• East Asian Economic Review
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• v.23 no.3
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• pp.227-260
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• 2019

This paper offers a comprehensive view of international risk sharing and of related policy issues from the perspective of the European Union. The traditional analyses contemplate three risk-sharing channels: the capital markets channel (through cross border portfolio investments), international transfers and the credit markets channel (via savings). Comparative analyses reveal that, on average, about 80% of the shock remains unsmoothed in Europe while only about 18% of the shock is transmitted to consumers within the US. From aggregated figures, there is space for improving, particularly, the cross-border investments channel in Europe. In this sense, the completion of the Banking and Capital Markets Union are expected to boost risk sharing across European member states. We also review new additional issues usually not contemplated by the traditional literature as depreciation, migration and the role of sovereigns and two new additional channels recently considered in the literature: government consumption and the real exchange rate. Finally, we also examine recent analysis related to the geographic distribution of risk sharing.

• International Area Studies Review
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• v.13 no.2
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• pp.89-115
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• 2009

By measuring the consumption risk sharing for the EU regions, we evaluate the performance of various risk sharing channels for the EU. We identify which countries are likely to form the highest risk sharing group among the EU regions by using the DFFITS and DFBETAS diagnostics derived in a statistical regression. Our finding suggests that most western European countries seem to display homogeneous degree of risk sharing. In addition, our result confirms that high risk sharing regions as well as low risk sharing regions are mainly located in many eastern European countries that joined the EU later than western European countries, and implies that the EU members are still dichotomized at large in terms of consumption risk sharing.

• International conference on construction engineering and project management
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• 2024.07a
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• pp.706-713
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• 2024

Public-private partnership (PPP) projects are characterized by the bundling of construction and operation phases and risk sharing, which motivate private sponsors to enhance project efficiency throughout its life-cycle. However, internal conflicts of interest among sponsors can potentially distort these incentives. Building on agency theory, this study presents a game model to examine the effect of internal conflicts among private sponsors on bundling and risk sharing. The results show that the degree of the bundling and risk transfer from the government to private sponsors depend on the sponsors' shareholding and capabilities. This study contributes to the PPP knowledge body by introducing the internal conflicts among sponsors into the incentive mechanism of risk-sharing between the government and private sponsors. The findings also provide support for the government to formulate risk-sharing strategies and shed light on the sponsor selection of PPP projects.

• International Area Studies Review
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• v.13 no.3
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• pp.51-71
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• 2009

We pursue empirically influential determinants of risk-sharing across various groups in the United States. We consider all the possible combinations out of the eight BEA economic regions and relate the risk-sharing measure for each group to sectoral composition difference under the control of the state-level macroeconomic and financial characteristics. Our results show that more active risk-sharing via cross-ownership market is observed in groups exhibiting more different sectoral composition. The evidence implies that, given other economic and financial conditions equal, economic union tends to share more consumption risk among its members that are more heterogeneous in their sectoral composition. These days, many countries aim to form FTA and other forms of economic integration. We suggest that they should pay attention to sectoral composition for member countries to minimizes income shock in the integrated economy.

• Journal of Agricultural Extension & Community Development
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• v.23 no.2
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• pp.169-180
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• 2016

This paper assesses the role of informal institutions in determining risk preference among smallholders in Tigray, Ethiopia. We use data from a household survey conducted by the Institute of Poverty Alleviation and International Development (IPAID). We find that households which participate in Debo, an informal labor-sharing institution, or have a friend from whom they can receive help are less likely to be risk-averse. However, participation in Iddir, a traditional form of insurance, is not significantly associated with risk preference. Hence, the existence of social institutions that provide assistance and social connections through reciprocity may be affording security against risk beyond that brought by more monetary forms of insurance. Given the importance of risk attitude in mediating the adoption of improved agricultural production, a policy suggestion is to provide selected aid to households which are less risk-averse agricultural investors. Also, Debo as a labor-sharing institution may serve as a nexus for managing aid and knowledge sharing.

• International conference on construction engineering and project management
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• 2015.10a
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• pp.629-630
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• 2015

'Sabine Pass Liquefaction Project (SPL Project)', a case study in this report, is the first construction project of a U.S. liquefaction facility for shale gas export overseas. This study analyzes the SPL Project to give understanding and a guideline to Korean EPC companies by benchmarking about effective risk-sharing strategies on EPC contracts. This study consists of three parts. The first summarizes the liquefaction process adopted on the SPL Project, named the 'ConocoPhillips Optimized Cascade Process', and compares it with other competitive liquefaction processes. The second introduces the unique features of the SPL EPC contract by comparing it with two other EPC forms of contracts: a FIDIC Silver Book for onshore plant projects and a contract of an offshore oil production (FPSO) project. The third focuses on the complexity of project financing (PF), especially lenders control and impact on the EPC contract such as covenant provisions to constrain variations and changes on the EPC Contract. From these conclusions, it is anticipated that this case study can provide a guideline for successful performance of Korean EPC contractors overseas.

• International conference on construction engineering and project management
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• 2024.07a
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• pp.1309-1309
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• 2024

This resarch showed that the factors contributing to the success or failure of international joint ventures (IJVs), such as those between Japanese and American engineering companies, are influenced by information sharing and consensus building within the IJV. Based on the available information about such IJV projects, the factors were evaluated by the following statical method. However, the mechanism is not simple and includes many mediating and interaction effects between explanatory variables due to the uncertainty of the environment surrounding the project. Based on existing research on risk management in Project management area, it was revealed that the analyzed factors behind IJV success and failure based on the analysis model that integrates the above perspectives and incorporates typical risk items for projects as pointed out by PM-related academic and practionors societies. It was demonstrated that it can be explained quantitatively by applying the Multivariate analysis method. This analysis method could be expanded to the future evaluation of the projects risk item during the planning stage of the projects.

• Journal of the East Asian Society of Dietary Life
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• v.17 no.3
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• pp.456-462
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• 2007

Food safety has been a growing consumer concern over the last few decades, and remains a priority for consumers, the food industry, and regulatory agencies alike. Although consumer concern for food safety has increased, consumer confidence has decreased. The emphasis on food safety is related to that of preliminary risk management. The ability to collect and provide food risk information is a key element in enhancing the way food safety authorities protect consumers from risk. This review aims to investigate the current situations of international organizations, as well as several countries' systems for collecting and providing food risk information. Through the comparison and analysis of each system, this review proposes strategies to establish a systematic collecting of information and provision of infrastructure in Korea. To develop an information collection system suited to Korea's situation, it is necessary for Korea to strengthen interactions and cooperation with other trade partners through the enlargement of international networks. Such efforts on food risk communication should be made by providing high quality and clear information.

• Journal of Digital Convergence
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• v.17 no.7
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• pp.99-108
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• 2019

This study examined the relationships among perceived values(environmental value, functional value), perceived risk, subjective norm, pro-social behavior, product attitude, and usage intention related to car-sharing service. The study also explored the moderating role of possessive desire between the antecedent variables and consumer attitude. 238 survey responses of Chinese consumers were analyzed by structural equation modeling. It is indicated that environmental value, functional value, subjective norm, pro-social behavior had positive effects on attitude, thereby affecting the usage intention of this service. Possessive desire moderated the relationship between environmental value, subjective norm and attitude. These results are expected to provide various marketing strategies for sharing economy services.

• International conference on construction engineering and project management
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• 2015.10a
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• pp.4-5
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• 2015

Owning to rapid infrastructure development, Asia is experiencing dramatic economic growth. There are not a few cases in which, however, economic growth is achieved by increasing the external diseconomy. Pursuit of sustainable development is one of the most important issues for mankind. Under the post-industrial capitalism society, however, there seems a big risk of increase in the external diseconomy worldwide. The objectives of this manuscript are to discuss importance of risk management of construction practice in present and future. Regarding the latter, a particular attempt is made to discuss how project risk communication should be done to reduce the external diseconomy. Presently, one of the important issues in implementation of infrastructure projects is practice of risk management to properly manage time, cost, quality, and safety: mainly maximization of internal economy. Multi-party risk and uncertainty management process (MRUMP) is one of tolls to assist it. The idea on MRUMP can be used to reduce the external diseconomy through identifying, sharing, and tuning people's rhythms.