• The Journal of Asian Finance, Economics and Business
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• v.2 no.4
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• pp.31-38
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• 2015

During the last two decades the idea that central bank independence and transparency helps to maintain price stability, became popular among economists and central bankers. Many countries' governments give their monetary authorities higher independence and transparency to achieve the price stability goal. However, emerging countries such as Kazakhstan, suffer from high inflation. This inflation occurs largely due to a low level of independence and transparency of central banks. This research project measures the current level of independence and transparency of central bank of Kazakhstan. Indices were used to measure central bank independence and transparency. Central bank independence was measured by two types of indices: based on central bank laws (legal independence) and based on central banks governor's turnover (TOR). Developing countries have a weak legal framework, implying that a legal independence index cannot be appropriate to use as a measures of actual independence. Therefore, by paying attention to the other two indices, we can say that the central bank of Kazakhstan has a low level of independence and transparency. This, in turn, can be one of the causes of high inflation in Kazakhstan.

• 지역과문화
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• v.8 no.4
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• pp.23-42
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• 2021

This article examines the legal measures to establish the financial independence of the Local Cultural Centers(LCCs) by the revision of Promotion of Local Cultural Centers Act(PLCC Act) to allow profit-making activities of LCCs. For the past 70 years, LCCs have been the core of local culture, but they have not been financially independent and have survived through government subsudues and support funds. Its weak financial structure that depends on the subsidies makes it difficult to carry out the essential business and threatens sustainability. Legally, LCCs are special corporations which established in accordance with the PLCC Act, and their legal status and functions are stipulated in accordance with the laws governing their establishment. The current PLCC Act does not stipulate that the LCC may conduct profit-making business other than the essential business. However, compare to the other special corporations which established by their own legislatives, it is understood that the PLCC Act can also provide regulations related to the profit business of LCCs. This article presents legal drafts for PLCC Act and suggests other necessary discussions for financial independence of LCCs.

• Korea Trade Review
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• v.47 no.5
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• pp.115-128
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• 2022

This paper reviewed "unconscionability" as an exception to the independence principle of bank guarantees. Apart from fraud which has been recognized in most international jurisdictions, Uuconscionability would also be recognized as the exception to the legal principle, the so-called "fraud rule" or "an abuse of rights." Unconscionability exception is applied in the same manner as fraud and other exceptions to the principle of independence. The exception should allow guarantor to dishonor the drawings that abuse the independence principle. However, outright or manifest facts of the unconscionability must be established in order to apply the exception. Lots of arguments or conflicts may be caused in applying the unconscionability exception. Therefore, this study aims to prevent institutional abuses or to reduce the disputes from setting up the legitimate scope and standard for application of the exception by reviewing these procedural issues and problems under bank guarantee transactions. This paper also suggested practical implications and countermeasures for the institutional application.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.78
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• pp.31-51
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• 2018

As International arbitration has increased in popularity, there has been an expansion in the pool of arbitrators, and a commensurate diversification of not only the legal backgrounds but cultural backgrounds among themand among parties. As a result, there has been increased attention on the standards used to evaluate arbitrators' conduct and ethics, especially among them, 'Impartiality and Independence of Arbitrator' which is a precondition for an acceptable awards. There is no international treaty or code governing these issues. But the International Bar Association(IBA) seems to be leading the way such as establishing practical guidelines regarding to impartiality and independence of arbitrator. This article will review some theories, cases about impartiality and independence of arbitrator, and practical standards through the IBA guidelines. It is intended to provide specific guidance and criteria to the arbitrators, parties and counsels. And also it is expected to prevent unnecessary delays in arbitration proceedings in advance and filing for the annulment of arbitral awards because of lack of impartiality and independence of arbitrator as well.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.49
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• pp.139-164
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• 2011

Traditionally courts have been adopted over the years two standards of dealing with compliance of documents such as strict compliance and substantial compliance and the substantial compliance, which was somewhat less demanding than the strict compliance. However the new guidelines of ICC's international standard banking practice for the examination of documents under documentary credits set up how the UCP is to be applied in practice. The payment obligations of an issuing bank to a beneficiary are independence of the performance or the nonperformance of any contract underlying the letter of credit. However, strictly applying the principle of independence and abstraction could produce unfair results by operating unjustly enrich an unscrupulous beneficiary in case of fraud. Accordingly, when a beneficiary presents complying documents, the issuing bank is bound to honour the presentation unless the fraud rule applies on the facts of the case such as forged or material fraud. If it does, the issuing bank(issuer) needs not pay despite the complying presentation of documents by the beneficiary under the Uniform Commercial Code Article 5-109 and case law in America. However the fraud rule was not addressed in UCP 600. In conclusion, view in terms of legal principle and the court cases is variable and difficult to honour or dishonour the presentation in case of application of the independence principle and fraud rule such as the problems on burden of proof timely, possibility of granting injunction in order to protect against victim for bona fide applicant.

• Journal of the Korea Safety Management & Science
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• v.24 no.2
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• pp.77-85
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• 2022

This study tried to suggest a systematic improvement plan to prepare a civil safety insurance operation and management system by reviewing the operation and management status of civil safety insurance, which is operated and managed by each local government autonomously. In this study, the problems of the current civil safety insurance were analyzed by dividing them into the lack of systematic management of insurance items, overlapping coverage between insurance items, and deviations in compensation limits. As a systematic improvement plan, it was suggested to secure the systemic management of guarantee items, standardize compensation standards, prepare an integrated operation and management system, and provide financial support for local governments with poor financial independence. Since the problems and improvement plans for the civil safety insurance analyzed as described above are formed by exchanging and receiving a complex mutual influence, the institutional improvement plan for the operation and management system of the civil safety insurance is not only a specific part of the study, but also comprehensively current citizens. Based on the results derived from the analysis of safety insurance, it is concluded that alternatives must be found.

• Strategy21
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• s.38
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• pp.13-46
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• 2015

Dokdo issue reaches beyond economic and security interest to Koreans, as it is regarded as symbol of her independence. Albeit the fact that Japan has merely no legitimate title over Dokdo, Japan has been tenaciously insisting their jurisdiction over Dokdo since the independence of Korea. Under such circumstances, public outrage towards Japan is most certainly understandable. Yet, mere outrage itself, lacking in logic and factual grounds, can contribute little if not any, to the desirable solution of the problem. Precedents reveal that dealing maritime issues amid lack of profound understanding in international law has often led to undesirable results, such as the inclusion of Dokdo in the Joint Management Fisheries Zone in 1999 Korea-Japan Fisheries Agreement. In a sense, adroit use of international law is a critical element in preserving Korea's sovereign rights against persistent Japanese plans to rob Dokdo once again. The Dokdo issue is inextricably bound to international law; the legal status of Dokdo as island, the equitable solution of maritime boundary delimitation and effective control, existence of dispute. Yet, the public policies and arguments made by pundits are generally in lack of understanding in international law. It is now the time for Korea to commence on long-term cross-academia / department plans to establish Dokdo strategy as part of the nationwide maritime strategy effectively using international law as its stronghold.

• Journal of Arbitration Studies
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• v.32 no.1
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• pp.71-91
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• 2022

The legal integration in the European Union that seeks a unified system in consumer disputes and the German Consumer Dispute Mediation Act based on this pursues the procedural fairness of consumer disputes and the equality of results. The role and legal status of the dispute mediator, who plays a very important role in this process, and the stable operation of the dispute resolution system and the guarantee of reasonable results through the guarantee of fairness and independence are very important values. In particular, the dispute mediator under the Act is conceptually different from the existing mediator or mediator, and through this distinction, the duties and contents of the dispute mediator are also distinguished. For this reason, the qualifications of dispute mediators that affect the outcome of dispute mediation are strictly stipulated. There have been some criticisms of this strictness, and such strictness is also seen as an excessive limitation. However, these standards can be understood as one of the efforts to make the dispute mediation procedure more systematic and to operate objectively in accordance with laws and procedures. In addition, in relation to the issue of independence and impartiality of the dispute mediator, the status of the dispute mediator is guaranteed in various aspects. In economic terms, it is not influenced by external factors, and furthermore, in order to guarantee job stability, the results of job security and dispute resolution are not linked. By examining the appropriate level of discipline for these dispute mediators, we expect the developmental growth of the consumer dispute resolution system under our Act.

• Journal of Digital Convergence
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• v.15 no.1
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• pp.45-52
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• 2017

According to the change in media environment, a support plan for local broadcast has been required. In terms of legal and institutional support for the development of local broadcast, the enactment of special Act for local broadcast has become a breakthrough. In this point of view, we analyzed the performance and the limitation of the special Act. As a literature research, analyzing the literature and related-ordinances, we have sought legal and institutional support plans for the local broadcast. As a result, with the Local Broadcast Development Council being in charge of legislative right and responsibility, a plan to empower them to have legal and institutional authority should be drawn; another plan to secure independence in operating a fund and to promote the capability to produce local broadcast programs and the distribution system should be drawn; the other elaborate plan for the locality index that assesses the locality is required. Local broadcast should be on a way to secure not only public interest and concern but locality and diversity; legal and institutional plans should be sought.

• International Commerce and Information Review
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• v.5 no.2
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• pp.19-45
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• 2003

The main issues addressed in this paper are as follows : First, this paper makes a distinction among types of e-money, IC card type versus Network type, open-loop type versus closed-loop type, online type versus offline type and accountable type versus unaccountable type, and analysis the clear and accurate criterion. Second, generally speaking, e-money is a claim on originator of e-money and not legal tender, so, delivery of e-money by itself does not relieve of monetary obligation. Between it is not easy to define e-money, by now there are many definitions of e-money, there is a legal uncertainty accordingly and then it is not easy to find proper law applicable to resolve a particular issue. As a result. many problems relating to e-money would be solved through analogical application of the moot proper law among the laws that apply to the cash, check, credit card, or fund transfer after analyzing type of e-money at issue. This paper studies the methods on diffusion of the utilization of electronic money. To diffuse the usage of electronic money, it need; prerequisitely as a basic conditions independence of electronic money, non-reusability, and anonymity. And also as a additional conditions it need; usability in the offline commerce, transferability, divisibility. And now electronic money is used very actively, but still has many Jaw problems such as protections of consumer, law enforcement, supervisory, etc. So electronic money has called as money, but it is sure that electronic money is not a legal tender. So to facilitate the economic function of the electronic monel it is need to supplement the electronic money in the legal sides.