• KDI Journal of Economic Policy
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• v.32 no.1
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• pp.1-26
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• 2010

Securitization was meant to disperse credit risk to those who were better able to bear it. In practice, securitization appears to have concentrated the risks in the financial intermediary sector itself. This paper outlines an accounting framework for the financial system for assessing the impact of securitization on financial stability. If securitization leads to the lengthening of intermediation chains, then risks become concentrated in the intermediary sector with damaging consequences for financial stability. Covered bonds are one form of securitization that do not fall foul of this principle. I discuss the role of countercyclial capital requirements and the Spanish-style statistical provisioning in mitigating the harmful effects of lengthening intermediation chains. For Korea, the stability of funding emerges as a key consideration. Covered bonds may play a role in stabilizing the funding arrangement for banks.

• Information Systems Review
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• v.5 no.2
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• pp.1-21
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• 2003

In this paper, we investigate industrial product intermediary's transformation strategy by exploiting advantages afforded by web based information technologies. Our motivation for this research stems from exploring intermediary's responding strategy to cope with supplier's threatening to disintermediation. From transaction cost perspective, internet can induce both the vertical quasi-integration (electronic hierarchy) and outsourcing (electronic market). Our rationale on directing one of these bi-directional movements is specified on intermediary's value adding on the supply chain. As such, we investigated supply chain performance, IT effects on customer's requirement of channel functions, and channel power structure. Propositions to suggest contingent e-transforming strategic alternatives are logically derived from dyadic nature of supply chain characteristics such as efficiency versus customer services, and supplier dominant versus easy replaceability of suppliers. The contingent e-transformation framework developed from intermediary's perspective is reviewed through longitudinal industry case analysis. Implications from the industry case analysis give us insights for the effectiveness of the framework to combine supply chain characteristics with intermediary's e-transformation.

• Journal of the Economic Geographical Society of Korea
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• v.16 no.3
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• pp.372-388
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• 2013

A series of coffee middlemen has come to be regarded as an exploitative force in the lives of small and poor coffee farmers, which is called 'coyote', controlling production, paying unfair prices for labor and goods, and participating in fraudulent practices to maximize their own profits. However, the reality of gains captured by coffee middlemen in the value chain might be exaggerated and even unfair. Therefore, the main aim of this paper is to reconsider the implication of coffee middlemen for the development of coffee value chain in Vietnam. It also attempts to identify their characteristics by investigating relations among coffee farmers, middlemen and processing/exporting firms. In terms of middlemen's margin in the coffee sub-sector, their margin is quite small when compared to other actors higher in the value chain. Rather, coffee middlemen in Vietnam have played a critical role as an intermediary of change in local economies. More specifically, coffee middlemen in Dak Lak has played a significant role as a market facilitator by stimulating the access of farmers to markets by providing buyers for farmers thanks to changes in institutional environment. Also, they have played a critical role as an agent of sustainable coffee production by encouraging sustainable coffee production in accordance with the demand of processing and exporting firms.

• Journal of Information Technology Application
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• v.3 no.2
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• pp.67-82
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• 2001

The ILOF project addresses the needs of logistics industrial organizations to reduce information processing time, improve added and residual value of information and reduce processing and transportation costs. It deals with the information supply chain information systems shared by vertical partner as important entity, whose performance and optimization very significantly affects the efficiency and performance of logistics industries. This paper deals with logistics information exchange systems based on supply chain management, focusing on sharing database and processes between partners such as shipper, logistics broker, transportation company, shipping company etc., for smoothing the information flow, enhancing consumer service and reducing communication fee and labour costs. The significance of contribution of this research is the provision of a model for logistics information exchange including entity relationship diagram, data flow diagram and functions which is able to facilitate the formulation of a customer driven supply chain information network, there by enhancing the competitive edge of companies in logistics industries on local and global basis.

• Journal of the Economic Geographical Society of Korea
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• v.19 no.2
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• pp.399-416
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• 2016

The main aim of the research attempts to identify value relations appropriated and realized in the coffee frontier of Vietnam by investigating the ways in which it is integrated into coffee global value chains driven by multinational companies, and to provide some implications of the integration of the frontier into sustainable coffee global value chains for creating shared value in Dak Lak, Vietnam. Recently Dak Lak has gone through the transition of value relations from exploitative value chains based upon conventional coffee production into shared value chains relied upon the production of sustainable or certified coffee in Dak Lak. The transition has been expected to result in sustainability in the creation of value by enhancing regional competitive advantages and regional bargaining power in global value chains driven by multinational companies. However, the reality has shown the intensification of hierarchical profits allocation among stakeholders such as farmer, middlemen, and multinational companies in the region. The main reasons for this could be found in two perspectives. Firstly, the formation of exclusive relations among farmers, middlemen, and processors has led to stakeholders to secure market, but resulted in the intensification of hierarchy among them in global value chain, because multinational companies could control indirectly over the farming system through exclusive middlemen. Secondly, social and ecological costs imputed by multinational companies to coffee farmers in the name of creating shared value has deteriorated the economic profits of stakeholders such as farmers and middlemen. As a result, it has led to the configuration of systematically hierarchical and subordinated global value chain in Dak Lak.

• Journal of the Economic Geographical Society of Korea
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• v.17 no.4
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• pp.817-831
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• 2014

In this paper insights from studies on the middle income trap and value chains analyses are combined to investigate one particular industry in one particular region: the sugarcane industry in Northeastern Thailand. Focusing on this region enables an in-depth focus on geographical differentiation of the middle income trap. The empirical outcomes demonstrate that policymakers involved with sugar should look at the particular challenges in Northeastern Thailand: 1. The role of brokers which is unaddressed in the current regulatory environment; 2. A lack of information of the regulatory environment among growers; 3. Distrust between growers and millers; 4. Alack of implementation of R&D efforts; 5 .A lack of support from associations; 6. The labor shortage problem, and 7. No incentives for growers, brokers and millers to improve quality and embark on upgrading. Since agricultural value chains in Southeast Asia often start in relatively poor rural areas it is imperative that policymakers balance the interests of upstream, midstream and downstream actors. Unfortunately, this is rather difficult as midstream actors (millers) and wholesalers are powerful and therefore, are in the best position to defend their interests. Our insights could function as comparative material for similar studies within other Southeast Asian upstream value chains.

• Korean journal of applied entomology
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• v.61 no.1
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• pp.173-195
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• 2022

Like vertebrates, insects synthesize various eicosanoids after the committed catalytic step of phospholipase A₂ (PLA₂). However, the subsequent biosynthetic steps exhibit some deviation from those of vertebrates. Due to little composition of arachidonic acid in insect phospholipids, PLA₂ releases linoleic acid, which is another polyunsaturated fatty acid and relatively rich in insect phospholipids, to synthesize arachidonic acid via chain extension and desaturation. Resulting arachidonic acid is then oxygenated into a prostaglandin (PG), PGH₂, by a specific peroxidase called peroxynectin, but not by cyclooxygenase. PGH₂ is then isomerized to various PGs such as PGA₂, PGD₂, PGE₂, PGI₂, and a thromboxane (TXB₂). All four epoxyeicosatrienoic acids such as 5,6-EET, 8,9-EET, 11,12-EET, and 14,15-EET are also synthesized from arachidonic acid by oxygenation of vertebrate types of monooxygenases. However, the other type of eicosanoids called leukotrienes are found in insect tissues but their synthetic pathway is unclear. Eicosanoids mediate various insect physiological processes such as metabolism, excretion, immunity, and reproduction. Thus, identification of novel compounds interrupting eicosanoid biosynthesis would be a novel approach to develop insecticides. This review focuses on PGs and their immune mediation.

• The Southeast Asian review
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• v.24 no.2
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• pp.167-206
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• 2014

메콩 경제권(GMS)의 다양한 개발 현장 속에서 고무 나무로부터 채취하는 라텍스는 캄보디아, 라오스를 포함한 인도 차이나 반도 국가들 사이에서 주요 농업 활동으로 주목 받고 있다. 그러나 캄보디아와 라오스의 대형 플랜테이션은 여러 부정적인 결과들을 낳고 있다. 토지 점유, 계약 농업을 통한 착취 등으로 인해 역설적으로 농촌의 빈곤은 증가하고 있고 해외 투자자에 대한 재정적, 기술적 의존이 심화되고 환경 파괴가 일어나고 있다. 이러한 점들로 인해 소규모 자작농들에 주목할 필요가 있다. 고무 자작농은 고용을 창출하며 토지 점유를 방지한다. 본 연구는 캄보디아와 라오스의 소규모 고무 자작농들의 생계를 비교하며 고무 호황으로 어떠한 이득을 얻고 어떠한 형태로 생계를 개선할 수 있는지를 연구한다. 본 연구는 캄보디아의 Tboung Khmum 구역과 Somsanouk 마을의 사례 연구를 바탕으로 하였다. 실증적인 분석은 세 가지의 이론적 틀을 바탕으로 하였다. 미시-생계 연구, 글로벌 가치사슬 그리고 GMS에 대한 연구들이다. 실증 분석의 초점은 생계의 변화상과 결과(고용 창출과 빈곤 탈출)이다. 전체적으로 소규모 고무 자작농은 전망이 밝았으나 앞서 언급 된 문제점들로 인해 농촌 문제를 모두 해결할 수 있는 수단은 아니다. 중요한 유사성은 소규모 고무 자작농의 사회경제적 공헌이다. 연구 지역 두 곳에서 자작농들은 고무 농사는 생계를 개선하는 데에 좋은 수단이라고 답하였다. 그럼에도 불구하고 낮은 교육 수준은 그들의 생계 전략을 불안정하게 하고 있다. 양쪽 지역에서 응답자들은 다른 주민을 따라 고무 농사를 시작했다고 대답했으며 경제, 환경적인 위험에 대해 충분히 인지하고 있지 못하였다. 이와 관련한 다른 유사점으로 소규모 자작농들을 지원할 수 있는 정부의 개입이 없었다는 것이다. 자금 조달은 고무 농사의 심각한 애로 사항 중 하나였다. 명확한 차이점으로 Tboung Khmum의 자작농들은 중개 상인에게 계약 관계를 맺지 않고 라텍스를 판매했으며 Somsanouk의 경우에는 고무 가격이 국제 시장의 영향을 받음에도 가장 높은 가격을 제시하는 상인에게 농민 전체가 같이 판매를 하였다. 이러한 현상은 GMS 내에서 이루어지고 있는 근대적인 경제 현상 에 농촌 공동체들이 다양하게 연결 되고 있음을 재확인한다. 게다가 Somsanouk 마을에서는 사이짓기를 하는 경우가 없었다. 이는 투자자들이 생산량을 극대화하기 위해 자작농들에게 사이짓기를 장려하지 않았기 때문이다. Tboung Khmum 마을의 경우 고무와 더불어 고무 이전의 주요 작물이던 카사바를 같이 재배했다. 요약하면, 자작농에 의한 소규모 고무농업은 (비록 농촌의 모든 어려움을 해결할 수는 없지만) 토지점유 등 부정적 현상이 나타나는 대규모 플렌테이션에 비해 유의미한 일자리를 창출하는 등 미래를 위한 보다 나은 대안이 될 수 있다. 농촌 생활의 질을 개선하기 위해서는 7년 간의 고무 생육기간 동안 농가가 감수해야 하는 사회-경제적 불안정성을 해결하고 대안적 소득원을 마련할 필요가 있다