• 산업경영시스템학회지
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• 제32권2호
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• pp.158-170
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• 2009

This paper considers how the optimal export level is influenced by export risk, the degree of risk-averseness for exporting firms, and those firms' cost structure. In addition, export insurance is incorporated into some simple theoretical model to analyze the optimal export level. This paper applies genetic algorithm simulation to show that the exporting firms'risk-averseness do not affect the optimal export decision while export risk and cost function characteristic have relatively more significant effects on the optimal export level. Finally, our findings suggest that the most influential factor for the optimal export levels seems to be the monopoly power of exporting firms.

• 무역상무연구
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• 제48권
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• pp.79-100
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• 2010

To promote the nation's exports, in Korea several government led programs are alive for procuring and manufacturing goods for export. The trade supporting programs are consisted of Trade Financing Program, Trade Tax Program, and Trade Insurance. The programs are summarized ; First, Trade Financing Program is available to exporters of procuring raw materials and finished goods for export. It is extended with exceptionally low interests from the Korean commercial banks. Second, Trade Tax Program provides whole or part of customs drawback to exporters. customs drawback is' made when exporters meet requirements of Customs for export. Third, Trade Insurance Program cover risks of uncertainty which is beyond the exporters' capacity at low insurance premium. It is suggested that the exporters have deep knowledge of these three programs to their ends. Especially Trade Financing Program and Trade Insurance Program can be a combined work for the financially weak SMEs. Further, there are rooms for these programs to develop to enhance the competitiveness of SME exporters.

• 통상정보연구
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• 제15권1호
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• pp.259-283
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• 2013

수출신용보증은 수출계약과 관련하여 외국환은행이 중소기업자인 수출업자에게 수출신용보증서를 담보로 대출함에 따라 발생하는 수출자의 상환채무에 대하여 한국무역보험공사가 그 지급을 연대보증하는 것으로 외국환은행은 안심하고 수출금융을 취급할 수 있다. 또한 중소기업 수출자도 별도의 담보를 제공하지 않아 현재 중소기업은 전용보증제도인 수출보험제도를 가장 선호하고 있다. 하지만 한국무역보험공사가 지원하는 수출신용보증의 경우 최근 5년간 인수실적이 공사 전체 인수실적(보험 및 보증인수 총액, 총 604조여 원)의 2.64%(16조여 원)에 불과한데도 5,262억 원의 보험수지 적자가 발생하는 등 무역기금손실의 주요 요인으로 작용하고 있다. 따라서 본고에서는 중소기업의 건전한 수출지원 정책으로서 안정적인 무역금융지원기반을 마련하고 기금운용의 건전성 확보와 절감 방안을 검토하기 위해 2011년 11월 감사원의 무역보험실태 보고서를 토대로 수출신용보증제도의 사례분석을 통해 문제점을 고찰하고 무역보험운용상의 개선방안을 도출하고자 한다.

• 무역상무연구
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• 제77권
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• pp.113-144
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• 2018

This study explores how to prevent the fraudulent export financing and its subsequent export insurance fraud in relation to O/A negotiation. Under the traditional letter of credit(L/C) transactions, the banks, as a negotiation bank, can extend trade financing to the exporters through negotiation of draft and/or shipping documents. Under the O/A transaction scheme, however, bank cannot ascertain existence of trade performance and it is much riskier to extend an advance financing to the exporters before the buyer sends confirmation of debt. In O/A negotiation. some exporters tried to fraud banks by falsifying the shipping documents and the size and gravity of this fraudulent export financing were huge. Therefore, this study examines the banking process in O/A-based trade financing, documents examination process, the negotiation of instruments, treatment of trade financing in export credit guarantee, most importantly, explores what could be the criteria for appropriate treatment of account receivable to insure the safe transfer of account receivable. To maximize the benefit for optimum trade financing, the Bank of Korea established several Trade Finance Rules (refers to "BOK Rules") requiring that commercial banks should maintain optimal credit limits(so called, 'the principle of optimal loan') to extend the trade finance. The K-sure post-shipment credit guarantee programs and short-term export insurance program(EFF)can also facilitate 'the principle of optimal loan' principle.

• 통상정보연구
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• 제13권3호
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• pp.77-95
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• 2011

본고에서는 무역보험과 환위험이 우리나라의 수출에 미치는 영향을 분석하였다. 먼저 공적분 검정을 통해 적어도 하나의 공적분 벡터가 존재하는 것을 확인하였고, CCR, DOLS, FMOLS와 같은 공적분 벡터식과 오차수정모형을 추정하였다. 설정된 모형 내 변수들이 수출에 미치는 영향의 방향이 무역보험, 세계경기, 상대가격, 는 양(+)으로, 환위험과 실업률은 음(-)으로 나타났다. 또한 모형1의 오차수정 모형의 경우 단기 불균형에서 균형으로의 조정역할은 세계경기와 상대가격이 하고 있으며, 모형2의 오차수정모형의 경우 단기 불균형에서 균형으로의 조정역할은 환율변동성이 수행하고 있는 것으로 분석되었다. 다음으로 충격반응분석 결과 모형 1과 모형 2에서 무역보험 충격에 대한 수출의 반응은 충격을 받은 시점에서 2개월까지는 상승하고, 이후에는 상승세가 둔화되면서 상승효과가 소멸되는 것으로 나타났다. 모형 2에서 환율변동성 충격에 대한 수출의 반응은 충격을 받은 시점에서 4개월이 되는 시점에서 가장 큰 폭으로 하락하고 빠른 속도로 감소하고 있음을 알 수 있었다. 결과적으로 우리나라의 경우 무역보험은 수출촉진을 위한 무역정책의 역할을 수행하며, 환율변동성 확대는 환위험을 증가시켜 수출을 위축시키는 것으로 나타났다. 따라서 무역보험의 정책적 지원이 확대되어야 하며, 외환시장의 다변화와 거래 규모 확대가 필요하다.

• 무역학회지
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• 제45권6호
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• pp.157-179
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• 2020

This study presented the results of meta-analysis through topic modeling among the papers published in the Journal of the International Trade Association for the purpose of presenting academic research trends in the field of trade insurance and future research directions. Among the total 2,010 papers included in the Journal of the Korea International Trade Association, the analyzed paper covers the subject of trade-related insurance. According to detailed topics, 33 marine insurance (42.31%), 16 export insurance (20.51%), 11 hull insurance (14.10%), and 18 others (23.08%), and 4 other products liability insurance. According to the empirical analysis results, Topic 1 was classified as marine insurance, airworthiness, notice obligation, and collateral, and Topic 2 was derived as a representative topic for loading insurance, emergency risk, and immunity as export insurance. And Topic 3 was classified as vessel, sinking and container in relation to ship insurance, and Topic 4 was analyzed as an important topic such as manufacture and British marine insurance. Through the analysis results, we selected the representative topic used for the trade insurance topic and looked at the status of major research. Trade insurance is an area that requires the development of more theoretical and practical research subjects as an optimal risk management means in international trade transactions. To this end, first, support from the Korea International Trade Association is needed to establish a continuous research subject sharing system for the development of research subjects in the field of trade insurance. Second, academic journal operation management must be continuously managed in which academic research papers can be submitted and published.

• 무역상무연구
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• 제60권
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• pp.195-209
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• 2013

South Korea, despite the financial turbulences has marked the trade volume of USD 1 trillion and marked $7^{th}$ largest exporter in 2013. Approximately 40% of the entire import of Korea was for export. In the South Korean trade structure, import and export are closely related, requiring proactive import financial assistance policies. Recognizing this, K-sure has made import insurance policy available on the market since July 2010. The K-sure insurance policy targets both financial institutions and importers. This is the reason why this research seeks to review the import insurance terms for importers and compare with foreign import insurance products to find out ways to improve. K-sure's import insurance for importers is to cover a loss of a policyholder when the policyholder or importer domestically addressed made a prepayment but cannot receive goods. The import insurance is applied to import transactions of goods or resources. K-sure's import insurance coverage needs to be expanded to intermediary trade and consignment processing trade, etc. In this sense, a more systematic educational program should be introduced about K-sure's import insurance.

• 무역학회지
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• 제47권5호
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• pp.59-74
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• 2022

The exemption clause of recurring shipments refers to the insurer's exemption in Short-term Export Credit Insurance for the additional shipment which was shipped on board while any foregoing shipment was unpaid beyond its due date over 30 days. The recurring shipments are constituted with two factors: the due date of the foregoing shipment and the shipment date of the additional export. The exemption clause of recurring shipments has been eased by extending the grace period for payment up to 60 days from 30 days for the transactions between exporters and importers having the history of payments which were made customarily in delay. This research argues that the current grace period is for the buyers who customarily delay their payments, and that the insurer introduce a grace period for shipment in favor of exporters for the additional shipment which was delayed in on-boarding due to reasons beyond the control of exporters. In consideration of the waiting time and the on-boarding time at ports for container freight, shipments are frequently delayed, which entails those shipments to be indemnified by the exemption clause of recurring shipments. Roll-overs and Blank Sailings also cause the container freight to be delayed in on-boarding. This research is expected to contribute to further development of Short-term Export Credit Insurance in K-SURE.

• 무역상무연구
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• 제50권
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• pp.215-250
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• 2011

Korean won overseas construction projects worth 71.6 billion US Dollars in 2010, which exceeded that of 2009 by 45.6%. An overseas construction project is a transaction of large scale, long term project, many parties participating, deferred payment, and of high-technology. It contributes to foreign currency earning, and also leads the nation's export restructuring work towards high value-added one. There are various kinds of risks towards the relevant parties respectively, which are key elements in successfully performing the overseas construction project. There are completion risk, financing risk, operating risk, revenue risk etc, in an employer's place. A contractor may be confronted with payment risk, issuance risk of performance bond, financing risk, performance risk of sub-contractors, and exchange rate risk. In lenders place there are repayment risk, completion risk, and political risk in the host country. In order to mitigate risks, the parties shall take relevant measures or require relevant securities. A contractor needs to evaluate the credibility of an employer in respect of payment risk, and can also request export insurance cover by the Korea Trade Insurance Corporation(the former 'Korea Export Insurance Corporation"). An employer can require a contractor to provide performance bond in respect of completion risk, and employ a well-known first class bank as a mandated arranger to arrange financing with regard to completion risk. Lenders needs to evaluate the credibility of an employer and accomplish feasibility study of the project. Lenders can request insurance cover from export credit agency. Once the parties assess the respective risks and obtain relevant securities, the project will be successfully completed. The success of the project will be sure to bring the parties involved enormous profits and another opportunity to participate in overseas construction project afterwards.

• 무역상무연구
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• 제13권
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• pp.329-346
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• 2000

The marine cargo insurance is mainly the insurance on foreign trade commodities. The sales contract stipulates as to which of the seller or the buyer should arrange the insurance. In other words, if the sales contract is made on the C.I.F. terms, the seller has to arrange the insurance, while, in the case of F.O.B. or C.F.R. terms, the buyer has to arrange it. The F.O.B. or C.F.R. terms means that the seller has to take out an insurance for himself until the cargo being loaded onboard the overseas vessel at the port of shipment in export country. But our country has not reasonable insurance to cover seller's risk, because it hasn't yet implemented the insurance. In respect of a cargo exported from Korea on F.O.B. or C.F.R. terms, the F.O.B. insurance covers comprehensively the inland transit and storage until the cargo being loaded onboard the overseas vessel at the port of shipment in Korea with a certain limitation of a insurance period. The goal of this study is to analyze the development propriety of F.O.B. Insurance. This could be done through analyzing the volume and analyzing the proportion of F.O.B. or C.F.R. terms for export. It is supposed that the potential demands of F.O.B. insurance are sufficient in our country for developing the F.O.B. insurance. At this point of time, the positive development of F.O.B. insurance for export is inevitable from the viewpoint of present situation of trading circles.