• Economic Analysis
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• v.27 no.3
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• pp.1-32
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• 2021

This study empirically analyzes whether bank capital channel and risk-taking channel for monetary policy work for domestic banks in South Korea by analyzing the impact of the expansionary monetary policy on the rate spread between deposit and loan, capital ratio, and loan amount. For the empirical analysis, the Uhlig (2005)'s sign-restricted SVAR(Structural Vector Auto-Regression) model is used. The empirical results are as follows: the bank's interest rate margin increases, the capital ratio improves, risk-weighted asset ratio increases, and the amount of loans increases in response to expansionary monetary shock. This empirical results confirm that bank capital channel and risk-taking channel work in domestic banks, similar to the previous research results. The implications of this study are as follows. Although the expansionary monetary policy has the effect of improving the bank's financial soundness and profitability in the short term as bank capital channel works, it could negatively affect the soundness of banks by encouraging banks to pursue risk in the long run as risk-taking channel works. It is necessary to note that the capital ratio according to the BIS minimum capital requirement of individual banks may cause an illusion in supervising the soundness of the bank. So, the bank's aggressive lending expansion may lead to an inherent weakness in the event of a crisis. Since the financial authority may have an illusion about the bank's financial soundness if the low interest rate persists, the authority needs to be actively interested in stress tests and concentration risk management in the pillar 2 of the BIS capital accord. In addition, since system risk may increase, it is necessary to conduct regular stress tests or preemptive monitoring of assets concentration risk.

• Korean Journal of Breeding Science
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• v.40 no.2
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• pp.106-112
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• 2008

International conferences to block the spread of Avian bird flu occurred in Beijing, 2006 and others warned of the seriousness of the H5N1 strain. The meetings succeeded in generating billions of dollars from USA, EU and World Bank. Migratory birds seem to play a major role in the spread of the aggressive strain globally from Asia to Europe and Africa. Experiences of tolerance breeding of maize (Zea mays L.) for four decades against 20 biotic stresses suggest that the prime cause of the occurrence of H5N1 strain was due to the human beings' counter-efforts against nature. Excessive use of chemicals (spray and injection) in the commercial poultry farms had created high selection pressure on virus. The new strain had mutated for survival. Attempting to eliminate the virus by chemicals for 100% control is a dangerous way to control biotic stresses. This can create more aggressive strains. A solution would be to build up tolerability of the commercial animals against the virus. Improvement of poultry cage environments and respect for nature must be integrated. Potential foes must be watched.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.73
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• pp.21-42
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• 2017

A BPO is an irrevocable undertaking given by an Obligor Bank acting on behalf of the buyer to a Recipient Bank acting on behalf of the seller to pay on satisfaction of certain specified conditions. There have been a Trade Service Utility(TSU), a Transaction Matching Application(TMA) and ISO 20022 TSMT messages that core electronic technical systems linked to the BPO. As a key usefulness of the BPO, it brings to market an alternative means of satisfying the risk mitigation, financing and information management needs of banks and businesses engaged in trade. That is, corporates can spread the risk among multiple Obligor Banks by requesting multiple BPOs for the same trade transaction not to exceed the value of the initial transaction. Since the BPO replaces the manual document checking process with the electronic matching of data, buyers and sellers will benefit from significantly increased accuracy and objectivity. By using BPO, buyers and sellers can become trusted counterparties by demonstrating reliability and giving sellers the assurance of being paid on time as per the payment terms and conditions agreed. When compared to L/C, the BPO requires submission of data only. This requires a change of practice of those accustomed to dealing with physical documentation. The beneficiary of a BPO is the Recipient Bank which is always the Seller's Bank. In the meantime, banks will need to agree between themselves that the URBPO 750 will be applied, modified or excluded. However, customers of banks will face low transactional costs due to a fully automated process and standardized data formats used in international trade documentation. There is no amendment and cancellation rules in the URBPO 750s, but only have Assignment of Proceeds rules. As a result, the BPO is likely to enable new business opportunities, lower costs, fast transaction process and strengthen key customer relationships.

• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.181-208
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• 2010

In July 2007, Korean government has passed "The Capital Market and Financial Investment Services Act" to further develop the capital markets and the Act was to become effective in February 2009. Using a large sample of Korean firms, we have examined (i) the effect of underwriting activities on the firm value (bond spread) comparing commercial bank and investment bank, and (ii) the determinants of the firm value changes following underwriting activities of bank. To test our goal, we collected a wide range of samples of data for bond issuing activities executed by Korean firms listed on the Korea Stock Exchange (KSE) between 2000 and 2003. Our paper is distinguished from previous studies on this subject in a way that we analyzed the effect of corporate bond underwriting activities with regard to commercial banking and investment banking. Initially, we set up a hypothesis that "Certification View" and "Conflict-of-interest View" are major driving forces behind cross-firm differences in performance following bond issuance. We find that, in general, underwriting by investment bank (securities company) brings a positive effect on the firm value (spread between bench mark rate and bond issuing rate). This result indicates that firm value has been negatively affected by the bank underwriting and provides the evidence for "Conflict-of-interest View" in Korea. Our studies have also revealed that any change in firm value following bond issuance is positively related with the firm size (total asset), operating performance, liquidity (cashflow), and equity ownership by foreign investors. Overall, our results support the view that bank underwriting activities can play an important role in determining firm value and financial strategies under "The Capital Market and Financial Investment Services Act" of 2007.

• The Journal of the Convergence on Culture Technology
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• v.6 no.4
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• pp.379-384
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• 2020

The purpose of this study is to analyze the impact of individual savings banks' financial conditions on their loan portfolio after savings bank restructuring. The analysis results are as follows. First, it was estimated that the relationship between the rate of change in the NPL Ratio and the ratio of household loans has a significant positive value. Second, it was estimated that the interaction effect between the rate of change in the ratio of fixed and below loans and the spread of the deposit-to-deposit rate has a significant negative (-) value with the household loan weight. Third, the relationship between the asset size and the proportion of household loans was estimated to have a significant positive (+) value. In other words, it was analyzed that the financial situation of the savings bank affects the loan portfolio, and it should provide important implications for establishing policies for each financial situation of the savings bank. Depending on the financial situation in the future, there is a need to avoid excessive asset expansion of specific loans and preemptive soundness management.

• Journal of Navigation and Port Research
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• v.44 no.5
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• pp.414-422
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• 2020

In this study, an empirical analysis of 55 ship finance cases executed by a specific ship finance bank from 2009 to 2016 during the recession period was conducted. The purpose of this study was to find the factors affecting changes in the debt performance of Korean shipping companies. The main factors were the loan nature (investment purpose, loan-to-value (LTV), syndicated loans, loan terms, put-option, balloon, and spread), financial nature (total assets turnover, net profit-to-sales ratio, debt ratio, quick ratio, total borrowing, bonds payable to total assets, interest expenses-to-sales ratio, debt service coverage ratio (DSCR), and total assets), and the company nature (company age, chief executive officer's (CEO's) shares, and listing status). In this study, the factors affecting the debt repayment capability of domestic shipping companies (loan nature, financial nature, and company nature) were verified. The credit rating was used to measure the dependent variable, debt repayment ability. The variables of investment purpose, put-option, balloon, and spread in the loan nature, debt ratio in the financial nature, and the CEO's shares and company age in the company nature were found to be significant.

• Asia-Pacific Journal of Business
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• v.14 no.3
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• pp.221-240
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• 2023

Purpose - This paper investigates how business cycle impacts on corporate credit spreads since global financial crisis. Furthermore, it tests how the impact changes by the phase of the cycle. Design/methodology/approach - This study collected dataset from Barclays Global Aggregate Bond Index through the Bloomberg. It conducted multi-regression analysis by projecting business cycle using Hodrick-Prescott filtering and various cyclical variables, while ran dynamic analysis of 5-variable Vector Error Correction Model to confirm the robustness of the test. Findings - First, it proves to be statistically significant that corporate credit spreads have moved countercyclicaly since the crisis. Second, It indicates that the corporate credit spread's countercyclicality to the macroeconomic changes works symmetrically by the phase of the cycle. Third, the VECM supports that business cycle's impact on the spreads maintains more sustainably than other explanatory variable does in the model. Research implications or Originality - It becomes more appealing to accurately measure the real economic impact on corporate credit spreads as the interaction between credit and business cycle deepens. The economic impact on the spreads works symmetrically by boom and bust, which implies that the market stress could impact as another negative driver during the bust. Finally, the business cycle's sustainable impact on the spreads supports the fact that the economic recovery is the key driver for the resilience of credit cycle.

• The Journal of the Korea Contents Association
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• v.13 no.4
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• pp.97-103
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• 2013

The research is centered towards analyzing the differentiation of the characteristics and organization of programming strategy and channel positioning by selecting Korean International Public Relations Broadcasting Stations Arirang TV and KBS World. According to the results, Arirang TV positions Korean culture content-implied educational programs as their strategy while KBS World places the main programs of KBS1, 2TV with many entertainment programs such as dramas and entertainment shows. Arirang TV's programming strategy is well-fulfilling the purpose of promoting Korea's culture contents by organizing their programming with documentaries, tourist information, and daily living information. On the other hand, KBS World works as the agent of the spread of the Korean Wave by filling their program with dramas and K-pop programs such as . Due to the difference in programming strategy of these two broadcasting stations, Arirang TV has positioned itself as a diplomatic channel to spread Korean culture and KBS World a channel representing the Korean Wave. However, there are problems of inefficiency due to recurrent investments because of the fact that both broadcasting stations' programming strategy is to promote Korean culture and spread the Korean Wave by aiming similar targets such as foreigners or overseas Koreans.

• Proceedings of the IEEK Conference
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• 1999.06a
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• pp.130-133
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• 1999

In the view point of further reducing the inter-symbol interferences studied in our previous paper 〔1〕, a quadrature pair of wavelet-based filter banks that are composed of a pair of cosine and sine modulated filter banks is applied to MC-CDMA transmultiplexing. For that fact, the symbol duration gets twice longer than the one in , 〔1〕, the interference effects due to channel overlapping and Doppler spread can be effectively alleviated while increasing the channel utilization efficiency. Moreover, the well-known wavelet properties are exploited to design the prototype filter in such a way to maintain the size of sidelobes much smaller than those of the FFT, the interference reduction effect can be further obtained. To verify the behavior of our proposed quadrature filter bank based MC-CDMA system, the reverse-link bit error rates with respect to SNR under Rayleigh fading and additive white Gaussian noise channel environments are computed. The results show an improved system performance over the conventional MC-CDMA.

• KSCI Review
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• v.2 no.2
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• pp.27-40
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• 1996

During the 21st century of informational society, in the learning of various field will utilize the education using multi-media more extensively than ever before. The biggest question is how effective the education using multi-media will be. For effective education, wide-spread supply of not only the hardware and various kinds of CBT or CAI that are being developed in the learning of various fields. It is also felt that the skill for application of more convenient multi-media authoring tool is needed. If the producter of such multi-media authoring tool can store various types of information in a form of data bank, accessing the right information at right time and its application would be possible. It can also provide a lot of information to many out-of town learmers. As seen above, the scope of usage for multi-media authoring tool will be broadened. However, no matter how excellent the Authoring Tool is, the results can be very different depending on the method employed. In order to develop CBT or CAI that can be better used in the learning of various fields, examination and on-site training, more reseach should be done in Authoring Tool using virtual reality and artifical intelligence technology.