• East Asian Economic Review
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• v.18 no.2
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• pp.111-142
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• 2014

We examine whether country fundamentals help explain the cross-section of currency excess returns. For this purpose, we consider fundamental variables such as default risk, foreign exchange rate regime, capital control as well as interest rate in the multi-factor model framework. Our empirical results show that fundamental factors explain a large part of the cross-section of currency excess returns. The zero-intercept restriction of the factor model is not rejected for most currencies. They also reveal that our factor model with country fundamentals performs better than a factor model with usual investment-style factors. Our main empirical results are based on 2001-2010 balanced panel data of 19 major currencies. This paper may fill the gap between country fundamentals and practitioners' strategies on currency investment.

• Journal of Information Technology Applications and Management
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• v.29 no.2
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• pp.17-25
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• 2022

Although the two types of currencies compete, the possibility of a virtual currency price bubble is diagnosed by assuming an economic model with currencies (won, virtual currency) that are intrinsically worthless. The won is supplied by the central bank to achieve the price stability target, while the supply of virtual currency increases by a fixed number. According to the basic price theory equation, as a simple proposition, cryptocurrency prices form a Martin Gale process [Schilling and Uhlig, 2019, p.20]. Based on the existing theoretical proposition, we applied the variance ratio verification method [Linton and Smetanina, 2016] and a simple technical chart method for empirical analysis. For the purpose of this study, the possibility of a bubble was empirically analyzed by analyzing the price volatility formed in the Korean virtual currency market over the past year, and brief policy implications for this were presented.

• Journal of Information Technology Applications and Management
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• v.21 no.4
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• pp.1-13
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• 2014

This study aims to show the risk reduction effects of round-the-clock trading environment. We analyse the trading results of the currency futures contracts in CME Globex which are open 23 hours a day. These include Euro FX, Japanese Yen, Australian Dollar, and British Pound from January 2005 to August 2013. We generate new price series using only daytime prices during about 7-hour period. This hypothetical "G" data series may have greater gap risk than the original "R" data series. Empirical results show the trading risk reduction effects, that is R data series have higher profits and lower risks than G data series.

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
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• 2018.05a
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• pp.127-128
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• 2018

While The transaction on virtual currency is another finacial tech for individuals, it includes a lot of risk. In this point, this research is to perform empirical research on reliability of virtual currency transaction.

• The Journal of Information Systems
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• v.27 no.3
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• pp.141-160
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• 2018

Purpose The purpose of this study is to verify mobile game users' perceived utilities about real (price) and virtual (Ruby) currencies, which are the major factors of in-app purchase (IAP) widely used as a business model in a mobile game industry. Design/methodology/approach By using sales volume and sales frequency data for products sold in an 'S' mobile game from the 'D' mobile game company, we conducted a conjoint analysis according to the procedure recommended by Bicheno (2009). Findings The results of this study indicate that (1) mobile game users have greater utility for a virtual currency (Ruby) than for a real currency (price), (2) mobile game users' utility for virtual (Ruby) and real (price) currencies varies depending on sales volume and sales frequency, as well as (3) mobile markets (e.g., Google Play Store vs. Apple App Store), and (4) mobile game users have greater utility for a virtual currency (Ruby) which can be used readily than later.

• Health Policy and Management
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• v.8 no.2
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• pp.76-87
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• 1998

This study analyzed the effect of foreign currency exchange rate on the increasing rate of medical care cost by items of fee schedule of Korean Medical Insurance. This study uses the data of cost analysis including cost of imported goods and the data of for a university hospital National Federation's Medical Insurance for a trend of claim. The method of cost analysis is as same as that used in the study of the development of Korean RBRVS(Resource Based Relative Valus Scale). The main findings of this study are as follows; 1. The proportion of imported goods in cost related to Medical Insurance fee schedule is 7.93%, and in case of substitution of available domestic goods 6.96%. 2. If foreign currency exchange rate changes from 800wen per $1 to 1,300won, the affecting rate of Medical Insurance fee schedules is 5.00%. If the imported goods will be substituted with available domestic goods, the rate 4.35%. Our results can be used a data for updating Medical Insurance fee schedule. But this result is limited to be generalized, because this study used the cost analysis for a university hospital.

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
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• 2017.10a
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• pp.89-91
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• 2017

A currency exchange is the rate to exchange currencies between different countries and the one of important factors to measure the economic size or status of a country. The currency exchange is affected by various economic or social events and changed dynamically. However, since too many economic and social factors affect the exchange rate and the leverage rate of each factor is so floating, it is difficult to define clearly the relationships between the exchange rate and the specific factor. In this paper, we analyze the data pattern for the exchange rate and news articles. To do this, we counts the frequencies of words presented in the news articles during specific periods and compare the frequencies with the margins of exchange rates.

• The Journal of Information Systems
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• v.32 no.3
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• pp.117-132
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• 2023

Purpose The purpose of this study is to analyze the impact of policy changes in Busan's local currency, Dong Baek Jeon, on the use of Dong Baek Jeon. In particular, this study tried to investigate consumption changes due to changes in local currency policy depending on the region, industry, and consumer characteristics. Design/methodology/approach This study used the transaction data of Dong Baek Jeon franchise for analysis. Specifically, the data from January 2022 to December 2022 were used to analyze the current status of the use of Dong Baek Jeon and changes in consumption before and after policy changes. Findings As a result of the analysis, the consumption of Dong Baek Jeon tended to be concentrated in specific regions, industries, and ages. In most regions and ages, the top consumption industries were similar. The use of Dong Baek Jeon showed a clear change in the pattern of use depending on policy changes. Specifically, when the benefits were revised downward, the use of Dong Baek Jeon decreased, and when it was revised upward, it increased. Depending on the policy change, the rate of increase and decrease by region and consumer characteristics was relatively similar, but it was confirmed that there was a difference in the rate of increase and decrease depending on the industry.

• The KIPS Transactions:PartB
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• v.9B no.4
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• pp.471-480
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• 2002

In this paper, we implemented a real-time system improving the performance of the paper currency discrimination by integrating a weighted region of interest matching algorithm with a weighted shape feature matching algorithm of the blocked image. The system classifies the paper currency by comparing a query image with compared images based on the database that contain images of paper currency. Especially, the system has good efficiency at the contaminated, rotated, and translated paper currency. The system hardware consists of three parts as follows : the paper currency image acquired by CIS(contact image sensor) is applied to the pre-processing part with A/D converter and PLD. Finally the pre-processed image data are classified by the main image processing part with a high-speed DSP based on the proposed algorithm.

• The Korean Journal of Financial Management
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• v.26 no.2
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• pp.155-180
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• 2009

This study is to estimate and compare hedging effectiveness in emerging currency and advanced currency futures markets. Emerging currency futures includes Korea won, Mexico peso, and Brazil real and advanced currency futures is Europe euro, British pound, and Japan yen. Hedging effectiveness is measured by comparing hedging performance of the naive hedge model, OLS model, error correction model and constant condintional correlation bivariate GARCH(1, 1) hedge model based on rolling windows. Analysis data is used daily spot and futures rates from January, 2, 2001 to March. 10, 2006. The empirical results are summarized as follows : First, irrespective of hedging period and model, hedging using Korea won/dollar futures reduces spot rate's volatility risk by 97%. Second, Korea won/dollar futures market produces the best hedging performance in emerging and advanced currency futures markets, i.e. Mexico peso, Brazil real, Europe euro, British pound, and Japan yen. Third, there are no difference of hedging effectiveness among hedging models.