• International Journal of Advanced Culture Technology
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• 제7권1호
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• pp.84-88
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• 2019

This paper examines whether the exchange rate respond differently to monetary policy shocks in Korea using regression model. We find an asymmetric response of the monetary policy shocks to the monetary policy shocks in the context of Korea. Over the whole period sample, we do not find the effect of an actual interest rate on exchange rate. But we find that the estimated coefficient on the expected and unexpected change in the policy rate are negative and statistically significant. In the period of monetary policy easing, the estimated coefficient on the expected and unexpected change in the policy rate are negative but not statistically significant. In contrast, the period of monetary policy tightening, the estimated coefficient on the expected and unexpected change in the policy rate are negative and statistically significant.

• 산경연구논집
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• 제10권11호
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• pp.15-23
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• 2019

Purpose: Global economic integration has provided good opportunities and conditions for the development of foreign direct investment in Finances. Therefore, this paper attempts to explore what determines foreign direct investment in Finances of Organization for Economic Co-operation and Development (OECD) countries. Research design, data and methodology: This paper employs the panel data over the period 2005-2017 and uses the random effect model to estimate this proposition. Results: The results indicate that the foreign direct investment in services, growth rate of GDP, interest rate and saving are positively related with foreign direct investment in finances. Conversely, the growth rate of wage and fluctuation rate of exchange rate are negatively related with foreign direct investment in finances. Moreover, the results verify that the effect of these variables on foreign direct investment in finances is different before and after 2008 (global economic crisis). In addition, the results also manifest that the regional effect exists. Namely, the effect of these variables on foreign direct investment in finances between G7 countries and G20 countries exist significant difference. Conclusions: Those variables used in this paper are related with foreign direct investment in Finances of (OECD) countries.

• 한국통신학회논문지
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• 제31권11C호
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• pp.1023-1029
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• 2006

본 논문에서는 IEEE 802.16e 네트워크에서 통신 사업자간 로밍을 위한 새로운 인증 및 키 설정(AKE: Authentication and Key Establishment) 프로토콜을 제안한다. 제안된 프로토콜은 두 개의 다른 인증 credentials를 사용하여 사용자(user) 및 단말(device) 인증을 함께 수행하며 사용자 익명성과 키 설정을 제공한다. 또한, 제안된 프로토콜에서 홈 네트워크(Home Network: HN)와 외부 네트워크(Foreign Network: FN) 사이의 메시지 교화 횟수는 단지 2 라운드(round) 수가 필요하다.

• 한국식생활문화학회지
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• 제30권5호
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• pp.596-610
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• 2015

This study is on the alcohol beverage utensils represented on the Chinese tomb mural paintings of Song, Liao, Jin, and Yuan those countries had foreign exchange with Koryo Dynasty. These mural paintings are distributed in the areas such as Hebei, Henan, Inner mongolia, Shanxi, Shaanxi, Peijing. etc. The Alcohol beverage vessels were classified mainly into storage vessel, pouring vessel, drinking vessel and ladles according to the purpose. The storage vessels of Song, Liao and Jin were called Jiuping, Jingping, Jiuzun as well as Meiping. Pouring vessels are basically one set of Zhuzi, Wenwan and Jiuzhu, or Zhuhu and Zhuwan. On the mural paintings of Yuan Dynasty, Meiping as storage vessels disappear, and a variety of shapes of pouring vessels such as Mayu and Yuhuchunping appear. This trend indirectly indicates the new arrival of distilled liquor, which seems to have affected transition of the alcohol beverage utensils.

• 공학교육연구
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• 제17권4호
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• pp.62-67
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• 2014

The Faculty of Engineering, Niigata University, Japan, obtained the scholarship in "Short-Stay and Short-Visit scholarship programs(SS-SV programs)" for both German and Japanese students in 2011 and 2012. Our short-term student exchange programs proved that a short-term stay in a foreign country worked as an initiator for the students' interest and it strengthen their will to study further more in foreign countries.

• 말소리와 음성과학
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• 제1권3호
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• pp.87-93
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• 2009

The purpose of this experimental study is to investigate and compare the vowel lengths of English diphthongs and low vowels among native-English-speaking Americans and Korean college exchange students. To do this eight words and sixteen sentences were uttered and recorded by nine subjects, five Korean subjects and four American subjects. Results showed that the vowel lengths of English low vowels between American subjects and Korean subjects were different, which may lead to foreign accent of Korean speakers. Comparing the average length of English low vowels of Korean subjects with those of American subjects, we can see that American subjects tend to pronounce the English low vowels longer than Korean subjects do. In the pronunciation of diphthongs /eI/ and /ou/, Korean subjects pronounced longer than American subjects did. However, in the pronunciation of diphthongs /au/, /aI/, and /ɔI/, American subjects pronounced longer than Korean subjects did.

• 융합경영연구
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• 제3권1호
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• pp.23-32
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• 2015

Present monetary system is based on fallacies. The purpose of this article is to highlight the pitfalls in economic thinking. The article shows that this way of thinking leads to the creation of inflation which is the root of all evil. The analysis proceeds in different approach to the contemporary theory of money. An inflation- free monetary system is introduced. Monetary system is the set of mechanisms that controls money. In this broad sense, monetary system can be divided into three different systems. Each of them has different goal; National monetary system which aims to raise sufficient funds in order to reach an optimal level of output growth that maintains full employment and satisfies the economic requirements of the community. National redistribution system which aims to redistribute funds in order to sustain individuals at or above a specified material standard of living, and enable government to provide public services. International monetary system which aims to preserve rights of parties in foreign exchange transactions.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.795-807
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• 2020

The more liquid the capital market, the more attractive it will be for investors to place their money in the capital market. Therefore, the purpose of this study is to investigate the factors that influence stock liquidity of manufacturing sector companies listed on the stock exchange in Indonesia. The independent variables used in this study are forward-looking information disclosure, institutional ownership, foreign ownership, and board activity with information asymmetry as an intervening variable and stock liquidity as the dependent variable. The population of this study is manufacturing sector companies listed on the Indonesian stock exchange (IDX). Samples are selected based on the random sampling method, and the number of samples is calculated based on the Slovin formula. The sample was 59 manufacturers, and data was annual reports (for 2 years) and stock transactions from 2016 to 2017. The results of the study showed that forward-looking information disclosure had a significant effect on information asymmetry. Information asymmetry and foreign ownership have a significant impact on stock liquidity, whereas information asymmetry mediates the relationship between forward-looking disclosures and stock liquidity. Furthermore, the accuracy of information about the certainty of business activity both now and in the future can instill confidence in stakeholders in interacting and cooperating.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.7-14
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• 2021

This paper examines the impact of foreign ownership on stock price volatility in an emerging market, namely, Thailand. The data were obtained from SETSMART, the database of the Stock Exchange of Thailand (SET). After removing financial firms, banks, and insurance companies as well as filtering outliers, the final sample covers 1,755 firm-year observations from 371 nonfinancial firms listed on the SET over the five-year period from 2014 to 2018. The regression model consists of stock price volatility, measured by two methods, as the dependent variable, foreign ownership as the main independent variable, and firm characteristics including firm size, leverage, market-to book ratio, and stock turnover as the control variables. The pooled OLS, fixed effects, and random effects estimations are employed to examine the relationship between foreign ownership and stock price volatility. The results reveal that foreign ownership has a negative and significant impact on stock price volatility. The two-stage least squares (2SLS) are also performed to address potential endogeneity problem. The results still indicate a negative relationship between foreign ownership and stock price volatility. Taken together, the findings of this study suggest that foreign investors help reduce stock price volatility and thus stabilize share price in the Thai stock market.

• 국제지역연구
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• 제21권1호
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• pp.181-200
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• 2017

본 논문에서는 2006년 초부터 2015년 말까지 우리나라의 산업별 주가지수와 주요화폐의 환율을 이용하여 환율과 환율 변동성이 주가에 미치는 영향을 분석하였다. 주가지수로는 코스피지수와 우리나라의 대표적 산업인 음식료품, 화학, 기계, 전기전자, 종이목재, 전기가스, 운수장비, 은행 주가지수가 사용되었으며 환율의 변화를 보기 위한 주요화폐로서는 미국달러, 일본 엔, 유로, 영국 파운드가 사용되었다. 환율변화에 따른 주가의 반응분석에서는 예상한 바와 같이 전자, 운수장비 산업 주가와 환율은 정(+)의 관계를 나타내었으며 음식료품, 종이목재, 전기가스, 은행 산업의 경우도 예상한 것과 같이 주가와 환율은 부(-)의 관계를 나타냈다. 수출의 비중이 많은 기계 산업은 예상과 달리 부(-)의 반응을 보이는 것으로 나타났다. 화학 산업의 경우는 예상이 어려웠는데 분석결과 주가와 환율은 부(-)의 관계를 보여 주었다. 환율변동성에 대한 주가의 반응 분석에서는 종이목재 산업의 주가가 환율변동성에 부(-)의 반응을 나타냈다. 환율변동성에 대비한 위험관리 비용을 많이 지출하는 기업들이 종이목재산업에 속해 있는 것으로 보인다. 또한 은행산업의 주가도 환율변동성에 부(-)의 반응을 보였는데 이것은 선도환 등 외환 파생상품을 발행하여 수수료 수입이 증가하게 되는 은행산업의 주가는 환율변동성에 정(+)의 반응을 할 것이라는 예상과는 정반대의 결과였다.