• 자원ㆍ환경경제연구
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• 제33권2호
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• pp.179-201
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• 2024

많은 국가에서 배출권거래제를 도입할 때 기업의 급격한 비용부담을 완화하고 정책의 수용성을 제고하기 위해 도입 초기에는 높은 비율로 무상할당을 시행하고, 이후에는 탄소누출의 위험을 고려하며 점차 그 비율을 낮추어 가는 것이 일반적이다. 이는 '오염자 부담 원칙(Polluter-Pays Principle)'에 따른 것으로, 낮은 무상할당 비율을 고도화된 배출권거래제의 요소 중 하나로 흔히들 간주한다. 이에 본 연구는 배출권 시장이 완전경쟁시장이 아닌 경우, 무상할당 비율을 낮추는 것이 한계 비효율성의 관점에서 바람직하지 않을 수 있음을 간단한 배출권 시장 모형을 통하여 확인한다. 특히 특정 시장 조건에서 배출권 시장의 왜곡으로부터 초래되는 비효율성을 최소화하는 무상할당 비율이 존재함을 입증함으로써 낮은 무상할당 비율이 반드시 배출권거래제의 개선을 의미하는 것은 아님을 보인다.

• 철학연구
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• 제126권
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• pp.213-233
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• 2013

내부자 거래란 내부자, 즉 회사의 기업 비밀이나 영업 비밀을 다루고 있는 회사에 속한 관리직 또는 경영의 위치에 있는 특수 관계자들이 자신들의 지위를 이용하여 일반 대중에게 공표되지 않은 이런 기밀을 통해 사전에 주식을 매수하거나 매도함으로써 특별한 이득을 얻는 것을 뜻하다. 여기에는 회사가 공개하지 않고 비밀리에 진행하고 있는 기업 인수합병, 증자 및 감자 계획, 신주 발행, 자산재평가 실시, 회사의 신규투자 계획, 회사의 강제 폐업 등과 같은 비밀 정보들이 포함될 수 있다. 그리고 이들은 이런 정보를 선점하여 주식 거래를 하거나 회사의 지분을 확보함으로써 상당한 부당 이득을 실현할 수 있다. 이런 까닭에 비내부자, 즉 내부 정보를 알고 있지 못하는 회사 고용인 및 일반 투자자는 커다란 손실을 입을 수도 있다. 왜냐하면 통상의 일반 투자자는 이들보다 훨씬 더 숫자는 많겠지만 정보 입수 면에 있어서 아주 열악한 위치에 있는 게 보통이며, 특히 그것이 영업 비밀이나 기업 비밀에 속하는 회사의 내부 정보일 경우 이를 인지하기란 사실상 불가능할 것이기 때문이다. 이 논문은 내부자 거래의 이러한 윤리적 문제점들을 적극 조명하는 일에 관심을 두고 있다. 그리고 그러한 것들이 왜 문제인지에 대한 윤리적 근거를 밝혀 내부자 거래의 부당함을 드러내는 일에 초점을 맞추고 있다. 다시 말해, 이 논문은 내부자 거래를 불공정 거래 행위로 규정할 만한 분명한 윤리적 근거를 제시하고, 이를 통해 내부자 거래를 불법으로 규정하는 데 하등 문제가 없음을 공론화하는 데 그 목적이 있다. 내부자 거래의 부당함에 대한 이 같은 논의를 이끌고 있는 윤리적 문제는 다음과 같다. 즉, 내부자 거래는 부당하게 누군가의 이득을 편취한 것이며, 자유 시장의 공정한 경쟁을 허물어뜨린 것이며, 정보 입수의 기회에 대한 불공정성 문제를 일으키는 사안이다.

• East Asian Economic Review
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• 제20권3호
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• pp.311-338
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• 2016

In the race for establishing trading architecture consistent with new landscape of the global economy, the US is ahead of the game by concluding the Trans Pacific Partnership Agreement with 11 countries. To make it reality, the ratification is essential. In the battle for ratification in the US, declining globalism confronts rising protectionism. This paper models the ratification process as contest between globalism and protectionism, and analyzes the optimal timing for ratification. Based on this framework, various ratification scenarios are analyzed. The paper argues less likelihood for the lame-duck session passage and more likelihood for prolonged and protracted delay, due to changing political dynamics and declining intellectual support for globalism. Hence, the future of Trans Pacific Partnership Agreement may prove different, compared to the North American Free Trade Agreement and the Korea-US Free Trade Agreement, both of which were renegotiated and ratified eventually. Then, the US would lose the first move advantage. The paper also discusses strategic implications of delayed ratification on the evolution of trading architecture in East Asia.

• Journal of Korea Trade
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• 제27권5호
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• pp.153-166
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• 2023

Purpose - This research empirically analyzes the influence of economic policy uncertainty and free trade agreements (FTAs) on bilateral trade volumes between Korea and its trading partners. The study investigates whether fluctuations in the Economic Policy Uncertainty Index (EPUI) for both Korea and its trading partners significantly impact trade volumes and whether the implementation of FTAs mitigates these effects. Design/methodology - The study employs dynamic panel data analysis using the system generalized method of moments (system GMM) estimation method to achieve its research objectives. It utilizes country-month-level panel data, including the EPUI, trade volume between Korea and its trading partner countries, and other pertinent variables. The use of system GMM allows for the control of potential endogeneity issues and the incorporation of country-specific and time-specific effects. Findings - The analysis yields significant results regarding the impact of economic policy uncertainty on Korea's exports and imports, particularly before the implementation of FTAs. An increase in the EPUI of trading partners leads to a notable increase in Korea's exports to them. Conversely, an increase in Korea's EPUI negatively affects its imports from trading partners. However, post-FTA implementation, the influence of each country's EPUI on trade volume is neutralized, with no significant difference observed. Originality/value - This research contributes to the existing literature by providing empirical evidence on the interaction effects between economic policy uncertainty and FTAs on bilateral trade volumes. The study's uniqueness lies in its examination of how FTAs mitigate the impact of economic uncertainty on trade relations between countries. The findings underscore the importance of trade agreements as mechanisms to address economic risks and promote international trade relations. In a world where global market uncertainties persist, these insights can aid policymakers in Korea and other countries in enhancing their trade cooperation strategies and navigating challenges posed by evolving economic landscapes.

• 한국정보시스템학회지:정보시스템연구
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• 제12권2호
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• pp.1-20
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• 2003

This paper deals with the application of the genetic algorithm to the technical trading rule of the stock market. MACD(Moving Average Convergence & Divergence) and the Stochastic techniques are widely used technical trading rules in the financial markets. But, it is necessary to determine the parameters of these trading rules in order to use the trading rules. We use the genetic algorithm to obtain the appropriate values of the parameters. We use the daily KOSPI data of eight years during January 1995 and October 2002 as the experimental data. We divide the total experimental period into learning period and testing period. The genetic algorithm determines the values of parameters for the trading rules during the teaming period and we test the performance of the algorithm during the testing period with the determined parameters. Also, we compare the return of the genetic algorithm with the returns of buy-hold strategy and risk-free asset. From the experiment, we can see that the genetic algorithm outperforms the other strategies. Thus, we can conclude that genetic algorithm can be used successfully to the technical trading rule.

• 자원ㆍ환경경제연구
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• 제30권1호
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• pp.129-167
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• 2021

배출권거래제는 온실가스 감축과 저탄소 사회로의 전환을 위한 핵심 정책이다. EU 배출권거래제(EU ETS)는 운영기간, 핵심 설계 노하우 등에서 국내 배출권거래제보다 앞서 있는 좋은 벤치마크 대상이다. 이에 본 연구는 EU ETS 4기의 주요 제도 설계를 배출허용총량(Cap), 배출권 무상할당방식, 유·무상할당업종 선정 방식, 시장안정화 조치, 감축지원제도 등을 중심으로 살펴보았다. 그리고 EU ETS 1-4기의 주요 설계와 주요 설계 변경이 향후 국내 배출권거래제의 설계 및 운영에 미칠 영향을 각각 분석해보았다. 우선, 국내 배출권거래제 설계에 대한 영향으로는 벤치마크 갱신 방안 마련, 국내 산업구조 및 특성을 반영한 무상할당업종 선정 기준 마련과 2단계 평가 도입, 경매 수익의 구체적 활용방안 마련의 세 가지 요구가 증대될 것으로 예상된다. 다음으로 향후 배출권거래제 운영에 미칠 영향으로는 제도 개정의 객관적이고 심도있는 영향평가, 계획 및 제도 개정의 이른 확정을 통한 제도 안정성 및 대응 기회 제공, 배출권 거래제 거버넌스 조정 및 이해관계자 참여 확대 유도 세 가지를 들 수 있다.

• 통상정보연구
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• 제10권2호
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• pp.305-323
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• 2008

Climate change is one of the broadest and the most complex issues of international environmental cooperation. Concern about climate change has been steadily increasing and has become a worldwide issue. According to IPCC(Intergovernmental Panel for Climate Change)'s recently report, global warming has accelerated vest serious problems. GHG(Green House Gas) emissions trading schemes, including the Kyoto mechanism that spread to solving the problems. Based on the evaluation on GHG emissions trading schemes, we also find some policy implications on the future development of emissions trading the conventional air pollutants in Korea which start to 2007. The regulatory authority needs to make clear how to allocate allowances to new entrants and also to keep the balance between the opportunity costs of reduction between potential shutdown facilities and new entrants. Under the current rule that does not allow shutdown credits, an equivalent level of allowances needs to be allocated to new entrants free of charge. We believe our policy recommendations may be useful not only for Korea but also for a the other countries, since they are facing a similar policy environment as Korea, particularly in the case of climate change.

• 유통과학연구
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• 제21권3호
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• pp.123-134
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• 2023

Purpose: The no-contact and economic downturn caused by COVID-19 have further grown the used market. The second-hand trading industry has established itself as a popular consumption culture, leading to exponential growth in the size of the market. This study aims to identify the types of shopping motivation for used products targeting Korean consumers, and to examine the relationship between shopping motivations for second-hand transactions, consumption values, and re-use intentions. Research design, data and methodology: The first study was conducted on 63 used trading platform users and the second study was conducted on 441 used trading platform users to identify the types of consumers' motivation for shopping for used products. Results: As a result of the first study, the shopping motivation types of Korean used product consumers were classified into convenience motivation, economic motivation, hedonistic motivation, information Acquisition motivation, and free time utilization motivation. As a result of the second study, it was found that convenience motivation had the greatest influence on functional values and hedonic motivation had the greatest influence on emotional values, and that functional values had a great influence on platform reuse intentions. Conclusions: This study provides practical implications for the establishment of marketing strategies for used trading platforms and academic implications for research related to used trading.

• 무역상무연구
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• 제73권
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• pp.91-110
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• 2017

Recently, world wide trading which support free trade will increase the economic volume size. It will grow the quality of life. But, the reduce of gap between the rich state and the poor one has always been risen the problem of one of welfare. Trough unregulated trade activities, multinational corporations succeeded in expanding the market globally. However, there were unfair acts such as infringement of serious rights of producer of low development countries. Fair trade has begun to pay fair value to them and to ease inequality, but, as time went by, the its idea became thinner, distorted in the market, or became a marketing tools. So, In this paper, I analyze the limitations and causes of fair trade and suggest directions for fair trade. This Study provided a causes of the limitation of fair trade and for the future, I'll suggest an alternative of limitation of fair trade.

• Journal of the Korean Society for Industrial and Applied Mathematics
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• 제12권4호
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• pp.271-287
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• 2008

This paper deals with American call and put options. Determining the fair price and the free boundary of an American option is a very difficult problem since they depends on each other. This paper presents numerical algorithms of finite element method based on the three-level scheme to compute both the price and the free boundary. One algorithm is designed for American call options and the other one for American put options. These algorithms are formulated on the system of the Jamshidian equation for the option price and the free boundary. Here, the Jamshidian equation is of a kind of the nonhomogeneous Black-Scholes equations. We prove the existence and uniqueness of the numerical solution by the Lax-Milgram lemma and carried out extensive numerical experiments to compare with various methods.