeonggi-do metropolitan areas contributed to commercial revitalization by category and to suggest a new or better approach to community currency operation. It also focused on presenting the best solutions for the future direction of mobile community currencies, measures that are better than current currency operations, revitalize the community and develop the economy.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.18 no.4
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• pp.1020-1041
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• 2024

With the development of covert communication technologies, the number of covert communication technologies using blockchain as a carrier is increasing. However, using the transaction amount of digital currency as a carrier for covert communication has problems such as low embedding rate, large consumption of transaction amount, and easy detection. In this paper, firstly, by experimentally analyzing the distribution of bitcoin transaction amounts, we determine the most suitable range of amounts for matrix decomposition. Secondly, we design a novel matrix decomposition method that can successfully decompose a large amount matrix into two small amount matrices and utilize the elements in the small amount matrices for covert communication. Finally, we analyze the feasibility of the novel matrix decomposition method in this scheme in detail from four aspects, and verify it by experimental comparison, which proves that our scheme not only improves the embedding rate and reduces the consumption of transaction amount, but also has a certain degree of resistance to detection.

• Archives of design research
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• v.18 no.2 s.60
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• pp.189-200
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• 2005

Paper currency is a cultural symbol sign representing identity of a nation as well as a tool of barter system and a measure of value. The purpose of this study is to analyze the design characteristics shown in the pattern of the paper currencies of advanced countries and Korea and to make comparative analysis of the image type of each nation as a cultural code. The results show that 1) the usability of paper currency design was evaluated by denominations, size type, color, braille system and the paper currencies of Switzerland and EU were judged superior to those of the other counties. 2) The national image type represented paper currencies was classified as 'state oriented type' and 'culture & art oriented type'. The countries of Korea, U.S.A, Japan etc. have on the paper currencies the ruling class who contributed to organizing the national system foundation emphasizing their nationalism. In the case of European countries, their paper currencies reveal a variety of citizen who have contributed to art, science, music, architecture without distinction of gender and this fact puts an emphasis on egalitarianism and equality of both senders and importance or cultural art. 3) Paper currency design of Switzerland, Netherlands, France, U.K. was visualized as an art work with utilization of work-type subject, brilliant color, CG technique, unique layout etc. This study provides us with a valuable opportunity to examine the present state of the Korean paper currencies design in Comparison With those of the world's advanced countries. It is expected that this study could be a resource material for new paper currency design and emphasize the importance of the paper currencies representing a national image as a cultural design.

• Advanced Industrial SCIence
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• v.3 no.3
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• pp.8-13
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• 2024

Zero Knowledge Proof (ZKP) is an innovative decentralized technology designed to enhance the privacy and security of virtual currency transactions. By ensuring that only the necessary information is disclosed by the transaction provider, ZKP protects the confidentiality of all parties involved. This ensures that both the identity of the transacting parties and the transaction value remain confidential.ZKP not only provides a robust privacy function by concealing the identities and values involved in blockchain transactions but also facilitates the exchange of money between parties without the need to verify each other's identity. This anonymity feature is crucial in promoting trust and security in financial transactions, making ZKP a pivotal technology in the realm of virtual currencies. In the context of the Fourth Industrial Revolution, the application of ZKP contributes significantly to the comprehensive and stable development of financial services. It fosters a trustworthy user environment by ensuring that transaction privacy is maintained, thereby encouraging broader adoption of virtual currencies. By integrating ZKP, financial services can achieve a higher level of security and trust, essential for the continued growth and innovation within the sector.

• KDI Journal of Economic Policy
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• v.32 no.4
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• pp.153-195
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• 2010

The recent global financial crisis has been the outcome of, among other things, the mismatch between institutions and the reality of the market in the current global financial system. The International financial institutions (IFIs) that were designed more than 60 years ago can no longer effectively meet the challenges posed by the current global economy. While the global financial market has become integrated like a single market, there is no international lender of last resort or global regulatory body. There also has been a rapid shift in the weight of economic power. The share of the Group of 7 (G7) countries in global gross domestic product (GDP) fell and the share of emerging market economies increased rapidly. Therefore, the tasks facing us today are: (i) to reform the IFIs -mandate, resources, management, and governance structure; (ii) to reform the system such as the international monetary system (IMS), and regulatory framework of the global financial system; and (iii) to reform global economic governance. The main focus of this paper will be the IMS reform and the role of the Group of Twenty (G20) summit meetings. The current IMS problems can be summarized as follows. First, the demand for foreign reserve accumulation has been increasing despite the movement from fixed exchange rate regimes to floating rate regimes some 40 years ago. Second, this increasing demand for foreign reserves has been concentrated in US dollar assets, especially public securities. Third, as the IMS relies too heavily on the supply of currency issued by a center country (the US), it gives an exorbitant privilege to this country, which can issue Treasury bills at the lowest possible interest rate in the international capital market. Fourth, as a related problem, the global financial system depends too heavily on the center country's ability to maintain the stability of the value of its currency and strength of its own financial system. Fifth, international capital flows have been distorted in the current IMS, from EMEs and developing countries where the productivity of capital investment is higher, to advanced economies, especially the US, where the return to capital investment is lower. Given these problems, there have been various proposals to reform the current IMS. They can be grouped into two: demand-side and supply-side reform. The key in the former is how to reduce the widespread strong demand for foreign reserve holdings among EMEs. There have been several proposals to reduce the self-insurance motivation. They include third-party insurance and the expansion of the opportunity to borrow from a global and regional reserve pool, or access to global lender of last resort (or something similar). However, the first option would be too costly. That leads us to the second option - building a stronger globalfinancial safety net. Discussions on supply-side reform of the IMS focus on how to diversify the supply of international reserve currency. The proposals include moving to a multiple currency system; increased allocation and wider use of special drawing rights (SDR); and creating a new global reserve currency. A key question is whether diversification should be encouraged among suitable existing currencies, or if it should be sought more with global reserve assets, acting as a complement or even substitute to existing ones. Each proposal has its pros and cons; they also face trade-offs between desirability and political feasibility. The transition would require close collaboration among the major players. This should include efforts at the least to strengthen policy coordination and collaboration among the major economies, and to reform the IMF to make it a more effective institution for bilateral and multilateral surveillance and as an international lender of last resort. The success on both fronts depends heavily on global economic governance reform and the role of the G20. The challenge is how to make the G20 effective. Without institutional innovations within the G20, there is a high risk that its summits will follow the path of previous summit meetings, such as G7/G8.

• Journal of the military operations research society of Korea
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• v.2 no.1
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• pp.185-194
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• 1976

A terminal response time analysis for a general class of terminals-to-computer subsystem is presented in this paper. On the point of the front view, it should be considered for R.O.K. Military Defense to set up the communication network in order to facilitate for the currency of the information and the data communication system. The model used to study is based on the advanced data communications system in which terminals are connected to Terminal Control Units(TCU) that are in turn connected to local Front-End Processor(FEP). The line control procedures used to interface a TCU and an FEP may be half-duplex Binary Synchronous Communication(BSC), half-duplex Synchronous Data Link Control(SDLC), or full-duplex SLDC. This paper will contribute to facilitate the initial phase of system design and configuration for the Military Defense Communication Network System in future.

• International Journal of Advanced Culture Technology
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• v.12 no.1
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• pp.26-33
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• 2024

With the start of COVID-19 in 2020, the MBTI test became popular among Korean young generation and then developed into a nationwide hot topic. This paper aims to investigate the characteristics of the MBTI popularity in Korea and the public opinions toward this phenomenon. With the analysis of the reports contents, 231 news reports related to MBTI were selected from KINDS (Korea Integrated News Database System) as research samples. The general attitude of the media towards MBTI tests and the reasons for the formation of positive and negative evaluations will be discussed from three perspectives: media attention, media attitudes and cognitive sources. The research finds that the increasing interest in MBTI among the younger generation in Korea is driven by a post-epidemic desire for self-exploration, emotional planning, and online group affiliation. MBTI has gained quasi-scientific status, similar to horoscopes, influenced by celebrities and a substantial fan base in online communication. While widely used for entertainment and social currency, there are concerns that extensive labeling may unconsciously impact individuals' self-perception and hinder the development of a holistic and objective cognitive framework.