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A Comparative Study on The Applicability of Governing Law under Documentary Credits (화환신용장(貨換信用狀)의 준거법선정(準據法選定)과 적용(適用)에 관한 비교연구(比較硏究))

  • Kim, Jong-Chill
    • THE INTERNATIONAL COMMERCE & LAW REVIEW
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    • v.12
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    • pp.461-494
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    • 1999
  • This study is to analyse the applicability of governing law in multi-party contractual relationship of letter of credit. And this study is also to suggest the limits of the possibility of applicable law in multi-party contract. The contract of letter of credit constitutes complex relationship, i.e., applicant -beneficiary, applicant-issuing bank, issuing bank-intermediary bank ect. The law applicable to letter of credit should not use a singular governing law in all credit transaction as sales contract. To solve these problems, the author analysed the law applicable to the credit under multi-party contractual relationship as follow : (1) the principle of party autonomy (2) In the absence of express agreement with regard to the law applicable to the contract, lex loci contractus, lex loci solutionis, the law intended by the parties, the law with which contract is most closely connected. Accordingly, when attempting to ascertain the law governing the credit, it should be borne in mind that the credit involves several contractual relationships. I would like to conclude as follows: 1. The contract between the applicant and the Issuing bank is to be governed by the law of the country where the contract is made, and in which the bank carries on business and has issued the credit. 2. When it comes to the beneficiary-Intermediary bank relationship the following rule is given : The liability of an intermediary bank to the seller is governed by the law the country where the intermediary bank is operating if it is acting as principal. If, however, it is acting as agent(advising bank), it will be the law of the country where his principal is situate. 3. The contract between the beneficiary and the Issuing bank is governed by the law of the country where the payment is to be performed. 4. The contract between the Issuing bank and Intermediary bank is governed by 1) the law of the issuing bank is applicable if the intermediary bank only advises the credit, 2) the law of the issuing bank is applicable but if the intermediary bank makes payment, accepts or negotiates drafts against the tender of the documents, i.e., act as the bank dffecting the payment., 3) the law of the confirming bank is applicable if the irrevocable letter of credit is confirmed by the intermediary bank

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The Establishment and Merger of the Head Office Banks during the Colonial Period: Three Banks in Busan (식민지기 본점은행의 설립과 해체: 부산 3행의 경우)

  • Kim, Ho-Beom;Kim, Dae-Rae;Kim, Su-Jin
    • Journal of the Economic Geographical Society of Korea
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    • v.12 no.4
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    • pp.681-701
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    • 2009
  • There were three banks that had the head office in Busan since 1912, Gyong-Nam Bank, Dong-Rae Bank and Busan Commercial Bank. This article tries to catch hold of the characteristics of the establishment and management, and the merging process of three banks. The main stockholders and managers made use of the money of the banks for the enterprises that they operated. Gyong-Nam Bank was combined with Dae-Gu Bank in 1928 to be Dae-Gu Commercial & Industrial Bank. The revised bank ordinance of 1928 regulated that the head office banks had to meet the requirement of the paid-in capital, 2 million yen. Not meeting such an excessive requirement, Dong-Rae Bank was amalgamated to Ho-Nam Bank of Gwang-Ju in 1933. Busan Commercial Bank was absorbed in Cho-Sun Commercial Bank in 1935 because it couldn't get back huge loan from a company which belonged to its three main stockholders. Japanese were already the main stockholders of Cho-Sun Commercial Bank from the beginning of 1920s. The banking agencies were not able to deal with the economic fluctuations effectively, and didn't have any economic organization in support of their profit. Cho-Sun Government-General forced the head office banks to be merged to control the colonial economy.

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Bisphosphonates-related osteonecrosis of the jaw in Korea: a preliminary report

  • Lee, Jeong Keun;Kim, Kyung-Wook;Choi, Jin-Young;Moon, Seong-Yong;Kim, Su-Gwan;Kim, Chul-Hwan;Kim, Hyeon-Min;Kwon, Yong-Dae;Kim, Yong-Deok;Lee, Dong-Keun;Min, Seung-Ki;Park, In-Sook;Park, Young-Wook;Kook, Min-Suk;Park, Hong-Ju;Baek, Jin-A;Park, Jun-Woo;Kwon, Tae-Geon
    • Journal of the Korean Association of Oral and Maxillofacial Surgeons
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    • v.39 no.1
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    • pp.9-13
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    • 2013
  • Objectives: Bisphosphonates (BP) are widely used in medicine for inhibiting bone resorption; however bisphosphonate-related osteonecrosis of the jaw (BRONJ) is a major side effect of BP. To date, there have been no specific reports on the incidence of BRONJ among Koreans. This study investigated the preliminary results from a nationwide survey of BRONJ in the Departments of Oral and Maxillofacial Surgery (OMFS) at individual training hospitals. Materials and Methods: A total of 15 OMFS departments (10 from dental schools, 4 from medical schools, and 1 from a dental hospital) participated in a multi-centric survey. This study assessed every BRONJ case diagnosed between January 2010 and December 2010. The patient age and BP type were evaluated. Results: A total of 254 BRONJ cases were collected. The majority of BRONJ cases were associated with oral BP therapy, while 21.8% of the cases were associated with intravenous administration. Alendronate was the drug most frequently related to BRONJ (59.2% of cases), followed by risedronate (14.3%) and zolendronate (17.0%). The average age of BRONJ patients was $70.0{\pm}10.1$ years, with a range of 38-88 years of age. With the number of BP patients in Korea reported to be around 600,000 in 2008, the estimated incidence of BRONJ is at least 0.04% or 1 per 2,300 BP patients. Conclusion: The results suggest that the estimated incidence of BRONJ in Korea is higher than the incidence of other countries. Future prospective studies should be carried out to investigate the exact epidemiological characteristics of BRONJ in Korea.

A Study on Development of GenBank-based Prototype System for Linking Heterogeneous Content (GenBank를 활용한 이종의 콘텐트 연계 프로토타입 시스템 개발 연구)

  • Ahn, Bu-Young;Shin, Young-Ju;Kim, Dea-Hwan
    • Journal of Information Management
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    • v.40 no.4
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    • pp.109-133
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    • 2009
  • Among biological information, GenBank, provided by the National Center for Biotechnology Information (NCBI)of the United States, is a representative database on genetic information and is the most widely used by researchers around the world. Korea Institute of Science and Technology Information (KISTI) visits NCBI on a regular basis and downloads the latest version of GenBank to reorganize the information gathered there into a database. This database is provided for Korean researchers of science and technology through the Bio-KRISTAL search engine, developed by KISTI. This study aims to design a service model that links information on papers, patents, and biodiversity and other contents of NDSL, an integrated service on scientific and technological information run by KISTI, with GenBank's reference and organism fields and to develop a prototype system. For this purpose, this paper explores the possibility of a linkage and convergence service between heterogeneous content by: (a) collecting GenBank data from NCBI's FTP site; (b) dividing GenBank text files into basic and reference genetic information and restructuring them into a database; (c) extracting article and patent information from the GenBank reference fields to generate new tables; and (d) leveraging data mapping technology to implement a prototype system where GenBank and NDSL data are interlinked and provided.

An Experimental Study on Ship-Bank Hydrodynamic Interaction Forces (선박에 작용하는 측벽영향에 관한 실험적 연구)

  • Lee, Chun-Ki
    • Journal of Navigation and Port Research
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    • v.37 no.3
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    • pp.251-256
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    • 2013
  • This paper is mainly concerned with the ship-bank interaction by model test. The experiments for the characteristics of hydrodynamic interaction forces and moments between vessel and bank with a mound were carried out in the seakeeping and maneuvering basin. A series of tests were carried out with ship model in parallel course along a vertical sidewall with a mound with varying lateral spacing between model ship and sidewall, length of sidewall and water depth. From the experimental results, it indicated that the hydrodynamic interaction effects increase as length of sidewall with a mound increases. Furthermore, for lateral spacing less than about 0.2L between vessel and bank, it can be concluded that the bank effects increase largely as the lateral spacing between vessel and bank decreases. However, for spacing between vessel and bank more than about 0.3L, the interaction effects increase slowly as lateral spacing decreases. Also, for the water depth to draft ratio(h/d) less than about 1.5, the hydrodynamic interaction effects increase dramatically as h/d decreases.

Growth of Loan Distribution and Bank Valuation: Evidence from Vietnam

  • HOANG, Lam Xuan;HOANG, Phi Dinh;DANG, Duong Quy
    • Journal of Distribution Science
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    • v.18 no.5
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    • pp.5-13
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    • 2020
  • Purpose: The aim of this article is to test the link between growth of loan distribution and Bank Valuation in Vietnam's banking sector. At the same time, the study also compared the differences in the effect of growth of loan to valuation bank in banks of different sizes, ownership rates and bank values. Research design, data and methodology: With panel data estimation techniques along with robust standard error for a sample of the banks listed on Vietnam stock exchange from 2012 to 2019. Results: Growth of loan has a positive impact on Bank Valuation (by Tobin's Q). A closer investigation provides evidence for the differential valuation effect of loan growth depending on different features of banks. Specifically, loan growth is found positively and significantly associated with Bank Valuation in small and non-state-owned banks only. Besides, bank size, deposit, and return on equity are found negatively associated with Tobin's Q, while loan loss provisions exhibit a positive relation with this measure of Bank Valuation. Conclusions: These findings provide contributions to the literature on the existence of the effect of loan growth on Bank Valuation. At the same time, the study also provides practical implications for policy makers in banks and investors.

Internal Company Factors as Determining Variables for Improving Bank Lending

  • PRAWITASARI, Dian;KADARNINGSIH, Ana;MACHMUDDAH, Zaky;UD-DIN, Maaz
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.8
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    • pp.205-212
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    • 2020
  • This study seeks to examine the main factors, external and internal to the bank, that enhance bank lending. Bank lending is one of the connecting bridges in sustaining society. Internal factors consist of ROA, DPK, and CAR. External factors are economic growth and interest rate of Bank Indonesia. The population of this research consists of traditional commercial banks listed on the IDX over the 2014-2017 period. Samples were chosen by purposive sampling method. This study uses secondary data with 56 samples; data analysis uses multiple linear regression. The findings of the study show that internal factors have a greater impact on increasing bank lending than external factors. The main variable among internal factors that influences increase in bank lending is ROA. DPK is the internal factor with the smallest impact on increasing bank lending. The implication of the study is that determining the bank lending should take more account of CAR, DPK, ROA, BI interest rates, and economic growth in making decisions about the amount of lending. These variables can only have a slight effect on increasing lending, though. Besides, internal factors such as NPL, LDR or non-economic factors also need to be considered in channeling bank credit.

A Study on the Influence of Service Quality in Commercial Bank of China on Customer Satisfaction and Intent of Use: Focused on the Mediated Effect of Bank Image (중국 상업은행의 서비스품질이 고객만족도와 이용의도에 미치는 영향에 관한 연구: 은행 이미지의 매개효과를 중심으로)

  • Liu, Zi-Yang;Liang, Yaqing
    • Proceedings of the Korean Society of Computer Information Conference
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    • 2019.07a
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    • pp.401-402
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    • 2019
  • The purpose of this study is to find specific service quality factors of enterprises that can maximize the perception of banks' services to users of commercial banks in China, and to establish empirically how these quality factors affect the bank's image. They also want to verify the impact of the positive image of the bank on the user's satisfaction and the willingness to use the bank's services. For empirical verification of this study, questionnaires will be used to customers who have used the services of each of the four commercial banks in China, and the survey was conducted. The collected data were analyzed using the SPSS using statistical techniques such as Cronbach' ${\alpha}$, Investigative Factor Analysis, Reliability Analysis, Correlation Analysis, Regression and Difference Verification. The results of the verification were summarized below. First, the quality of service of commercial banks has a partial positive effect on the bank's image. Second, the image of a commercial bank has a positive effect on customer satisfaction. Third, the image of a commercial bank has a positive effect on the purpose of use. Fourth, the image of commercial banks has a partial mediated effect between service quality and customer satisfaction. Fifth, the image of a commercial bank has a partial mediated effect between the quality of service and its intended use.

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The Role of Central Bank Rate on Credit Gap in Indonesia: A Smooth Transition Regression Approach

  • SUHENDRA, Indra;ANWAR, Cep Jandi
    • The Journal of Asian Finance, Economics and Business
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    • v.8 no.1
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    • pp.833-840
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    • 2021
  • This paper examines the effect of the interest rate set by Bank Indonesia on financial system stability as measured by the credit gap in Indonesia for quarterly data for the period 1976 Q1 to 2019 Q4. We suppose that the relationship between the Central Bank rate and the credit gap is non-linear. Hence, this study applies a smooth transition regression (STR) model to investigate the relationship between these variables. Our results are: first, by performing STR estimation we obtained a threshold level of Central Bank rate of 2.01. Second, a decrease in the Central Bank rate results in a reduction in the credit gap when the Central Bank rate is above or below the threshold level. The effect of the Central Bank rate is five times greater for the high regime than for the low regime. Third, we find evidence that the effect of the exchange rate, economic growth, inflation, and GDP per capita on the credit gap for the high regime is the opposite of the low regime. We suggest that policymakers need to keep the Central Bank interest rate low and stable so that the role of the bank as a financial intermediary remains stable and conducive to strengthening financial stability.

The Applicant's Liability of Examination of Document and Notification of the Discrepancies in Credit Transaction (신용장거래에 있어서 개설의뢰인의 서류심사 및 통지의무)

  • Park, Kyu-Young
    • International Commerce and Information Review
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    • v.8 no.4
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    • pp.105-121
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    • 2006
  • This study is related with the judgements of our country's supremcourt against the transaction of Letter of Credit which is beneficiary's fraudulent trade deal. In this case I think to analyse the judgements and to present the basic grounds on which the judgements were established. In Letter of Credit transaction, there are the major parties, such as, beneficiary, issuing bank, or confirming bank and the other parties such as applicant, negotiating bank, advising bank and paying bank. Therefore, in this cases, the beneficiary, the French Weapons' Supplier who did not shipped the commodities, created the false Bill of Lading, let his dealing bank make payment against the documents presented by him and received the proceeds from the negotiating bank or collecting bank, thereafter was bankrupted and escaped. For the first time, even though the issuing bank conceived that the presented documents were inconsistent with the terms of L/C. it did not received the payment approval from the applicant against all the discrepancies, made the negotiating bank pay the proceeds to exporter and thereafter, delivered the documents to the applicant long after the time of the issuing bank's examination of documents. The applicant who received the documents from the issuing bank, instantly did not examine the documents and inform to the issuing bank whether he accepted the documents or not. Long time after, applicant tried to clear the goods through custom when he knew the bill of ladings were false and founded out the documents had the other discrepancies which he did not approved. As the results, the applicant, Korea Army Transportation Command claimed, that the issuing bank must refund his paid amount because issuing bank examined the documents unreasonably according to u.c.p 500 Act 13th, 14th. In spite of the applicant's claim, the issuing bank argued that it paid the proceeds of L/C reasonably after receiving the applicant's approval of an discrepancy of document, the delayed shipment, but for concerning the other discrepancies, the trivial ones, the applicant did not examined the document and noticed the discrepancies in reasonable time. Therefore the applicant sued the issuing bank for refunding it's paid proceeds of L/C. Originally, this cases were risen between Korea Exchange Bank and Korea Army Transportation Command. As result of analysing the case, the contents of the case case have had same procedure actually, but the lower courts, the district and high courts all judged the issuing bank was reasonable and did not make an error. As analysing these supreme court's judgements, the problem is that whether there are the applicant's liability of examining the documents and informing its discrepancies to the issuing bank or not, and if the applicant broke such a liabilities, it lost the right of claiming the repayment from issuing bank. Finally to say, such applicant's liabilities only must be existed in case the documents arrived to the issuing bank was delivered to the applicant within the time of the documents examination according to u.c.p 500 Act 14, d. i. But if any the documents were delivered to applicant after time of the documents examination, the applicant had not such liabilities because eventhough after those time the applicant would have informed to the issuing bank the discrepancies of documents, the issuing bank couldn't receive repayment of its paid proceeds of document from the negotiating bank. In the result after time of issuing bank's examination of documents, it is considered that there's no actual benefit to ask the applicant practice it's liability. Therefore finally to say. I concluded that the Suprem Court's judgement was much more reasonable. In the following, the judgements of the supreme court would be analysed more concretely, the basic reasons of the results be explained and the way of protecting such L/C transaction would be presented.

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