• Journal of the Korean Regional Science Association
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• v.31 no.4
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• pp.91-105
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• 2015

Mortgage-Backed Securities (MBS) was introduced in 1999 in order to stabilize housing market and prevent potential speculation. However, research on MBS is limited, so this paper try to narrow the gap by focusing on the factors relating the pre-payment risk of MBS. We used Granger Causality Validation, Vector Auto Regressive, and HP-filtering with time-series data from 2004 to 2014. This paper shows that the prepayment rate of MBS increases as Mortgage rate decreases because borrowers tend to refinance existing MBS with new lower-rate MBS. In addition, it reveals that the rate increases as housing price increases. This outcome support the hypothesis that introduction of low-rate MBS invites more investment or speculation, and hence the housing price rises. The relationship between the MBS pre-payment rate and housing price is yet a peculiar characteristic of the MBS in Korea.

• Korean Journal of Construction Engineering and Management
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• v.13 no.2
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• pp.137-146
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• 2012

Recently, due to construction of the recession quantity of unsold houses is increasing and construction company is experiencing financial difficulties. As a result, construction is being ousted, or workout. Accordingly, construction may be devising a method for oneself like salary cuts, layoffs as part of the rationalization of management. But in this way may be increasing employees's perception about job insecurity and payment unsatisfaction. This has the potential to do employees turnover. Turnover has be known that it brings both positive and negative results to the organization. But if new employees leaves early, the positive aspect of the organization will be less likely. In order to solve these problems, new employees turnover intention will be necessary for the thorough management. The purpose of this study is to identity how the perception of job insecurity, payment satisfaction, organizational commitment, excessive workload, competitiveness for employment and job suitability affect new employees turnover intention. As the degrees of impacts of variables affecting turnover intention of new employees might be different between small to medium and large construction companies, this research also compares the differences between these two groups and suggest measures for reducing turnover intention.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.41
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• pp.103-132
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• 2009

In international sales of goods, the buyer must pay the price for the goods as required by the contract and CISG, The buyer's this obligation includes taking such steps and complying with such formalities as may be required under the contract, which includes providing the seller with relevant letter of credit through the issuing bank. Where the parties have not stipulated the time limit within which the credit should be opened, but there is an agreed date or period for shipment, the time limit for the L/C opening should be calculated back from the agreed date of shipment or the first date of shipment, while, in addition, the buyer should open the L/C sufficiently earlier than the shipment date in order for the seller to be able to know the L/C's opening before beginning to ship the goods. The L/C provided the buyer should conform to the contract of sale. Therefore, for example, when an unconfirmed L/C is provided violating the agreement or the L/C opened states that, under a FOB contract, a "freght prepaid" bill of lading shall be presented as a required document of the L/C, the buyer has failed to perform his obligation. If the buyer fails to perform his obligations to provide the letter of credit, the seller may require the buyer to perform that obligation; may fix an additional period of time of reasonable length for performance of the obligation; or, the seller may declare the contract avoided, if the failure amounts to a fundamental breach of contract, or if the buyer does not, within the additional period of time fixed by the seller, perform the obligation; and the seller claim damages. However, when a relevant L/C has been issued for the seller, as a rule, he cannot ask directly for the buyer to pay the price before avail himself of the L/C first.

• Journal of Preventive Medicine and Public Health
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• v.27 no.1 s.45
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• pp.107-116
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• 1994

The United States adopted DRG based prospective payment system (PPS) in order to control the inflation of health care costs. No study used statistical test while many studies reported the cost containing effect of the PPS. To study impacts of the PPS on the Medicare expenditure, this study set the following three hypotheses (1) The PPS decelerated the increase in the hospital expenditure (Part A), (2) the PPS accelerated the increase in the expenditure of outpatients and physicians (Part B), (3) the increase in total expenditure was decelerated inspite of the spill over (substitution) effect because saving in the Part A expenditure were greater than losses in the Part B expenditure. The dependent variables are per capita hospital expenditure, per capita Part B expenditure, and per capita total expenditure for the Medicare beneficiaries. An intervention analysis, which added intervention effect to the time series variation on the Box-Jenkins model, was used. The observations included 120 months from 1978 to 1987. The results are as follows : (1) The annual increase in the per capita Part A expenditure was $5.11 after the implementation of DRG where as that before the PPS had been $11.1. The effect of the reduction ($5.99) was statistically significient (t=-3.9). (2) The spill over (substitution) effect existed because the annual increase in the per capita Part B expenditure was accelerated by $1.73 (t=1.91) after the implementation of the PPS. (3) The increase in the total Medicare expenditure per capita was reduced by $4.26 (t=-2.19) because the spill over effect was less than cost savings in the Part A expenditure.

• Health Policy and Management
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• v.30 no.1
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• pp.72-81
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• 2020

Background: The out-of-pocket maximum is one of the distinctive healthcare systems which sets a ceiling on co-payment in order to reduce the burden of households from the unpredictable medical expenditure. However, this leads to an increase in the demand for healthcare services especially in long-term care hospitals (LTCHs) in Korea. Methods: This study analyzed the influence factor of medical service overuse of 165,592 inpatients in LTCHs which out-of-pocket maximum is applied, by utilizing data from the National Health Insurance Service (2016). Based on Anderson Model, the medical service overuse, as a dependent variable, was defined as long-stay admission more than 180 days at the LTCHs. Independent variable was comprised of predisposing factors (gender, age), enabling factors (income level, types of out-of-pocket maximum) and need factors (illness level, patient use of tertiary hospital). Results: The most powerful factor of medical service overuse in LTCHs was availability of pre-payment for the out-of-maximum (odds ratio [OR], 191.66; p<0.001). This tendency was found in high income level status (p<0.001). Furthermore, mild inpatients (OR, 1.50; p<0.001) which had no experience with the tertiary hospitals (OR, 2.06; p<0.001) were more relevant to the medical service overuse in LTCHs, compared to the severe inpatients. Conclusion: It is suggested that a separate standard of out-of pocket maximum with regards to LTCHs is required to secure the beneficial functions of long-term hospitals and prevent unnecessary financial leakage to achieve sustainable and financially sound National Health Insurance.

• Management & Information Systems Review
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• v.29 no.3
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• pp.1-21
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• 2010

The two main purposes of this paper are to (1) identify factors that influence the safety of e-Business and (2) investigate the explanatory power of these factors on firm performance. Through an extensive literature review and expert panel reviews, a list of 9 factors consisting of 36 items was compiled. In the second stage, questionnaires were administered to managers of e-Business companies in the metropolitan area of Seoul, Korea. Respondents rate 'Information Management,' as the most influencing factor, and then in the order of 'Payment,' 'Security Programs,' and 'Intrusion.' And survey results show that factors have very significant explanatory power for firm performance. While 'Information Management,' 'Delivery,' 'Intrusion,' and 'Security Programs' are the most explanatory factors for Tobin's q, 'Government Policy,' 'Delivery,' 'Intrusion,' 'Awareness,' and 'Security Programs' show most explanatory power for ROA.

• The Journal of Fisheries Business Administration
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• v.36 no.3 s.69
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• pp.1-24
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• 2005

Korean fishery wage system has been evolved with the different titles. However, Since the law of fishing crew was enacted in 1984, the fishery wage system has been established as a rate system, which is a legal term. The present rate system in practice shows various contents and modalities, depending on fisheries and regions, but the fisheries of large trawl cooperative employ a rate system of fixed plus rate wage. However, such change did not transform basically the properties of pure rate scheme. As well known, fishing vessel owners face an awful lot of difficulty in managing and controlling effectively the production process because fishing activities are carried out in the seas remote from the land. Thus, it tend to be inevitable for vessel owners to employ a rate system to induce fishermen's positive motivation for promoting productivity and saving operating costs. However, the rate system has worked out as a driving force, which induce an increase in production more strongly under the expansion of vessel numbers and power and the keener competition of fishing activities. Even though the control mechanism of fishing instruments are well established, fishermen become naturally to have an incentive to increase their fishing effort for maximizing production since they are able to raise their shares by maximizing the quantity harvested. Thus, as far as the rate system exists, fisheries administration may have much difficulty in realizing its fishery management goals only through vessel reduction and fishing gear regulations. Also, under the rate system fishery management authority may be in face of a serious dilemma between the spontaneous rate system and vessel reduction policy. If the realistic aspect of the rate system is recognized and resource restoration and profit promotion are main policy goals, it is necessary to develop effective ways to control vessel owners' and fishermen's production-maximizing motives at an appropriate level. From this point of view, it seems reasonable to introduce TAC system by species or by fisheries into the existing fishery system. The research results suggest that if the fisheries administration could understand clearly the spontaneous fisheries wage system, it would know the norm of TAC and the basic reasons for illegal fishing activities and thus it would be able to develop and implement more realistic resource management policies.

• Journal of the Korean Society of Environmental Restoration Technology
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• v.17 no.5
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• pp.29-41
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• 2014

Ecosystem services provide various benefits to human beings, but are considered to be free of cost. To protect ecosystems in an economically sustainable way, several developing countries have adopted a policy known as the Payment for Ecosystem Services (PES) that compensates upstream services with monetary incentives collected from service users. Vietnam is one of the countries that have enacted a nationwide PES policy. However, the policy in Vietnam requires further development in order to evaluate the spatial priority zones based on the quantification of ecosystem services. To obtain a recent and high-quality land cover map, we first classified the land cover in the Da River basin, in northern Vietnam, using Landsat dataset. We then applied a water balance theory and an USLE equation to assess hydrological ecosystem services concerning water supply and sediment retention. Following the assessment, we identified the priority areas for hydrological ecosystem services exclusively for forest environments. We found that the quantity and distribution of services from forests varied, due to the topography, climate, and land cover. According to a quantile distribution, Mt. Phu Luong, Mt. Fansipan, and Hoang Lien National Park were evaluated as high service areas in terms of both water yield and sediment retention. As a result, this assessment method can help construct spatial priority zones concerning ecosystem service distribution, and can also contribute to benefit sharing by indicating which forest and landowners require compensation.

• Health Policy and Management
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• v.23 no.1
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• pp.3-18
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• 2013

This paper investigates the possibility of expanding pay-for-performance (P4P) program as a provider payment system, in terms of financial, economical, and political sustainability. In order to expand the sustainable P4P, P4P should have usefulness in terms of economic value as well as efficiency in the financial aspects of health care. More importantly, the P4P would be politically sustainable only when both providers and consumers can accept. Korea's healthcare system seems to have logical ground for the P4P program financially and economically. However, how well the P4P can work remains to be proven in its implementation. After 43 tertiary hospitals applied the P4P program for acute myocardial infarction (AMI) and C-section in 2007, the number of hospitals adopting the P4P program for AMI and C-section has increased to 316 in 2011, and an incentive for hospitals applying the P4P has risen to 2% from 1% of health insurance benefits. This shows that the P4P program introduced by Health Insurance Review and Assessment Service is quite successful. In addition, people are aware of the need for improved P4P program and policy alternatives have been already made. Therefore, it is very important to come up with politically supportable strategies that can make providers and consumers accept the P4P program while maintaining the governance of the existing health insurance policy. To this end, there are some tasks to be considered. First, the expansion of the P4P program should be placed on the agenda of the Health Insurance Policy Review Committee, the highest decision-making body, and a separate agency for P4P planning should be established. Second, for more efficient P4P program, the processes of review and assessment, currently carried out separately, should be integrated into a single process. Third, infrastructure to measure the quality of medical services should be sharply expanded. Fourth, the current paradigm for the assessment should be changed. Lastly, a P4P program for consumers should be considered. Given that the consumers in Korea can use medical services freely, the National Health Insurance Corporation could initiate the P4P program for consumers as a means of controlling excessive use of medical services and adjusting consumer's moral hazard.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.42
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• pp.133-160
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• 2009

In International trade the buyer and seller are normally separated from on another not only by distance but also by differences in language and culture. It is rarely possible for the performance of obligations to be simultaneous and the performance of contracts therefore calls for trust in a situation in which the parties are unlikely to feel able to trust each other unless they have a longstanding and successful relationship. Thus the seller under an international contract of sale will not wish to surrender documents of title to goods to the buyer until he has at least an assurance of payment, and no buyer will wish to pay for goods until he has received them. A gap of distrust thus exists which is often bridged by the undertaking of an intermediary known and trusted by both parties who will undertake on his own liability to pay the seller the contract price in return for the documents of title and then pass the documents to the buyer in return for the reimbursement. This is a common explanation of the theory behind the documentary letter of credit in which the undertaking of a bank of international repute serves as a "guarantee" to each party that the other will perform his obligations. The independence principle, also referred to as the "autonomy principle", is at the core of letter of credit or bank guarantee law. This principle provides that the letter of credit or bank guarantee is independent of the underlying contractual commitment - that is, the transaction that the credit is intented to secure - between the applicant and the beneficiary ; the credit is also independent of the relationship between the bank and its customer, the applicant. The most important exception to the independence principle is the doctrine of fraud in the transaction. A strict interpretation of the rule that the guarantee is independent of the underlying transaction would lead to the conclusion that neither fraud nor manifest abuse of rights by the beneficiary would constitute an objection to payment. There is one major problem related to "Independent guarantees", namely abusive or unfair callings. The beneficiary may make an unfair calling under the guarantee. The countermeasure of beneficiary's unfair calling divided three cases. First, advance countermeasure namely by contract. In other words, when the formation of the contract, the parties must insert the Force Majeure Clause, Arbitration Clause to Contract, and clear statement to the condition for demand calling. Second, post countermeasure namely by court. Many countries, including the United States, authorize the courts to grant an order enjoining the issuer from paying or enjoining the beneficiary from receiving payment under the guaranty letter. Third, Export Insurance. For example, the Export Credit Guarantees Department is prepared, subject to certain conditions, to cover the risk of unfair calling. Of course, KEIC in Korea is cover the risk of the all things for guarantees. On international projects, contractor performance is usually guaranteed by either a standby letters of credit or Independent guarantee. These instruments will be care the parties.