• Proceedings of the Korean Operations and Management Science Society Conference
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• 1995.04a
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• pp.451-453
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• 1995

This paper examines characteristics of the accounting rate system whereby international telecommunications carriers settle net balances of account arising from bilateral traffic flows. Using a two stage game model, we explain problems in the system: growing traffic and payment imbalances, and resulting conflicts regarding accounting rates between carriers of, say, developed and developing countries. In this paper, we view the problems as a splitting-a-pie game in which one carrier cannot get more without a loss of the other, but total pie size depends upon the accounting rate. Therefore, a natural solution should be inevitably of a Coasian-type to establish a mutual agreement. In this regard, we first derive an efficient accounting rate, in the sense that it can make both carriers better off. Next we suggest some ways of attaining the efficient outcome. Regulatory and policy implications are also discussed.

• Journal of Korea Trade
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• v.27 no.3
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• pp.161-178
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• 2023

Purpose - purpose of this paper is to analyze the effects of the investment facilitation levels of 11 RCEP countries (excluding Myanmar, Brunei, and Laos due to lack of data) on China's outward foreign direct investments(OFDI) using balanced panel data from 2010 to 2019. Design/methodology - First, four investment facilitation measurement indicators (regulatory environment, infrastructure, financial market, ease of doing business) were selected,investment facilitation scores of the 11 countries were obtained using the principal component analysis, an investment gravity model was established with nine explanatory variables (investment facilitation level, market size, population, geographic distance, degree of opening, tax level, natural resources, whether the country is an APEC member or not, and whether a valid bilateral investment treaty with China has been concluded) were used to establish an investment gravity model, and regression analyses were conducted with OLS and system GMM. Findings - The results of the regression analyses showed that investment facilitation levels had the greatest effect on China's OFDI, all four first-level indicators had positive effects on China's OFDI, and among them, the institutional environment had the greatest effect. In addition, it was shown that explanatory variables such as market size, population, geographical distance, degree of openness, natural resources, and whether or not a valid bilateral investment treaty has been concluded would have positive effects on China's OFDI, while tax levels and APEC membership would impede China's OFDI to some extent. Originality/value - Since the Regional Comprehensive Economic Partnership (RCEPT) came into effect not long ago, there are not so many studies on the effects of investment facilitation levels of RCEP member states on China's OFDI, and the investment facilitation measurement index constructed in this paper is relatively systematic and scientific because it includes all the contents of investment facilitation related to the life cycle of company's foreign direct investments.

• The Korean Journal of Air & Space Law and Policy
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• v.26 no.1
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• pp.93-125
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• 2011

The International Civil Aviation Convention (Chicago Convention) has been a backbone of international air transport system whereby air transport between States should be based on bilateral agreements, and in particular, international airfares, which are set up through IATA(International Air Transport Association) rate-fixing machinery could be approved by the governments concerned. International airfares are fares for transporting passenger and freight and their conditions between two or more countries. However, since U.S. pursued th deregulation policy in 1978 whereby routes, capacity and fares could be freely determined by airlines, many States have been following so called open-skies agreements. In many cases, aeronautical and competent authorities have been reviewing whether airlines' commercial activities including air fares could possibly conflict with free competition rules envisaged in relevant laws and regulations. As competition among airlines gets intense, airlines often resort to cooperation with other airlines in the forms such as equity exchange, M&A, code-sharing, fares consultation and resource pooling, mainly with a view to effectively use resources available and to avoid monopoly situation resulting from excessive and destructive competition among players. Whereas bearing in mind that application of competition laws is important to secure consumers' interests by preventing airlines's malpractices such as bargaining exorbitant fares, it is also important to comprehensively consider as many factors as possible, from that unilateral measure by governments may bring about retaliatory measures by the governments affected, to that airlines' cooperative practices may rather increase consumers' benefits by lowering air fares.

• The Korean Journal of Physiology
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• v.24 no.2
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• pp.403-411
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• 1990

The present investigation was performed to see a possible influence of the dorsal raphe nucleus (DRN) on pancreatic exocrine secretion in anesthetized rats since the DRN had been known to exert a regulatory mechanism on sympathetic activity which was known to be very important for pancreatic exocrine secretion, particularly in rats. Twenty-nine Sprague-Dawley rats fasted for 24 hours were anesthetized by i.p. injection of 1 g/kg of urethane. The pancreatic duct was cannulated to collect pancreatic juice while bile juice was diverted into the jejunum. The duodenopyloric junction was tightly ligated. After surgery for collection of pancreatic exocrine secretion and recording of carotid blood pressure, a coaxial electrode was stereotaxically inserted in the DRN with a guide of a brain atlas. And then, electrical stimulus of biphasic square wave with 2 v, 2 msec, 40 Hz was applied on the electrode for 10 minutes. Pancreatic volume flow and protein output secreted in 10 min were measured. Either bilateral cervical vagotomy or spinal cord transection at the level of $C4{\sim}C5$ was performed 20 min prior to stimulation of the DRN. 1) Electrical stimulation of the DRN resulted in significant (p<0.05) increase in pancreatic volume flow and protein output. These stimulatory effects were not affected by cervical vagotomy but completely abolished by cervical cord transection. 2) Electrical stimulation of the DRN also resulted in significant (p<0.05) rise of blood pressure of the carotid artery. The hypertensive effect was not affected by cervical vagotomy but completely abolished by cervical cord transection. The results strongly suggest that the DRN, a part of the central serotonergic system, could exert a stimulatory influence on pancreatic exocrine secretion by increasing the sympathetic activity in anesthetized rats.

• KDI Journal of Economic Policy
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• v.32 no.4
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• pp.153-195
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• 2010

The recent global financial crisis has been the outcome of, among other things, the mismatch between institutions and the reality of the market in the current global financial system. The International financial institutions (IFIs) that were designed more than 60 years ago can no longer effectively meet the challenges posed by the current global economy. While the global financial market has become integrated like a single market, there is no international lender of last resort or global regulatory body. There also has been a rapid shift in the weight of economic power. The share of the Group of 7 (G7) countries in global gross domestic product (GDP) fell and the share of emerging market economies increased rapidly. Therefore, the tasks facing us today are: (i) to reform the IFIs -mandate, resources, management, and governance structure; (ii) to reform the system such as the international monetary system (IMS), and regulatory framework of the global financial system; and (iii) to reform global economic governance. The main focus of this paper will be the IMS reform and the role of the Group of Twenty (G20) summit meetings. The current IMS problems can be summarized as follows. First, the demand for foreign reserve accumulation has been increasing despite the movement from fixed exchange rate regimes to floating rate regimes some 40 years ago. Second, this increasing demand for foreign reserves has been concentrated in US dollar assets, especially public securities. Third, as the IMS relies too heavily on the supply of currency issued by a center country (the US), it gives an exorbitant privilege to this country, which can issue Treasury bills at the lowest possible interest rate in the international capital market. Fourth, as a related problem, the global financial system depends too heavily on the center country's ability to maintain the stability of the value of its currency and strength of its own financial system. Fifth, international capital flows have been distorted in the current IMS, from EMEs and developing countries where the productivity of capital investment is higher, to advanced economies, especially the US, where the return to capital investment is lower. Given these problems, there have been various proposals to reform the current IMS. They can be grouped into two: demand-side and supply-side reform. The key in the former is how to reduce the widespread strong demand for foreign reserve holdings among EMEs. There have been several proposals to reduce the self-insurance motivation. They include third-party insurance and the expansion of the opportunity to borrow from a global and regional reserve pool, or access to global lender of last resort (or something similar). However, the first option would be too costly. That leads us to the second option - building a stronger globalfinancial safety net. Discussions on supply-side reform of the IMS focus on how to diversify the supply of international reserve currency. The proposals include moving to a multiple currency system; increased allocation and wider use of special drawing rights (SDR); and creating a new global reserve currency. A key question is whether diversification should be encouraged among suitable existing currencies, or if it should be sought more with global reserve assets, acting as a complement or even substitute to existing ones. Each proposal has its pros and cons; they also face trade-offs between desirability and political feasibility. The transition would require close collaboration among the major players. This should include efforts at the least to strengthen policy coordination and collaboration among the major economies, and to reform the IMF to make it a more effective institution for bilateral and multilateral surveillance and as an international lender of last resort. The success on both fronts depends heavily on global economic governance reform and the role of the G20. The challenge is how to make the G20 effective. Without institutional innovations within the G20, there is a high risk that its summits will follow the path of previous summit meetings, such as G7/G8.

• Journal of Distribution Science
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• v.13 no.10
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• pp.93-99
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• 2015

Purpose - It has been argued that the regulations restricting entry and opening hours of General Super Markets and Super Super Markets have not been as effective as expected. In contrast, the win-win item scheme that appeared recently has the advantage that it could raise the effectiveness of the system in that win-win items are in principle resigned on the basis of bilateral agreements. This study analyzes the win-win item agreement made between Homeplus at Hap-jung and small traditional markets to examine the practical effectiveness of the win-win item scheme. While existing literature studying the regulatory effects have concentrated on the restrictions around store entry or opening hours of large retailers, it can be said that there have been few empirical studies on the effect of win-win items agreement with large retailers. Research design, data, and methodology - Homeplus at Hap-jung made a win-win items agreement with nearby small traditional market traders in 2013. In accordance with this voluntary agreement, Homeplus started by limiting its sales to 15 win-win items. The survey was conducted through one-on-one interviews, April 14 to May 2, 2014, by a professional public opinion research agency. The interviews were targeted at small business retailers in the nearby traditional market. We divided the traditional markets near Homeplus at Hap-jung where the win-win item agreement was achieved into two groups, win-win item agreement markets and non win-win item agreement markets, to compare the performance difference between the two groups. Results - To determine the change in sales of the 15 win-win items, we examined the performance difference between the two groups using two criteria (compared with similar items, and compared to sales volume a year ago). The results show that the individual sales of win-win items in the win-win item agreement markets are more likely to increase than in the non win-win item agreement markets. Total sales volume of individual stores in the agreement markets also showed a more significant increase compared to a year ago than those in non win-win item agreement markets. Conclusions - Contrary to the existing retail regulations that have one-sided and uniform characteristics, it can be pointed out that the win-win item scheme has the effect of increasing the success of the system itself because it is done on the basis of mutual agreement between General Super Markets and traditional markets. The empirical results of this study can be said to support this conjecture. For the successful settlement of a win-win items agreement, the following points should be reviewed. First, it requires a great effort from the selection process of win-win items in order to improve the effectiveness of the agreement. Second, the existing General Super Markets customers should be introduced to the traditional markets or small shops to increase the sales of win-win items. Therefore, voluntary effort is essentially required from the traditional markets to engage customers.