• Asia-Pacific Journal of Business
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• v.13 no.3
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• pp.227-243
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• 2022

Purpose - This study surveyed real estate financial consumers and financial company staff regarding the components of the financial consumer protection system to seek detailed improvement plans for the Financial Consumer Protection Act. Design/methodology/approach - The Analytic Hierarchy Process (AHP) technique is applied. Findings - Both consumers and staff highly evaluated the importance of the preventive measures in the main classification factors. Regarding the sub-classification factors of preventive measures, consumers emphasized the responsible management of investment staff and financial institutions; however, the staff stressed the principle of effectiveness and efficiency. Regarding the elements of ex-post remedies, consumers answered that fast remedy would have a significant effect. At the same time, staff believed that punitive measures hinder free trading and investment activities. Regarding the sub-sub classification factors of prevention measures, the consumers value responsible management of staff and financial companies, while the staff tend to prefer the importance of the self-regulatory governance. Research implications or Originality - Based on the above results, financial regulatory authorities should find a balance between preventive and ex-post components once focusing on preventative measures. Our paper is one of the first research findings in this field of financial consumer protection system in Korea.

• Journal of the Korean Home Economics Association
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• v.35 no.6
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• pp.191-203
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• 1997

This paper is study the ways of finding sexual abuse facts of children at home and the standards of recognizing such facts. The investigation and recognition about sexual abuse of children are necessary for remedy or care of children and their family and also for punishment upon the harmer or sanction against him by family laws. But, on account of the characteristics of sexual abuse acts and the standpoint that sufferers are children, it's very difficult to find those kinds of facts. Medical examinations, observations by specialists behavioral indicators, use of dolls & other props, and interviewing are applied to finding sexual abuse facts of children. However, these investigating methods have many uppermost limits, and don't necessarily have conformable conclusions. especially 'interviewing' is essentially used to find a child who has suffered sexual abuses and to investigate and examine a harmer who has been charged with such sexual acts. but 'interviewing' has no less obstacles in reality than has some utilities. For that reason, a follow-up study of (what is) the most effective method is required, with the case=by-case application of other methods. And along with that, it must be taken into consideration that, in process of finding a sexually abused child and in ex post facto measure against accompanying ill effects, the child's protection and the family's privacy ought to be legally guaranteed. So to speak, in making and enforcing the family laws, a profound study of the family to produce good fruits must be made.

• Journal of Arbitration Studies
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• v.18 no.3
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• pp.139-163
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• 2008

The Collective Dispute Mediation was introduced to Korea with complement the Verbandsklage which was said to be poor at monetary compensation for consumers' damages. and The Collective Dispute Mediation also seems very likely to the class action, but one can resolve the dispute before filing a law suit under the Collective Dispute Mediation. The validity of the Collective Dispute Mediation is the same as the "settlement in court". After reaching the Collective Dispute Mediation, one may have a right to ask the compulsory execution. Under the Collective Dispute Mediation the damaged party must take part directly in the dispute, because the Collective Dispute Mediation is also included in the dispute resolution. Therefore a problem that how can the damaged consumer, who do not directly take part in the dispute process, get the remedy alternatively may arise. However, this problem is solved by Compensation Plan Letter which is described in the "Framework Act on Consumer". By the Compensation Plan Letter, the person who do not directly take part in the dispute process can be remedied ex post facto(Article 68). This thesis is study on The Function and Task of Collective Dispute Mediation in the Framework Act on Consumer in our state.

• KDI Journal of Economic Policy
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• v.13 no.4
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• pp.31-57
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• 1991

Korean firms of all sizes, from virtually every industry, have used and are using the term "excessive competition" to describe the state of their industry and to call for government interventions. Moreover, the Korean government has frequently responded to such calls in various ways favorable to the firms, such as controlling entry, curbing capacity investments, or allowing collusion. Despite such interventions' impact on the overall efficiency on the Korean economy as well as on the wealth distribution among diverse groups of economic agents, the term "excessive competition", the basis for the interventions, has so far escaped rigorous scrutiny. The objective of this paper is to clarify the notion of "excessive competition" and "over-investment" which usually accompanies "excessive competition", and to examine the circumstances under which they might occur. We first survey the cases where the terms are most widely used and proceed to examine those cases to determine if competition is indeed excessive, and if so, what causes "excessive competition". Our main concern deals with the case in which the firms must make investment decisions that involve large sunk costs while facing uncertain demand. In order to analyze this case, we developed a two period model of capacity precommitment and the ensuing competition. In the first period, oligopolistic firms make capacity investments that are irreversible. Demand is uncertain in period 1 and only the distribution is known. Thus, firms must make investment decisions under uncertainty. In the second period, demand is realized, and the firms compete with quantity under realized demand and capacity constraints. In the above setting, we find that there is "no over-investment," en ante, and there is "no excessive competition," ex post. As measured by the information available in period 1, expected return from investment of a firm is non-negative, overall industry capacity does not exceed the socially optimal level, and competition in the second period yields an outcome that gives each operating firm a non-negative second period profit. Thus, neither "excessive competition" nor "over-investment" is possible. This result will generally hold true if there is no externality and if the industry is not a natural monopoly. We also extend this result by examining a model in which the government is an active participant in the game with a well defined preference. Analysis of this model shows that over-investment arises if the government cannot credibly precommit itself to non-intervention when ex post idle capacity occurs, due to socio-political reasons. Firms invest in capacities that exceed socially optimal levels in this case because they correctly expect that the government will find it optimal for itself to intervene once over-investment and ensuing financial problems for the firms occur. Such planned over-investment and ensuing government intervention are the generic problems under the current system. These problems are expected to be repeated in many industries in years to come, causing a significant loss of welfare in the long run. As a remedy to this problem, we recommend a non-intervention policy by the government which creates and utilizes uncertainty. Based upon an argument which is essentially the same as that of Kreps and Wilson in the context of a chain-store game, we show that maintaining a consistent non-intervention policy will deter a planned over-investment by firms in the long run. We believe that the results obtained in this paper has a direct bearing on the public policies relating to many industries including the petrochemical industry that is currently in the center of heated debates.

• Korean Association of Arts Management
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• no.52
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• pp.135-156
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• 2019

The purpose of this study is to derive more practical and concrete policy implications for the successful implementation of the Cultural City Designation Project, which is emerging as a main topic of cultural policy. To this end, the background and implementation system of the European Capitals of Culture(ECOC), which is the subject of benchmarking in various aspects, were examined. As a result, it was confirmed that there is a possibility that the Cultural City Designation Project can reveal its limitations in the background and process, and the improvement is as follows. First, rather than creating an ideal cultural city model to achieve its goals in a short period of time, efforts should be made to secure diversity and expand insufficient infrastructure in accordance with local autonomous decisions. Second, in order to secure the continuity of the business, it is necessary to secure and educate professional manpower for organizational operation in the form of independent or direct agency of each local government. Finally, careful policy consideration should be made at the national level to balance regional interests. Therefore, there is a need for an organized 'government-level organization' that can take on the role of the city selection process, support system, and ex post evaluation. In short, successful cultural city projects require critical acceptance and efforts to remedy fundamental problems rather than benchmarking unconditional overseas cases in terms of cultural policy.

• KDI Journal of Economic Policy
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• v.30 no.1
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• pp.171-209
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• 2008

The Great Depression is one of the most important economic incidents in the twentieth century. A significant and long-lasting impact of this event is the rise of the government intervention to the economy. Under the catastrophic downturn of the economic condition worldwide, people required their government to play an active role for economic recovery, and this $mentalit{\acute{e}}$ prolonged even after the Second World War. Social science textbooks taught at Korean high schools mostly referred to the Great Depression for explaining the reason of government intervention in economy. However, the mainstream view commonly found in the textbooks provides a misleading theological interpretation. It argues that inherent flaws of the market economy causes over-production/under-consumption, and that this mismatch ends up with economic crisis. The chaotic situation was resolved by substitution of the governments for the market, and the New Deal was introduced as the monumental example ('laissez-faire economy ${\rightarrow}$over-production${\rightarrow}$the Great Depression${\rightarrow}$government intervention${\rightarrow}$economic recovery'). Based on economic historians' researches for past three decades, I argue that this mainstream view commits the fallacy of ex-post justification. Unlike what the mainstream view claims, the Great Depression was neither the result of the 'market failure', nor the recovery from the Great Depression but was due to successful government policies. For substantiating this claim, I suggest three points. First, blaming the weakness or instability of the market economy as the cause of the Great Depression is groundless. Unlike what the textbooks describe, the rise of the U.S. stock price during the 1920s cannot be said as a bubble, and there was no sign of under-consumption during the 1920s. On the contrary, a new consensus emerging from the 1980s among economic historians illustrates that the Great Depression was originated from 'the government failure' rather than from the 'market failure'. Policymakers of European countries tried to return to the gold standard regime before the First World War, but discrepancies between this policy and the reality made the world economy vulnerable. Second, the mainstream view identifies the New Deal as Keynesian interventionism and glorifies it for saving the U.S. economy from the crisis. However, this argument is not true. The New Deal was not Keynesian at all. What the U.S. government actually tried was not macroeconomic stabilization but price and quantity control. In addition, New Deal did not brought about economic recovery that people generally believe. Even after the New Deal, industrial production or employment level remained quite low until the late 1930s. Lastly, studies on individual New Deal policies show that they did not work as they were intended. For example, the National Industrial Recovery Act increased unemployment, and the Agricultural Adjustment Act expelled tenants from their land. Third, the mainstream view characterizes the economic order before the Great Depression as laissez-faire, and it tends to attribute all the vice during the Industrial Revolution era to the uncontrolled market economy. However, historical studies show that various economic and social problems of the Industrial Revolution period such as inequality problems, child labor, or environmental problems cannot be simply ascribed to the problems of the market economy. In conclusion, the remedy for all these problems in high school textbooks is not to use the Great Depression as an example showing the weakness of the market economy. The Great Depression should be introduced simply as a historical momentum that had initiated the growth of government intervention. This reform of high school textbooks is imperative for enhancing the right understanding of economy and history.