• Journal of the Korean Regional Science Association
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• v.32 no.4
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• pp.75-90
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• 2016

It is unique from other financial institutions that credit unions in Korea have been developed as voluntary activity for enhancing the financial access of the poor in 1960s. However, currently some raise criticism that the cooperative identity as voluntary movement has been weaker. This paper endeavor to analyze the growth of credit unions during 2000s and explain what the implications of their growth are, using data from National Credit Union Federation of Korea. Our findings are as follows; firstly, the development of credit unions in 2000s are able to be regarded as a reflection of the rationale of advocate for quantitative growth. Secondly, the growth of credit unions are mostly dependant on non-taxable deposit, large loan, and collateralized loan which can lead to weaken the identity as voluntary cooperatives. Thirdly, the strategy of quantitative growth cannot be helpful for soundness of asset and profitability, eventually weakening their sustainability.

• The Korean Journal of Financial Management
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• v.22 no.2
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• pp.71-89
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• 2005

The purpose of this research is to examine X-efficiency of Korean local credit unions in 2001 by employing the stochastic frontier approach. This study uses the intermediation approach in order to define outputs and inputs of the credit unions. We define the outputs as the amounts of loans, and securities. The inputs are labor, deposit and physical capital. The price of labor is estimated by dividing the total wages by the number of employees. The price of deposit equals total interest divided by total deposit, and the price of physical capital is also computed to divide the total sales and administrative expenses by the physical capital. By the result of this study, the average efficiency score is 0.81. This fact indicates that credit unions can reduce their inputs by 19% for the given outputs. If results are arranged into quartiles based on the efficiency, inefficiency of top 25% credit unions is below 9%, and half of them is over 17%. In addition, e result shows that the efficiency is significantly influenced by region and size even if credit unions in Seoul and Daegu showed little difference in efficiency by size. Generally, medium size credit unions are more efficient than large size.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.16 no.2
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• pp.587-608
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• 2022

The European Union recently established the General Data Protection Regulation (GDPR) for secure data use and personal information protection. Inspired by this, South Korea revised their Personal Information Protection Act, the Act on Promotion of Information and Communications Network Utilization and Information Protection, and the Credit Information Use and Protection Act, collectively known as the "Three Data Bills," which prescribe safe personal information use based on pseudonymous data processing. Based on these bills, the personal data store (PDS) has received attention because it utilizes the MyData service, which actively manages and controls personal information based on the approval of individuals, and it practically ensures their rights to informational self-determination. Various types of PDS models have been developed by several countries (e.g., the US, Europe, and Japan) and global platform firms. The South Korean government has now initiated MyData service projects for personal information use in the financial field, focusing on personal credit information management. There is also a need to verify the efficacy of this service in diverse fields (e.g., medical). However, despite the increased attention, existing MyData models and frameworks do not satisfy security requirements of ensured traceability, transparency, and distributed authentication for personal information use. This study analyzes primary PDS models and compares them to an internationally standardized framework for personal information security with guidelines on MyData so that a proper PDS model can be proposed for South Korea.

• The Journal of Fisheries Business Administration
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• v.31 no.2
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• pp.93-117
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• 2000

Fisheries finance is divided into the policy time of long period of time and low interest and the special financing institutions, such as Fisheries Co-operatives. Union system finance is the system finance, which supports the fisheries system organization. Fisheries Co-operatives in cities, towns and villages are the independent management objects. Prefecture federation of Fisheries Co-operative is in prefecture stage. Norm Chukin Bank is in national stage. Each shares functions in these three stages, and finance is performed systematically, Fisheries policy finance comprises government financial institution capital such as the Agriculture, Forestry and Fishery Finance Corporation whish is based on the capital of a country or a prefecture financial fund, and fishery Modernization Capital used as financial funds through the government. Moreover, to complement such finance institutionally, Fisheries Credit Foundations, Agriculture and Fisheries Saving Insurance Corporation and National fisheries Co-operative Trust Enterprise Mutual Aid system have been established

• The Journal of Industrial Distribution & Business
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• v.11 no.9
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• pp.25-35
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• 2020

Purpose: The purpose of this study is to investigate how much continuous investment in human capital contributes to increasing labor productivity at not only individual companies but also at the national level, and causes fundamental as well as increases for labor-management conflicts. The current research aimed to empirically demonstrate the importance of human capital investment and furthermore, based on the effect of human resource investment on labor productivity, also re-examine the role of the Labor Commission as well. Research design, data, and methodology: This study was conducted by the Korea Information Service-Financial Accounting System (KIS-FAS) using representative panel data operated by countries to measure whether long-term investment in corporate human resources affects labor productivity. Results: Two distinctive summarized results of the analysis in the Korea Credit Ratings data showed that there was a high positive correlation between corporate human resource investment and economic performance for a ten-year period from 2009 to 2018. Conclusions: The present study concluded that the role of the labor committee should be effectively formed by the labor as a mediation agency and that the role of the mediation committee members should focus more on how to strengthen the human resources management of the union.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.2
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• pp.117-124
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• 2017

In the face of current environment of changing markets and increasing competition, regional financial institutions are also attempting to meet the needs of customers using various methods such as offering new services that satisfy customer demands. This study seeks to determine for regional financial institutions which service products and quality factors affect customer satisfaction and loyalty, and compare service products and service quality sources with the goal of observing the comparative importance of each service factor. This sample is conducted by visiting customer survey from October 7th to October 30th, 2015 to Korea Credit Union Cooperative Association and Seoul Consumer Association. The sample is analyzed as follows. interest rate, deduction, insurance and welfare business had a significant effect on customer satisfaction level among the commodity factors of local financial institution, and accessibility, professionalism and empathy affect service satisfaction level. Second, customer satisfaction has a significant effect on customer loyalty. In addition to the interest rate and professionalism factors, it is analyzed that deductions, insurance and welfare projects and empathy are important factors in the local financial institutions contributing to the local economy while providing financial convenience to local residents. This study suggests key points that regional financial institutions can use to differentiate their image in the competitive financial markets.

• Economic Analysis
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• v.27 no.4
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• pp.70-119
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• 2021

This paper analyzes the changes in financial reform during the Kim Jong-un era based on North Korean literature. We find that North Korea has systematically and functionally separated the central bank from commercial banks since the Kim Jong-un era began. In addition, enterprises have been allowed to withdraw cash from bank accounts and make inter-enterprise cash payments. In other words, nowadays non-cash currencies with passive money can partially serve as active money with purchasing power. With the systematic and functional separation of the central bank and the commercial bank, the issuance of the central bank changed to a money supply method through the commercial bank, and changes in the currency distribution structure have allowed commercial bank's credit creation function to be implemented. This means that the banking system and the monetary·payment system of the socialist planned economy are changing in the way of the market economy. Reforms in the financial sector are believed to have been necessary to support changes in the economic system and to restore the function of the public financial sector. These changes have progressed in terms of the level of reform, but they are still considered similar to the period of the former Soviet Union's Perestroika or to the early period of China's reform and opening. Although North Korea's financial reform is superior in terms of enacting the banking law, it is insufficient in terms of realizing the functions of commercial banks. In addition, it is assessed that institutional constraints such as maintaining a planned economy, and the lack of confidence in public finances limit the effectiveness and development of the financial system. It should be noted that these results are based on literature published in North Korea. In other words, there is a limit in the fact that such recent changes have been carried out on a trial basis in some areas, or have been carried out in a full-scale manner with a blueprint, since Kim Jong-un's inauguration.