• 한국중재학회지:중재연구
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• 제31권1호
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• pp.55-81
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• 2021

Awarding interest in international arbitration remains one of the most challenging areas for tribunals and parties given the myriad of issues that arise. This article seeks to provide an overview of how international arbitral tribunals grant delay interest. It reviews the various issues that international arbitral tribunals face concerning pre-award and post-award interest, determining the appropriate interest rate, surrounding simple or compound interest, and the complex issue of choice of law. A comparative context is provided by surveying the laws of major jurisdictions from both the common law and civil law and the regulations of leading arbitral institutions. It concludes with a review of the law, jurisprudence, and practice in Korea related to delay interest and how Korean tribunals under the KCAB Domestic and International Rules have determined delay interest in recent years.

• 무역상무연구
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• 제13권
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• pp.69-81
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• 2000

Under the co-sponsorship of UNIDROIT and I.C.A.O., a preliminary draft Convention on International Interests in Mobile Equipment and a preliminary draft Protocol on Matters Specific to Aircraft Equipment has been prepared. The purpose of the Convention is to provide for the creation and effect of a new international interest in mobile equipment. The Convention's approach is quite novel in that it purports to create an international interest based upon the convention itself. The Convention is intended to be supplemented by Protocols, each of is intended to provide equipment-specific rules necessary to adapt the rules of the Convention to fit the special pattern of financing for different categories of equipment. To date, two sessions of governmental experts were held in Rome and Montreal. Korean delegations attended the two sessions. One of the members of the Korean delegation published a report on the first session. He expressed his objection to the so called self-help remedy contemplated by the current preliminary draft of the Convention which enables the holder of a security interest to repossess and dispose of the subject of the security interest by private sale rather than public auction on the occurrence of an event of default of the debtor. His view is based upon his understanding that under Korean law, the only remedy available to the holder of a security interest in mobile equipment, such as an airplane, is to apply to the competent court for a public auction. In my view, his understanding is not quite correct and is inconsistent with the current practice in Korea. Under Korean law, the parties' agreement for private sale is in principle valid unless there is an interested party who has acquired a security interest after the creation of the prior security interest or a creditor who has caused the subject of the security interest to be attached by a competent court. In this article, I discuss the current Korean law and practice relating to the enforcement of security interests by private sale in more detail.

• 무역상무연구
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• 제52권
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• pp.25-44
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• 2011

Possibility of credit risk, foreign exchange risk and interest rate risk of exporter increases in the recent international Commercial transactions, due to financial crisis of Europe and liberalization of Middle East. Under this circumstance, Forfaiting is trade finance that forfaiter purchase negotiable debt instrument without recourse from exporter, which occurred related with international commercial transactions, and credit risk, contingency risk, foreign exchange risk and interest rate risk of exporter can be transferred to forfaiter. Forfaiting is typically medium-term finance(three to five years) concluded at fixed interest rate, although it can also arranged on a floating interest-bearing basis for periods from six months to ten years or more. But Forfaiting service of Korea has limitation as follows. First, forfaiting in Korea deals with unrestricted irrevocable documentary credit as debt instruments. Period that forfaiting is provided is short and amount of money is limited, compared with advanced forfaiting. But forfaiting provided in advanced countries deals with various methods such as guarantee for bill, payment guarantee, and can be resold in financial market. Recently importance of forfaiting is increasing in international commercial transactions. Therefore profound study on forfaiting is required. The study will examine the risk that happens to the concerned parties in forfaiting, and its management measures. The study adopted literature review method such as local and foreign books and papers about trade finance, internet information about forfaiting, and professional journal related with international finance.

• 환경정책연구
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• 제6권4호
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• pp.103-127
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• 2007

본 연구는 정부의 국제환경규범 결정과정에 영향을 줄 수 있는 이익집단들의 정치적 행동을 조감하는데 필요한 정치경제학 모형을 제시한다. 복잡하고 다양한 이익집단의 집단행동을 분석하기 위해서 본 연구는 최근 유행하는 메뉴 옥션 유형의 선거비용 기부 모형으로부터 시작하여 다수 조정자-다수 대리인 이론에 근거하는 국제 이익집단 정치와 더불어 공동 대리인 모형과 다수 조정자-다수 대리인 모델이 혼재되어 있는 경우까지 조감하였다. 국제무역이론의 특정생산요소 모형을 바탕으로 다양한 이익집단 정치경제모형에서 결정될 수 있는 균형 환경규범의 수준을 분석하여 근래 점증하는 환경주의자 이익집단의 정치적 역할 등을 가늠하도록 한다. 2국 소국가 개방경제를 가정하여 각국의 일방적인 환경규범입안은 매우 완화된 수준에서 이루어질 것이고 이 때문에 초래되는 외부효과는 정부 간 협력을 통하여 내재화될 수 있다는 종래의 이론적 주장에서 탈피하여 국가 간 협력을 통하여 달성될 수 있는 최적의 국제환경규범 수준이 동일한 이익을 추구하는 각국의 이익집단 간의 협력을 통해서도 가능함을 지적한다.

• 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.

• Asian Journal for Public Opinion Research
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• 제3권4호
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• pp.176-197
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• 2016

Despite being a key concept of International Relations theory, there is no consensus about what the national interest is. It is almost impossible for political leaders of democratic states to make a crucial decision in foreign policies when considering only the national interest without public support. Rather, we are unable to imagine the national interest without public opinion. In general, international crises galvanize people who held different opinions and unify social cleavages, such as secular-religious identities, into a nation that acts in its national interest. The author proposes a method to operationalize the key concept and describes a relationship between the national interest and religious identities in a democratic state. The selected case is the state of Israel. It is believed that Israel is a good example to think about the association between foreign affairs and political attitudes since it is characterized as a socio-religious divided society and has often waged war against Arab military forces.

• 무역상무연구
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• 제13권
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• pp.235-253
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• 2000

As to the sphere of application, Article 78 CISG undoubtedly applies to interest on the purchase price. Furthermore, the provision also applies to "any other sum that is in arrears". This language has been interpreted to encompass expenses that one party had on behalf of the other as well as reimbursements when the purchase price is reduced according to Article 50 CISG. However, it is questionable whether this language also extends to claims for damages. Legal scholars seem to agree that one has a right to interest on damage claims under Article 78 if the amount in question has been liquidated vis-a-vis the other party. Whether this right to interest also applies to unliquidated sums, is controversial, however. In this study, as a result of taking into account the puspose of Article 78, we could find the fact that regardless of whether the exact amount of damages has been specified yet, the breaching party still owes compensation to the other party from the time of the breach and, accordingly, the non-breaching party should be entitled to interest payments on the loss from that time. Consequently, Article 78 applies not only to liquidated but also to unliquidated damages.

• 무역상무연구
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• 제61권
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• pp.113-137
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• 2014

For a contract of insurance to be valid, the insured needs to have an insurable interest. This means that someone taking out insurance must stand to gain a benefit from the preservation of the subject matter of the insurance or to suffer a disadvantage should it be lost. Although the principle is simple, the detail is difficult. English Law Commission proposed some changes to provide certainty on the rule of insurable interest in LCCP 201. This article is, therefore, designed to examine the proposals for reforming trends in English insurance contract law. The proposals on Law Commission in summarized as following. First, LC proposed to retain the requirement for insurable interest because it was thought to fulfil four useful functions. Secondly, LC proposes to repeal the Marine Insurance Act 1788 and the Marine Insurance (Gambling Policies) Act 1909 to confirm that the requirement of insurable interest applies to all forms of insurance. Thirdly, LC proposes to retain the provisions on insurable interest in the Marine Insurance Act 1906. Finally, LC proposes to define insurable interest and thinks that full definition of insurable interest should remain flexible.

• 연구윤리
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• 제3권1호
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• pp.1-5
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• 2022

Purpose: A conflict of interest is defined broadly as a scenario in which one's responsibilities and self-interest collide in a manner that has a significant probability of corrupting one's discernments, motivations, actions, desires, values, and judgments. This study aims to investigate various cases of conflict of interest. Research design, data and methodology: Our study used the preferred reporting items for systematic reviews and meta-analyses (PRISMA) to identify resources. The eligibility of selected prior studies thoroughly was investigated whether they are suitable for the topic of present study. Finally, we collected total 15 previous studies published between 2000 and 2021. Results: Research findings indicate that there are three main cases that might cause a conflict of interest and mandated research ethics education might provide researchers with the tools to identify and battle the temptations and biases provided by conflicts of interest. Researchers could likely be better prepared for conflicts of interest if they investigated the moral difficulties associated with them in advance. Conclusions: Researchers might evade deliberate or unconscious detriment of duties, and also objectivity loss because of the siren song of self-interest by escaping situations whereby they may be tempted to shirk their responsibilities, not to remark the hassles of unveiling conflicts.

• The Journal of Asian Finance, Economics and Business
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• 제3권3호
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• pp.57-65
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• 2016

The purpose of this paper is to investigate the volatility of both Islamic and conventional stock market in Indonesia with the aim of identifying the most appropriate model for risk management practice. The study considers GARCH as a genre of model to measure the volatility of stock market movement. The results support the view that each model shows specific volatility from both Islamic and conventional stock market in Indonesia. In Islamic stock market, volatility is affected by exchange rate and money supply (M1) but not interest rate as interest is prohibited in Islam. However, interest rate is found as a principal factor that affects volatility of conventional stock market. The outcomes of this paper are of particular significance to policy makers, as it provides guidelines to maintain economic health. Furthermore, the findings may assist practitioners to understand the consequences of macroeconomic factors such as exchange rate, money supply and interest rate, which are very crucial for the market stability of Indonesian stock market. The paper enhances the understanding of stock market volatility and proposes guidelines risk management practices.