• The Korean Journal of Applied Statistics
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• v.34 no.1
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• pp.115-126
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• 2021

Central banks communicate with the market through a statement on the direction of monetary policy while implementing monetary policy. The rapid contraction of the global economy due to the recent Covid-19 pandemic could be compared to the crisis situation during the 2008 global financial crisis. In this paper, we analyzed the text data from the monetary policy statements of the Bank of Korea and Fed reflecting monetary policy directions focusing on how they were affected in the face of a global crisis. For analysis, we collected the text data of the two countries' monetary policy direction reports published from October 1999 to September 2020. We examined the semantic features using word cloud and word embedding, and analyzed the trend of the similarity between two countries' documents through a piecewise regression tree model. The visualization result shows that both the Bank of Korea and the US Fed have published the statements with refined words of clear meaning for transparent and effective communication with the market. The analysis of the dissimilarity trend of documents in both countries also shows that there exists a sense of synchronization between them as the rapid changes in the global economic environment affect monetary policy.

• Asian Journal of Innovation and Policy
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• v.5 no.2
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• pp.197-207
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• 2016

This paper seeks to measure the monetary value of technical development in the deep seabed manganese nodule mining by applying the compound option model (COM). The COM is appropriate for the project in terms of its decision-making structure and embedded uncertainty. The estimation results show that the deep seabed mining project has more economic potential than shown by the previously obtained results from the discounted cash flow (DCF) analysis. In addition, it is reasonable to invest in the project taking the various uncertainty factors into consideration, because the ratio of the value to the cost of the project is far higher than one. This information can be utilized in national ocean policy decision-making.

• Proceedings of the Korean Society for Quality Management Conference
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• 2006.04a
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• pp.400-404
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• 2006

The environmental problem come because the demage cost of environmental pollution is not properly reflected in market price. The government regulations for market is justified to solve the problem. The policy needs a close analysis of environmental, economical effect for the point of time, methods, rational decision making of the government regulations. Especially, we need to assume and analyze about social expenses by environmental pollution and policy execution. The cost-benefit analysis about environmental pollution is used to support decision making. The value of benefit about damage by environmental pollution or about improvement changes a monetary unit through the cost-benefit analysis. The working like this is said environmental material valuation or measuring valuation. This work is studied about looking for proper analysis model to apply our environmental materials.

• International conference on construction engineering and project management
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• 2022.06a
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• pp.3-10
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• 2022

An estimated investment gap of $176 billion needs to be filled over the next ten years to improve America's inland waterway transportation systems. Many of these infrastructure systems are now beyond their original 50-year design life and are often behind in maintenance due to funding constraints. Therefore, long-term maintenance strategies (i.e., asset management (AM) strategies) are needed to optimize investments across these waterway systems to improve their condition. Two common AM strategies include policy-driven maintenance and performance-driven maintenance. Currently, limited research exists on selecting the optimal AM approach for managing inland waterway transportation assets. Therefore, the goal of this study is to provide a decision model that can be used to select the optimal alternative between the two AM approaches by considering key uncertainties such as asset condition, asset test results, and asset failure. We achieve this goal by addressing the decision problem as a single-criterion problem, which calculates each alternative's expected value and certain equivalence using allocated monetary values to determine the recommended alternative for optimally maintaining navigable waterways. The decision model considers estimated and predicted values based on the current state of the infrastructure. This research concludes that the performance-based approach is the optimal alternative based on the expected value obtained from the analysis. This research sets the stage for further studies on fiscal constraints that will effectively optimize these assets condition.

• Analyses & Alternatives
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• v.3 no.1
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• pp.135-157
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• 2019

The linkages between asset prices and macroeconomic outcomes are long-standing issue to both economists and monetary authorities. This paper explores the impact of asset prices on output and price in China. It focuses on the impacts of asset prices on the low quantiles of GDP gap and high quantiles of price gaprespectively. The main findings are the following: the influence of stock price gap, stock returns, and money growth on the different quantile of GDP gap and price gap are noticeable different, and there are significant impacts on the left tail of GDP gap distribution and on the right tail of price gap distribution. This implies that the results coming from simple regression will underestimate the economic risk imposed by asset price volatility. Moreover, these results also provide the caveat that one should cautiously distinguish the meaning of asset price gap and asset price growth rate and use them, through their contents are similar in some sense. One implication for monetarypolicy is that authority should interpret the relationship between asset prices and macro-economy in wider perspectives, and make the policy decision taking the impacts of asset prices on the tails of economy.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.177-184
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• 2020

This paper analyzes factors affecting corporate investment decisions in economic groups listed on the Vietnam stock market. The panel data of the research sample includes 39 economic groups listed on the Vietnam stock market from 2009 to 2019. The Generalized Least Square (GLS) is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, the investment rate is a dependent variable. Cash-flow (CF), Investment opportunities (ROA), Fixed capital intensity (FCI), Leverage (LEV), Sales growth (GR), Size (SZ), Business risk (RISK) are independent variables in the study. The model results show that cash flow and sales growth have the same impact on investment decisions of economic groups in Vietnam. In addition, investment opportunities have a negative impact on the capital investment decisions of economic groups. The remaining factors include fixed capital intensity, leverage, firm size, and business risks that have a weak and insignificant impact on capital investment decisions of economic groups in Vietnam. The findings of this article are useful for business administrators, and helping business managers make the right financial decisions. Besides, the research results are also meaningful to money management agencies. The authors recommend that the State Bank of Vietnam should maintain a sustainable monetary policy.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.6
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• pp.117-125
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• 2020

This paper aims to investigate FDI attractive factors, which are important to formulate policies to attract Korean direct investment into Vietnam. Based on the literature review and the results of interview with 27 Korean investors in Vietnam, we determined the model of variables attracting Korea's FDI into Vietnam. It is used to assess the impact of attractive factors belonging to three groups of variables to support investment decision; they are macroeconomics variables (including market size factor, labor cost factor, and market openness factor), policies variables (including monetary policy factor and tax rate gap factor), and microeconomics variables (geographic advantage factor representative by location). This research also utilized a relatively new quantitative research method based on the Autoregressive Distributed Lag model (ARDL) with the time data chain from 1995 to 2017 of Korean FDI into Vietnam. It analyzes long-term relationships between dependent variables and independent variables. The result of this study indicates that there are three positive factors (low wages, trade openness and government policy) explaining the FDI flows in the long term. The result also shows that incentive tax policy has had a positive impact on Korean FDI, which has satisfied the aim of seeking efficiency of Korean investors.

• Environmental Analysis Health and Toxicology
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• v.30 no.sup
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• pp.6.1-6.4
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• 2015

Objectives This study is conducted to estimate the cost paid by the public suffering from disease possibly caused by chemical and to examine the effect on public health. Methods Cost-benefit analysis is an important factor in analysis and decision-making and is an important policy decision tool in many countries. Cost-of-illness (COI), a kind of scale-based analysis method, estimates the potential value lost as a result of illness as a monetary unit and calculates the cost in terms of direct, indirect and psychological costs. This study estimates direct medical costs, transportation fees for hospitalization and outpatient treatment, and nursing fees through a number of patients suffering from disease caused by chemicals in order to analyze COI, taking into account the cost of productivity loss as an indirect cost. Results The total yearly cost of the diseases studied in 2012 is calculated as 77 million Korean won (KRW) per person. The direct and indirect costs being 52 million KRW and 23 million KRW, respectively. Within the total cost of illness, mental and behavioral disability costs amounted to 16 million KRW, relevant blood immunological parameters costs were 7.4 million KRW, and disease of the nervous system costs were 6.7 million KRW. Conclusions This study reports on a survey conducted by experts regarding diseases possibly caused by chemicals and estimates the cost for the general public. The results can be used to formulate a basic report for a social-economic evaluation of the permitted use of chemicals and limits of usage.

• The Journal of the Institute of Internet, Broadcasting and Communication
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• v.15 no.3
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• pp.131-136
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• 2015

The feasibility study is an evaluation and analysis of the potential of a proposed project. It is based on extensive investigation and research to support the process of decision making. A systematic approach to determining the optimum use of scarce resources, involving comparison of two or more alternatives in achieving a specific objective under the given assumptions and constraints. Economic analysis takes into account the opportunity costs of resources employed and attempts to measure in monetary terms the private and social costs and benefits of a project to the community or economy. Cost-benefit analysis (CBA), sometimes called benefit-cost analysis (BCA), is a systematic approach to estimating the strengths and weaknesses of alternatives that satisfy transactions, activities or functional requirements for a business. It is a technique that is used to determine options that provide the best approach for the adoption and practice in terms of benefits in labor, time and cost savings etc. The CBA is also defined as a systematic process for calculating and comparing benefits and costs of a project, decision or government policy and projects.

• Journal of Korea Port Economic Association
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• v.26 no.2
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• pp.58-81
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• 2010

The economic appraisal of a port remodeling project must be transparent and persuasive to the public over the entire stage of the project. A project evaluator need to be familiar with the guidelines on evaluation, and to do his best to follow the guidelines to evaluate the given project. To make the right decision on investment, the evaluator must take into consideration not only economic efficiency, but also equity issues such as income redistribution and balanced development between regions. Port remodeling projects tend to produce externalities to the environment. However, these externalities are of qualitative nature, and hard to measure in monetary terms, so these are liable to be ignored in the process of project evaluation. Two different approaches - RP(revealed preference) and SP(stated preference) have been tried to assess the value of these non-market goods. Government authorities need to set minimum guidelines which project evaluators must follow in order to make the evaluation more reliable.