• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.385-393
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• 2021

This study investigates the effect of infrastructure, economic sectors and its status, foreign direct investment and private investment, as well as the role of political stability in enhancing the tourism demand in the ASEAN region. The research collected the secondary data from the World Bank database and the UNWTO website of 10 ASEAN countries over 17 years from 2000 to 2016. Applying the generalized method of moments, this research found that, "private investment", "economic sectors", "exchange rate and infrastructure measured by "using of the internet" can increase the tourism demand of a country in the ASEAN region. This research provided evidence indicating that the "foreign direct investment" and "inflation" are two detrimental factors for tourist attraction. The major finding confirmed the positive role of "political stability" in increasing tourist arrivals. First, attracting tourists to a country always poses many challenges to its government. It has been observed in the past decades that though there were many documents, which confirmed that industry can help in promoting tourism, very few studies investigated the role of both agriculture and manufacturing sectors in tourism promotion. Secondly, there are only a few studies which verifies the stability of the political system to the tourism demand in the ASEAN region and that this variable (political stability) has the strongest impact.

• East Asian Economic Review
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• v.26 no.4
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• pp.279-304
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• 2022

This paper quantitatively analyzes the current status of North Korean consumer payment instruments through a questionnaire survey of 292 North Korean defectors. In the 2010s, it was found that the payment experience ratio of domestic currency cash and grain decreased, while the payment experience ratio of foreign currency cash increased. The use of foreign currency reached a stage where it was spread not only as a store of value but also as a medium of exchange. However, the most frequently used payment instrument by North Korean consumers was still domestic currency cash. By region, in inland urban areas both domestic currency cash and U.S. dollars are used and in the North Korea-China border region both domestic currency cash and Chinese yuan are used, while in inland rural areas dollarization does not occur because both domestic currency cash and grain are used. Meanwhile, despite the stable price trend during 2013-2019, the dollarization hysteresis effect is appearing, and both the purchasing power risk theory and the network externality theory are considered to have explanatory power for the cause. The results of this paper suggest that as dollarization is intensifying, it is expected that more costs such as shortages of commodities will be incurred than in the past if North Korea's de-dollarization policy is reimplemented. Also, in the case of domestic currency cards, which the North Korean authorities introduced in 2015 as part of a means of financial reform, this paper suggests that it may continue to be difficult for domestic currency cards to normalize official finance under the dollarization hysteresis.

• Korea Trade Review
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• v.42 no.3
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• pp.25-47
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• 2017

Forfaiting is a trade finance facility whereby financial institution purchases accounts receivable from exporters, on a without recourse basis. After the adoption of K-IFRS in 2011, accounting for simple borrowing as usual negotiation increases debt ratio which in turn, worsens financial soundness of a company. Hence, exporting companies have their interest in forfaiting that enables book-off in order to decrease the borrowing. Along with the execution of URF 800 at ICC and increasing the interest of exporting companies into forfaiting, foreign exchange banks in Korea expand the development of products related to forfaiting. Upon surveying all these national banks of this matter, this paper identified an appropriate solution for the forfaiting practice.

• Korea Trade Review
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• v.47 no.2
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• pp.89-101
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• 2022

International remittances play a crucial role in the economic management of each country, especially in developing countries. Its functions are diverse, including procurement of foreign currency, serving as a cushion for the balance of payments and foreign exchange reserves by reducing the adverse external shocks, driving economic growth, easing the gap between the rich and the poor, and maintaining macroeconomic stability. However, previous studies on remittances have mainly focused on macro-and micro-economic aspects to analyze the determinants. Therefore, this study attempts to identify the determinants of remittances in 122 countries over the past 25 years from macroeconomic and educational aspects as well as institutional qualities. In addition, given the fact that almost all of the world's top 10 recipient countries in terms of GDP and total remittance size are developing countries, developed and developing countries are separated and analyzed for comparison, assuming that there may be a difference between the two groups. Results show that the coefficients of developed and developing countries are different in four areas: Control of Corruption (CC), Rule of Law (RL), Voice and Accountability (VA), and Regulatory Quality (RQ) among the six institutional variables of interest in this study. These results implicate that even the same institutions and policies should be applied and implemented differently depending on the circumstances of each country. In addition, as suggested by the World Bank, policymakers in all countries should double their policy efforts to lower the costs of remittance and improve access to the financial system for immigrants or dispatched workers to ensure a steady inflow of remittances.

• Asia-Pacific Journal of Business
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• v.15 no.1
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• pp.209-223
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• 2024

Purpose - This article analyzes the impact of macroeconomic variables of the United States, China, and Korea on KOSPI and VKOSPI, in that United States and China have a great influence on Korea, having an export-driven economy. Design/methodology/approach - The influence of US, China, and Korea interest rates, industrial production index, consumer price index, US employment index, Chinese real estate index, and Korea's foreign exchange reserves on KOSPI and VKOSPI is analyzed on monthly basis from Jan 2012 to Aug 2023, using multifactor model. Findings - The KOSPI showed a positive relationship with the U.S. industrial production index and Korea's foreign exchange reserves, and a negative relationship with the U.S. employment index and Chinese real estate index. The VKOSPI showed a positive relationship with the Chinese consumer price index, and a negative relationship with the U.S. interest rates, and Korean foreign exchange reserves. Next, dividing the analysis into two periods with the Covid crisis and the analysis by country, the impact of US macroeconomic variables on KOSPI was greater than Chinese ones and the impact of Chinese macroeconomic variables on VKOSPI was greater than US ones. The result of the forward predictive failure test confirmed that it was appropriate to divide the period into two periods with economic event, the Covid Crisis. After the Covid crisis, the impact of macroeconomic variables on KOSPI and VKOSPI increased. This reflects the financial market co-movements due to governments' policy coordination and central bank liquidity supply to overcome the crisis in the pandemic situation. Research implications or Originality - This study is meaningful in that it analyzed the effects of macroeconomic variables on KOSPI and VKOSPI simultaneously. In addition, the leverage effect can also be confirmed through the relationship between macroeconomic variables and KOSPI and VKOSPI. This article examined the fundamental changes in the Korean and global financial markets following the shock of Corona by applying this research model before and after Covid crisis.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.39
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• pp.143-175
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• 2008

The documentary letter of credit is the most preferred and frequently used method in International Payment System in Korea, as it has less possibility of occurring credit risks in export than any other payment system. That's because the exporter can get payment from the issuing bank(confirming bank) by delivering the goods and presenting documents following the required procedure under the letter of credit, as the payment is affirmed by the issuing bank(including the confirming bank in case of the confirmed letter of credit) regardless of the buyer's payment. However, the pattern of payment methods used in international trade of Korea is changing dramatically like the importance of the credit is decreasing continuously among the payment methods while the remittance is increasing. The increase of remittance has a positive aspect that International Payment System are changing into those of advanced countries, but the decrease of the credit also has a negative aspect that the exporter might have a greater credit risks. Therefore, we need a systematic device to deal with this. Exporters in Korea usually have used the export credit insurance to deal with the credit risks However, the export credit insurance also have a limitation as the policy finance due to the limitation based on the credit status of the business and the limitation of acceptance from the lack of financial resources of the government, etc. Korea, which is the 11th export power in the world, has a basic limitation to deal with the credit risks by depending on the export credit insurance only. So, in this thesis, I have studied on the international factoring, forfaiting, which are advanced export finances and widely used in advanced countries, as substitutes to deal with the credit risks. the international factoring is an trade financing in which a factor offers full services such as credit cover, offering prepayment, collection, account receivables, management, etc, instead of the exporter on the account receivables occurred by the exporter's delivering goods to the importer. This international factoring has a high possibility of using as a means to deal with the credit risks, because it offers prepayment without recourse. the forfaiting is another export financing in which a forfaiter purchases the draft, the promissory note and other negotiable instruments issued from the international trade, with fixed interest rate without recourse from the exporter or previous holder. By using this method, they can avoid foreign exchange risks, contingency risks as well as credit risks, as the conveyances like the promissory note, etc are issued with the note warranty so-called 'per aval' in business practice. These trade financing are good substitutes to deal with the credit risks in export, but they are not widely used in Korea. Though it can be explained with various reasons, the common reasons are the lack of understanding on the use of advanced export finance, the lack of experts to manage the advanced trade finance, the conservative way of thinking of domestic organizations related to trade financing, the lack of organizations supporting the trade financing, etc.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.43
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• pp.143-168
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• 2009

International Factoring transaction in Korea is different from that of financially advanced countries in terms of legal system and commercial and financial practices. As for the domestic factoring, Korean factors are only involved in advances often on a with recourse basis. With regard to the international factoring, Korean factors do not accommodate whole account receivables from clients (suppliers) but handle on a selective basis. Among Korean banks, KEXIM (Export and Import Bank of Korea) is sole factor for international transactions. Currently KEXIM and several foreign banks handle factoring provide factoring services with limitation to invoice discounting which is largely extended to large corporate names. Therefore this is far different from factoring in Europe and Americas designed for small exporters with non recourse advances. In respect of legal environment, receivable assignment is subject to debtor' acknowledge or approval of such assignment according to Civil Law Act. To remove the legal obstacles, Korean government have prepared new law which allows factor's own notification of assignment (and thereby reimbursement right) to debtor with some evidences.

• English Language & Literature Teaching
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• v.12 no.4
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• pp.139-157
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• 2006

As the Communicative Approach has become the norm in foreign language teaching, the objectives of teaching English in school have changed radically in Korea. The focus in high school English textbooks has shifted from mere mastery of structures to communicative proficiency. This paper will study five polysemous words which appear in twelve high school English textbooks used in Korea. The twelve text books are incorporated into a single corpus and analyzed to classify the usage of the selected words. Then the usage of each word was compared with that of three other corpora based sources: the BNC(British National Corpus) Sampler, ICE Singapore(International Corpus of English for Singapore) and Collins COBUILD learner's dictionary which is based on the corpus, "The Bank of English". The comparisons carried out as part of this study will demonstrate that Korean text books do not always supply the full range of meanings of polysemous words.

• Communications for Statistical Applications and Methods
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• v.20 no.5
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• pp.367-376
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• 2013

Cut-off sampling is widely used for a highly skewed population like a business survey by discarding a part of the population (the take-nothing stratum). In this paper, we suggest a new composite estimator of the take-nothing stratum total obtained by use of the survey results of the take-nothing stratum and a take-some sub-stratum (a part of take-some stratum) for a more accurate estimate of the population total. Small simulation studies are conducted to compare the performances of known estimators and the new composite estimator suggested in this study. In addition, we use briquette consumption survey data for real data analysis.

• SUVANNABHUMI
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• v.12 no.1
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• pp.131-142
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• 2020

This article explored how the introduction of the Gregorian calendar transformed the Buddhist traditional practices of a noble class family who lost power in the royal court during the emergence of the British in Upper Myanmar. It examined in micro-level, the said changes by way of Wekmasuk Wundauk U Latt's diary, which recorded the social and economic conditions of Mandalay, then the capital of the Myanmar kingdom, from 1886 to 1898. When Burmese kings reigned in Mandalay, the court closed on Sabbath day, when the Buddhist Burmese went to monasteries to fulfill religious obligations. The introduction of the Gregorian calendar turned Sunday into a regular day off, which left Sabbath day to be used for more work. This prevented the then noblemen to attend to monastic duties as they had to use the day, for example to go to the bank to draw their pension. This research reveals that the Gregorian calendar has transformed the day off from "holy day" to "holiday."