• Journal of Korean Society of Industrial and Systems Engineering
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• v.40 no.4
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• pp.183-190
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• 2017

This paper proposes a dynamic magnetic field emulator (DMFE), which can electrically emulate information for the magnetic stripes of most widely used credit cards. Payment transactions with most common credit cards are performed by reading the card's information, encoded in magnetic stripes, using the reader head of a point-of-sale (POS) system. A stripe-type permanent magnet is attached to the back side of the credit card, and information for payments or value-added service is reorganized by exposing it to strong magnetic field. The process of data recording and retrieving as stated above has been pointed out as a major cause of illegal credit card use, because the information on the magnetic stripe is always exposed, and is thus vulnerable to forgery or alteration. A dynamic magnetic field emulator displays card information only when necessary by using the principle of solenoidal magnets. The DMFE proposed in this paper can prevent fraudulent use if it is operated with a device, like a smart phone, or a separate user-authentication procedure. In addition, because it is possible to display various information as needed, it can be utilized for a smart multi-card application, in which information for multiple cards is stored in one card, and can be selected and used as needed. This paper introduces the necessity of the DMFE and its manufacturing principles. As a result, this study will be helpful for making various application cases in payment, which is a core area of the Fintech (a newly-coined word of finance and technology) industry.

• International Commerce and Information Review
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• v.16 no.2
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• pp.89-109
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• 2014

The purpose of price escalation clauses has the effect of increasing the L/C value subject to external pricing mechanisms. This will be found inter alia in metals and oil products transactions. Such a clause gives rise to a question. That is, whether it is enforceable or whether it constitutes a letter of credit. The problem is what to reference to a source outside the context of a letter of credit constitutes a non-documentary condition rendering the undertaking something other than a letter of credit. Reference to an objective and readily available index is not something that renders the undertaking obscure and is not "non-documentary in the sense that it is possible to make an objective verification of the data. The possible solution is that not every non-documentary condition will be disregarded. For example, an index specified in the credit will not be disregarded as stipulated in ISP98 and URDG758. If a non-documentary is "central and fundamental", it seems that the parties intended a dependent payment obligations. The most common means of overcoming this conflicts of interests is to issue an instrument incorporatingan escalation clause, but capping the bank's maximum payment obligation.

• 대한공업교육학회지
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• v.44 no.2
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• pp.65-85
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• 2019

This study is aimed to analyze vocational high school teachers' different perceptions on implementing High School Credit System in relation to their teaching subjects(the vocational high schooland the specialized subjects). The result indicates that the specialized subject teachers perceive the value of the prerequisites for implementation of High School Credit System more strongly than the common subject teachers. Otherwise, the result reveals that no significant difference exists between the common subject teachers' perceptions and the specialized subject teachers' perceptions of the external environment improvement, the operational modes, the characteristics of vocational high schools and the factors related to successful implementation of High School Credit System.

• The Journal of Economics, Marketing and Management
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• v.9 no.5
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• pp.39-50
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• 2021

Purpose: This study is to analyze the changes of consumption patterns to diagnose the economic impacts on consumers' market during COVID-19, and to suggest implications to overcome the new social and economic crisis of Jeju Island. Research design, data, and methodology: We collected a set of credit card transaction records issued by BC Card Company from merchants in Jeju Special Self-Governing Province for past 4 years from 2017 to 2020 from the Jeju Data Hub run by Jeju Special Self-Governing Province. The big data contains details of approved credit card transactions including the approval numbers, amount, locations and types of merchants, time and age of users, etc. The researchers summed up amount in monthly basis, transforming big data to small data to analyze the changes of consumption before and after COVID-19. Results: Sales fell sharply in transportation industries including airlines, and overall consumption by age group decreased while the decrease in consumption among the seniors was relatively small. The sales of Yeon-dong and Yongdam-dong in Jeju City also fell significantly compared to other regions. As a result of the paired t-test of all 73 samples in Jeju City, the p-value of the mean consumption of the credit card in 2019 and 2020 is significant, statistically proven that the total consumption amount in the two years is different. Conclusions: We found there are sensitive spots that can be strategically approached based on the changes in consumption patterns by industry, region, and age although most of companies and small businesses have been hit by COVID-19. It is necessary for local companies and for the government to be focusing their support on upgrading services, in order to prevent declining sales and job instability for their employees, creating strategies to retain jobs and prevent customer churn in the face of the crisis. As Jeju Province is highly dependent on the tertiary industry, including tourism, it is suggested to create various strategies to overcome the crisis of the pandemic by constantly monitoring the sales trends of local companies.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.2
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• pp.193-208
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• 2020

In this study, we investigate the effects of technology innovation investments and employment on credit ratings of very small start-up businesses using the data period of 2009 till 2015 test two hypotheses: asymmetric information hypothesis or competence hypothesis. We use financial and non-financial data of 51,903 observations of 12,028 small businesses from a database of a commercial bank and fixed effects panel models and two-stage instrumental variable models. We find that in the short-run small size startups show lower credit ratings than non-startups, and that both technology innovation activities and employment capability improve their credit ratings. In the long-run, technology innovation investments do not improve their credit ratings of later years while employment capability improve their credit ratings of the subsequent year. In addition, the age of startups improves their credit ratings of the current year and until the subsequent two years while employee productivity, fixed ratio and ROA positively affect their credit ratings for up to three years. However, short-term and overall debt ratios, cost of borrowings and firm-size negatively affect their credit ratings for up to three years. The results of the study on credit ratings suggest that credit rating agencies seem to consider both technology innovation activities and employment capability in the credit ratings of small start-ups as 'competence factors' rather than 'asymmetric information factors' with inefficiency and cost burdens. The results also suggest that we must find ways to reflect properly the severe asymmetric information of the early-stage start-ups, and technology innovation activities and employment capability in the credit rating formula.

• Human Ecology Research
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• v.55 no.3
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• pp.275-287
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• 2017

The recent Great Recession of 2008 was a period of sharp economic decline throughout the late 2000s. All socio-demographic groups were impacted by the economic downturn, however, Hispanic households were particularly hard hit. It is not a recent phenomenon that minority groups often have greater problems related to credit and debt repayments. A better understanding of these racial/ethnic differences in credit and debt has been hindered by the propensity of many studies to pool all racial/ethnic minorities together and compare them to white households. Using a Heckman-type selection model with a combination of the 2010 and 2013 Survey of Consumer Finances datasets to study household debt repayment problems, we found that racial/ethnic groups have been differently impacted by the recent Great Recession in terms of debt repayment problems. Hispanic households were less likely to hold debt; however, those with debt were just as likely as white households and African American households to be delinquent in repayments. This finding is contrary to prior research that indicated Hispanics with debt were less likely than white and African American households to be delinquent on repayments prior to the Great Recession of 2008. We propose possible explanations for the increase in debt repayment problems, that includes increased assimilation into the U.S. culture of credit use, the circumstance of being more recent home buyers prior to the decline, and living in states that suffered the greatest decline in housing value.

• Journal of the Korean Solar Energy Society
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• v.38 no.1
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• pp.13-24
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• 2018

As part of the "Carbon free Island 2030" policy, the local government of Jeju Island is currently working to reduce carbon through renewable energy supply. However, renewable energy is difficult to predict due to intermittent characteristics. If the share of renewable energy increase, it is difficult to plan of supply of electricity to grid due to that characteristic of renewable. In this paper analyze the fluctuation rate and the capacity credit of wind power and PV to find out how much wind power and PV contribute to supply of electricity of power system in Jeju. As a result mean value of variation rate of wind power and PV is about 3%, 5% and capacity credit is about 10% and 2% respectively.

• Journal of Information Processing Systems
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• v.16 no.4
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• pp.935-958
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• 2020

The core value of finance is credit. It can be said that without credit, there can be no finance. The distributed structure of the blockchain and the low-cost trust-building mechanism based on mathematical algorithms provide a new solution and path for solving and optimizing related problems in the financial field. The blockchain technology is applied in the development of the financial industry through consensus mechanisms, smart contracts, and distributed networks. In this research, a comprehensive survey of the blockchain technology is proposed in the development of financial services including equity crowdfunding and credit investigations in inclusive finance, cross-border remittance, Internet financial payment, P2P lending, supply chains finance, and the application of blockchain in the field of anti-money laundering. This paper discusses the role of blockchain in solutions to different issues in the financial field. It also discusses the architectures in different financial service application scenarios from the perspective of the financial trust mechanism and the perspective of the technology and rule change of blockchain participation in financial innovation. Finally, the problems and challenges of blockchain in financial services are discussed, and corresponding solutions are proposed.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.829-837
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• 2021

The study investigates the impact of the Counter-Cyclical Buffer Policy (CCB) on regional development bank profitability in Sumatra, Indonesia. CCB requires banks to hold capital at times when credit is growing rapidly so that the buffer can be reduced if the financial cycle turns down or the economic and financial environment becomes substantially worse. This study employs time series data of regional development banks (RDBs) in Sumatra Island, Indonesia. The methodology applied in this study is a panel dynamic model with Generalized Methods of Moments (GMM). The results show that increasing capital through the implementation of CCB did not have a significant effect on RDBs' profitability. The findings of this study suggest that the activation and implementation of CCB lead to an increase in the amount and cost of loans to companies but do not affect the profitability of RDBs. The value of a Non-Performing Loan (NPL) proved to have a negative and significant effect on bank profitability. The CCB policy aims to overcome the pro-cyclicality of credit growth and improve bank resilience through increased capital which is expected to reduce excessive credit growth as a source of systemic risk. This causes a lack of lending to the community so that the profits obtained by the bank decrease.

• Journal of Korea Trade
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• v.23 no.4
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• pp.1-16
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• 2019

Purpose - This research empirically proves that global shipbuilding industry leadership has moved to China from Korea. Design/Methodology - Competitiveness is measured by AHP for the weights of comprehensive competitiveness, which is the output mixture of three attributive factors: shipbuilding technology, shipbuilding contract price, and export credit. Findings - China is far ahead of Korea for standard vessels such as bulkers and containerships with competitiveness weights of 0.762 and 0.612, respectively, against 0.238 and 0.388 of Korea. Korea is maintaining its competitiveness only in LNG carriers (174k CBM) with a competitiveness weight 0.621. China and Korea have similar competitiveness for chemical carriers, complex vessels with a small hull size. The sources of Chinese competitiveness are shipbuilding contract price and export credit. With the majority share of standard vessel types in the world fleet, China will hold a bigger market share than Korea in the global shipbuilding industry in the forthcoming years. Implications - The swing factors of market power are shipbuilding technology and contract price. If China fails to further develop shipbuilding technology for shipowners worried about the reliability of the Chinese-built vessels, shipowners may swing back to Korea. The rising Chinese labor cost will expedite this swing in the forthcoming competition. Originality/value - To the best of the author's knowledge, this is the first paper that quantitatively examines the competitiveness of shipbuilding between China and Korea by comparing attributive factors for competitiveness.