• Journal of Family Resource Management and Policy Review
• /
• v.17 no.1
• /
• pp.159-178
• /
• 2013

This study aims to evaluate the retirement income readiness of Korea, a country that-considering its high property asset ratio-is seeing an unprecedented rapid progression of graying. The result of analyzing 6,589 non-retired households in Statistics Korea's Survey of Household Finances (2011) is as follows. First, the Retirement Readiness Index, considering annual income and asset utilization income before including longevity risk, was 70.6. The index increased to 89.5 when utilizing real assets excluding houses and exceeded 100 when utilizing houses. Second, when designating 100 to be the life expectancy and taking into consideration longevity risk, there results were 52.5, 63.7, and 81.1, respectively. Third, since it is less likely for one to use all current financial assets as post-retirement income, the study reviewed the changes in the Retirement Readiness Index by applying three different levels of asset utilization ratios (50%, 75%, and 100%), which refer to the conversion ratios of current assets to retirement assets. This study is significant in that it considers longevity risk and applies asset utilization ratios in various ways, outside of the assumption that all current financial assets will be used as post-retirement income, to take a more realistic approach to retirement readiness.

• International Journal of Human Ecology
• /
• v.7 no.2
• /
• pp.53-62
• /
• 2006

The purpose of this study is to examine the changes in financial structure of the self-employed brought on the economic crisis in Korea.. We use financial ratio analysis, such as income to expenditure ratio, liquidity ratio, debt ratio, and capital accumulation ratio to analyze financial well-being of self-employed households. This study used a 1997 and 1998 Korean Household Panel Study collected by Daewoo Economic Research Institute. The average amount of holding of each type of asset showed that the investment of self-employed households decreased in the banking industry and the stock market in 1998 compared to 1997. On the other hand, asset allocation in bond and real estate increased, which implied preference for a stable type of asset with the increase in uncertainty of the future and economic instability. Devaluation of real estate allowed households to easily obtain real estate and increase preference for asset allocation in real estate after the crisis. The changes in financial ratio for the year 1998 shows that such ratios as income to expenditure, liquidity, and capital accumulation, decreased compared to the year 1997. Among those ratios, the income to expenditure ratio showed the biggest decline because of reduced income of self employed households. The results implied that the income structure of the self-employed is unstable, thus the self-employed were likely to be greatly affected during the economic downturn. Earners have more average income and net assets than the self-employed. However, using financial ratios, it was found that self-employed households were more stable than employees. The results shows that the financial ratio analysis is better tool to estimate households financial status. Implications for financial educators, counselors, and planners are offered. The results will provide implications for policy makers to establish appropriate policies for the self-employed and help them financially survive.

• KDI Journal of Economic Policy
• /
• v.32 no.4
• /
• pp.35-73
• /
• 2010

This paper examines consumption dynamics in relation to asset prices in Korea. Empirical analysis based on the error correction model shows that personal consumption is affected by changes in asset prices but the consumption converges to the long-run level of consumption corresponding to the total income flow in two years. This adjustment in consumption implies that the consumption error, reflected in the error correction term, should have predictability for the future consumption growth during the adjustment period. It is found that the error correction term has a long-run predictability for consumption over up to about 3 years; thus, confirming the error correction model. It is also found that housing prices have larger effects on consumption compared with stock prices in Korea. In addition, the effects of income and asset prices on consumption show bigger effects during contractionary period than expansionary period in business cycles. This paper also analyzes effects of asset wealth that reflects changes in both price and quantity. It is found that asset wealth has a long-run effect on consumption in addition to total income as determinants of consumption. Since wealth effects usually indicate the long-run effect of changes in asset wealth on consumption that is not explained by labor income, which is the proxy for human source of wealth, it is estimated with labor income used as a control variable. According to the estimation, the marginal propencity to consume out of asset wealth is approximately 2%. It means that 1,000won increase in asset wealth may lead to 20 won increase in consumption.

• Journal of Korean Society of Disaster and Security
• /
• v.5 no.1
• /
• pp.43-47
• /
• 2012

The asset management of infra facilities is a total framework for finally supporting a safe and comfortable service, which includes functions of supporting evaluation of condition and performance of infrastructures, making the decision method of repair or rehabilitation of deteriorated facilities, and lengthening the life cycle of structure through the decision of adequate cost and time of repair or reinforcement. In the range of the asset management, organization, human, the target, and information & data of company are included. Therefore, in this paper, appling the method of asset management analysis to the infra structures, the process of the risk assesment using BRE (Business Risk Exposure) and the basis of consisting ORDM (Optimized Renewal Decision-Making) are expressed.

• The Journal of the Korea Contents Association
• /
• v.11 no.6
• /
• pp.33-41
• /
• 2011

RFID technology is already used in the various application fields such as identification card, traffic card and etc. Many RFID application systems using UHF have been developed in the field of asset management, logistics and security. Because a human being can make mistakes, we need the system that can efficiently manage the special assets such as small arms, jewelry and medicine and can monitor them in real time. In this paper, we proposed a special assets management system to keep assets in safe custody, to monitor their safety status in real time and to manage distribution channels and history of those assets. The developed system is called Smart Cabinet because it has cabinet's form. Smart Cabinet integrates such technologies as RFID, smart card, fingerprint recognition, several sensors and LCD display in order to provide the functions for special asset management. Those functions include condition monitoring of assets, traceability management, distribution channels and security logs, which are to interact with a management server. The article demonstrated the potentiality of RFID by presenting special asset management solutions dedicated to guns and medicine management, and also showed the effectiveness and possibility of those solutions.

• Proceedings of the Korean Institute Of Construction Engineering and Management
• /
• 2008.11a
• /
• pp.401-404
• /
• 2008

Bridges are exposed to very severe environment and experience, as service life increased, elevated traffic load and traffic flow, in addition to natural disasters. In comparing to other road structures, bridges may cause more significant damage, such as human-involved accidents, to the society in the event of collapse. A certain level of service shall be necessarily secured to assure the minimum safety of users. The cost for manage and preserve bridges will increase gradually and more restrictions will be loaded to efficiently distribute the limited resources, such as monetary budget and human resource etc. In order to enhance performance and serviceability of bridges with the limited resource, asset management technique has been applied into the bridge management system, which capitalizes the road infrastructures including bridges and assess them in accordance with the government finance report. In the application of asset management, there must be a tool for assess the performance of bridges and this study introduces the basic information on the definition and role of performance measures for asset management for bridges.

• KSCE Journal of Civil and Environmental Engineering Research
• /
• v.33 no.2
• /
• pp.757-769
• /
• 2013

Intangible assets for construction engineering consulting firms are very important for their valuation, because engineering consulting is typical knowledge-based business which creates value based on technical expertise and human resources. This paper presents the intangible asset classification model based on the concept of value creation in construction engineering consulting firm and proposes intangible asset valuation methodology using System Dynamics and survey data. Utilization of the valuation methodology presented in this paper would increase the public awareness of intangible assets in construction engineering consulting firm and, thus, contribute to the growth of the engineering consulting industry by realistic and accurate valuation of intangible assets.

• Journal of Service Research and Studies
• /
• v.9 no.2
• /
• pp.77-88
• /
• 2019

Appropriation means the process of transforming resources to property. John Locke earlier investigated the appropriation process of natural resources into the land property, which grounded the jurisprudential base of the private ownership of the land. In the same way human resources are transformed into the human assets. Appropriation process, very rarely studied so far, in this case of human property is the focus of this paper. The appropriation of intangible property is by far easier than the appropriation of tangible property. Learning is a process of embodiment, which naturally mean the process of appropriation. For the material resources which exist out of human body, appropriation necessary need special philosophical and institutional justification. In the process appropriation for intangibles, investigator found, appropriator and learner either can be same, or can be differentiated. In the former case substantial human assets are created while in the latter relational human assets are built. After the discussion of appropriation process, Investigator proceeds to the problem of visualizing the invisibles. Evaluation and assessment issue were discussed in this perspective. Qualification system is particularly noted as a system to regulate substantial human assets including their issuing and registration. The work done in this paper would contribute in understanding the law of education and the law of qualification.

• Journal of Information Technology Services
• /
• v.21 no.5
• /
• pp.1-13
• /
• 2022

With the rapid development of computer technology and communication networks in modern society, human economic activities in the almost every field of our society depend on various electronic devices. The huge amount of digital data generated in these circumstances is refined by technologies such as artificial intelligence and big data, and its value has become larger and larger. However, until now, it is the reality that the digital data has not been clearly defined as an economic asset, and the institutional criteria for expressing its value are unclear. Therefore, this study organizes the definition and characteristics of digital data, and examines the matters to be considered when considering digital data in terms of accounting assets. In addition, a method that can objectively measure the value of digital data was presented as a quantitative calculation model considering the time value of profits and costs.

• Korean Journal of Construction Engineering and Management
• /
• v.12 no.2
• /
• pp.101-110
• /
• 2011

Because bridges can cause more significant damage than other infrastructure a certain level of safety shall necessarily be secured for users. As most of bridges' service life become 20-30 years there will be a dramatic increase in the maintenance and repair cost but the budget and human resource will be limited. Asset management technique can help the efficiency in maintenance and budget management with the limited resource. For its application, there must be a way to evaluate how bridges provide service to users. The level of service can be quantified by a performance measure. This study introduces performance measures and an evaluation process for the determination of level of service. The evaluation results will be used as a fundamental information in the determination of maintenance/repair/management targets and in the decision making process of the bridge asset management.