• Land and Housing Review
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• v.3 no.4
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• pp.333-341
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• 2012

The financial resources for public land banking enacted by Public Land Banking Act (2009) are LH (Korea Land and Housing Corporation) contributions, LH Bond, Land Bank revenues, etc. But, in real, the efficient funding resource is mainly LH bond. In these days, LH has experienced deep financial distress, and difficulties in issuing it's bond. Therefore, Land Banking project also has been inactivated because of poor financial resources. As Land Banking project depending its financial resources mainly on LH Bond does not have financial sustainability, it is necessary to reform the fundamental funding structure. This is the starting point for the topic of this paper. This paper suggests to reform the funding structure, and to introduce Land Bank Bond guaranteed by Government, and also to modify the accounting method of Land Bank to separate the Land Bank accounts with LH accounts. The funding structure reform can be summarized as follows; In early stage of the Land Banking project, sufficient government support by guaranteeing the Land Bank Bond is necessary. Gradually, the portion of LH's contribution can be increased in company with LH's financial distress being solved and administration being normalized. When the project reached on the stage of maturity, cash inflows by selling the reserved land can exceed the cash outflows for reserve new land. To introduce the Land Bank Bond guaranteed by government, the Public Land Banking Act (2009) should be revised. Along with this, to modify the accounting method of Land Bank, the rule for public enterprise accounting system must be partially revised.

• The Korean Journal of Applied Statistics
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• v.28 no.4
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• pp.827-845
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• 2015

This study evaluates and suggests a new reform plan that overcomes the limitations of the Government Employees Pension Scheme (GEPS) reforms in 2015. Research results indicate that the reforms were insufficient in terms of financial sustainability, functional transparency, and equity. Debates on the GEPS reforms will continue until an equitable solution is found. The priority of the next reform plans should lie in the unification of public pension schemes. In contrast to previous reform proposals, this study suggests a reforms plan, which should result in not the parametric change but the structural change in GEPS. The distinctive point of the new reform plan lies in translating a single-tire into a multi-tire pension system. Accordingly, the new GEPS should consist of a 'National Pension Scheme (NPS)', occupational pension (additional pension), and retirement allowance. Newly appointed government employee officials should be enrolled in the NPS. This study stresses that inequality between the public pension systems will be alleviated and a pension system of social solidarity will be established when the NPS develops in to a basic old age income security system for all citizens including civil servants.

• Korean Journal of Social Welfare
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• v.63 no.1
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• pp.343-368
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• 2011

This Study aims to criticize national pension fund governance reform plan of Korea government and to search for an alternative direction of the reform. Firstly, I examine the theoretical basis of the Korean government reform plan by clarifying limits of application of agency theory to the public pension fund governance. Secondly, I try to reconstruct principles of the public pension fund governance with an alternative theoretical view emphasizing democracy principle. Thirdly, I evaluate the government reform plan with the basis of reconstructed pension fund governance principles. The government reform plan is expected to cause retrenchment of democracy and even political autonomy. It also would make worse the problem of pension fund autonomy from the financial market and the risk of the pension fund caused by market turbulence. Finally I suggest alternative direction of the pension fund governance reform emphasizing the democracy principle. This direction contains constructing co-determination structure of the state and the civil society, escalating controling power of the governing body to the administration body, setting the limits of the roles of the state, attaining of the autonomy from the financial market, strengthening organizational and social accountability.

• Journal of the Korea Society of Computer and Information
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• v.18 no.1
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• pp.157-166
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• 2013

This study searches a transparency of financial management of Local government and then, tries to find a solutions to a management scheme to strengthen financial reform effectively. To summarize main contents: First, requirement of continued Public Accounting System. Second, contact of items of an account and items of a program budget, Third, requirement of construction cost accounting to estimate total cost inputting to public program objectively. Forth, improvement of rotation assign system and guaranteeing to professionalism and public official ethics. Fifth, requirement of strengthening inter-control and monitoring system. Sixth, auditing and role of accounting specialist group. Finally, construction of effective and practical computer system and continuing practice of R&D program.

• Korean Journal of Social Welfare Studies
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• v.40 no.3
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• pp.99-124
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• 2009

This study investigates the problems of welfare decentralization reform implemented by Roh Mu-Hyun Administration and examines a policy direction for improving the decentralization. The reform has caused various problems. Local governments have suffered from heavy financial burden. Some social services, devolved into local governments, have not adequately provided as before. In addition, fiscal disparity among localities has increased. To deal with these problems, experts have proposed several plans, such as restoring the devolved programs to national subsidy programs, inventing a new social welfare grant, or introducing block grants. This study suggests that some of the devolved welfare programs should be restored to the national subsidies, since they cannot be maintained properly by local governments. Also, we need to adjust financial responsibilities between the central and local government in the national subsidy programs. Introducing block grant can be one satisfying solution to enhance local autonomy while maintaining the financial responsibility of central government. In some national subsidy programs, the financial contribution by the central government should be increased to alleviate financial burden of local governments.

• Journal of Industrial Technology
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• v.32 no.A
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• pp.71-78
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• 2012

In this paper, reviews and analyses of literatures related to characteristics and status of disaster occurrence in steep slopes in Korea, its maintenance and regulations and laws about maintenance of slopes in abroad were carried out to propose the measures of regulation reform for disaster reduction in steep slopes. The regulation on disaster prevention in steep slopes (National Emergency Management Agency, 2007), the most effective and systematically arranged regulation out of the currently practicing regulations, was introduced to understand the overall and contents of this regulation. Therefore, problems related to disaster reduction in steep slopes from institutional, technical and financial points of view respectively were raised and their improving measures were proposed to treat the problems effectively and actively.

• Korean Journal of Social Welfare
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• v.46
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• pp.290-318
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• 2001

In 1981, Chile has fundamentally reformed the public pension system from the pay-as-you-go system (PAYGs) to the full funding defined contribution system managed by the private funding companies. The Chilean privatization reform influenced not only the neighbor South American countries but also the advanced countries. The United Kingdom contracted out the state earning related pension system. Australia and Sweden recently introduced the private investment accounts system. And now the hot debates on the privatization of the social security pension is going on in the United States of America. This wind of privatizing the public pension system is being backed up by the New Liberalism, the nowadays' strongest ideology. Besides, the theoretical and idealogical debate between the World Bank and the ILO/ISSA was happened in the middle of 1990s. The World Bank, the supporter of the international financial capital, insisted the introducing of the full funding individual accounts system and the abolition of the existing PAYGs. The ILO/ISSA apposed the World Bank's policies and advocated the moderate reform of the PAYGs. In this paper, I reviewed the Chilean reform, the World Bank's report and the opposing argument of the ILO/ISSA against it, and analysed the core issues of the two sides. Also, I tried to present the suggestions to the Korean public pension systems. Through the discussing the debate, we made certain of the importance of the basic issues in the social security system like equity vs. adequacy, inter-generational redistribution vs. intra-generational redistribution and welfare vs. economy, once again.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.3
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• pp.115-122
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• 2019

Under the Act No. 21 of 2008, Islamic banks in Indonesia as an intermediary institution are obligated to manage the resources simultaneously, the financial funds as well as the social funds, e.g. zakah, infaq, and sadaqah. This study aims to investigate the productivity change of social funds and financial funds of Islamic Banks in Indonesia. Non-parametric tests of Malmquist Productivity Index (MPI) is applied to annual data from period 2012 to 2017, encompassing post-reform of banking authority from Bank Indonesia to The Financial Services Authority (OJK) at 2012. The samples are nine Islamic banks in Indonesia which were able to provide the data during observation period. The results indicate that social funds are more productive than financial funds and productivity change tends to trade off. The productivity of social funds is progressed by 8.2% while the financial funds is regressed by 5.4%. Overall, the productivity change of Islamic banks is influenced by technological aspect rather than the efficiency aspect. Besides, BRI Syariah is the best performer in managing financial funds while BCA Syariah as the best performer in social funds. It implies that the policymakers may strengthen the supervisory and coaching to increase the Islamic banks' productivity in both activities.

• Asia-Pacific Journal of Business
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• v.14 no.4
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• pp.431-444
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• 2023

Purpose - This study applies the traditional Structure-Conduct-Performance (SCP) model from industrial organization theory to investigate the relationship between market structure and performance in China's banking industry. Design/methodology/approach - For analysis, financial data from the People's Bank of China's "China Financial Stability Report" and financial reports of 6 state-owned banks and 11 joint-stock banks for the period 2010 to 2021 were collected to create a balanced panel dataset. The study employs panel fixed-effects regression analysis to assess the impact of changes in market structure and ownership structure on performance variables including return on asset, profitability, costs, and non-performing loan ratios. Findings - Empirical findings highlight significant differences in the effects of market structure between state-owned and joint-stock banks. Notably, increased market competition positively correlates with higher profits for state-owned banks and with lower costs for joint-stock banks. Research implications or Originality - State-owned banks demonstrate larger scale and stability, yet they struggle to respond effectively to market shifts. Conversely, joint-stock banks face challenges in raising profitability against competitive pressures. Additionally, the study emphasizes the importance for Chinese banks to strengthen risk management due to the increase of non-performing loans with competition. The results provide insights into reform policies for Chinese banks regarding the involvement of private sector in the context of market liberalization process in China.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.3
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• pp.67-79
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• 2019

This study examines the impact of corporate governance on capital structure decisions based on a large panel of Chinese listed firms. Using the system Generalized Method of Moments (GMM) estimator to control for unobserved heterogeneity, endogeneity, and persistency in capital structure decisions, we document that the ownership structure plays a significant role in determining leverage ratios. More specially, we find that managerial ownership has a positive and significant impact on firms' leverage, consistent with the incentive alignment hypothesis. We also find that managerial ownership only affects the leverage decisions of private firms in the post-2005 split share reform period. State ownership negatively influence leverage decisions implying that SOEs may face fewer restrictions in equity issuance and may receive favourable treatments when applying for seasoned equity ¿nancing, thus use less debt. Furthermore, our results show that while foreign ownership negatively influences leverage decisions, legal person shareholding positively influences firms' leverage decisions only for state controlled firms. We also find that the board structure variables (board size and the proportion of independent directors) do not influence firms' capital structure decisions. Our findings suggest that recent ownership reforms have been successful in terms of providing incentive to managers through managerial shareholdings to take risky financial choices.