• Asia-Pacific Journal of Business
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• v.15 no.2
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• pp.223-236
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• 2024

Purpose - The purpose of the paper is to empirically investigate the asymmetric adjustment of loan and deposit interest rates among banks and non-bank depository institutions. Design/methodology/approach - We construct a VAR model using time series data comprising loan and deposit interest rates of banks and non-bank depository institutions, along with the call rate. Based on this model, we conduct impulse-response analysis and variance decomposition to investigate the dynamic relationship between the interest rates. Findings - In the case of banks and credit unions, the responses of deposit rates to the call rate are larger than the responses of loan rates, and we cannot find evidence of non-linear responses. In the case of savings banks, the responses of loan rates to the call rate are larger than the responses of deposit rates. The responses of loan rates to a positive call rate shock are statistically significant, while the responses of loan rates to a negative call rate shock are not statistically significant. Research implications or Originality - This study differs from previous research in that it examines the asymmetric response of loan and deposit rates of both banks and non-bank financial institutions to changes in the call rate. The implications for the impact of these findings on the financial system and income inequality are presented.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.6
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• pp.676-686
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• 2016

This study analyzed the long term relationship between the K-REITs' lending rate and interest rate variables based on ARDL (autoregressive distributed lag) and also examined the short term relationship based on the ARDL-ECM model. In the results of the empirical test, there is a co-integration relationship among the K-REITs' lending rate, 3 year government bond (rate), 3 year government bond (rate), corporation bond (rate) (AA-, 3year) and general fund loan rate. This means that the K-REITs' lending rate is related to the long term interest rate. The corporate general fund loan rate has a significant correlation with the K-REITs' lending rate in the long term relation and short term adjustment process. The establishment of a management plan by the REITs considering the trends in the corporate general fund loan rate in the decision making process for finance sector borrowings can be practically helpful for the K-REITs.

• Korea Real Estate Review
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• v.28 no.4
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• pp.75-88
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• 2018

The purpose of this study is to analyze the effect of the spread on housing mortgage loans. In particular, this study analyzes how the spread has a decisive effect on housing mortgage loans when a structural change occurs in the spread. For the sake of empirical analysis, this study utilizes the housing mortgage loan, housing mortgage loan interest rate, COFIX interest rate, and spread. The period of analysis is from December 2010 to December 2017. Results of the analysis show that there is a statistically significant structural change in the spread and housing mortgage loans (May and June 2015, respectively). It is estimated that the structural change in the spread has an influence on the structural change in housing mortgage loans. In addition, the effect of the spread on housing mortgage loans is larger than the effect of the COFIX interest rate and the housing mortgage loan interest rate. This indicates that the adjustment of the spread is a significant burden on housing mortgage loans. As economic uncertainties both internally and externally are increasing, pressure on interest rate hikes is also increasing. Considering these circumstances, interest rate hikes will be inevitable in the future. If the base interest rate and the spread increase simultaneously at Korea's current economic level, it will obviously lead to an economic recession as the burden on the repayment of principal and interest of housing mortgage loans will increase. Therefore, it is imperative that financial authorities prepare institutional arrangements in order to protect financial consumers by preventing arbitrary calculation of the spread, which would not be objective and would not be transparent from the banks.

• The Journal of Industrial Distribution & Business
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• v.9 no.6
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• pp.15-24
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• 2018

Purpose - The adjustment of one country's monetary policy can cause the macroeconomic change of other countries. Due to this, this paper attempts to analyze the impact of China's monetary policy on South Korea's exchange rate. Research design, data, and methodology - Based on the flexible-price monetary model, sets of annual time series from 1980 to 2017 are employed to perform an empirical estimation. The vector error correction model is also used to exploit the short-run relationship between both of them. Of course, the South Korea's real GDP, the China's real GDP, South Korea's interest rate, the South Korea's interest rate and the South Korea's monetary supply are treated as independent variables in this paper. Result - The long-run findings reveal that the China's money supply has a negative effect on South Korea's exchange rate. Respectively, the short-run findings depicts that the China's money supply has negative a effect on South Korea's exchange rate. Of course, other variables selected in this paper also have an effect on South Korea's exchange rate whatever positive or negative. Conclusions - As the empirical evidence shows, the China's monetary policy has a negative effect on South Korea's exchange rate whenever in the long run or in the short run.

• The Korean Journal of Applied Statistics
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• v.32 no.4
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• pp.631-642
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• 2019

Many methods have been developed to solve problems found in sample surveys involving a large number of item non-responses that cause inaccuracies in estimation. However, the non-response adjustment method used under the assumption of random non-response generates a bias in cases where the response rate is affected by the variable of interest. Chung and Shin (2017) and Min and Shin (2018) proposed a method to improve the accuracy of estimation by appropriately adjusting a bias generated when the response rate is a function of the variables of interest. In this study, we studied a case where the response rate function is linear and the error of the super population model follows normal distribution. We also examined the effect of the number of stratum population on bias adjustment. The performance of the proposed estimator was examined through simulation studies and confirmed through actual data analysis.

• KDI Journal of Economic Policy
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• v.12 no.4
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• pp.71-95
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• 1990

The purpose of this paper is to estimate the revenue function of the personal income tax of Korea. Unlike the traditional approach employing the data adjustment, this paper explicitly includes the explanatory variables of the tax rate or schedule in the revenue function and further estimates the functions by income sources such as labor, interest, global, and dividend incomes. One of the main findings is the GNP elasticity of the combined personal income tax is around 1.2 when evaluated on the basis of the estimates of the GNP elasticities of tax revenue from respective income sources, which is somewhat smaller than those in the previous studies. Another interesting result is that the GNP and interest rate elasticities of the interest income, are found around one and .15 respectively, as expected. Also, the estimate of the tax-free income coefficient is significantly negative in the labor income tax revenue function.

• Science of Emotion and Sensibility
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• v.25 no.4
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• pp.77-94
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• 2022

Social interactions often involve encountering inconsistent information about social others. We conducted a functional magnetic resonance imaging (fMRI) study to comprehensively investigate voxel-wise temporal dynamics showing how impressions are anchored and/or adjusted in response to inconsistent social information. The participants performed a social impression task inside an fMRI scanner in which they were shown a male face, together with a series of four adjectives that described the depicted person's personality traits, successively presented beneath the image of the face. Participants were asked to rate their impressions of the person at the end of each trial on a scale of 1 to 8 (where 1 is most negative and 8 is most positive). We established two hypothetical models that represented two temporal patterns of voxel activity: Model 1 featured decreasing patterns of activity towards the end of each trial, anchoring impressions to initially presented information, and Model 2 showed increasing patterns of activity toward the end of each trial, where impressions were being adjusted using new and inconsistent information. Our data-driven model fitting analyses showed that the temporal activity patterns of voxels within the ventral anterior cingulate cortex, medial orbitofrontal cortex, posterior cingulate cortex, amygdala, and fusiform gyrus fit Model 1 (i.e., they were more involved in anchoring first impressions) better than they did Model 2 (i.e., showing impression adjustment). Conversely, voxel-wise neural activity within dorsal ACC and lateral OFC fit Model 2 better than it did Model 1, as it was more likely to be involved in processing new, inconsistent information and adjusting impressions in response. Our novel approach to model fitting analysis replicated previous impression-related neuroscientific findings, furthering the understanding of neural and temporal dynamics of impression processing, particularly with reference to functionally segmenting each region of interest based on relative involvement in impression anchoring as opposed to adjustment.

• Journal of Korea Game Society
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• v.20 no.4
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• pp.77-88
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• 2020

Recently, interest in game streaming is high in cloud-based gaming. In game streaming, remote game servers perform graphics rendering and stream the resulting scene images to clients' device on the Internet. We model the client-server allocation (CSA) problem for balancing the GPU load between servers in a game streaming environment as an optimization problem, and propose a simulated annealing-based method. The features of our method are that the method takes into account the constraints on network delay and has the ability to automatically adjust the frame rate of game sessions if necessary.

• Quality Improvement in Health Care
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• v.22 no.1
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• pp.29-37
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• 2016

Readmission which reflects capacity to manage patients and general level of medical services has been known for one of the causes of medical expenditure due to inefficient service. Compared to disease-specific readmission, hospital wide readmission (HWR) is relatively easy to understand, and has merit to get over limitation of collateral medical services assessment; therefore, a growing interest in development and usage of readmission indicator as quality of care indicator focusing on all-disease is detected. In this study, we investigate current state of risk standardized readmission rate indicator used in the United States, the United Kingdom, and Canada, and examine the considerations when using readmission rate as quality indicator in Korea. Differences in risk-adjustment methods were showed among countries. The United States do not control race not to hide socio-demographic factors on readmission. Canada shows differentiation compared to other countries about reflecting community factors. All three-countries utilize readmission rate as monitoring quality of care rather than incentives or penalty due to the fact that readmission rate could not represent the whole quality of hospital and has a limitation at controlling socio-economic factors. Therefore, for usage readmission rate as quality indicator in Korea, preparing readmission classification standard for Korean medical environment and additional methods for acquiring information by using discharge summary is need. Moreover, continued discussion with clinical specialists is needed for obtain clinical reliability and validity.

• Journal of Cerebrovascular and Endovascular Neurosurgery
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• v.26 no.1
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• pp.46-50
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• 2024

Objective: Diagnostic cerebral angiograms (DCAs) are widely used in neurosurgery due to their high sensitivity and specificity to diagnose and characterize pathology using ionizing radiation. Eliminating unnecessary radiation is critical to reduce risk to patients, providers, and health care staff. We investigated if reducing pulse and frame rates during routine DCAs would decrease radiation burden without compromising image quality. Methods: We performed a retrospective review of prospectively acquired data after implementing a quality improvement protocol in which pulse rate and frame rate were reduced from 15 p/s to 7.5 p/s and 7.5 f/s to 4.0 f/s respectively. Radiation doses and exposures were calculated. Two endovascular neurosurgeons reviewed randomly selected angiograms of both doses and blindly assessed their quality. Results: A total of 40 consecutive angiograms were retrospectively analyzed, 20 prior to the protocol change and 20 after. After the intervention, radiation dose, radiation per run, total exposure, and exposure per run were all significantly decreased even after adjustment for BMI (all p<0.05). On multivariable analysis, we identified a 46% decrease in total radiation dose and 39% decrease in exposure without compromising image quality or procedure time. Conclusions: We demonstrated that for routine DCAs, pulse rate of 7.5 with a frame rate of 4.0 is sufficient to obtain diagnostic information without compromising image quality or elongating procedure time. In the interest of patient, provider, and health care staff safety, we strongly encourage all interventionalists to be cognizant of radiation usage to avoid unnecessary radiation exposure and consequential health risks.