• KDI Journal of Economic Policy
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• 제38권3호
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• pp.53-77
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• 2016

Financial soundness in the household sector matters for financial stability and for the real economy. The level of household debt in Korea raises concern about the financial soundness of the household sector due to its size, growth rate and quality. Against this backdrop, we assess the financial vulnerability of borrowers based on an analysis of credit bureau (CB) data, in which the actual credit activities of most individuals are recorded at a high frequency in Korea. We construct over-indebtedness indicators from the CB data and then assess the predictability of forthcoming defaults. Based on the over-indebtedness indicators, we show how borrowers are distributed in terms of over-indebtedness and how the over-indebted differ from average borrowers in terms of their characteristics. Furthermore, we show how the aggregate credit risk in the household sector would change under macroeconomic distress by analyzing how each borrower's credit quality would be affected by adverse shocks. The findings of this paper may contribute to assessing household debt vulnerability and to enhancing regulatory and supervisory practices for financial stability.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.161-173
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• 2020

This study examines the nonlinear relationship between financial development and economic growth in Pakistan using the threshold regression model for the period 1980-2017. We also employed quantile regression with 0.25, 0.50, and 0.75 quantiles of conditional distribution. The quantile regression is based on minimizing of sum of squared residuals. The result indicates that economic growth responds positively to financial development when the level of financial development surpasses the threshold value of 0.151. However, when financial development lies below the threshold value (that is, 0.151), its impact on economic growth is negative. Thus, when financial development of Pakistan surpasses the threshold level, it contributes more towards economic growth since greater level of financial development contributes more to boosts economic growth. This finding reveals that economic growth reacts differently to financial development, and the relationship between financial development and economic growth is U-shaped in Pakistan. Among the other variables, physical capital, labor force, and government expenditure exert a positive effect on economic growth. Furthermore, inflation rate and trade openness have an insignificant impact on economic growth. The results of quantile regression also confirm the non-linear relationship between financial development and economic growth in Pakistan. The finding of this study suggests revamping of financial sector policies in Pakistan.

• 산업경영시스템학회지
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• 제22권50호
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• pp.105-125
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• 1999

The results of analysis on foreign exchange market, stock and financial market after January of 1997 are that foreign exchange market will be affected by stock and financial market volatility about 1999. This means that stock and financial market are more stable than foreign exchange market. This also is supported by ‘financial market forecast of 1999 in Daewoo Economic Research Institute’. After won/dollar (end of period) will be increasing in 1,430 at second quarter of 1999, this is to downward 1,200 fourth quarter of 1999. This is somewhat based on government's higher exchange rate policy. But, after yield of corporate bond is to 11.0% at first quarter of 1999, this will be stable to 10.2% at fourth quarter. During the first quarter of 1999, yield of corporate bond is to somewhat increasing through sovereign debt and public bonds, technical adjustment of interest rate. After this, yield of corporate bond will be stable according to stability of price, magnification of money supply, restucturing of firms. So, stock market is favorably affected by stability of financial market. But, the pension and fund of USA, i.e., long-term portfolio investment fund, are injected through international firm's management. It is included by openness of audit, fair market about foreign investors. Finally, Moody's strong rating on the won-denominated bonds suggest that Korea's sovereign debt ratings could be restored to an investment grade in the near future. It sequentially includes inflow of foreign portfolio investment fund, fall of won/dollar foreign exchange rate (appreciation of won) and stability of yield of corporate bond.

• Asian Journal of Business Environment
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• 제8권2호
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• pp.33-41
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• 2018

Purpose - This study aims to examine the determinants of income management of the public servant. Three independent variables are examined such as attitude towards money, financial capability and debt management while the dependent variable is financial wellbeing of public servants. Research design, data, and methodology - Quantitative research is applied in this study, and data are collected by using cross sectional approach. Survey questionnaires are obtained from 270 respondents, which represents 79% response rate. The multiple regressions are used to examine the influence of attitude towards money, financial capability and debt management towards financial wellbeing. Results - The result of the multiple regression indicated positive influences of attitude towards money and financial capability on financial wellbeing. However, debt management found no significant influence on financial wellbeing. Conclusions - Research findings show that people have different attitudes towards money and different trends of expenditure. It is also crucial to be highlighted that employees' attitude and financial capability have a greater influence on overall satisfaction with employees' financial wellbeing. Some would want to show off their luxury items they bought to close friends or relatives and some are very prudent in making expenditures even for necessity items.

• 한국생활과학회지
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• 제16권3호
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• pp.563-576
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• 2007

The purpose of this study is to analyze the financial performance according to the economic environment change. The data of 4,577 households in 2003 and 3994 households in 2000 is from the Korean Labor and Income Panel Study. The data were analyzed by various statistical methods such as frequency, mean-test, Duncan's multiple range test, k-mean cluster analysis. Findings were as follows; First, the classified household financial strategy types were Residual(44.3%), Financial Assets(24.0%), Informal Institutional(19.7%), Diversified Portfolio(7.6%), Real Estate(4.5%). Second, the criteria of classification of the financial strategies were relative, not absolute. Third, the rate of economic growth was high and the index of the current money was low in 2000. Fourth, households that employed a diversified portfolio strategy had the greatest net wealth.

• 한국병원경영학회지
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• 제6권2호
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• pp.156-172
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• 2001

Financial ratio indicators of the 73 sample hospitals provided by the Korea Hospital Association in 1998-1999, together with the data by the Korea Health Industry Development Institute in 1007, were analysed to identify the financial structure and managerial performance of the profit/loss-making hospitals under the IMF. The major findings of this study were as belows. 1. Among the general characteristics, there was a statistical significance in the hospital location and the number of operating beds between profit-making hospitals and loss-making hospitals. 2. Financial ratio indicators of the profit-making hospitals were better than those of the loss-making hospitals. 3. Financial ratio indicators, including Liquidity, Performance Indicators and Growth Rate Indicators of profit-making hospitals, were better than those of loss-making hospitals except for Turnover Ratios under the IMF economic impasse.

• 한국건설관리학회논문집
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• 제19권2호
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• pp.96-106
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• 2018

정부는 낮은 경제성장률을 극복하기 위해 부동산 활성화정책을 도입하였다. 정부가 추진한 부동산 활성화정책은 규제를 낮춰 대출한도를 높였고, 기준금리도 인하하여 부동산 투자비용을 절감시켰다. 부동산투자를 활성화하기 위해 다주택자에게 양도세 부과를 유예하고, 전매제한도 해지시켰다. 부동산규제 완화는 주택매매 증가와 가격상승으로 이어졌고, 분양아파트는 단기간에 분양이 완료되어 프리미엄이 형성되는 등 부동산시장이 과열양상으로 전환되었다. 이러한 시장분위기는 본인의 소득이 아닌 금융권 '부채의존형'으로 주택을 소유하게 되어 가계대출이 크게 증가되었다. 2017년부터는 가계대출 축소를 위해 부동산대책이 강화되었고, 기준금리도 상승하여 대출 금리도 높아진 만큼, 가계부채 부담은 더욱 증가될 것으로 판단된다. 본 연구논문은 가계부채의 발생 원인과 문제점을 분석하여 금융감독원이 금융권을 효율적으로 관리할 수 있는 방안을 제안하고자 한다.

• 재무관리연구
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• 제20권1호
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• pp.279-304
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• 2003

예금보험료는 각 금융기관의 위험정도에 상응해서 부과되어야 하지만 우리나라는 현재 금융 업종별로만 차등화되어 있고 같은 업종 금융기관간에는 동일 예금보험료율이 적용되고 있다. 고정예금 보험료율 부과방식에 비하여 변동예금 보험료율 부과방식은 논리적 타당성을 지니고 있지만 실제 적용가능한 객관적이고 측정이 용이한 기준마련이 어렵다. 본 연구에서는 옵션평가모형(option pricing model)을 이용하여 1995년부터 2001년까지 개별금융기관 및 전체 금융업종별로 예금보험료율을 추정하고 분석하였다. 금융업종별로 상호비교한 다음 연도별 추세분석과 분포분석을 하였다. 다음으로 추정 예금보험료율과 은행의 자본적정성, 수익성 및 자산건전성을 나타내는 관련 변수들과의 상관관계를 분석하였다. 연구 결과 개별 금융기관에 따라, 그리고 금융업종 및 표본기간에 따라 예금보험료율의 추정치가 상당한 차이를 보였다. 이는 금융업종에 따라 예금보험료율을 차등부과하고 개별은행의 위험을 반영하는 위험반영 차등 예금보험료율 제도의 타당성을 뒷받침한다고 할 수 있다. 은행보고자료와 감독기관의 검사자료가 지니고 있는 주관적 요소라는 단점을 극복하는 자료인 시장자료를 이용하는 본 연구의 추정결과는 예금보험료 부과에 보완적으로 사용할 수 있을 것이다.

• 한국생활과학회지
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• 제14권4호
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• pp.613-629
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• 2005

This research analyzes household financial structures and ratios to understand factors of household utility. Its main themes are as following: First, what kinds financial structures are found at each level of income? Second, how are they different by the level of income? Third, what factors contribute to appropriate financial ratios? The themes are supported by the texts on financial ratios from both inside and outside of Korea and proved by the Korean Labor and Income Panel Survey, the fifth annual edition. The households are exempted that do not support the household principle record in the principle and household economy record. Accordingly, this survey is from a financial structure analysis of 3,762 households. The analysis utilizes SPSS Window (Version 10.0) program. The following are the results: First, the income level 4 and above, in which the increasing number indicates a higher level of income, are highly ranked on the income-expense level and the asset-debt rate. Also, level 4 has a strong financial structure, whereas level 1 does not. Apparently, the management of the household is complicated by debt redemption and a lower level of assets. Second, Ratio 1, Ratio 2, Ratio 4, and Ratio 5 are different by the level of income. Third, the level of income contributes to the appropriate financial ratio. The financial safety and prospective financial structure at each income level is an important variable. Households with a high income, in particular, have to balance their finances and capital, reducing liabilities and increasing the total assets. In other words, the family must hold assets to enhance efficiency according to the character and income level of the household. This research is a useful resource for such a decision-making as to improve household financial structure stability. Also, it can be adopted to evaluate financial products for specific households and be used for economic and social welfare planning to predict how households influence the nationwide economy.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.11-18
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• 2020

This paper analyzes factors affecting enterprise's financial risk listed on the Vietnam stock market. The panel data of research sample includes 524 non-financial listed enterprises on the Vietnam stock market for a period of eleven years, from 2009 to 2019. The Generalized Least Square (GLS) is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, financial risk is measured by the Alexander Bathory model. Debt structure, Solvency, Profitability, Operational ability, Capital structure are independent variables in the study. Firm Size, firm age, growth rate are control variables. The model results show that in order to prevent and limit financial risk for enterprises listed on the Vietnam Stock Market, attention should be paid to variables reflecting Liability structure ratio, Quick Ratio, Return on Assets, Total asset turnover, Accounts receivable turnover, Net assets ratio and Fixed assets ratio. The empirical results show that there are differences in the impact of these factors on the financial risk in state-owned enterprises and non-state enterprises listed on the Vietnam stock market. The findings of this article are useful for business administrators, helping business managers make the right financial decisions to improve the efficiency of financial risk management in enterprises.