• The Journal of Society for e-Business Studies
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• v.23 no.3
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• pp.13-32
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• 2018

Btcoin has made a big progress through anonymity, decentralized authority, sharing economy, multi-ledger book-keeping, block-technology and the convenient financial vehicle. Bitcoin has the characteristics of mining and supply by decentralized suppliers, limited supply quantity and the partial money-like function as well as gold. The paper studies the hedge and safe-haven of Bitcoin and gold on daily frequency data over the period of July 20, 2010-Dec. 27, 2017 employing Asymmetric Vector GARCH. It finds that gold has the hedge and safe-haven against inflation and capital markets while Bitcoin has the weak hedge and the weak safe-haven. It shows insignificant effects of inflations of US and Korea on the volatilities of Bitcoin and gold. It also suggests the necessity of clearing of vagueness behind the anonymity for fair and transparent trade through the law application in the absence or fault in law (Lucken im Recht). following the spirit of the living constitution (lebendige gutes Recht oder Vorschrift). The relevant institutions are hoped to be given some of obligations such as registration, minimum required capital. report, disclosure, explanation, compliance and governance with autonomous corresponding rights. The study also suggests the reestablishment of the relevant financial law and taxation law. The hedge would not be successfully accomplished without the vigilant cautions of investors.

• The Korean Journal of Applied Statistics
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• v.23 no.1
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• pp.81-93
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• 2010

Korea experienced a financial crisis in 1997. Since then Korea economy has undergone severe change such as exchange rate regime from the market average exchange rate system to the free floating exchange rate system in 1997, and the currency rate fluctuation has been widening. We empirically analyze the determination of the Won/Dollar exchange rate based on the monetary approach. We employ Lucas (1982), Bilson (1978) and Frankel (1979) models and consider some mixed models. We make use of monthly data of money supply, income, interest rate, capital balance, terms of trade, and the yen/dollar exchange rate over the period 1990-2009. We compare the empirical results of cointegration tests and the vector error correction model(VECM) from the two regimes, the pre and post korean financial crisis. The won/dollar exchange rate has long-run relationship with the variables in the monetarist models in the two regimes. For the post crisis regime, the Bilson model is the best and the long run variables also affect the short run dynamics of the won/dollar exchange rate.

• Korean Journal of Health Education and Promotion
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• v.9 no.1
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• pp.39-47
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• 1992

This study was surveyed among 1136 respondent of high school girls in seoul from Feb. 6, till Feb. 22, 1992 for the purpose of analysing the smoking of high school girls and its factor. The data was analied by X²-test and Multiple Regression and shows the following. 1. Out of 1,136 respondent, the current smokers were found to be 176, 15.5% and the former smokers were 204, 18.0%. This implies that 23.5% of high school girls seoul have experience smoking. 2. For the first smoking time in both smoking group and former smokers, it shows that the third grade of middle school lead the lists. 36.9% (65) of the smokers and 37.3(75)of former smokers experienced the first smoking at that time. 70.5%(124) of the smoking group have the intention to stop smoking and the first reason of it is health problem, 65.6%(75). 3. For the type of the school the smoking rate rages from 2.7%(7) of literary part in day time to 25.3%(97) of vocational part in evening time and the rate of smoking experience shows from 9.9%(26) literary part in day time to 25.3%(97) of vocational part in evening time. This data show that literary part in day time has the lowst rate while vocational part in eveing time the highest rate. 4. Compared with non smoker group, smoking group and former smoking group spent more money (P<0.001) and felt dissatisfied with school life and didn't have good school records. 5. Smoking group and former smokers have more boy friends than non smoking group and in most cases their boy friend have smoking habits (P<0.001) and it is the same with their gril friend (P<0.001). 6. Compared with non smoker group, smoking group and former smokers lack of their parents' interest (P<0.001). But whether it is strict or free there is little difference among the three group. 7. For smoking group and former smoking group, in most cases their parent, brother and sister tend to smoke and especially their sisters' smoking has much influence on their smoking in comparison with non-smokers. 8. Compared with non-smoker group, smoking group and former smoking group tend to think less of the harm of smoking. In regard with health problem, more smoking group and former smokers think that smoking can relieve the stress (P<0.001), and more non-smokers know that when a pregnant woman smokes, it can cause the lack of supply of Oxygen{P<0.01). 9. Smoking group and former smoking group have more positive attitude towards smoking than non-smokers and tend to agree to their boy and girl friends' smoking(P<0.001).

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.1 no.2
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• pp.157-192
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• 2006

Since the late 1990s, the Korean Venture Capital Industry has been remarkably grown in the aspect of quality and quantity. Korean government expects that the Venture company and Venture Capital Industry would contribute to the recovery of depressed Korean economy and restructuring of the high cost and low efficiency economic structure. Korean government reinforces supporting policies for the Venture Capital and Venture Business. Venture Capital is defined as the form of high risk and high profit investment capital growing the small & medium enterprises to competitive ones through capital and management support and collecting the capital. According to the Gompers and Lerners the venture capital cycle consists of raising investment capital, screening the investment opportunity and invest the money. And later, sold the retained stock to the other investor or to the company. This stage called EXIT Consequently, the function of the venture capital, which supply the fund and the business consultation to venture business, have been emphasized and how to effectively run this capital have been recognized as the way to develop the venture business. In this regard, the problem in Korean Venture Capital Market is as follows. First, most of the sources of fund depends on the government support and this conflict with the nature of risk capital because the government capital emphasis the stability than profitability. And secondly, the efficiency of the venture capital system in Korea do not reach that of the advanced countries due to many kinds of restriction and the rack of support. Consequently, the Activation Schemes for Korean Venture Capital Firms are as follows. First, the sources of venture capital need to diversify from angels to institutional investors such as banks, pensions, fund of fund. And Lastly, the internal management and operational system of venture capital companies should be strengthened by quality to that of global Venture Capital Firms.

• The Journal of the Korea Contents Association
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• v.13 no.3
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• pp.352-361
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• 2013

The purpose of this study is to analyse the impact of macroeconomic and non-macroeconomic forces on the management performance of the air transport firms and offer the useful information to the managers. To conduct the regression analysis, eight macroeconomic and non-macroeconomic variables were selected individually as an independent variable. Macroeconomic variables were the return of corporate bond, West Texas Intermediate, the unemployment rate, the money supply, the trade balance, the won to USD exchange rate, the consumer price index and the index of industrial production. And non-macroeconomic variables were Taiwan earthquake, the Asian economic crisis, the 911 terrorist attacks in the US, the Iraq war, Beijing Olympic, the outbreak of a swine flu epidemic, the 1st presidential election and the 2nd presidential election. And ROA was selected as a dependent variable. As the result of analysis, it was found that the changing rates of won to USD exchange rate and consumer price index affected the changing rate of ROA significantly. And also as the result of analysing the impact of two significant macroeconomic variables and eight non-macroeconomic variables on the changing rate of ROA, it was found that the Asian economic crisis and the outbreak of a swine flu epidemic had a negative impact on it. Therefore managers should take note of a change in macroeconomic and non-macroeconomic variables carefully to improve the management performance.

• The Journal of the Korea Contents Association
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• v.18 no.4
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• pp.416-427
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• 2018

As the loan size of real estate PF is huge, its market ripple effect gets bigger when overdue occurs. Accordingly, the management of the delinquency rate and macroeconomic analysis are required. As the preceding research mainly proceeded with microeconomic analysis through the real estate PF data of individual banks to evaluate importance of list or analyzed core factors for delinquency, it lacked research on comprehensive real estate PF size. In order to overcome the limitations of such data, this research studied real estate PF delinquency rate of the entire market and effect relationship by the size. The research utilized the size of real estate PF loans, money supply, interest rate, consumer price index(CPI), and GDP data. Also, it applied the first model of VECM as linear relationship between at least two or more variables, following the result of co-integration test. As a result of Granger-causality test, the real estate PF loans delinquency rate is influenced by their loan size, and as a result of impulse response analysis, the interest rate is shown to be affecting delinquency rate the most. Interest rate could risesomeday and aggravate the delinquency rate of real estate PF. Also, risk exposure could be serious as the loan size increases.Therefore, the management of real estate PF delinquency rate requires continuous monitoring, tracking and observing issued loans from a macro point of view. The plans to prevent delinquency will be necessary.

• The Journal of the Korea Contents Association
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• v.20 no.7
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• pp.331-341
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• 2020

Recently the government has succeeded in shutting down the Illegal Copyrighted Websites by cracking down on the operators of the websites. But this only caused 'the Balloon Effect', similar websites were created and users shifted to the new websites. 'Follow the money' is drawing attention as a way to complement the effect of policies. It tracks the commercialization scheme and fund flows of the Illegal Copyrighted Websites and blocks the supply and publication of advertisements, which are the main source of revenue. This approach aims at self-closure of Illegal websites by blocking the revenue source. In this study, we have selected and analyzed overseas cases that adopted these measures. Many countries had different policies and campaigns, but three things are common: non-punishment measures, partnership based on voluntary participation, pursuing a variety of purposes other than protecting the copyright industry. In Korea, the reason public-private Partnerships was not properly established had been caused by the difference of views between them. Advertisers and agencies need to expand their awareness that illegal advertisements can have adverse effects such as brand image damage and enormous economic losses. Also campaigns and conferences related with the policy should be held to prevent copyright infringement through mutual understanding and cooperation.

• Journal of Korean Society of Environmental Engineers
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• v.34 no.12
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• pp.863-870
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• 2012

The market trends of automatic meter reading associated with smart water meters were investigated. Also, recent developments and field applications of key technology for automatic meter reading associated with smart water meters were analyzed. Smart water meters have been manufactured mostly in United States and Europe and have been expanded their business to Asia. Integrated water management system combining with the additional functions such as real-time consumption metering, cost notification, water conservation, leak detection, water quality monitoring, and flow control have been operated in automatic meter reading. Both water quality and quantity data measured from smart water meters and sensors were transferred to data concentration units through neighborhood area network, and then were transferred to integrated server through wide area network. The data transfer methods were determined by comprehensively considering urban scale, density of smart water meters, power supply and network topologies. Common data collection methods such as fixed network to data concentation units, vehicles drive by, people walk by, and drone fly by have been applied. The automatic meter reading associated with smart water meters are spread throughout the world, and both water and energy savings result in saving the money and reducing the greenhouse gases emission.

• KDI Journal of Economic Policy
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• v.14 no.4
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• pp.3-26
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• 1992

The pupose of this paper is to construct a price determination model of the Korean economy and to find out the propogation mechanism of monetary and fiscal policies. The model is a small-size macroeconometric model consisted of ten core equations : consumption, investment, exports, imports, consumer price index, wage rate, corporate bond rate, potential GNP, capital stock, and GNP identity. The model is a Keynesian model : consumer price index is determined by markup over costs, and wage rate is expressed by Phillipse curve ralation. Two features of the model, however, distinguish this model from other macroeconometric models of the Korean economy. First of all, the estimation of potential GNP and the capital stock is endogenized as suggested by Haque, Lahiri, and Montiel (1990). This allows us to calculate the level of excess demand, which is defined as the difference between the actual GNP and the potential GNP. Second, interest rate, inflation and wages are all estimated as endogenous variables. Moreover, all quantity variables include price variables as important determinants. For instance, interest rate is an important determinant of consumption and investment. Exports and imports are determined by the real effective exchange rate. These two features make the interactions between excess demand and prices the driving forces of this model. In the model, any shock which affects quantity variable(s) affects excess demand, which in turn affects prices. This strong interaction between prices and quantities makes the model look like a classical model over the long run. That is, increases in money supply, government expenditures, and exchange rate (the price of the U.S. dollar in terms of Korean won) all have expansionery effects on the real GNP in the short run, but prices, wage, and interest rate all increase as a result. Over the long run, higher prices have dampenning effects on output. Therefore the level of real GNP turns out to be not much different from the baseline level ; on the other hand, the rates of inflation, wage and interest rate remain at higher levels.

• The Journal of Industrial Distribution & Business
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• v.9 no.6
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• pp.77-85
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• 2018

Purpose - The purpose of this study is to subdivide trade transaction-centered structure in a logistics/distribution industry system to apply blockchain, to establish and resolve with which types of technology, and to provide policy direction of government institution and technology to apply blockchain in this kind of industry. Research design, data, and methodology - This study was conducted with previous researches centered on cases applied in various industry sectors on the basis of blockchain technology. Results - General fields of blockchain application include digital contents distribution, IoT platform, e-Commerce, real-estate transaction, decentralized app. development(storage), certification service, smart contract, P2P network infrastructure, publication/storage of public documents, smart voting, money exchange, payment/settlement, banking security platform, actual asset storage, stock transaction and crowd funding. Blockchain is being applied in various fields home and abroad and its application cases can be explained in the banking industry, public sector, e-Commerce, medical industry, distribution and supply chain management, copyright protection. As examined in the blockchain application cases, it is expected to establish blockchain that can secure safety through distributed ledger in trade transaction because blockchain is established and applied in various sectors of industries home and abroad. Parties concerned of trade transaction can secure visibility even in interrupted specific section when they provide it as a base for distributed ledger application in trade and establish trade transaction model by applying blockchain. In case of interrupted specific section by using distributed ledger, blockchain model of trade transaction needs to be formed to make it possible for parties concerned involved in trade transaction to secure visibility and real-time tracking. Additionally, management should be possible from the time of contract until payment, freight transfer to buyers through land, air and maritime transportation. Conclusions - In order to boost blockchain-based logistics/distribution industry, the government, institutionally, needs to back up adding legal plan of shipping, logistics and distribution, reviewing standardization of electronic switching system and coming up with blockchain-based industrial road maps. In addition, the government, technologically, has to support R&D for integration with other high technology, standardization of distribution industry's blockchain technology and manpower training to expand technology development.