• Korea Trade Review
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• v.42 no.3
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• pp.25-47
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• 2017

Forfaiting is a trade finance facility whereby financial institution purchases accounts receivable from exporters, on a without recourse basis. After the adoption of K-IFRS in 2011, accounting for simple borrowing as usual negotiation increases debt ratio which in turn, worsens financial soundness of a company. Hence, exporting companies have their interest in forfaiting that enables book-off in order to decrease the borrowing. Along with the execution of URF 800 at ICC and increasing the interest of exporting companies into forfaiting, foreign exchange banks in Korea expand the development of products related to forfaiting. Upon surveying all these national banks of this matter, this paper identified an appropriate solution for the forfaiting practice.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.61
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• pp.273-302
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• 2014

Project finance ("PF") is a method of raising long-term debt financing based on lending against the cash flow generated by the project alone. Project finance is a nonrecourse or limited recourse financing structure against the sponsors(or the investors). The debt terms in a project finance are not based on the creditor's credit support or on the value of the assets of the project. Lenders rely on the future cash flow to be generated by the project for debt repayment and interest, rather than the value of the project or the credit ratings of the sponsors. The non-recourse or limited recourse financing usually prompt potential project finance lenders to assess carefully all possible risks that might arise in a project to ensure that those risks are mitigated and controlled. In this respect, project finance is a opposite financing method of corporate finance. Project finance has rapidly grown over the last 20 years due to the worldwide process of privatization of public sector and development of natural resources. Global project finance volume reached the record USD 406.5 billion in 2011. In 2012, however, Global project finance volume dropped 6% to USD 382.3 billion. Infrastructure overtook Energy to lead all sectors with USD 113.6 billion. It is generally recognized that there are more and higher risks in project finance compared with corporate finance. Project finance is exposed to commercial risks as well as political risks. The main commercial risks are completion risks, environmental risks, operating risks, input supply risks, revenue risks, etc, and the main political risks are currency convertibility and transfer risks, expropriation risks, war and civil disturbance risks, risks of breach of government concession agreement, etc. Completion risks include permits risks, risks relating to the EPC Contractor, construction cost overrun, delay in completion, inadequate performance on completion, etc.

• 전기의세계
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• v.18 no.5
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• pp.12-19
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• 1969

The sensitivity of transistorized d.c. amplifiers is mainly limited by drift at operating point caused by ambient temperature changes. A chopper-type transistorized amplifier is necessary to obtain a high sensitivity without recourse to drift compensation which requires the adjustment of several balancing controls. A chopper-stabilized system consisting of an electro-mechanical chopper for input and output and a high-gain a.c. amplifier is designed and analyzed. The gain of the a.c. amplifier, expressed as the ratio of voltages, is larger than 80db in the band of 50C/S - 100KC/S. The complete system gives an open-loop gain of 68db at direct current. The offset voltage is 20.mu.V referred in input and the voltage drift at the input is less than 10.mu.V/hr at 25.deg.C. This type of amplifier would be useful for the high-gain transistorized d.c. amplifier for analog computers. Also, due to the high input impedance, it is suitable for amplification of signals from wide range of source impedances.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.52
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• pp.25-44
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• 2011

Possibility of credit risk, foreign exchange risk and interest rate risk of exporter increases in the recent international Commercial transactions, due to financial crisis of Europe and liberalization of Middle East. Under this circumstance, Forfaiting is trade finance that forfaiter purchase negotiable debt instrument without recourse from exporter, which occurred related with international commercial transactions, and credit risk, contingency risk, foreign exchange risk and interest rate risk of exporter can be transferred to forfaiter. Forfaiting is typically medium-term finance(three to five years) concluded at fixed interest rate, although it can also arranged on a floating interest-bearing basis for periods from six months to ten years or more. But Forfaiting service of Korea has limitation as follows. First, forfaiting in Korea deals with unrestricted irrevocable documentary credit as debt instruments. Period that forfaiting is provided is short and amount of money is limited, compared with advanced forfaiting. But forfaiting provided in advanced countries deals with various methods such as guarantee for bill, payment guarantee, and can be resold in financial market. Recently importance of forfaiting is increasing in international commercial transactions. Therefore profound study on forfaiting is required. The study will examine the risk that happens to the concerned parties in forfaiting, and its management measures. The study adopted literature review method such as local and foreign books and papers about trade finance, internet information about forfaiting, and professional journal related with international finance.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.5 no.4
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• pp.703-719
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• 2011

In multi-user wireless communication systems, adaptive modulation and scheduling are promising techniques for increasing the system throughput. However, a mass of wireless recourse will be occupied and spectrum efficiency will be decreased to feedback channel quality indication (CQI) of all users in every subcarrier or chunk for adaptive orthogonal frequency division multiplexing (OFDM) systems. Thus numerous limited feedback schemes are proposed to reduce the system overhead. The recently proposed compressive sensing (CS) theory provides a new framework to jointly measure and compress signals that allows less sampling and storage resources than traditional approaches based on Nyquist sampling. In this paper, we proposed two novel CQI feedback schemes based on general CS and subspace CS, respectively, both of which could be used in a wireless OFDM system. The feedback rate with subspace CS is greatly decreased by exploiting the subspace information of the underlying signal. Simulation results show the effectiveness of the proposed methods, with the same feedback rate, the throughputs with subspace CS outperform the discrete cosine transform (DCT) based method which is usually employed, and the throughputs with general CS outperform DCT when the feedback rate is larger than 0.13 bits/subcarrier.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.44
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• pp.85-107
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• 2009

L/C allows the exporter to have a bank's payment undertaking against shipping documents required by L/C. This means that the exporter can take export proceeds from a L/C issuing bank regardless of importer's payments and therefore the L/C better mitigate importer's credit risk compared to remittance and collections. Recently the use of L/C has been on down trend in line with increasing use of T/T, causing a big change of payment system. This tells that the payment method change in Korea is positive as the change also happens same in developed countries. This however gives more buyer's credit risk to exporters and therefore a systematic solution to this negative effect is required. In Korea, export credit insurance has been widely used to cover the buyer's credit risk. But the export credit insurance is limited because of lack of government's financial support and strict evaluation of buyer and exporter. Now Korea is ranked 10the largest trading country and therefore the exporters shall find another source for credit risk protection elsewhere. And as such this paper suggest International Factoring as a tool for the credit risk protection. The International Factoring gives advantages to the exporter in terms of credit protection and advances by purchasing account receivables on a without recourse basis.

• The Journal of Information Technology
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• v.4 no.2
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• pp.103-115
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• 2001

This paper seek to clarify a narrow set of policy issues relating to the international trade aspects of electronic commerce. It focuses, in particular, on the WTO decision not impose customs duties on electronically delivered products. The decision on duty-free commerce is intended to contribute to the growth of electronic commerce by providing a guarantee of open trading conditions, but the significance of the decision may have been exaggerated. In particular, the prohibition of customs duties does not ensure continued open market access for electronically delivered products and may even prompt recourse to inferior instruments of protection. Accordingly, barrier-free electronic commerce would be more effectively secured by deepening and widening the limited cross-border trade commitments under the GATS and by clarifying and strengthening certain GATS disciplines.