• Journal of Digital Convergence
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• v.16 no.12
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• pp.185-195
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• 2018

This study aims to explore the development of FinTech industry in Korea by comparing and analyzing the effect of job creation in the FinTech industry in Korea and the US. The industry Input-Output table used in the analysis used WIOD, which is composed of the same industrial classification and monetary unit in both Korea and the US. For the analysis, the FinTech industry is composed of ICT sector and financial sector as one industry. This study also compares the employment creation effect in the ICT sector and the financial sector, in addition to the FinTech industry, in order to distinguish the FinTech industry characteristics of the two countries. As a result of the analysis, when the investment or production of 1 million US dollars was made in the FinTech industry in Korea, the employment inducement effect was 11.33 and the employment inducement effect was 9.47, indicating a total employment creation effect of 20.8 persons. In the United States, the Direct employment effect was 8.07 and the indirect employment effect was 7.72, indicating that the employment creation effect was 15.79. However, as a result of classification by the average employment creation effect of the national economy, Korea 's FinTech industry is classified as indirect employment advantage with a high indirect employment inducement effect and the United States is classified as an employment creation advantage with high both direct and indirect employment inducement effect.

• Korean Journal of Social Welfare Studies
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• v.40 no.2
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• pp.33-58
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• 2009

The main purpose of this study is to explore the structure of local government social welfare finance and tendency of changing structure and what affects the change. We select GuRoGu budget from 2000 to 2007 as one of local governments in Korea to perform the study goal. After we analyzed the contents of the budget, we have developed the framework of analysis for reclassifying local government welfare budget. First of all, we find utility of the framework of analysis which classify local government social welfare budget as target groups, properties, and the source of the finance. Secondly, the structure of local government welfare finance has changed for 8 years. The rate of finance for direct service has risen more than that for indirect service, and the rate of finance providing material(or service) type has risen more than that of providing monetary type. The rate of the finance from central government has grown up rapidly, whereas that from local government has fallen off. The hypotheses that the rate of financial self-reliance and the increase rate of social welfare expenditure to the previous year play a significant role to the rate of social welfare expenditure are not clear in our study. But we find the central government's effects to the local government welfare budget has grown up. So, we propose if we analyze the hypothesis of incrementalism, we must divide the effects of the previous year expenditure from the effects of central government's policy.

• KDI Journal of Economic Policy
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• v.45 no.4
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• pp.57-77
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• 2023

The Chonsei component holds the highest level of weight (5.4%) in the composition of the Korean consumer price index (CPI). The variations in Chonsei prices are directly reflected in the CPI as a representation of cost swings. The Chonsei refers to a deposit that accumulates the costs related to housing services and is mostly affected by variations in rental rates. Nevertheless, it is important to note that Chonsei prices are also susceptible to fluctuations in interest rates, regardless of the rent prices. Therefore, if Chonsei were directly and one-to-one indexed to the CPI, they could include changes other than residential service prices. After analyzing the time series data of the Chonsei index and rent index inside the CPI, it becomes apparent that the Chonsei index displays an average annual growth rate of 2.3%, whilst the rent index reveals a growth rate of 0.9%. The observed disparity in growth rates indicates a divergence in trends between the two indices. It is posited that the Chonsei index, when capitalized, has had a more rapid increase compared to the rental index, owing to the gradual drop in interest rates. To effectively reflect fluctuations in the housing service costs, proxies for the Chonsei index were utilized in the construction of a consumer price index. The findings of our study suggest that, overall, the newly developed CPI demonstrates a comparatively lower rate of inflation when compared to the official CPI. Furthermore, the inclusion of imputed rents for owner-occupied housing in CPI amplifies this effect.

• Land and Housing Review
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• v.14 no.4
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• pp.47-62
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• 2023

Using the dynamic panel model, this study investigates rent determinants for small and medium-sized office buildings in Korea's CBD and Gangnam areas, key business districts. The results reveal that rents for small and medium-sized office buildings in CBD and Gangnam areas are influenced by macroeconomic fluctuations and characteristics of buildings and locations, suggesting a market with both spatial consumer and investment goods attributes. There are several investment implications as follows. First, even if the location in the CBD area is advantageous, the practical limitations in renovating aging small and medium-sized office buildings must be taken into account when investing. Second, parking conditions are a key factor influencing rent prices in CBD areas, so evaluating the parking facilities and improvement potential of small and medium-sized office buildings is essential for investors. Finally, due to the high sensitivity of Gangnam's small and medium-sized office market to macroeconomic trends, it's vital to prioritize monetary policy shifts as a key factor in investment decisions.

• The Korean Journal of Air & Space Law and Policy
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• v.30 no.2
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• pp.249-277
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• 2015

Regulation (EC) No 261/2004 ("Regulation") is a common rule on compensation and assistance to passengers in the event of denied boarding and of cancellation or long delay of flights. In some recent cases of European nations, passengers sued the air carrier in order to obtain monetary compensation under Article 7(1) of the Regulation. Some courts dismissed the actions on the grounds that, unlike denied boarding or cancellation of the flight, the Regulation provides no compensation in relation to delayed flights. However, Court of Justice of the European Union(CJEU) ruled that Regulation 261/2004 must be interpreted to mean that passengers whose flights are delayed have a right to compensation in cases when the loss of time is equivalent to, or is in excess of three hours - where the passengers eventually reached their final destination three hours or more later than the originally scheduled arrival time. It is true that a strict interpretation of the regulation would suggest that passengers whose flight has merely been delayed are not entitled to compensation. They should only be offered assistance in accordance with the Articles 6 and 9. Nevertheless, the Court recognized the same right to the same compensation for passengers of flights delayed by more than three hours as that explicitly provided for passengers of cancelled flights. On the one hand, the Court bases this ruling on the recitals of the Regulation, in which the legislature links the question of compensation to that of a long delay, while indicating that the Regulations seek to ensure a high level of protection for passengers regardless of whether they are denied boarding or their flight is cancelled or delayed. On the other hand, the Court interprets the relevant provisions of the Regulation in light of the general principle of equal treatment. Furthermore, the Court delivered a ruling that the loss of time inherent in a flight delay, which constitutes an inconvenience within the intention of Regulation No 261/2004 and which cannot be categorized as 'damage occasioned by delay' within the meaning of Article 19 of the Montreal Convention, cannot come within the scope of Article 29 of that convention. Consequently, under this view, the obligation under Regulation No 261/2004 intended to compensate passengers whose flights are subject to a long delay is in line with Article 29 of the Montreal Convention. Although the above interpretation of the Court can be a analogical interpretation, the progressive attitude of the Regulation and the view of Court forward to protect passengers' interest is a leading role in the area of international air passenger transportation. Hopefully, after the model of the positive support in Europe, Korea can establish a concrete rule for protecting passengers' right and interest.

• The Korean Journal of Air & Space Law and Policy
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• v.30 no.2
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• pp.279-310
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• 2015

The Montreal Convention is an agreement that governs the liability of air carriers for injury and death to passengers travelling internationally by air. The Montreal Convention serves as the exclusive legal framework for victims and survivors seeking compensation for injuries or death arising from accidents involving international air travel. The Montreal Convention sets monetary liability caps on damages in order to promote the financial stability of the international airline transport industry and protect the industry from exorbitant damages awards in courts that would inevitably bankrupt an airline. The Convention allows a litigant suing under the Convention to avoid the liability caps in instances where the airline's culpability for the injury or death is the direct result of negligence, another wrongful act, or an omission of the airline or its agents. The Montreal Convention identifies specific locations as appropriate venues to advance claims for litigants seeking compensation. These venues are closely tied to either the carrier's business operations or the passenger's domicile. In March 2015, in an act of suicide stemming from reactive depression, the co-pilot of Germanwings flight 9525 intentionally crashed the aircraft into the French Alps killing the passengers and the remaining crew. Subsequent to the crash, there were media reports that Lufthansa made varying settlement offers to families of the passengers who died aboard the flight ranging from $8,300 USD to $4.5 Million USD depending on the passengers' citizenship. The unverified offers by Lufthansa prompted outcries from the families of the decedent passengers that they would institute suit against the airline in a more plaintiff friendly jurisdiction such as the United States. The first part of this article accomplishes two goals. First, it examines the Montreal Convention's venue requirement along with an overview of the recoverable damages from countries comprising the citizenship of the passengers who were not American. The intentional crash of Germanwings flight 9525 by its First Officer encompasses the possibility that Lufthansa may be exposed to unlimited compensatory damages beyond the liability caps contained in the Convention. The second part of this article explores the application of the Convention's liability limits to the Germanwings flight to demonstrate that the likelihood of escaping the liability limits is slim.

• The Korean Journal of Financial Studies
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• v.3 no.1
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• pp.233-265
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• 1996

We examine the impact of public and private information on price movements using the thirty DJIA stocks and twenty-one NASDAQ stocks. We find that the standard deviation of daily returns on information days (dividend announcement, earnings announcement, insider purchase, or insider sale) is much higher than on no-information days. Both public information matters at the NYSE, probably due to masked identification of insiders. Earnings announcement has the greatest impact for both DJIA and NASDAQ stocks, and there is some evidence of positive impact of insider asle on return volatility of NASDAQ stocks. There has been considerable debate, e.g., French and Roll (1986), over whether market volatility is due to public information or private information-the latter gathered through costly search and only revealed through trading. Public information is composed of (1) marketwide public information such as regularly scheduled federal economic announcements (e.g., employment, GNP, leading indicators) and (2) company-specific public information such as dividend and earnings announcements. Policy makers and corporate insiders have a better access to marketwide private information (e.g., a new monetary policy decision made in the Federal Reserve Board meeting) and company-specific private information, respectively, compated to the general public. Ederington and Lee (1993) show that marketwide public information accounts for most of the observed volatility patterns in interest rate and foreign exchange futures markets. Company-specific public information is explored by Patell and Wolfson (1984) and Jennings and Starks (1985). They show that dividend and earnings announcements induce higher than normal volatility in equity prices. Kyle (1985), Admati and Pfleiderer (1988), Barclay, Litzenberger and Warner (1990), Foster and Viswanathan (1990), Back (1992), and Barclay and Warner (1993) show that the private information help by informed traders and revealed through trading influences market volatility. Cornell and Sirri (1992)' and Meulbroek (1992) investigate the actual insider trading activities in a tender offer case and the prosecuted illegal trading cased, respectively. This paper examines the aggregate and individual impact of marketwide information, company-specific public information, and company-specific private information on equity prices. Specifically, we use the thirty common stocks in the Dow Jones Industrial Average (DJIA) and twenty one National Association of Securities Dealers Automated Quotations (NASDAQ) common stocks to examine how their prices react to information. Marketwide information (public and private) is estimated by the movement in the Standard and Poors (S & P) 500 Index price for the DJIA stocks and the movement in the NASDAQ Composite Index price for the NASDAQ stocks. Divedend and earnings announcements are used as a subset of company-specific public information. The trading activity of corporate insiders (major corporate officers, members of the board of directors, and owners of at least 10 percent of any equity class) with an access to private information can be cannot legally trade on private information. Therefore, most insider transactions are not necessarily based on private information. Nevertheless, we hypothesize that market participants observe how insiders trade in order to infer any information that they cannot possess because insiders tend to buy (sell) when they have good (bad) information about their company. For example, Damodaran and Liu (1993) show that insiders of real estate investment trusts buy (sell) after they receive favorable (unfavorable) appraisal news before the information in these appraisals is released to the public. Price discovery in a competitive multiple-dealership market (NASDAQ) would be different from that in a monopolistic specialist system (NYSE). Consequently, we hypothesize that NASDAQ stocks are affected more by private information (or more precisely, insider trading) than the DJIA stocks. In the next section, we describe our choices of the fifty-one stocks and the public and private information set. We also discuss institutional differences between the NYSE and the NASDAQ market. In Section II, we examine the implications of public and private information for the volatility of daily returns of each stock. In Section III, we turn to the question of the relative importance of individual elements of our information set. Further analysis of the five DJIA stocks and the four NASDAQ stocks that are most sensitive to earnings announcements is given in Section IV, and our results are summarized in Section V.

• The Korean Journal of Air & Space Law and Policy
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• v.34 no.1
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• pp.3-38
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• 2019

In 1984, Congress enacted a new measure of administrative sanctions which is a civil money penalty program for violations of Aviation Act and its implementing regulations. This civil money penalty system has been in operations in lieu of suspending or revoking certificates issued by Korean government, Ministry of Land, Infrastructure, and Transport. According to the rules of Aviation Business Act or Aviation Safety Act, where the Minister of Land, Infrastructure and Transport should order an air carrier to suspend operation because of her violation under certain rules, in which case the suspension of operation is likely to cause serious inconvenience to consumers of air transport services or to harm public interest, the Minister of the department may impose an administrative monetary penalty in lieu of the suspension of operation. In this regard, airline related civil money penalties are somewhat different from those of fair trade, which is the origin of the money penalties system in Korea. Civil money penalties in the field of fair trade are imposed on executive duty violations that undermine the value of the market economy order, and focus on reimbursement of profits due to violations and compensation for unfair spending by consumers. However, in the aviation sector, breach of duty by a business operator does not simply cause the property loss of the public, but it has a direct impact on life or property of the public. In this respect, aviation penalties are more likely to be administrative sanctions or punitive measures than refunds of unfair benefits, compared to penalties in the field of fair trade. In general, civil money penalties have been highly preferred as administrative sanctions because they are subject to investigations by administrative experts and thus, efficiency can be ensured and execution is quicker than judicial procedures. Moreover, in Korea, because punitive civil damages cannot awarded by the courts, the imposition of civil money penalties is recognized as a means of realizing social justice by recognizing the legal feelings of the people. However, civil money penalties are administrative sanctions, and in terms of effectiveness, they are similar to criminal fines, which are a form of punishment. Inadequate legislation and operation of penalties imposition may cause damage to the value of Constitution. Under the above recognition, this paper has been described for the purpose of identifying the present status of the civil money penalties imposition system and operating status in the area of air transport under the laws and regulations in Korea. Especially, this paper was focused on exploring the problem and improvement direction of Korean system through the comparative study with foreign laws and regulations.

• The Korean Journal of Air & Space Law and Policy
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• v.33 no.2
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• pp.169-197
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• 2018

The purpose of this study is to present a reasonable and concrete standard for the Korean aviation insurance compulsory subscription system. Through this, we aim to improve the current revision of laws and regulations, and ultimately create an environment in which the safety and property of the Korean people who use aircraft with appropriate aviation insurance can be secured. In particular, by reviewing the aviation business law and its new laws and regulations enacted in 2017, the legislative improvement direction of aviation insurance will be proposed. In order to maintain the continuous growth of the air transportation industry and to make amicable compensation for the victims, considering the characteristics of the total accident, instantness, and giganticness of air accidents in which a lot of people and property are lost in the event of an accident, adequate insurance coverage is essential. In this respect, the compulsory insurance to amend the principle of freedom of contract, which is the great principle of the modern judicial system, will be persuasive. However, in comparison with foreign legislation, the legal provisions on Korea's obligation to comply with aviation insurance need to be revised around the following issues: First, it is reasonable to enforce the regulation of the mandatory aviation insurance by legislation from the Congress not by administrative regulations. Because it will force the monetary obligations of the individual such as common air carriers. Second, our law regulations respond to various kinds of air damages by using the phrase "limit of liability stipulated in international conventions". However, as we have seen in the text, the range of compensation are various according to the use of legal instruments in international conventions such as the Montreal Convention, which governs the compensation of passengers for damages to passengers today. Third, in countries with narrow territories, such as Korea, there are big differences in flying time and insurable risk between domestic and international transportation. Therefore, it is necessary to divide domestic transportation and international transportation even in the obligation to join the insurance. This dual discipline has the advantage for rookies in air carrier market who mainly start their business from domestic service. Fourth, according to Korean law, the regulations of automobile loss insurance is applicable to the aviation mandatory insurance of unmanned aerial vehicle accident which is lack of persuasion. In the future, it will be appropriate to discipline insurance for unmanned aerial vehicles with unlimited potential for development from a long-term perspective.

• Journal of Intelligence and Information Systems
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• v.18 no.3
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• pp.79-96
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• 2012

As the pace of competition dramatically accelerates and the complexity of change grows, a variety of research have been conducted to improve firms' short-term performance and to enhance firms' long-term survival. In particular, researchers and practitioners have paid their attention to identify promising technologies that lead competitive advantage to a firm. Discovery of promising technology depends on how a firm evaluates the value of technologies, thus many evaluating methods have been proposed. Experts' opinion based approaches have been widely accepted to predict the value of technologies. Whereas this approach provides in-depth analysis and ensures validity of analysis results, it is usually cost-and time-ineffective and is limited to qualitative evaluation. Considerable studies attempt to forecast the value of technology by using patent information to overcome the limitation of experts' opinion based approach. Patent based technology evaluation has served as a valuable assessment approach of the technological forecasting because it contains a full and practical description of technology with uniform structure. Furthermore, it provides information that is not divulged in any other sources. Although patent information based approach has contributed to our understanding of prediction of promising technologies, it has some limitations because prediction has been made based on the past patent information, and the interpretations of patent analyses are not consistent. In order to fill this gap, this study proposes a technology forecasting methodology by integrating patent information approach and artificial intelligence method. The methodology consists of three modules : evaluation of technologies promising, implementation of technologies value prediction model, and recommendation of promising technologies. In the first module, technologies promising is evaluated from three different and complementary dimensions; impact, fusion, and diffusion perspectives. The impact of technologies refers to their influence on future technologies development and improvement, and is also clearly associated with their monetary value. The fusion of technologies denotes the extent to which a technology fuses different technologies, and represents the breadth of search underlying the technology. The fusion of technologies can be calculated based on technology or patent, thus this study measures two types of fusion index; fusion index per technology and fusion index per patent. Finally, the diffusion of technologies denotes their degree of applicability across scientific and technological fields. In the same vein, diffusion index per technology and diffusion index per patent are considered respectively. In the second module, technologies value prediction model is implemented using artificial intelligence method. This studies use the values of five indexes (i.e., impact index, fusion index per technology, fusion index per patent, diffusion index per technology and diffusion index per patent) at different time (e.g., t-n, t-n-1, t-n-2, ${\cdots}$) as input variables. The out variables are values of five indexes at time t, which is used for learning. The learning method adopted in this study is backpropagation algorithm. In the third module, this study recommends final promising technologies based on analytic hierarchy process. AHP provides relative importance of each index, leading to final promising index for technology. Applicability of the proposed methodology is tested by using U.S. patents in international patent class G06F (i.e., electronic digital data processing) from 2000 to 2008. The results show that mean absolute error value for prediction produced by the proposed methodology is lower than the value produced by multiple regression analysis in cases of fusion indexes. However, mean absolute error value of the proposed methodology is slightly higher than the value of multiple regression analysis. These unexpected results may be explained, in part, by small number of patents. Since this study only uses patent data in class G06F, number of sample patent data is relatively small, leading to incomplete learning to satisfy complex artificial intelligence structure. In addition, fusion index per technology and impact index are found to be important criteria to predict promising technology. This study attempts to extend the existing knowledge by proposing a new methodology for prediction technology value by integrating patent information analysis and artificial intelligence network. It helps managers who want to technology develop planning and policy maker who want to implement technology policy by providing quantitative prediction methodology. In addition, this study could help other researchers by proving a deeper understanding of the complex technological forecasting field.