• East Asian Economic Review
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• 제23권3호
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• pp.227-260
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• 2019

This paper offers a comprehensive view of international risk sharing and of related policy issues from the perspective of the European Union. The traditional analyses contemplate three risk-sharing channels: the capital markets channel (through cross border portfolio investments), international transfers and the credit markets channel (via savings). Comparative analyses reveal that, on average, about 80% of the shock remains unsmoothed in Europe while only about 18% of the shock is transmitted to consumers within the US. From aggregated figures, there is space for improving, particularly, the cross-border investments channel in Europe. In this sense, the completion of the Banking and Capital Markets Union are expected to boost risk sharing across European member states. We also review new additional issues usually not contemplated by the traditional literature as depreciation, migration and the role of sovereigns and two new additional channels recently considered in the literature: government consumption and the real exchange rate. Finally, we also examine recent analysis related to the geographic distribution of risk sharing.

• 대한전기학회:학술대회논문집
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• 대한전기학회 2000년도 추계학술대회 논문집 학회본부 D
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• pp.644-646
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• 2000

According to the deregulations of governments in the world. the power industries of United State and European nations are proceeding remote meter reading and remote load control. But the core technology of multifunctional electronic meter implemented by programmable one-chip IC, which can be the right answer of all the power industy's efforts is now still under development in the advanced countries. Implementation of smallest size, lowest price single-phase meter with features which enable distribution automation such as bidirectional communication, Remote load control, remote meter reading, remote credit assigment. Prepayment billing system.

• 한국산학기술학회논문지
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• 제12권10호
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• pp.4359-4368
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• 2011

최근(2008년) 국제금융위기를 초래한 여러 변수들 중, 사회적인 소득불균형와 금융위기에 대한 대응책의 미흡 등의 문제들을 포함한 거시경제변수들 중, 특히 2가지 요인들에 주목할 필요가 있다. 즉, 2000년 이후부터 지속되어 온, 국제적 무역 불균형과 통화정책 상의 오류라는 요인들이다. 특히 후자의 경우, 2000년대 초반부터 지속된 경제의 불확실성 확대가 연방중앙은행이 저금리정책을 유지하게 된 주된 요인이 되었으며, 이로 인한 자본시장의 과도한 유동성이 시장참여자들로 하여금 시중 금리이상의 수익률을 추구하는 금융상품을 찾기에 비정상적 노력을 기울이도록 유도하였다. 본 논문에서는 상기 거시경제적인 변수와 관련하여, 국제금융위기의 직접적이고 미시적인 원인으로 간주되고 있는 장외파생상품에 대한 분석과 실증적 연구를 수행하였다. 금융위기 상황 이전의 장외파생상품들에 대한 과도한 투자열기, 특히, 신용부도스왑(Credit Default Swap, CDS)의 국제 자본시장에서의 과열된 매매가 최근의 국제금융위기를 초래한 직접적인 원인이 되었다고 판단되기 때문이다. 본 논문의 기여점으로는 자본선진국들에서는 CDS의 스프레드(프리미엄)에 대한 결정요인들에 대한 연구가 지속적으로 이루어 졌으나, 국내 기업들에 대한 결정요인에 대한 연구는 상대적으로 미약하였다는 점이라 할 수 있다. 본 연구의 방법론으로서 산업효과를 고려한 다중회귀식을 이용한 결정요인들에 대한 유의성 검정이며, 설명변수들 중에서, 국고채(만기 3년) 수익률, 시가-장부가 비율, 그리고 기업규모가 국내 기업들의 CDS 스프레드 의 유의한 결정요인이었다. 첫 장에서는 최근의 국제금융위기관련, 그에 대한 원인분석을 서술하였으며, 둘째 장에서 부채담보부증권과 신용부도스왑에 대한 구체적 개념을 설명하였다. 다음으로 국내 기업들 중, 국제적으로 CDS 스프레드가 거래되는 표본기업들을 대상으로 결정요인 분석을 실증적으로 수행하였다. 마지막 장의 결론 부분에서는 요약과 향후 연구에 대한 내용을 서술, 제시하였다.

• Asian Journal of Business Environment
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• 제3권1호
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• pp.5-16
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• 2013

Purpose - Micro-finance institutions (MFIs) are critical to Vietnam's quest for poverty alleviation among the poor in the rural and agrarian communities. The current study attempts to investigate the impact of microfinance outreach programs undertaken by formal and semi-formal MFIs in Vietnam targeting the poor rural and agrarian communities. Research design, data, methodology - An enquiry was made as to whether the poor and rural communities accessed the micro credit offered by Government supported MFIs and NGOs through their microfinance outreach programs. Furthermore, the current study attempted to explore if the current mode of operations adopted by MFIs in Vietnam is sustainable. Results -The findings indicate that significant progress has been made in Vietnam to alleviate poverty among the poor rural communities through micro finance outreach programs. Conclusions - There are also pointers of MFIs sustainability in Vietnam. However, it still remains to be seen if the current sustainability pointers are long lasting without government subsidies or some international organizations financial support to microfinance outreach programs.

• 산업융합연구
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• 제1권1호
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• pp.143-157
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• 2003

This paper examines the changed consumer perception to internet based channel. Internet based channel has time merit, place merit, assortment merit, compatibility merit, and so on. For seller, in the mean while, it has merits in the way of diminishing physical distribution cost, promotion cost, and reaching globally in the same time. In spite of so many merits of internet based channel, there were many types complain in past. Most of all, consumers expect that it will provide low-price merit to consumer, because it doesn't need shop, warehouse, stock, etc. Based on the empirical analyses in past, it didn't work, especially to price oriented consumer's perception. But in this research, it shows changing consumer's perception. Comparing past data with current data, we found outstanding gross in price related variables figure. But, in goods delivery related factors and personal credit information related factor, consumer recognized much more negatively yet. So, we conclude that even though some factors show improved perception, there are tasks to solve. We will observe the tuning point at that time.

• 응용통계연구
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• 제24권2호
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• pp.425-433
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• 2011

Reject inference in credit scoring is a statistical approach to adjust for nonrandom sample bias due to rejected applicants. Function estimation approaches are based on the assumption that rejected applicants are not necessary to be included in the estimation, when the missing data mechanism is missing at random. On the other hand, the density estimation approach by using mixture models indicates that reject inference should include rejected applicants in the model. When mixture models are chosen for reject inference, it is often assumed that data follow a normal distribution. If data include missing values, an application of the normal mixture model to fully observed cases may cause another sample bias due to missing values. We extend reject inference by a multivariate normal mixture model to handle incomplete characteristic variables. A simulation study shows that inclusion of incomplete characteristic variables outperforms the function estimation approaches.

• KDI Journal of Economic Policy
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• 제43권2호
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• pp.103-123
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• 2021

This paper examines the impact of the regional cash subsidies which were granted in some districts in addition to the national universal stimulus payment in South Korea related to the COVID-19 pandemic. We evaluate the effects of the cash distribution per resident on aggregate credit and debit card sales and sales by industry using the difference-in-difference method. The increment in card spending due to the cash subsidy is about 1.58%p in total, and this effect is concentrated within a single month. The consumption stimulating effect is prominent among (semi)-durable goods that do not require close interactions between customers and sellers. In contrast, the effect is relatively small in the high-contact face-to-face service sectors and restaurants, areas the COVID-19 pandemic hit directly. On the other hand, some service sectors where customers could wear face masks, such as education and fitness, experienced a substantial sales boost due to the cash subsidy.

• 유통과학연구
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• 제13권9호
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• pp.47-57
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• 2015

Purpose - The aim of this paper is to investigate the explanatory power of the Pecking-order theory (the cost of financing increases with asymmetric information) among Korean retail firms from the perspective of debt capacity. According to the Pecking-order theory, a firm's first preference is to use internal funds for its capital needs, its next preference is the issuance of debt, and its last preference is the issuance of equity; this is due to the information asymmetry problem between existing shareholders and investors. However, prior empirical studies, such as Lemmon and Zender (2010), argue that the entire sample test for the Pecking-order theory could be misleading due to the different levels of debt issuance capability of each of the individual firms; in fact, they confirm that the explanatory power of the Pecking-order theory improves after taking into account the differences in debt capacity of the U.S. firms they examined. This paper implements a case study approach among Korean retail firms to examine the relationship between debt capacity and the explanatory power of the Pecking-order theory in Korea. Research design, data, and methodology - This study uses the sample of public retail firms on the Korea Composite Stock Price Index (KOSPI) from the time period of 1990 to 2013. We gather related financial and accounting statements from the financial information firm WISEfn. Credit rating information is provided by the Korea Investor Service. We employ the models of Lemmon and Zender (2010) and Son and Kim (2013) to measure a firm's debt capacity. Their logit models use the rating dummy variable as a dependent variable and incorporate other firm characteristics as independent variables to estimate debt capacity. To test the Pecking-order theory, we adopt variants of the financing deficit model of Shyam-Sunder and Myers (1999). In the test of the Pecking-order theory, we consider all of the changes in total debt obligations, current debt obligations, and long-term debt obligations. Results - Our main contribution to the literature is our confirmation of the predicted relationship between debt capacity and the explanatory power of the Pecking-order theory among Korean retail firms. The coefficients on financing deficits become greater as a firm's debt capacity improves. This is consistent with the results of Lemmon and Zender (2010). The coefficients on the square of the financing deficits are also negative for the firms in the largest debt capacity group, which is also consistent with the predictions in prior literature. Conclusions - This study takes a case study approach by examining Korean retail firms. We confirm that the Pecking-order theory explains the capital structure of retail firms more appropriately, after taking into account the debt capacity of each firm. This result suggests the importance of debt capacity consideration in the testing of the Pecking-order theory. Our result also implies that there has been a potential underestimation of the explanatory power of the Pecking-order theory in existing studies.

• 유통과학연구
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• 제16권2호
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• pp.89-99
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• 2018

Purpose - In this study, we discuss the current status and barriers of digital transformation focused on small businesses. More specifically, this study consists of two studies. The purpose of study 1 is to investigate the effect of digitization of small businesses on the sales of stores and the number of visiting customers. The purpose of Study 2 is to examine the status and obstacles of online channels use by small businesses. Research design, data, and methodology - In Study 1, we will examine the changes in sales and visitor numbers of stores that are rapidly adapting to digital transformation among small business. For this, we utilize the actual situation of store management survey conducted by the Small Enterprise and Market Service. Specifically, multiple regression equations were used to determine whether blogs and online shopping malls were operating, and the proportion of credit cards to sales as independent variables and sales and number of visiting customers as dependent variables. Next, in Study 2, we surveyed the 15 small business owners in the latest survey on the actual situation of store management survey conducted in 2015, and conducted an in-depth interview to examine the barriers to the use of online channels by small business. Results - As a result of study 1, it is found that the small business who run the blogs have higher sales and visits than the small business who do not. However, there is no difference in the sales and the number of visiting customers between the stores that operate the online shopping malls and those that do not. Second, the higher the proportion of credit cards, the higher the sales and the number of visiting customers. In study 2, we analyzed the barriers to the expansion of online channels by in-depth interviews. Interviews show that barriers to access to online channels are limited by search neutrality, high commission burden, and low bargaining power. These problems are caused by the insufficiency of small business compared to online and mobile portal and O2O platform vendors. Conclusions - This study suggests that small business who have difficulty in establishing direct online channels need digital transformation of small business. In addition, when using such an external platform, we have identified the problems that small business face.

• 유통과학연구
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• 제13권1호
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• pp.83-91
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• 2015

Purpose - Despite the structural irrationality of multi-level transportation and the oil price rise, the domestic freight transportation market continues to grow, mirroring the rise in e-commerce and resultant increase in courier services and freight volumes. Several studies on courier services have been conducted. However, few studies or statistics have been published regarding regular freight services although they have played a role in the freight service market. The present study identifies the characteristics of regular freight service users to seek competitiveness enhancement measures specific to regular freight services. Research design, data, and methodology - IPA is a comparative analysis of the relative importance of and satisfaction with each attribute simultaneously. This study used IPA because it facilitates the process of analyzing importance and performance, deriving implications and a visual understanding of results. To enhance the competitiveness of regular freight services, this study surveyed its current users regarding the importance of the regular freight service factors. A total of 200 copies of a questionnaire were circulated and 190 copies were returned. In addition to demographics, respondents answered questions about the importance of and satisfaction with services on a 5-point Likert scale. Excluding 3 inappropriate copies, 187 out of 190 copies were analyzed. PASW Statistics 18 was used for statistical analysis. A total of 20 question items were selected for the service factors presented in the questionnaire based on the 1st pilot survey and previous studies. Results - According to the IPA performed to compare the importance of and satisfaction with service factors, both importance and satisfaction are high in the 1st quadrant, which involves the economic advantage of using regular freight services, quick arrival at destinations, weight freight handling, and less time constraints on freight receipt/dispatch. This area requires continuous management. Satisfaction is higher than importance in the 2nd quadrant, which involves the adequacy of freight, cost savings over ordinary courier services, notification on freight arrival, and freight tracking information. This area requires intensive investment and management. Satisfaction is lower than importance in the 3rd quadrant, involving the credit card payment system, courier delivery service, distance to freight handling sites, easy access to freight handling sites, and prompt problem solving. This area requires further intensive management. Both importance and satisfaction are low in the 4th quadrant, involving the availability of collection service, storage space at freight handling sites, kindness of collection/delivery staff, kindness of outlet staff, and easy delivery checks. This area is a set of variables should be excluded from priority control targets. Conclusions - Based on the IPA, service factors that need priority controls because of high importance and low satisfaction include the credit card payment system, delivery service, distance to freight handling sites, easy access to freight handling sites, and prompt problem solving. The findings need to be applied to future marketing strategies for regular freight services and for developing competitiveness enhancement programs.