• 무역상무연구
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• 제31권
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• pp.3-25
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• 2006

This study focus on interest for arrears and filling of the gaps left in Article 78 of CISG. In the case of CISG, Article 78 provides for interest any time a payment under a contract is untimely, but does not specify a particular rate of interest or a method to determine such a rate. This issue did not cause any uncertainty under ULIS, the CISG's antecedent, since Article 83 of ULIS provided for 1%p above the official discount rate in the creditor's country. Lacking any CISG general principle as well as any indication by the very same CISG, one can only conclude that the matter must be deferred to the domestic rule of private international law. Actually, resorting to private international law is not only admissible, but expressly required by Article 7(2). In the interpretation and filling of the gaps left in Article 78, there is a considerable difference of opinion especially amongst commentators on whether the gap is a lacuna praeter legem, i.e., one being governed by, but not expressly settled in the CISG, or whether it is an issue falling outside the scope of application of the CISG, i.e. a lacuna intra legem. The protagonists of the former view lay emphasis on the overall objective of the CISG, namely to create a uniform law, whereas the supporters of the latter view refer to the legislative history of Article 78 as the dominant principle in interpreting Article 78. Some authors believe that the issue of determining the rate of interest is not dealt with by CISG and it is, therefore, governed by the applicable domestic law, which is the subsidiary law applicable to the sales contract, since "no special connecting points seem to have developed for the entitlement to interest." In the light of the relevant case law, it seems correct to conclude that the interest rate is not determined by CISG and that courts normally determine it according to their own rules of private international law. While CISG Article 78 expressly does not deal with this issue, PICC Article 7.4.9 and PECL Article 9.508, on the other hand, set forth a precise method for computing interest. Although a method like the one set by PICC may be useful and may encourage uniformity, it still cannot be used under the CISG. The PICC or PECL formula may, however, be a very good starting point in a de jure condendum analysis when a new Article 78 will be drafted, if an interest rate method will ever be embodied in the text of an international convention.

• Communications for Statistical Applications and Methods
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• 제29권1호
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• pp.85-101
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• 2022

Derivative-linked securities (DLS) is a type of derivatives that offer an agreed return when the underlying asset price moves within a specified range by the maturity date. The underlying assets of DLS are diverse such as interest rates, exchange rates, crude oil, or gold. A German 10-year bond rate-linked DLS and a USD-GBP CMS rate-linked DLS have recently become a social issue in Korea due to a huge loss to investors. In this regard, this paper accounts for the payoff structure of these products and evaluates their prices and fair coupon rates as well as risk measures such as Value-at-Risk (VaR) and Tail-Value-at-Risk (TVaR). We would like to examine how risky these products were and whether or not their coupon rates were appropriate. We use Hull-White Model as the stochastic model for the underlying assets and Monte Carlo (MC) methods to obtain numerical results. The no-arbitrage prices of the German 10-year bond rate-linked DLS and the USD-GBP CMS rate-linked DLS at the center of the social issue turned out to be 0.9662% and 0.9355% of the original investment, respectively. Considering that Korea government bond rate for 2018 is about 2%, these values are quite low. The fair coupon rates that make the prices of DLS equal to the original investment are computed as 4.76% for the German 10-year bond rate-linked DLS and 7% for the USD-GBP CMS rate-linked DLS. Their actual coupon rates were 1.4% and 3.5%. The 95% VaR and TVaR of the loss for German 10-year bond rate-linked DLS are 37.30% and 64.45%, and those of the loss for USD-GBP CMS rate-linked DLS are 73.98% and 87.43% of the initial investment. Summing up the numerical results obtained, we could see that the DLS products of our interest were indeed quite unfavorable to individual investors.

• 대한안전경영과학회지
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• 제11권4호
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• pp.261-267
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• 2009

The purposes of this article is to analyse how market competition of credit card company affect price(interest rate) and survival length of card users. This paper uses individual account data from a large Korean credit card company during the periods from 2002 to 2006. The findings of our study are as follows. First, market competition of credit card company have a negative effect with interest rate of credit card. Second, market competition of credit card company have a affirmative effect with survival length. Finally, The effect of Increasing delinquency rate due to price increase is smaller than decreasing delinquency rate due to extending survival length.

• 국제지역연구
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• 제13권1호
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• pp.103-122
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• 2009

본 연구는 예상환율변화율, 예상인플레이션 차이, 및 이자율 차이를 활용하여 한국의 외환시장, 실물시장, 및 화폐시장 간의 상호관계를 분석하였으며, 계량경제기법으로는 합리적 기대가설과 GARCH-M 모형을 적용하였다. 또한, 국제 Fisher 효과를 분석하여 국내외의 실질이자율이 국가간 자본유출입에 미치는 영향도 분석하였다. 분석결과에 의하면 한국의 경우 외환시장의 효율성을 실물시장 및 화폐시장간의 유기적인 관계로 이해하기에는 한계가 있지만 외환시장에서 결정되는 환율은 국가간 실질이자율의 충격에 영향을 받는 것으로 판명되었다. 따라서 외환시장의 안정성을 확보하기 위해서는 국가간 실질이자율의 차이를 안정적으로 유지하는 정책을 수행하여야 할 것이다.

• Journal of the Korean Data and Information Science Society
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• 제20권4호
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• pp.655-660
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• 2009

최근의 글로벌경제위기 상황에서 국내 금융외환시장이 높은 환율변동을 보이며 불안한 모습을 보이고 있다. 따라서 그 어느 때보다 금리, 환율 등 가격변수들의 움직임 및 이들 간의 관계에 대한 관심이 높다. 본 연구에서는 국내시장을 중심으로 환율, 금리의 추이 및 인과관계에 대하여 연구하였다. 글로벌경제위기 상황에서 원/달러환율, 콜금리의 움직임에서 나타나는 주요 특징을 알아보고, 교차상관분석 및 그랜저 인과관계검정 등을 이용하여 두 변수간의 상호연관관계에 대하여 선도/지연 관계를 중심으로 분석하였다.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.123-129
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• 2020

This scholarly work is an effort to capture the effects of oil prices on the actual exchange rate between dollar and rupee. This is done with reference to the U.S. dollar as oil prices are marked in USD (U.S. Dollar) in the international market, and India is among the top five importers of oil. Using monthly data from January 2001 to May 2020. The study used the real GDP, money supply, short-term interest rate difference between two countries, and inflation apart from the crude oil prices per barrel as the factors that help define the exchange rate. The analysis, through cointegration and vector error correction method (VECM), suggests long and short-run causality amid prices of oil and the rate of exchange fluctuations. Oil prices are found to be negatively related to the exchange rate in the long term but positively related in the short term. The result of the Wald test also indicates the short-run causation from the short-term interest rate and the prices of crude oil towards the exchange rate. The present study shows that oil prices are evidence of the existence of short-term and long-term driving associations with short-term interest rates and exchange rates.

• 재무관리논총
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• 제6권1호
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• pp.335-356
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• 2000

This paper examines the time series dynamics of spot and forward exchange rates and Eurocurrency deposit rates for four bilateral relationships vis a vis the U.S. dollar using daily data. The equilibrium implied by covered interest parity provides a theoretical foundation from which to estimate and analyze the dynamic properties of each system of exchange rates and interest rates. The structural statistical model is identified by relying on the implied cointegration vectors and long-run neutrality restrictions.

• 한국융합학회논문지
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• 제8권10호
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• pp.231-238
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• 2017

본 연구에서는 융합 시대를 맞이하여 국내 수출에 영향을 미치는 지표들을 찾고자 금리와 원/달러, 원/엔, 원/위안화를 선정하였다. 지난 2000년 1월 이후 210개월 동안 상관관계와 회귀분석, 지표분석, 모형분석 등을 시도하였다. 분석결과 상관분석에서는 수출이 원/달러, 원/위안화, 원/엔 환율과 음(-)의 관계를 보여 서로 방향성이 다르게 나타났다. 회귀분석에서는 수출에 대해 금리와 원/달러만 통계적으로 유의하게 나타났다. Coefficient가 금리는 양(+)의 값으로, 원/달러는 음(-)의 값으로 산출되었다. 원/달러 하락이 수출 증가에 긍정적으로 작용하는 것으로 추정되었다. 본 연구에서 원/달러 환율이 하락하면 수출이 증가하는 것으로 나타나 기존 선행연구와 다르게 나타났다. 그래서 시간차에 의한 선후행 관계를 다시 살펴볼 필요성이 제기되었다. 우리나라는 수출에 대한 의존도가 높은 편이다. 따라서 수출 증가를 위해 수출에 영향을 미치는 지표들에 관한 연구가 지속되어야 할 것이다.

• 한국콘텐츠학회논문지
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• 제20권3호
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• pp.245-253
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• 2020

전월세 전환율이 시장이자율 또는 임대인의 기대수익률이라면 전국의 전월세 전환율은 동일하여야 한다. 그러나 전월세 전환율은 항상 시장이자율보다 높은 수준을 유지하고 있다. 본 연구는 임대주택의 공급원가 구성요소를 현재의 주택가격, 시장이자율, 감가상각비, 보유세, 그리고 임대차에 따른 위험이 존재할 경우 위험프리미엄으로 파악하고 현재의 주택가격과 각 요소와의 관계를 파악함으로써 주택임차료를 현재 가격으로 표현하였다. 이를 통해 주택가격의 변동 폭을 암묵적으로 가정하거나 전월세 전환율에 현재의 주택가격이 반영되지 못한 단점을 극복하였다. 본 연구는 임대주택의 공급 원가를 구성 요소 간의 조합으로 표현함으로써 전월세 전환율이 시장이자율이 아니라 임대인의 필수수익률 또는 요구수익률임을 밝혔다. 이는 전월세 전환율이 항상 시장이자율보다 높은 현상도 설명할 수 있을 뿐만 아니라 전월세 전환율의 지역별 차이 및 주택 유형별 차이가 발생하는 원인도 설명할 수 있다.

• 한국컴퓨터정보학회:학술대회논문집
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• 한국컴퓨터정보학회 2011년도 제43차 동계학술발표논문집 19권1호
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• pp.55-58
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• 2011

This paper proposes a method of occluded number recognition by matching interest points. Interest points of input pattern are found via SURF features extracting and matched to interest points of clusters in database following three steps: SURF matching, coordinate matching and SURF matching on coordinate matched points. Then the satisfied interest points are counted to compute matching rate of each cluster. The input pattern will be assigned to cluster having highest matching rate. We have experimented our method to different numerical fonts and got encouraging results.