• International Commerce and Information Review
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• v.9 no.3
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• pp.151-160
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• 2007

The purpose of this study is to estimate the risk premium hedge ratio in foreign exchange risk of the foreign exchange rate insurance. The applicants of exchange rate insurance and Korea Export Insurance Corporation will be facing the risk in change of currency and guaranteed currency’s swap point upon contract being made. Also upon making decision of hedging exchange rate insurance, the company will need to be aware of the risk causing due to change in swap point.

• Journal of Distribution Science
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• v.16 no.12
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• pp.47-56
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• 2018

Purpose - The potential use of cryptocurrencies in a retail environment proposes a rapid shift from the traditional financial system. Nakamoto(2008) defines Bitcoin as an open source alt-coin based on the blockchain technology. Luther(2016) insists that the new technology will be widely adopted for the digital payment processes. However, the use of Bitcoin is in the real world is still sparse. Despite the growing attention and purported benefits, it is doubtful whether the Bitcoin will be eagerly accepted by ordinary consumers in the mainstream market. To answer this question, this paper develops a causal model that has a dual path to explain the motivation to adopt Bitcoin. According to Glaser, Zimmermann, Haferkorn, Weber, and Siering(2014), Bitcoin is both an asset and a currency at the same time. In summary, the attitude towards Bitcoin may vary depending on whether the fin-tech product is viewed as an asset or as a currency. Based on the arguments, we propose that asset attitude and currency attitude will give influence to consumers' intention to adopt Bitcoin. Research design, data, and methodology - Quantitative data collection is conducted from a Bitcoin SIG(special interest group) working in an internet community. As a result, 192 respondents who know Bitcoin completed the survey. To analyze the causal relations in the research model, PLS-SEM(partial least squares structural equation modeling) method is used. Also, reliability and validity of measures are tested by performing Cronbach's alpha test, Fornell-Larcker test and confirmatory factor test. Results - Our test results show that every hypothesis is supported except the influence of perceived ease of use. In addition, we find that the relationships between constructs are different between the high innovative group and low innovative group. Conclusions - We provide evidence that asset attitude and currency attitude are key antecedents of Bitcoin adoption.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.22 no.5
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• pp.812-817
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• 2018

Blockchain technology removes the central system and connects each block throughout every person. This paper proposes new method to exploit the blockchain feature to apply existing donation system. In the current system, the donator does not donate to poor neighbor which means donator must have to donate some donate organization. The donator does not recognize how the donation has been spent after donation. In this case, we can solve that problem by using the blockchain where the donator can watch how the money works and everyone can browse the account history. To make a virtual fundraising box based on blockchain technology, donator sends some money at virtual account and exchanges the money to crypto-currency. Donator can use crypto-currency which is donate to poor neighbor that poor neighbor can exchanges crypto-currency to the money. Through this proposed system, the donation is managed by secure and transparent blockchain system.

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
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• 2018.05a
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• pp.114-115
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• 2018

Recently in Bitcoin raising a social issue is sometimes called a horizontal and decentralized digital virtual currency utilizing the Blockchain technology such as a type of password currency. On the other hand, the Blockchain, which is a distributed ledger shared on P2P networks and it was first used in Bitcoin. These technologies are regarded as technologies that can be applied diversely in other fields, and are attracting high social interest. Looking at recent trends in the virtual currency market such as Bitcoin, price movements have increased since the Japanese government approved the virtual currency as a means of settlement last year. Therefore, we try to present theoretical practical suggestion through the viewpoint of the Blockchain technology which is core technology of Bitcoin based on innovative technology.

• Agribusiness and Information Management
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• v.4 no.1
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• pp.24-31
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• 2012

This case study investigates the KIKO currency option that has been a social issue in recent years among developing countries, especially Korea, where the financial derivatives market is in a state of rapid growth. The forward transaction which becomes a basis of derivatives is intended to hedge risks that may be caused by a future change in asset prices. Although it originates from a simple form of agricultural transactions, there currently exists a variety of derivatives in more sophisticated forms. In the Korean agricultural industry, the need to use such derivatives is great, as there is a huge risk of price fluctuation in agricultural products due to frequent adverse weather. In addition, many developing countries with export-led industrial structures similar to Korea's, of necessity must resort to currency hedging as a method of reducing relevant risk. However, in most cases, the lack of understanding about financial derivatives results in an inappropriate application of these derivatives. The KIKO in this study represents such cases. Since 2007, KIKO has been sold in Korea to many small- and medium-sized export companies for the purpose of currency hedging when the exchange rate between the Korean won and the U.S. dollar was in a downward spiral. The main focus of this study is a case which is most representative of KIKO. As inflation rapidly increased during the financial crisis in the U.S. at the end of 2007, derivatives became a hot issue in the courts rather than in the financial markets. This case study investigates what KIKO and the fierce legal debates over it imply, from the perspective of the option of value evaluation in order to suggest not only a direction in which companies can utilize financial derivatives, but also a roadmap for the future derivatives market.

• International Area Studies Review
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• v.14 no.3
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• pp.221-246
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• 2010

The paper is basically attempted to reveal a mechanism of exchange rate determination in global foreign exchange markets. For a theoretical framework, uncovered interest rate parity(UIRP), covered interest rate parity(CIRP), and real interest rate parity(RIRP) are tentatively adapted, and GARCH-M model is employed for an econometric methodology. Empirical evidence shows that the UIRP is superior to others, and the RIRP is better than the CIRP in explaining how exchange rates are determined in global exchange markets. All of them, however, is not fully supported by economic theories. Following Frankel(1989), country premium, volatility premium, and currency premium are evaluated to see if which premium is a crucial in disturbing the RIRP, and it is found that country and currency premiums are a major components in disturbing the RIRP. To this end, market-oriented and market-determined systems has to be built to avoid currency disputes which is undergoing hot issue in global foreign exchange market.

• Korean Journal of Heritage: History & Science
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• v.52 no.2
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• pp.220-239
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• 2019

According to the National Currency (國幣) article in GyeongGukDaeJeon (經國大典), the ChoSonT'ongPaeJiIn (朝鮮通幣之印) was a seal that was imprinted on both ends of a piece of hemp fabric (布). It was used for the circulation of hemp fabric as a fabric currency (布幣). The issued fabric currency was used as a currency for trade or as pecuniary means to have one's crime exempted or replace one's labor duty. The ChoSonT'ongPaeJiIn would be imprinted on a piece of hemp fabric (布) to collect one-twentieth of tax. The ChoSonT'ongPaeJiIn (朝鮮通幣之印) was one of the historical currencies and seal materials used during the early Chosun dynasty. Its imprint was a means of collecting taxes; hence, it was one of the taxation research materials. Despite its value, however, there has been no active research undertaken on it. Thus, the investigator conducted comprehensive research on it based on related content found in JeonRokTongGo (典錄通考), Dae'JeonHu-Sok'Rok (大典後續錄), JeongHeonSwaeRok (貞軒?錄) and other geography books (地理志) as well as the materials mentioned by researchers in previous studies. The investigator demonstrated that the ChoSonT'ongPaeJiIn was established based on the concept of circulating Choson fabric notes (朝鮮布貨) with a seal on ChongOseungp'o (正五升布) in entreaty documents submitted in 1401 and that the fabric currency (布幣) with the imprint of the ChoSonT'ongPaeJiIn was used as a currency for trade, pecuniary or taxation means of having one's crime exempted, or replacing one's labor, and as a tool of revenue from ships. The use of ChoSonT'ongPaeJiIn continued even after a ban on fabric currencies (布幣) in March 1516 due to a policy on the "use of Joehwa (paper notes)" in 1515. It was still used as an official seal on local official documents in 1598. During the reign of King Yeongjo (英祖), it was used to make a military service (軍布) hemp fabric. Some records of 1779 indicate that it was used as a means of taxation for international trade. It is estimated that approximately 330 ChoSonT'ongPaeJiIn were in circulation based on records in JeongHeonSwaeRok (貞軒?錄). Although there was the imprint of ChoSonT'ongPaeJiIn in An Inquiry on Choson Currency (朝鮮貨幣考) published in 1940, there had been no fabric currencies (布幣) with its imprint on them or genuine cases of the seal. It was recently found among the artifacts of Wongaksa Temple. The seal imprint was also found on historical manuscripts produced at the Jikjisa Temple in 1775. The investigator compared the seal imprints found on the historical manuscripts of the Jikjisa Temple, attached to TapJwaJongJeonGji (塔左從政志), and published in An Inquiry on Choson Currency with the ChoSonT'ongPaeJiIn housed at the Wongaksa Temple. It was found that these seal imprints were the same shape as the one at Wongaksa Temple. In addition, their overall form was the same as the one depicted in Daerokji (大麓誌) and LiJaeNanGo (?齋亂藁). These findings demonstrate that the ChoSonT'ongPaeJiIn at Wongaksa Temple was a seal made in the 15th century and is, therefore, an important artifact in the study of Choson's currency history, taxation, and seals. There is a need for future research examining its various aspects.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.95-107
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• 2020

The study investigates the asymmetric effect of exchange rate changes on stock prices in Vietnam. We use the nonlinear autoregressive-distributed lag (ARDL) analysis for monthly data from 2001:01 to 2018:05, based on VN-Index stock price collected from Ho Chi Minh Stock Exchange (HOSE); the nominal exchange rate is separated into currency depreciation and appreciation through a partial sum decomposition process. Asymmetry is estimated both in the long-run relationship and the short-run error correction mechanism. The research results show that the effect of exchange rate changes on stock prices is asymmetrical, both in the short run and in long run. Accordingly, the stock prices react to different levels to depreciation and appreciation. However, the currency appreciation affects a stronger transmission of stock prices when compared to the long-run currency depreciation. In the absence of asymmetry, the exchange rate only has a short-run impact on stock prices. This implies a symmetrical assumption that underestimates the impact of exchange rate changes on stock prices in Vietnam. This study points to an important implication for regulators in Vietnam. They should consider the relationship between exchange rate changes and stock prices in both the long run and the short run to manage the stock and foreign exchange market.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.12 no.4
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• pp.1655-1673
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• 2018

Mobile computing environment is subject to the constraints of bounded network bandwidth, frequently encountered disconnections, insufficient battery power, and system asymmetry. To meet these constraints and to gain high scalability, data broadcasting has been proposed on data transmission techniques. However, updates made to the database in any broadcast cycle are deferred to the next cycle in order to appear to mobile clients with lower data currency. The main goal of this paper is to enhance the transaction performance processing and database currency. The main approach involves decomposing the main broadcast cycle into a number of sub-cycles, where data items are broadcasted as they were originally sequenced in the main cycle while appearing in the most current versions. A concurrency control method AOCCRBSC is proposed to cope well with the cycle decomposition. The proposed method exploits predeclaration and adapts the AOCCRB method by customizing prefetching, back-off, and partial backward and forward validation techniques. As a result, more than one of the conflicting transactions is allowed to commit at the server in the same broadcast cycle which empowers the processing of both update and read-only transactions and improves data currency.

• Journal of the Korean Home Economics Association
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• v.32 no.3
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• pp.217-226
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• 1994

Cloth culture is one of the basic unit of constructing man's culture in a life of human being. One of the fundamental elements to construct cloth culture is the silk-fabric from the ancient time-Sam Han period B.C 2∼4 Korea. This study is to survey the growing aspects of the silk-fabric influence Goguryo & Bakje dynasty. It is an attempt to manifest that how silk-fabric influence through a trade or as means of currency between the two nations at that time. through a trade or as means of currency between the two nations at that time. To certify I use material such as San guo zhi, Hou Han han shu from China Samkuksaki Dong-kuk-tong-gam from Korea and NiHon Shoki from Japen and I concerned the cultural relations of politics economics and socity of the two dynastics so as to prove a relations of politics economics and socity of the two dynastics so as to prove a relative relation between the two. It is reached to the conclusion that silk fabric had been a constituent role at cloth culture at that time of Goguryo & Bakje. It is pointed out that silk-fabric had been an important role to construct the culture of social economic and politic through a trade and as a precious currency.