• Korean Journal of Agricultural Science
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• v.20 no.1
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• pp.88-101
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• 1993

This study is aimed at evaluating the present management status of the rural special production area development projects and identifying managerial problems to propose new direction of the political countermeasures for the projects. In the con text of implementing the five year's economic developent plans for the past three decades, agricultural production and farm-household income have also been grown rapidly. However the income gap between rural and urbarn laborer, as an internal problem, has widened during the decades and the UR problems concerning free trade of agricultural products, as an external problems, are now agonizing the small-holder farm economy in Korea. The internal and external farm problems could be solved through improvement of agricultural structure and provision of off-farm jobs for farm household income increase. As a part of the off-farm income sources, the rural special production area development projects have propelled by the government throughout the country. The main problems to be solved for the successful implementation of the projects are as follows : 1. Present loan amount by the financial fund was estimated at 6-7% of the total installation costs required. To expand and implement the project successfully, enough financial credit support with favorable terms and conditions have to be considered by the government. 2. The operation patterns of the special production area development project should be recommended from the view point of cooperative and private operation to maximize farm household incomes including profits, marketing charges and dividens. 3. Improvement of the marketing channel of the products and marketing information through TV program and other mass communication should be implemented strongly to promote marketsales by the financial supports of the government. 4. In connection with the off-farm income increase, the population migrating to urban area in outside Chungnam province equivalent to 10-12 thousand persons with age of 20-49 years should be taken into account politically to be employed in the projects in the province. 5. Surplus farm labors should be created by means of improvement of agricultural structure including large farm management with farm mechanization and job opportunities have also to be provided in connection with the rural special production area development projects. The two imminent subjects are the prerequisites to increase off-farm incomes for the farmers living in Chungnam province. 6. Required credit supports for investment and operation costs of the projects should be taken actions by the government.

• Journal of Digital Convergence
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• v.19 no.12
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• pp.303-309
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• 2021

This study examines the effects of CBDC(Central Bank Digital Currency) on the Korean economy in the digital currency era and discusses the response strategies for CBDC. With the review of the definition and the development status of digital currency, we explore the characteristics and current status of CBDC in Korea as well as the possibility for internationalization of CBDC. The result shows that CBDC can reduce credit risk, improve transaction transparency compared to cash, and increases monetary policy capacity. Meanwhile, the credit and intermediary function of financial institutions may be weakened, and side effects such as financial alienation may occur. Nevertheless, as the issuance of CBDC is an important opportunity to enhance the possibility of internationalization of Korean Won, preemptive measures are required to keep pace with the competition and cooperation with each country toward the digital key currency. We need to accelerate the digital financial environment through Korea's comparative advantage, and develop a strategy to achieve the internationalization of the financial industry and the Korean Won through CBDC issuance. From the early stage of CBDC designing, it is necessary to achieve international agreements through cooperation with other central banks and to develop policies suitable for the transition to digital currency.

• KDI Journal of Economic Policy
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• v.12 no.3
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• pp.125-151
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• 1990

This paper reviews the economic liberalization experiences of the Southern Cone countries and draws some lessons from their experiences. The Southern Cone countries-Chile, Argentina and Uruguay-followed the different sequences in liberalization. Chile implemented the fiscal reform and the following comprehensive trade reform in the beginning of liberalization, but capital controls were maintained until 1979. Argentina and Uruguay placed more emphasis on the financial reform with the goods market reformed afterwards, but the fiscal sector was never reformed in Argentina. Since the serious inflation plagued the Southern Cone countries, they combined the economic liberalization scheme with the economic stabilization programmes which are based on the monetarist model. Although economic situations in the Southern Cone countries are quite different from those of Korea, we can learn many lessons from their experiences. First, the monetary and fiscal policies should consist of strict financial discipline to bring in the stable domestic inflation. Without the domestic stabilization, the financial liberalization could disturb the domestic economy as the capital inflows in particular generate a real exchange rate appreciation. Second, the monetary approach which is based on the full purchasing power parity and perfect capital mobility make stabilization as simple as a matter of the appropriate exchange rate policy and the proper rate of domestic credit creation. The unsuccessful experiences with monetarist stabilization in the Southern Cone countries suggest that the monetarist model cannot make real exchange rate and real interest rate stable with the trade and financial reform. Third, both the theory and practice have not yet provided a precise solution on the optimal sequencing and speed of the goods and financial market. Nonetheless, it seems desirable to keep the real exchange rate and the real interest rate stable by gradually opening up the current account and then the capital account.

• Journal of the Korean Data and Information Science Society
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• v.23 no.2
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• pp.257-269
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• 2012

Global crisis expedites the change in the environment of industry and puts small size enterprises in danger of mass bankruptcy. Because of this, domestic small size enterprises is an urgent need of restructuring. Based on the small business data registered in the Credit Guarantee Fund, we estimated the survival probability in the context of the survival analysis. We also analyzed the survival time which are distinguished depending on the types of business in the small business. Financial variables were also conducted using COX regression analysis of small businesses by types of business. In terms of types of business wholesale and retail trade industry and services were relatively high in the survival probability than light, heavy, and the construction industries. Especially the construction industry showed the lowest survival probability. In addition, we found that construction industry, the bigger BIS (bank of international settlements capital ratio) and current ratio are, the smaller default-rate is. But the bigger borrowing bond is, the bigger default-rate is. In the light industry, the bigger BIS and ROA (return on assets) are, the smaller a default-rate is. In the wholesale and retail trade industry, the bigger bis and current ratio are, the smaller a default-rate is. In the heavy industry, the bigger BIS, ROA, current ratio are, the smaller default-rate is. Finally, in the services industry, the bigger current ratio is, the smaller a default-rate is.

• Korean Security Journal
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• no.27
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• pp.161-195
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• 2011

As crimes have increased to an extent that the police cannot cope with, there have been continuous discussions for the introduction of Private Investigation (hereafter PI) in Korea. However, attempts to legislate for the introduction of PI have failed every time PI bills for the introduction of PI were proposed. This was fundamentally because arguments both for and against the introduction of PI were sharply divided depending on the priorities. However, regardless of those clash of views, an apparent need for the legislation of PI service has arisen. As Korea opens its service market to other countries through GATS and FTAs, currently existing domestic PI law has been found to be inconsistent with international agreements such as GATS and KOREA-US(KORUS) FTA. This paper found that the Act on Usage and Protection of Credit Information which regulates PI service is inconsistent with the Article 12.4(a)(i) and (iii) of KORUS FTA and the Article 7.11 and the Article 7.13 of KOREA-EU FTA. If Korea does not modify the existing laws and establish new laws in relation to PI, such inconsistencies could lead to international trade disputes which could amount to billions of dollars. In this regard, the passage of the PI bill is necessary.

• Korea Trade Review
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• v.48 no.4
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• pp.189-208
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• 2023

This paper analyzed the dynamic conditional correlation between the Korean ETS market, energy market and stock market. This paper conducted an empirical analysis using daily data of Korea's carbon credit trading price, WTI crude oil futures price, and KOSPI index from February 2, 2015 to December 30, 2021. First, the volatility of the three markets was analyzed using the GARCH model, and then the dynamic conditional correlations between the three markets were studied using the bivariate DCC-GARCH model. The research results are as follows. First, it was found that the Korean ETS market has a higher rate of return and higher investment risk than the stock market. Second, the yield volatility of the Korean ETS market was found to be most affected by external shocks and least affected by the volatility information of the market itself. Third, the correlation between the Korean ETS market and the stock market was stronger than that of the WTI crude oil futures market. This paper analyzed the correlation between the Korean ETS market, energy market, and stock market and confirmed that the level of financialization in the Korean ETS market is quite low.

• Journal of Arbitration Studies
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• v.15 no.2
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• pp.93-123
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• 2005

As the international commercial transaction has drastically grown up with the mainland China, commercial disputes that are required to settle through ADR have tremendously increased during the last decade. Since China has not been fully exposed to the Free World for a long period of time, there would have been a great amount of misunderstanding about their competency and integrity to deal with internationally oriented commercial transactions with a view to internationally acceptable manner. This arbitration case was related to the contract in dispute of C&A Inc. as the importer v. China XX Importation Co. as the exporter for the sale of Silicon Metal. But after the contract were formed, exporter(respondent) declined to deliver the goods under the contracts because the market price of Silicon Metal increased according to the argument of the importer(claimant). Importer had to purchase alternative goods from other companies to substitute for the goods subject to the contracts in dispute. Importer purchased silicon metal of the same quality as under the contracts from two other Chinese companies as the necessary measure to mitigate the loss, paying prices higher than the contract price. Since exporter had breached the contracts, importer's loss should be compensated by the exporter as the Arbitration Tribunal decided for supporting importer's claim of loss for the substitute goods. This study is aiming at analyzing the rationale of the arbitral awards made by the Shanghai Commission in terms of (l)Place of Arbitration, (2)Applicable Law, (3)Validity of the Contracts, (4)Doctrine of Frustration, (5)Responsibility for the Mitigation of Damage by the Importer.

• Proceedings of the Safety Management and Science Conference
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• 2005.11a
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• pp.569-579
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• 2005

International capital movement has made progress at global liberalization of finance and foreign exchange, international monetary norm changing into floating exchange rate system, easiness of collection of information and trade at improvement of information communication technology from early of 1970's. Results of empirical test for relation between foreign exchange rate or various determination factors of foreign exchange rate and interest rate are followed by next sentences. First, according to relation between foreign exchange rate and interest rate, correlation for each of variables after OECD entrance is increased. 'But, long-term & short-term interest rate is affected by Hanbo & Kia's bankruptcy, continuous large scale coporates bankruptcy and crisis of foreign exchange. Therefore, financial instability is occured. If portfolio investment fund has been inflow as it is mollified by continuous shortage of foreign exchange and fall of country's credit rating, it is expected to have positive effect for long-term & short-term interest rate from appreciation of won against dollar. Second, results from relation between determination factor of foreign exchange rate and interest rate are followed by next sentences. If surplus of current account and goods account is continued, yield of corporate bond is to be stable. But, margin of surplus is expected to diminish after second quarter 98, and difference between external and domestic interest (after adjusting foreign exchange rate) is to be diminished. And if net inflows of foreign investor's fund (stock and bond) is diminished, it is to have negative effect for yield of corporate bond. According to foreign investor's investment movement of previous years, hedge fund were stayed at least during two years in Mexico. It means that sudden capital outflow is not to be happened at Korea.

• Journal of Korean Society for Atmospheric Environment
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• v.21 no.6
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• pp.561-571
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• 2005

To introduce an emissions trading system for GHG that currently have no reduction requirements, the following should be considered as priorities: eliciting the participation of the industrial sector and linking GHG emission trading systems to the emissions trading system (implemented from July 2007) that has become part of national policy with the enactment of the Special Act. Two directions can serve as viable alternatives in that regard. One is a baseline-and-credit method based on incentive auctioning. This has the advantage of inducing participation through economic incentives without a reductions commitment. The downside of this method is that it requires vast investments, as well as the fact that reaching an agreement between participants and the government to decide an objective baseline is difficult. On the other hand, the cap-and-trade method set forth in the Special Act is attractive in that it can be integrated with the air pollutant emissions trading system, but it would be difficult to elicit the participation of the industrial sector in the absence of GHG emission reduction requirements. In the current situation, it would be preferable for the government to induce the participation of the industrial sector by devising a wide variety of incentives because taking part in the emissions trading system before reducing GHG emissions offers large incentives through learning by doing. The timing of GHG reduction commitments and emissions trading system implementation may be uncertain but their Implementation will be unavoidable. Thus the government needs to facilitate preparations for emissions trading of GHG in the future and continuously review its operation in integration with the air pollutant emissions trading system to maximize adaptation and teaming by doing effect in the industrial sector.

• Journal of the Korean Data and Information Science Society
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• v.21 no.4
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• pp.747-756
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• 2010

With the recent recession, studies on the economy are actively being conducted throughout the industry. Based on the Small Business data registered in the Credit Guarantee Fund, we estimated the survival probability in the context of the survival analysis. We also analyzed the survival time for the construction and the other industries which are distinguished depending on the types of business and assets in the Small Business. The survival probability was estimated by using the life-table and the difference between the survival probabilities for the different types of business was described via the method of the Log-rank test and the Wilcoxon test. We found that the small business with over one billion asset has the highest survival probability and that with less than 1000 million asset showed the similar survival probability. In terms of types of business Wholesale and Retail trade industry and Services were relatively high in the survival probability than Light, Heavy, and the construction industries. Especially the construction industry showed the lowest survival probability. Most of the Small Business tend to increase in the hazard rate over time.