• The Journal of Asian Finance, Economics and Business
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• 제1권1호
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• pp.15-21
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• 2014

This study investigates extensively the integration of various segments of financial markets (i.e. money market, lending and deposit market, exchange rate market, and capital market) both domestically and internationally. Cointegration approach is employed in the study to find out long term relationship among the variables. Data are on a monthly interval for the period spreads over 2001 to 2010. The results show no evidence of cointegration between money market and exchange rate market and between capital market and exchange rate market of Pakistan. On the other hand, international financial markets integration is also investigated and the findings revealed that domestic money market rates of Pakistan and USA are not cointegrated. Whereas, an evidence of cointegration between capital markets of Pakistan and USA is found in this study.

• 보건행정학회지
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• 제6권1호
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• pp.191-210
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• 1996

This study purported to acquire information necessary to improve the operational efficiency of general hospitals. It tried to determine major indices which represent managerial performance of general hospitals and to identify the managerial characteristics of general hospital which affect the major financial indices. 201 hospitals which were subject to standardization audit by the Korean Hospital Association were investigated and 80 hospitals were finally chosen for this study. Their financial and managerial data during the period between January 1991 and December 1991 were collected. Considering financial indices in this study were the ration of net income to total asset, income growth rate, and quick ration. The results of study are summarized as followings. First. The ration of net income to total assets and quick ration were highly related to managerial characteristics of general hospitals. Therefore, the standardization of three financial indices should be needed to systematically check the operational efficiency of general hospitals. Second, the sample hospitals can be classified as four groups on the basis of their financial indices' level. 4 of those hospitals(5.0%) showed high level of performance in terms of three financial indices and 27 of them(33.7%) showed that they are highly related to only two financial indices. 34 hospitals(42.5%) showed they have high level of relationship with only one indices and 15 hospitals(18.8%) showed very weak performance level with three indices. In addition, there is no hospitals to show mid-range level of managerial performance in relation to all three financial indices. Third, there is no significant relationship between three financial indices and the managerial characteristics of hospitals such as the number of beds, type of operation, location of hospitals, and etc. However, in the case of hospitals which have high level of managerial performance, they have more specialists and medical support personnel in comparison to low performance hospitals. They also have high level of bed occupancy rate and average length of stay(ALOS). In conclusion, the study showed the standardization of 3 financial indices are necessary to systematically evaluate the managerial performance of general hospitals and provide more accurate operational information for each hospital. To do so, it is necessary to focus on management side of hospital such as the effective human resource management and quality enhancement of medical treatment.

• 재무관리연구
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• 제21권2호
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• pp.153-181
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• 2004

본 연구에서는 금융시장의 발전에 따른 금융변수들 간의 상호관계변화를 분석하였다. 금융 시장의 발전은 시장참여자들의 구성을 변화시키고 시장참여 자본들의 성격을 다양화시킬 뿐만 아니라 금융시스템의 변화도 도모하므로 금융시장의 구조변화를 일으킬 수 있다. Zivot and Andrews(1992) 분석, Gregory and Hansen(1996) 분석 등 구조변화를 고려하는 분석기법들을 사용함으로서 외환위기 발생시점 및 1999년도 금융시장의 급격한 발전시점에 금융변수간의 관계에서 구조적 변화가 있었다는 것을 확인하였다. 구조변화 이전에는 주가와 금리의 장단기 관계가 부(-)의 관계에 있는 것으로 나타났으나 구조변화 이후에는 주가와 금리가 정(+)의 관계로 바뀌고 있는 것으로 나타났다. 이는 주식과 채권이 대체자산으로서의 역할을 충실히 하게 되면서 변화한 것으로 해석할 수 있을 것이다. 기존의 대부분 문헌들이 주가와 금리는 반비례의 관계에 있거나 무관한 관계에 있다고 밝힌 것에 비교하면 본 논문의 결과는 상반된 주장을 하고 있는 것처럼 보인다. 그러나 본 논문의 연구결과는 기존의 논문과 상반된 결과를 제시한다기보다는 변화되고 있는 관계에 새로운 주목을 유발하고 있다고 보아야 할 것이다. 한편, 구조변화 이후에는 주가와 환율은 부(-)의 관계가 강화되었으며, 금리와 환율의 관계에서도 부(-)의 관계가 강화되었다.

• 대한지역사회영양학회지
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• 제28권2호
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• pp.95-103
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• 2023

Objectives: The budget gap in the health sector of local governments affects the supply of health services, which can cause the health gap. This study classified local governments according to their financial characteristics, such as local financial independence and health budget level. It analyzed the health behaviors and disease prevalence of local residents to examine the effect of local government financial investment on the health of local residents. Methods: To classify types according to the financial characteristics of local governments, financial independence and the health budget data for 17 local governments were collected from the local fiscal yearbook of the Ministry of Public Administration and Security. The prevalence of chronic diseases and healthy behavior was compared using the 16,333 data of adults between the ages of 30 and 65 years among the original data of the National Health and Nutrition Examination Survey (2016-2020). Results: Cluster analysis was used to classify local governments into five clusters according to the health financial capacity type. A comparison of the prevalence of local residents by cluster revealed a similar prevalence of hypertension, diabetes, and hypercholesterolemia. On the other hand, the obesity rate (P < 0.01), high-risk drinking rate (P < 0.01), aerobic physical activity rate (P < 0.001), and healthy eating practice rate (P < 0.001) were significantly different. In addition, an analysis of the odds ratio based on the Seoul area revealed a higher risk of health behavior of non-Seoul residents. Conclusions: It is necessary to review the universal health promotion project budget considering the degree of regional financial vulnerability from the viewpoint of health equity to narrow the health gap among regions.

• 아태비즈니스연구
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• 제7권2호
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• pp.21-37
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• 2016

Using panel data for 29 developed countries, this paper studies the relationship between financial flow and trade markets on Dutch diseases for the period 2000-2010 and applying a fixed effects model. In particular, the study shows that an increase in inflows of foreign direct investment (FDI) leads to an appreciation of the real exchange rate. The result also suggests that an inflow of FDI accompanied by exports or government expenditure from tax revenue leads to real exchange rate appreciation. This paper also argued that stock market with FDI does not cause an appreciation of the real exchange rate.

• 한국조리학회지
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• 제14권1호
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• pp.21-38
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• 2008

This research aimed to analyze the differences in financial variables classifying chain restaurants. A total of 126 samples were drawn from financial statements for $2001{\sim}2006$. As a result of analysis, there was a significant difference in Pillai's Trace, Wilks' Lambda, Hotelling's Trace, and Roy's Largest Root values at the significant probability value(p<0.05) based on F value in terms of stability among chain restaurants. Difference was found only in current rate and liabilities in ANOVA. There was a great difference in current rate among institutional restaurants, fast food restaurants, and cafeterias. There was a significant difference in Pillai's Trace, Wilks' Lambda, Hotelling's Trace, and Roy's Largest Root values at the significant probability value(p<0.05) based on F value in terms of restaurants' profitability. In ANOVA, difference was found only in net profits to net sales. It was revealed that all factors showed no significant differences in multiple comparison. All multi-variant test statistics showed a significant difference in growth and turnover. ANOVA showed a significant difference in net sales growth rate, net profit growth rate, and total assets growth rate.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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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.

• 응용통계연구
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• 제23권4호
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• pp.635-650
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• 2010

We model surrender rates with a few explanatory variables such as the difference between reference marke rates and product crediting rates, the policy age since the contract was issued, unemployment rates, economy growth rates, and seasonal effects using logit function. We investigate the policy holder surrender behaviors of US single premium deferred annuities(SPDA) and Korean interest indexed annuities under extreme financial conditions.

• East Asian Economic Review
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• 제23권4호
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• pp.409-427
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• 2019

This paper sets up a new Keynesian model with external habit to explore the role of each shock over business cycles in Korea. The estimated model via maximum likelihood shows that the productivity shock plays a pivotal role in explaining the output variations before and after the financial crisis since mid-1970s. It also shows that the model with external habit is more successful in explaining the business cycles in Korea after the Asian financial crisis than the model without habit. The monetary policy shock which dominates by accounting for more than 70 percent of the unconditional variance of the inflation rate before the financial crisis is less important in the inflation rate fluctuations after the financial crisis. This partly reflects the regime change of the monetary policy to the inflation targeting rule after the financial crisis.

• 유통과학연구
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• 제13권2호
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• pp.15-24
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• 2015

Purpose - Foreign exchange risk control is in an important component in the international supply chain management. This study shows the importance of the reference period in forecasting future exchange rates with a specific illustration of KIKO currency option contracts, and suggests feasible preventive measures. Research design, data, and methodology - Using monthly Won-Dollar exchange rate data for January 1995~July 2007, I evaluate the statistical characteristics of the exchange rate for two sub-periods; 1) a shorter period after the East Asian financial crisis and 2) a longer period including the financial crisis. The key instrument of analysis is the basic normal distribution theory. Results - The difference in the reference period could lead to an unexpected development in contract implementation and a consequent financial loss. We may avoid foreign exchange loss by using derivatives such as forwards or currency options. Conclusions - We should consider not only level values but also the volatilities of financial variables in making a binding financial contract. Appropriate measures may differ depending on the specific supply chain pattern. We may extend the study with surveys on actual risk measures.