• East Asian Economic Review
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• 제18권4호
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• pp.395-423
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• 2014

This study examines the role of trade finance in the trade collapse of 2008-09 from the perspective of the Korean economy. We use two approaches. Firstly, as background to a more formal analysis, we make a casual observation on the behavior of aggregate data on trade finance, on which Korea has relatively abundant data. Aggregate data do not convincingly support the view that trade finance played an active role in causing the trade collapse. The measures of trade finance and the value of trade both dropped sharply, but the ratio of trade finance over trade was stable and in some cases increased during the crisis period. Secondly, using quarterly data on listed firms in Korea, we conduct panel estimations to test whether firms that are more dependent on external finance experienced greater export contraction during the crisis. Our regression analysis suggests that the financial vulnerability of firms, measured by various financial ratios, did not contribute to export contraction during the financial crisis. This observation largely applies even to smaller firms, who are usually thought of as being more vulnerable financially. However, we find that small exporters that relied heavily on cross-border trade payables or receivables suffered larger drops in export growth during the crisis.

• 경영과학
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• 제30권1호
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• pp.167-181
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• 2013

We investigate the dynamic asset allocation problem under inflation risk when the wealth of an investor is constrained with minimum requirements. To capture the investor's risk preference, the CRRA utility function is considered and he maximizes his expected utility at predetermined date of the refund by participation in the financial market. The financial market is supposed to consist of three kinds of financial instruments which are a risk free asset, a risky asset, and an index bond. The role of an index bond is managing inflation risk represented by price process. The optimal wealth and the optimal asset allocation are derived explicitly by using the method to get the European call option pricing formula. From the numerical results, it is confirmed that the investments on index bond is high when the investor's wealth level is low. However, as his wealth increases, the investments on index bond decreases and he invests on risky asset more. Furthermore, the minimum wealth constraint induces lower investment on risky asset but the effect of the constraints is reduced as the wealth level increases.

• 전기학회논문지
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• 제59권7호
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• pp.1226-1231
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• 2010

This paper looks at the influence of Financial Transmission Rights (FTRs) on the market value(Social Welfare; SW) in the competitive electricity market. The transmission line constraints make it difficult to compute the Nash Equilibrium (NE) due to causing a mixed strategy NE instead of a pure strategy NE. Computing a mixed strategy is more complicated in a multi-player game. The aim of this paper are to compute a mixed strategy NE and analyze SW in power transaction with FTRs. This paper introduces a formula and a technique for solving NE of multi-player game with FTRs. In addition, it analyzes the influence of holding of FTRs by generation company on SW and it proposes the SW at NE is influenced by Power Transfer Distribution Factor (PTDF) where holder of FTRs are located. The assertion is verified by calculating the mixed strategy utilizing the Cournot model widely used for studies on FTRs.

• 대한가정학회지
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• 제34권5호
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• pp.209-222
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• 1996

The purpose of this study is to apply ratio analysis, which indicates the rate of income to total expenditure, to examine wage-earners' overspending in Korea. We use the Family Income and Expenditure Survey produced by National Statistical Office Republic of Korea and total sample size is 40,691 including households complete income reported. Through the t-test, among 17 expenditure categories, overspenders is likely to spend more on housing, apparel, medical, education, and leisure expenditures more than non-overspenders significantly. Interestingly, overspenders have more income, but less financial assets than non-overspenders. To analyze the effect of socio-demographic variables on overspending, ordinary least square is utilized. The results shows that the more educated, larger family size, and older consumer tend to overspend. The results of study are leaded into two aspects. First, overspending can be solved by consumer education with efficient financial management practice. Second, overspending may be not solved unless policies in various ways enhance the overall quality of living to lessen each household's budget constraints.

• International Journal of Knowledge Content Development & Technology
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• 제11권2호
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• pp.37-54
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• 2021

The study determined the access, skills and constraints towards the usage of ICT among barangay officials. A complete enumeration technique was used due to the small size of the population. A total of 121 barangay secretaries and barangay treasurers comprised the study respondents. The findings revealed that most of barangay officials have access to personal computer at home and in the office using their own mobile data and office internet connectivity. With the support from the Local Government Unit (LGU), it was found that most of the respondents are advance and proficient in computer usage. As constraints to ICT usage, the study respondents still experienced slow internet bandwidth that makes connection and communication weak along with the low income status. Consequently, it was found that there were no significant differences in terms of skills and constraints among barangay secretaries and barangay treasurers towards using ICT. It can be concluded that study respondents prefer to use office computer to access the information they need due to the convenience and availability of resources. The study respondents were competent enough to handle their job well but listed slow internet and low financial resources may hamper their ICT usage. Research implications were also offered.

• 노동경제논집
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• 제35권3호
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• pp.51-81
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• 2012

본 연구는 저소득층의 4년제 대학진학을 제약하는 두 가지 요인, 즉 등록금 납부여력 부족과 불우한 성장환경의 누적적 영향에 따른 학업능력 부족 중 무엇의 영향이 더 큰지 살펴보았다. 희귀분석 결과, 중학교 시기의 학업성취와 몇몇 가정배경 변수들은 유의한 반면, 이들 변인 통제 시 대학진학 시기의 가구소득은 4년제 대학 진학에 거의 영향을 주지 못했다. 또한 Carneiro and Heckman(2003)이 미국 고등교육 격차 원인규명을 위해 수행한 분석을 한국 상황에 적용해 본 결과, 학업능력 및 가정배경의 격차로 4년제대에 진학하지 못하는 비율이 등록금 납부가 어려워 진학하지 못하는 비율을 크게 능가했다. 이는 등록금 인하와 같은 단기적 제약요인의 완화만으로는 대입격차문제 해결이 힘듦을 시사한다.

• 한국주거학회논문집
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• 제27권6호
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• pp.95-104
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• 2016

The purpose of this research is to compare housing wealth effects of home-owning single income couples (SIC) and dual income couples (DIC) on their non-durable consumption and to assess the effects by location, age groups, housing structure type, debt-to-asset ratio and employment status. Using the Korean Labor and Income Panel Study (KLIPS) of 2014, this empirical study identified 1,198 SIC households and 1,044 DIC households, and employed multiple regression analysis. The main results reveal that the difference of financial portfolios between SIC and DIC households was little but housing wealth effects were stronger among SIC households than DIC counterpart. It's evident that housing wealth effects were conspicuous for SIC and DIC households who were headed by wage earners aged over 40s, and resided in apartment outside the Seoul Metropolitan Area. However, household debt became a determinant in contradicting housing wealth effects of SIC and DIC households. While the household financial dimension was in proportion to income, DIC households didn't gain much financial security due to increasing expenditure. Further, this research imply that liquidity constraints explicitly posed a more serious threat to SIC households whose dependence on housing asset is larger than their counterpart.

• 한국콘텐츠학회논문지
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• 제15권1호
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• pp.242-251
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• 2015

본 연구는 직장여성의 여가제약과 여가제약을 극복하기 위한 여가제약협상전략을 파악하고, 결혼여부에 따른 여가제약과 여가제약협상의 차이를 검증하는데 목적이 있다. 이를 위해 서울소재 직장에 근무하는 직장여성을 모집단으로 집락할당표집을 이용하여 440부의 설문지를 배포하였다. 응답내용이 부실하거나 신뢰성이 없다고 판단되는 7부를 제외한 433부를 최종분석에 사용하였으며, SPSS 18.0을 활용하여 빈도분석, 탐색적 요인분석, 신뢰도분석, 독립 t-검정을 실시하였다. 이를 통해 도출된 결과는 다음과 같다. 첫째, 직장 여성의 여가제약은 대인적 제약, 개인적 제약, 시간적 제약, 비용 및 정보 제약, 환경적 제약, 신체적 제약의 6개 요인으로 도출되었으며, 기혼여성과 미혼여성 모두 환경적 제약과 시간적 제약을 가장 크게 느끼고 있다. 둘째, 직장여성의 여가제약협상전략은 기술습득, 대체활동, 강도조절, 동반자탐색, 활동비 및 시간관리의 5개 요인으로 도출되었으며, 기혼여성과 미혼여성 모두 기술습득 전략을 가장 적극적으로 활용하고 있다. 셋째, 기혼여성의 제약 수준이 미혼여성에 비해 전반적으로 높으며, 시간적 제약과 신체적 제약에서 통계적으로 유의한 차이가 나타났다. 넷째, 기혼여성의 여가제약협상 수준이 미혼여성에 비해 전반적으로 높게 나타났으며, 기술습득 전략에서 통계적으로 유의한 차이가 나타났다.

• 제어로봇시스템학회논문지
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• 제11권11호
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• pp.956-962
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• 2005

This paper presents an integrated analysis of production and financing decisions. We assume that a cash storage unit is installed to manage the cash flows related with production activities such as raw material procurement, process operating setup, Inventory holding cost and finished product sales. Temporarily financial investments are allowed for more profit. The production plant is modeled by the Batch-Storage Network with Recycle Streams in Yi and Reklaitis (2003). The objective function of the optimization is minimizing the opportunity costs of annualized capital investment and cash/material inventory while maximizing stockholder's benefit. No depletion of all the material and cash storage units is major constraints of the optimization. A novel production and inventory analysis formulation, the PSW(Periodic Square Wave) model, provides useful expressions for the upper/lower bounds and average level of the cash and material inventory holdups. The expressions for the Kuhn-Tucker conditions of the optimization problem can be reduced to two subproblems and analytical lot sizing equations under a mild assumption about the cash flow pattern of stockholder's dividend. The first subproblem is a separable concave minimization network flow problem whose solution yields the average material flow rates through the networks. The second subproblem determines the decisions about financial Investment. Finally, production and financial transaction lot sizes and startup times can be determined by analytical expressions as far as the average flow rates are calculated. The optimal production lot and storage sizes considering financial factors are smaller than those without such consideration. An illustrative example is presented to demonstrate the results obtainable using this approach.

• Management Science and Financial Engineering
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• 제15권1호
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• pp.51-69
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• 2009

A network model and a Genetic Algorithm (GA) is proposed to solve the simultaneous estimation of the trip distribution and traffic assignment from traffic counts in the congested networks in a logit-based Stochastic User Equilibrium (SUE). The model is formulated as a problem of minimizing a non-linear objective function with the linear constraints. In the model, the flow-conservation constraints are utilized to restrict the solution space and to force the link flows become consistent to the traffic counts. The objective of the model is to minimize the discrepancies between two sets of link flows. One is the set of link flows satisfying the constraints of flow-conservation, trip production from origin, trip attraction to destination and traffic counts at observed links. The other is the set of link flows those are estimated through the trip distribution and traffic assignment using the path flow estimator in the logit-based SUE. In the proposed GA, a chromosome is defined as a real vector representing a set of Origin-Destination Matrix (ODM), link flows and route-choice dispersion coefficient. Each chromosome is evaluated by the corresponding discrepancies. The population of the chromosome is evolved by the concurrent simplex crossover and random mutation. To maintain the feasibility of solutions, a bounded vector shipment technique is used during the crossover and mutation.