• 교육녹색환경연구
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• 제6권1호
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• pp.25-48
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• 2007

Korean government implemented the Build-Transfer-Lease (BTL) mechanism since 2005 as one of the privatization methods to procure the social infrastructure with private investment. The mechanism was originally prepared 10 provide such public properties as education facilities, child-care facilities, old generation recuperation facilities, medical welfare facilities, military personnel's apartments, environment facilities, and lease apartments. Since 2005, a total of 13.5 trillion won-valued private fund has been directed to the public educational facilities, which occupies 58% of the total private investment in the facilities of the seven categories. However, many officials in the local public entities have anticipated that the local entities need to be restructured or downsized because of the privatization in stead of providing the educational facilities by governmental finance. The main objective of this study is to identify the appropriate technocrat organization structures to manage the privatization procedures.

• 한국시스템다이내믹스연구
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• 제13권2호
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• pp.73-91
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• 2012

This study aims to comprehensively understand the dynamics between the factors related to service quality, satisfaction and reuse intention. The contents of the study are as follows. First, it draws the limitations of the existing studies by reviewing the literature related to the relationships between service quality, satisfaction and reuse intention. Second, it highlights the characteristics of System Dynamics as a means of overcoming their shortcomings as well as examining the dynamic mechanism of the relevant factors. Third, it explores the feedback loops of the relevant key variables and the feedback structure of the system. Lastly, it concludes with the suggestions and implications of the key research findings. This study is expected to emphasize the importance of the feedback mechanism operating around the service quality, satisfaction, and reuse intention. Further, the causal loop diagram developed can be a basic material for the diverse levels of governments as well as service providers to refer to for improving the service quality of Community Social Service Investment Program.

• 한국중재학회지:중재연구
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• 제28권2호
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• pp.137-163
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• 2018

Efficiency in the arbitration proceedings and finality of arbitral awards have been key attractive features of arbitration. While finality of awards is due to the fact that there is no appeals mechanism in arbitration, other recourses that are available against arbitral awards threaten the integrity of finality of arbitral awards. This article examines some of these recourses, such as, setting aside of arbitral awards pursuant to the UNCITRAL Model Law, scrutiny of draft awards by arbitration institutions, and annulment proceedings of ICSID Convention awards and discusses the implications of these measures in relation to assuring finality of arbitral awards in international commercial and investment arbitration cases. In order to more effectively respect the disputing parties' autonomy in choosing arbitration, and also to give as much deference to arbitral tribunals' decisions and their discretion in reaching their decisions, it is proposed that an official appellate mechanism would be preferred over the undermining of finality of arbitral awards that have been taking place through the currently available exclusive recourses against arbitral awards.

• Journal of Korea Trade
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• 제25권2호
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• pp.95-110
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• 2021

Purpose - This paper intends to conduct theoretical analysis and empirical test on the action mechanism of South Korea-China trade and South Korea's FDI to China on green total factor productivity, so as to provide a new perspective and ideas for the improvement of China's green total factor productivity and promote the high-quality development of China's economy Design/methodology - This paper uses the data of 30 provinces, autonomous regions and municipalities in China from 2004 to 2017 as the research sample, adopts the GML index method of SBM Directional Distance Function to measure GTFP, and analyzes the influence of South Korea-China trade and FDI from South Korea on China's GTFP. Findings - Trade is conducive to promoting technological progress, which has a significant promotion effect on China's green total factor productivity. While FDI has a significant inhibitory effect on China's green total factor productivity, which verifies the "pollution haven" hypothesis. In addition, such influence has certain regional overall heterogeneity. Trade has a more significant promoting effect on GTFP in eastern coastal areas, while FDI has a more significant inhibitory effect on GTFP in central and western inland areas. The interaction between trade and FDI is conducive to the improvement of green total factor productivity, indicating that the benign mechanism of trade and FDI has been formed. Urbanization, industrial structure, human resource level and investment in science and technology are all conducive to the improvement of GTFP. Originality/value - Through theoretical analysis and empirical test on the action mechanism of South Korea-China trade and South Korea's FDI on green total factor productivity, this paper provides a solid theoretical foundation for the further development of China-South Korea economic and trade cooperation in the future.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.21-31
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• 2020

This study investigates the dynamic effects of economic development, international cooperation, electricity consumption, and political risk on the escalation of CO₂ emission in Vietnam. We adopted autoregressive distributed lag model and Granger causality method to examine the interaction between CO₂ and various economic and political factors, including foreign direct investment, trade openness, economic growth, manufacture, electricity consumption, and political risk in Vietnam since the economic revolution in 1986. The findings reflect opposite influence between these factors and the level of CO₂ in the intermediate and long-term durations. Accordingly, foreign direct investment and CO₂ emission have a bidirectional relationship, in which foreign direct investment accelerates short-term CO₂ emission, but reduces it in the long run through an interactive mechanism. Moreover, economic development increases the volume of CO₂ emission in both short and long run. There was also evidence that political risk has a negative effect on the environment. Overall, the findings confirm lasting negative environmental effects of economic growth, trade liberalization, and increased electricity consumption. These factors, with Granger causality, mutually affect the escalation of CO₂ in Vietnam. In order to control the level of CO₂, more efforts are required to improve administrative transparency, attract high-quality foreign investment, and decouple the environment from economic development.

• East Asian Economic Review
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• 제24권4호
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• pp.441-468
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• 2020

Capital inflows have a strong presence that influences destination countries' development of institutions, which can in turn help resuscitate a stopped economy and re-attract capital that was lost during crises such as the recent public health crisis. While the previous literature emphasizes the mechanism that foreign investors press or even threaten the local government for change, this paper explores empirically whether institutional improvement can be achieved through the channel that host countries voluntarily reform institutions in anticipation of potential investments predicted by the exogenous geographical and cultural characteristics of the recipient countries. Given that countries with better institutional quality can accumulate larger FDI stocks, we still find that the need for more FDI, in contrast to FPI and debt, gives higher incentives to host countries to strategically improve their institutions before seeking capital overseas. Moreover, the predicted FDI exerts more prominent impacts on institutions on constraining elite than those involved in launching a business, enforcing contracts, and protecting properties. The results imply that a long-run plan for upgrading elite constraint institutions is crucial for a post-pandemic FDI reboot.

• 사회경제평론
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• 제29권1호
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• pp.119-154
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• 2016

칼레츠키는 투자이론을 전개하는 과정에서 화폐와 금융 변수가 매우 중요한 역할을 한다고 생각했었다. 그는 또한 고전파의 이론과는 달리 이자율이 화폐적 현상이며, 투자조달은 저축에 제약받지 않고 은행제도에 의해서 공급된다고 주장했다. 또한 부채가 증가할수록 채무자와 채권자의 위험도 커진다는 점을 강조했다. 그러나 칼레츠키는 그의 투자이론을 발전시키면서 '자본주의 경제 변동의 자동적인 메커니즘'을 설명하기 위해, 화폐 및 금융적 요소를 버리고 실제이윤과 저축과 같은 요소들만을 고려했다. 따라서 칼레츠키의 투자이론은 화폐 및 금융적 요소를 고려하고 있지 않다는 일반적인 평가가 이루어지고 있다. 이 논문은 칼레츠키의 이러한 분석방식에 대한 포스트 케인지언의 논의들을 살펴보고, 화폐와 금융적 요소를 다시 복원해 포함하는 칼레츠키언 투자이론을 구축한다. 이 칼레츠키언 투자함수는 칼레츠키가 강조했지만 무시했던 은행제도의 대출 의지, 신뢰의 위기를 반영하는 이자율, 위험 증가와 기업가 자본을 대표하는 부채비율 등을 포함하고 있다. 이 투자함수는 발전된 금융구조를 갖는 현실의 자본주의 경제에서 주기적으로 발생하는 과도한 투자와 과중한 부채, 위험의 증가와 투자와 이윤 감소, 금융위기 및 경기침체를 내포하는 투자결정 및 투자조달 메커니즘을 보다 잘 설명할 수 있게 만들 것이다.

• 한국콘텐츠학회논문지
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• 제11권11호
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• pp.137-144
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• 2011

이 연구는 미국 드라마 산업에서 제작 영역과 방송 네트워크 간의 리스크 분산 메커니즘을 설명하고자 한다. 할리우드의 드라마 생산과 유통의 구조는 산업의 각 영역들이 불확실성을 줄이고 투자 리스크를 분산시키기 위해 노력한 결과물이라고 할 수 있다. 1990년대 이래, 미국 드라마 생산과 유통의 리스크 분산전략의 중심에는 스튜디오와 네트워크의 수직결합이 있었다. 수직결합을 통한 리스크 분산에서 네트워크의 가장 중요한 역할은 스튜디오가 제작한 드라마를 편성하는 것이었고, 그들이 편성한 텔레비전 드라마에 네트워크 브랜드 가치를 제공하는 것이었다. 한편, 스튜디오의 가장 중요한 역할은 제작 인프라, 인력 및 재정적 관리 능력, 유통 및 배급 능력, 상품 관리 능력 등을 들 수 있다. 스튜디오와의 수직결합을 통해서 네트워크는 드라마의 2차 시장 및 부가 시장에 대한 권리도 확보하게 되면서 프로그램 제작비 투입 규모를 늘릴 수 있었다. 그러나, 네트워크의 제작비 증가는 네트워크에 재정적 부담으로 작용할 수 있다. 이 논의는 제작사와 방송사의 리스크 분산 문제로 갈등을 빚고 있는 우리나라 드라마 산업에 리스크 분산의 메커니즘과 합리적 리스크 분산의 중요성을 시사한다.

• 자원ㆍ환경경제연구
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• 제19권4호
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• pp.829-852
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• 2010

CER 유통가격은 시장의 거래가격을 모니터링 함으로써 파악할 수 있으나 CER 발행가격을 알기 위해서는 개별 청정개발체제(CDM) 사업에 대한 투자비용을 통해 직접 추정하는 방법밖에는 없다. CER 적정 발행가격을 추정하기 위해서는 실물옵션(Real Option)의 개념을 도입해야 한다. 배출권가격의 불확실성을 고려한 CDM 사업 투자의 최적 시점은 투자를 촉발하는 배출권가격의 수준으로 정의된다. 본 연구는 경제성을 고려한 CER 적정 발행가격의 수준을 분석하는 것과 발행가격을 추정하는 과정에서 도출된 가격, 물량 자료를 통해 CER 공급곡선을 추정하는 데 목적이 있다. 우선 분석모형에 배출권가격의 불확실성을 반영하여 적정 CER 가격 수준을 도출한다. CER의 적정 가격은 CDM 사업이 가능한 손익분기점 수준과, CDM 사업 투자를 1년 지연시켰을 때의 옵션가치를 고려할 경우의 손익분기점 수준으로 나누어 분석한다. 다음으로는 CDM 사업이 가능한 손익분기점을 만족하는 CER 발행가격을 가지고 공급곡선을 추정하고, 이 공급곡선 추정 식에 발행가격 수준을 대입하는 시뮬레이션 추정을 통해 공급의 가격탄력성을 계측한다.

• 한국중재학회지:중재연구
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• 제17권1호
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• pp.3-32
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• 2007

This age is called the age of global trade, and the World Trade Organization is a forerunner in promoting the global free trade through multilateral negotiations as the global level. On the other hand, regional economic cooperation such as North American Free Trade Agreement(NAFTA) is appearing, saying that promotion by WTO takes too much time. As is known to everybody, Europe is on the way of integrating member states through EU not to mention economic cooperation. Even in Asia such tendency is shown through ASEAN, Korea, China and Japan in Northeast Asia share geographical proximity, many common historical experiences, and similar cultural norms and values although they have disparities in stages of development, trade and economic policies, and financial and legal frameworks. Under the situation, efforts have been made between three countries of Korea, China and Japan for the conclusion of investment agreements including FTA. If the conclusion of the FTA between the three countries would be realized, it would promote regional trade and investment, contributing to economic growth in the Northeast Asian region. The writer in this paper reviewed the settlement of private commercial dispute including investment dispute arising from the FTA and investment agreements. The investment dispute is quite different from an ordinary commercial dispute arising from commercial transactions in view of disputing parties, applicable laws and rules, etc. Therefore it is a problem of vital importance that the parties interested in investment under the FTA as well as the relevant investment agreement should understand and cope with the settlement mechanism of investment disputes arising therefrom. The ICSID Convention provides facilities for the conciliation and arbitration of disputes between member countries and investors who qualify as nationals of other member countries. All contracting states of the ICSID Convention are required by the Convention to recognize and enforce the ICSID arbitral awards. The New York Convention(formally called "United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards") is also applicable for the enforcement of arbitral awards to be rendered under the FTA. As to applicable rules, the UNCITRAL Arbitration Rules may be required for the settlement of investment disputes under the FTA. This Rules has adopted by the internationally recognized arbitral organizations although it was developed primarily for use in ad hoc arbitration. The promotion of arbitral cooperation may be realized through agreements between arbitral institutions. Especially under the NAPTA system, a central common system was established to resolve jointly private commercial disputes arising from such free trades by the initiative of arbitral organizations among the member countries. It is called Commercial Arbitration and Mediation Center for the Americas(CAMCA), which may be a good example for the settlement promotion of the private commercial disputes between Korea and other relevant countries.