• International Commerce and Information Review
• /
• v.2 no.1
• /
• pp.83-103
• /
• 2009

This paper attempts to provide a way to improvement in trade & commerce between Korea and Russia, analyzing the influence of the circumstances of the Russian economy on economic relations between the two countries. The study briefly reviews the current situation of the Russian economy, and tries to examine the strong points to be considered as leverage for cooperation and the weak points to be overcome. Previous studies have determined that the Russian economy has unlimited potential for growth, because it is endowed with abundant resources, and has a government willing to reform for the opening of the economy, as well as high-quality labor. However, the economic structure is vulnerable to impact of the worldwide financial crisis. It is not possible to overlook its institutional fragility and vulnerability such as a corrupt bureaucracy or a relatively large black market. These undesirable factors may not only undermine the basis of Russia economy but also a hindrance to economic cooperation by increasing economic uncertainty. This paper attempts to analyze comprehensively the socio-economic factors that influence the open-economy of Russia, and to illustrate strategies for improvement in trade and commerce through the viewpoint of Korean firms that are already in business or are trying to enter in the near future. Some measures to improve their economic cooperation are suggested at the end.

• Journal of Arbitration Studies
• /
• v.21 no.1
• /
• pp.131-155
• /
• 2011

PICC executes its role as a useful lex mercatoria in the continuously increasing international trade to be adopted as the standard criterion of prevention or dispute resolution. When considering the fact that GISG has not presented results beyond expectation in the past due to hard laws and legal deficiency, PICC, which possesses interpretation and supplementation function, is considered undoubtedly useful particularly in international commercial arbitration. As observed in the previously mentioned analysis on cases accumulated in UNILEX, PICC application and Arbitral tribunal in international contract between parties possess considerably large claim possibility and the number of actual application cases is continuously increasing. The fact that PICC has been composed as maximum common measures of continental and common law systems by traditional comparative legal scholars familiar with international trade can function as the fundamental principle in future global trade activity and can also act as the model law for uniting contract laws of nations. In this aspect, PICC can be evaluated to have considerably achieved enactment purpose of previous intention. However, additional topics that had not been accepted in the revised edition of PICC remain as assignments requiring solution, such as analysis and acceptance problem of comparative law, PR of PICC unfamiliar even to the relative parties of international trade and application in international contract, and absorption problem as model law in various domestic laws.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.2
• /
• pp.675-684
• /
• 2021

This paper aims to analyze factors influencing earnings of workers in Vietnam using provincial-level data from 2016 to 2018. We show the important determinants of earnings of workers of more than 15 years old including working hour, labor force, life expectancy, education, regulation measured by Provincial Competitiveness Index (PCI) and especially Industry 4.0, our major depart from literature proxies by government expenditure on science and technology, number of phone lines, and number of internet users. Working hours are a typical measurement of quantity of labor supplied. Labor force represents market size from the supply side. Life expectancy measures the health of laborers, a physical quality measure of workers. PCI stands for institutional status of the locality. Two most important factors of our interest are education, representing qualification of workers, and Industry 4.0, reflecting the new working environment of workers. By estimating a robust standard error fixed-effect model, we have evidence that all factors are significant in explaining earnings of Vietnamese workers. Education and IR4.0 play an important role in earnings of workers of Vietnam. Results also provide an estimation of Vietnam's labor supply in the context of Industry 4.0. In addition, findings contribute to explain the income discrepancy among Vietnamese provinces.

• The Journal of Asian Finance, Economics and Business
• /
• v.9 no.5
• /
• pp.313-324
• /
• 2022

We investigate the impacts of tariff, tariff-rate quota, conformity assessment, and traceability requirements set by the rice importers using panel data of 17 rice exporters exporting to 119 countries in two years 2015 and 2018, using both Ordinary least square (OLS) and Poisson pseudo maximum likelihood (PPLM) methods. Results from our gravity models strongly indicate that tariff and tariff rate quota remain significantly detrimental to the world's rice exporters because these measures place downward pressure on the rice exporters' prices and the importers' import quantity, creating barriers to market participation. Our study also provides strong evidence about the role of origin certificates in allowing rice exporters to gain access to foreign markets. Meanwhile, regulatory standards such as traceability requirements and logistical and distributional requirements imposed by the rice importers are found to be major obstacles to rice importation from less-developed countries. Our study provides insights into tariff and non-tariff barriers existing in the global rice market, which is likely to assist policymakers operating in developing countries to help shape their policies and bolster rice competitiveness.

• Journal of Distribution Science
• /
• v.13 no.2
• /
• pp.15-24
• /
• 2015

Purpose - Foreign exchange risk control is in an important component in the international supply chain management. This study shows the importance of the reference period in forecasting future exchange rates with a specific illustration of KIKO currency option contracts, and suggests feasible preventive measures. Research design, data, and methodology - Using monthly Won-Dollar exchange rate data for January 1995~July 2007, I evaluate the statistical characteristics of the exchange rate for two sub-periods; 1) a shorter period after the East Asian financial crisis and 2) a longer period including the financial crisis. The key instrument of analysis is the basic normal distribution theory. Results - The difference in the reference period could lead to an unexpected development in contract implementation and a consequent financial loss. We may avoid foreign exchange loss by using derivatives such as forwards or currency options. Conclusions - We should consider not only level values but also the volatilities of financial variables in making a binding financial contract. Appropriate measures may differ depending on the specific supply chain pattern. We may extend the study with surveys on actual risk measures.

• Journal of Arbitration Studies
• /
• v.24 no.2
• /
• pp.3-31
• /
• 2014

As all aspects of international activity have kept growing in good transaction, transnational investments, joint ventures, and the licensing of intellectual property, it is inevitable for disputes to increase across national frontiers. International disputes can be settled by arbitration and ADR. In the situation presented in the paper, any dispute shall be finalized by arbitration and conciliation in the Gaeseong Industrial Complex. Inter-Korean Commercial Arbitration in the Gaeseong Industrial Complex has become the principal method of resolving disputes in trade, commerce, and investment in accordance with the "Agreement on South-North Commercial Dispute Settlement Procedures," "Agreement on Organization and Operation of Inter-Korean Commercial Arbitration Committee," and the Annexed Agreement on "Organization and Operation of Inter-Korean Commercial Arbitration Committee" (2013). But the follow-up measures of the said agreements have not been fulfilled. Some prerequisite measures of the Inter-Korean commercial arbitration must be satisfied. In order to proceed with arbitration and conciliation in the Gaeseong Industrial Complex, we need to ask the following: Does the status of an arbitrational matter? Should an agreement to arbitrate contain a choice of law clause? Should one provide for one arbitrator or three? How should the arbitrators be selected? What is the relation between party-appointed arbitrators and the presiding arbitrator (neutral arbitrator)? Do arbitrators compromise more than the litigation? Can conciliation be combined with arbitration? To execute the enactment of arbitration regulations, the contents of the Arbitration Rules of the Korean Commercial Arbitration Board (South) and the Korea International Trade Arbitration Committee (North), together with the Korean Arbitration Act and External Arbitration Act of North Korea and the UNCITRAL Model Arbitration Law and UNCITRAL l Arbitration Rules are reflected in the Rules. There are many aspects of the Inter-Korean Commercial Arbitration. It is essential to understand key elements; namely, the arbitration agreement, appointment of arbitrator, arbitral proceeding and arbitral award, and enforcement and setting aside of arbitral award. This research deals with five chapters. Chapter 1 provides the introduction. Chapter 2 deals with trade volume between South and North Korea and the kinds of dispute in Gaeseong. Chapter 3 addresses contents and follow-up measures of the agreement on the "South-North Commercial Dispute Settlement Procedures," "Agreement on Organization and Operation of Inter-Korean Commercial Arbitration Committee," and the Annexed Agreement on "Organization and Operation of Inter-Korean Commercial Arbitration Committee" (2013). Chapter 4 features the problems and tasks of the pertinent agreements. Chapter 5 gives the conclusion. Enabling parties to find an amicable solution to the dispute in the Gaeseong Industrial Complex can lead to a useful and appropriate framework either through direct negotiation or by resorting to conciliation or mediation in accordance with pertinent agreements and follow-up measures contained in the agreements.

• Journal of the Korean Society of Marine Environment & Safety
• /
• v.22 no.3
• /
• pp.259-267
• /
• 2016

The study performs a risk analysis on container ship accidents using accident data collected over the six years from 2006 to 2011, presents the resulting risk level, and suggests three risk mitigation measures to reduce the overall risk, for the safer operation of container ships. More specifically, starting from the initial accident of collision, we developed 13 different accident scenarios using event tree analysis based on which the overall risk level was obtained and presented as a FN curve. Since diverse human factors are the main cause of most of the ship accidents, our study focuses on the effect of reducing human causes on the resulting risk level. For the research we considered the injuries for the calculation of fatality with the help of MAIS. The results show that collision was the main type of accident, accounting for 62 % of all accidents, and the measures employed were proven to be effective in the sense that the risk level was much lowered and the average number of fatalities was also reduced. With more data accumulated, more precise risk level will be calculated with which the practical risk mitigating measures will be also developed. For future study, economic loss and environmental damage as consequences need to be considered.

• Journal of Digital Convergence
• /
• v.12 no.3
• /
• pp.189-199
• /
• 2014

The purpose of this study is to analyze the effects of financial and non-financial performance measures in BSC on the performance of hotel industry. To achieve research purpose, this study analyzed the data from korean hotel industry. Empirical results of this study show that there are significant positive correlations among the performance measures in terms of four balanced scorecard. These results are consistent with those of previous studies. In addition, regression analyses has shown that the performance measures have positive impacts on the performance of hotel firms.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.47
• /
• pp.185-212
• /
• 2010

This study aims to derive practical suggestions to apply application methods by auxiliary costs, especially application of logistics and customs clearance areas in order to establish EPS support system of auxiliary cost occurred from export/import. For the propose, this study has analyzed types and situation of auxiliary costs, application method by auxiliary costs, payment situation of logistics auxiliary costs and clearance auxiliary costs and suggested the relevant problems and their application methods. Especially, in case of logistics auxiliary costs through connection to the attached general documents required for negotiation by reflecting characteristics of B2B transactions. In addition, it has suggested that those services by the said system should be conveniently used commonly by the export companies and logistics companies through provision of various payment measures, support of foreign currency payment, etc. and security of reliability/system stability, etc. for the compatible payment with other systems as the prerequisite for the successful settlement of the auxiliary costs EPS. It is expected that satisfaction of the uTradeHub users such as export/import companies and logistics companies will be increased, user-oriented customized information services such as raw cost prediction service through calculation of auxiliary costs could be available in the future and efficiency of work processes related to auxiliary costs will be increased, by providing the EPS through various single window based payment measures through establishment of the export/import auxiliary costs payment system.

• International Commerce and Information Review
• /
• v.15 no.3
• /
• pp.245-262
• /
• 2013

The transaction size between South Korea and the European Union (EU) had increased by more than two times among 2003 to 2008. With rapid growth of transaction, the EU was becoming important transaction object of South Korea gradually. EU has used the Antidumping policy as a trade protection tool against Korean products due to reduce the deficit of trade balance of payment, boost the economic growth and protect its weak industries. This paper investigates whether there is a connection between the EU's macroeconomic activity and pressures for protection to Korean products under antidumping measures with using the current data that come from the WTO, World Bank for 2004 to 2012. The result suggests that pressures for protection under Antidumping measure against exporting of Korean products to EU have increased during periods of macroeconomic weakness of low GDP growth, larger deficit of trade balance, however, has not significantly affected during periods of high unemployment.