• 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.

• Journal of Distribution Science
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• v.14 no.4
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• pp.93-101
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• 2016

Purpose - As more consumers pursue high quality products at reasonable prices, Korean retail companies are increasing investment in expanding their outlet stores. Despite the growing importance of the outlet business, there has been very little empirical research on consumers' outlet shopping behaviors. This study aimed to investigate the relationships between consumers' perceived product value (performance quality, value for money, and social value) of outlet stores and overall shopping satisfaction and the effect of shopping satisfaction on outlet store loyalty. Research design, data and methodology - The authors developed a structural model in which performance quality, value for money, and social value of products are proposed to affect overall outlet shopping satisfaction, thus increasing customer loyalty. To analyze the research model, data were collected from 88 shoppers at suburban outlets. SPSS 21.0 and AMOS 21.0 were utilized to test the hypotheses. The unidimensionality of each construct was supported from the results of the reliability test with Cronbach's α and confirmatory factor analyses. Correlation analysis was performed and the results warranted the nomological validity of the measures. The fit statistics of the overall model analysis demonstrated an acceptable fit(X²(₁₆₁)=171.651, p=.000; X²/df=1.546; GFI=.821, NFI=.879, TLI=.942, CFI=.953, RMR=.035, RMSEA=.079). Results - The findings are as follows. First, consumers' perceived value of product performance quality had a significant positive effect on overall outlet shopping satisfaction. Consumers, who evaluate performance quality of the product more positively, tend to express stronger satisfaction and happiness about outlet shopping experience. Second, consumers' perceived social value of outlet products influenced their overall satisfaction significantly. Consumers who believe that products of outlet stores enhance self-concepts are more likely to satisfy with outlet shopping experience. However, consumers' perception of outlet products on value for money was not found to significantly influence overall shopping satisfaction. Finally, overall shopping satisfaction had a significant and positive influence on loyalty. Conclusions - While outlet retailers have traditionally focused on promoting competitively priced merchandise, the results of this study suggest that customers' overall satisfaction with outlet shopping is influenced more by the non-price-related product values. In the context of an outlet shopping environment, performance quality and social value of the products were found to be more critical predictors of customer overall satisfaction. Therefore, it would not be efficient for outlet retailers to highlight economic value of their merchandise. Instead, they need to investigate the performance quality of the products regularly and try to deliver quality guaranteed goods to enhance customer satisfaction. Also, outlet retailers should differentiate their businesses by carrying more unique and prestigious brands and emphasize higher social value and symbolic meanings of their products. As competition among outlet retailers are getting fierce, retail companies need to focus on strengthening customer loyalty with a long-term perspective. With a deeper understanding of the relationship between consumers' perceived product values and shopping satisfaction, outlet retailers will be able to develop customer loyalty strategies effectively and to achieve competitive advantage.

• KDI Journal of Economic Policy
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• v.14 no.1
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• pp.191-212
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• 1992

This paper discusses the role of money in the process of capital accumulation where financial markets are impeded by contract enforcement problems in the context of overlapping generations framework. In particular, in less developed countries (LDCs) creditors may know little about the repayment capability of potential debtors due to incomplete information so that financial instruments other than money may not acceptable to them. In this paper the impediments to the operation of the private finanical markets are explicitly modelled. We argue that creditors cannot observe actual investment decisions made by the potential borrowers, and as a result, loan contracts may not be fully enforceable. Therefore, a laissez-faire regime may fail to provide the economy with the appropriate financial instruments. Under these circumstances, we introduce a government operated discount window (DW) that acts as an open market buyer of private debt. This theoretical structure represents the practice of governments of many LDCs to provide loans (typically at subsidized interest rates) to preferred borrowers either directly or indirectly through the commercial banking system. It is shown that the DW can substantially overcome impediments to trade which are caused by the credit market failure. An appropriate supply of the DW loan enables producers to purchase the resources they cannot obtain through direct transactions in the credit market. This result obtains even if the DW is subject to the same enforcement constraint that is responsible for the market failure. Thus, the DW intervention implies higher investment and output. However, the operation of the DW may cause inflation. Furthermore, the provision of cheap loans through the DW results in a worse income distribution. Therefore, there is room for welfare enhancing schemes that utilize the higher output to develop. We demonstrate that adequate lump sum taxes-cum-transfers along with the operation of the DW can support an allocation that is Pareto superior to the laissez-faire equilibrium allocation.

• Journal of Korean Society of Water and Wastewater
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• v.20 no.2
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• pp.197-206
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• 2006

The leakage in the water distribution system means both the loss of money and water resource. To minimize the leakage, we introduced the pressure control method using the pressure reducing valve and pump schedule. For the pressure control, the total leakage is needed to divide into each node. In this study, EPANET 2.0 was used to simulate the water networks in two selected blocks after the total leakage was distributed with each node by four ways. The leakage was allocated into each node as water measured by meter, water pressure, water faucets and Lpcd and simulated by EPANET 2.0. Regardless of the leakage distribution ways, there was no significant difference between the measured water and the estimated water pressure. Thus, the leakage distribution way using water pressures estimated by simulation could be recommended. The scenarios controlling the pressure reducing valve and pump were made in two blocks(A and B). $86,713m^3/year$ leakage in the A block and $11,442m^3/year$ in the B block could be reduced as controlling the pressure reducing valve and pump schedule. It was shown that the fifty million won a year can be saved in the A block and 6.8 million won in the B block.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.10
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• pp.147-158
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• 2021

Due to COVID-19, the risk of price volatility in commodity and equity markets increases. The research and application of hedging is the most effective way to reduce the market risk. Hedging is a risk management strategy employed to offset losses in investments by taking an opposite position in a related asset. We use K-means and hierarchical clustering methods to cluster companies and futures products respectively, and analyze the relationship between the number of hedging firms, regional distribution, nature of firms, capital distribution, company size, profitability, number of local Futures Commission Merchants (FCMs), regional location, and listing time. The study shows that listed companies with large scale and good profitability invest more money in hedging, while state-owned enterprises' participation in hedging is more likely to be affected by the company size and the number of local futures commission merchants, and private enterprises are more likely to be affected by the company profitability and the regional location. Listed companies are more willing to choose long-listed and mature futures products for hedging. We also provide policy advice based on our conclusion. So far, there is no study on the characteristics of hedging. This paper fills the gap. The results provide a basis and guidance for people's investment and risk management. Using clustering analysis in hedging study is another innovation of this paper.

• The Journal of Fisheries Business Administration
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• v.24 no.1
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• pp.29-44
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• 1993

The Purpose of this study is to consolidate the management status of Saggoson in the Choson period by literature research, and examined latest status by field investigation. During the Choson period, there were fish distributors such as Saggoson and Kakju. Saggoson took charge of fish distribution from the fishing ground to the land, and handed over the fish to Kakju who sold over them to the whole country: This distibution system of fish was started from and adapted to the yellow-corvenia fishery of Westhern Sea. There were two resons far this. One was that these fish were. caught much from vast fishing grounds and had a very strong demand, for which professional disributors were needed. The thor was that because fishermen had very limited capital, they had to supply the money for fish production from capitalists like Kakju whom they agreed to sell fish directly to. By this time, it was thought that the fish distibution system for the Westhern Sea fishery was determined by the background and tradition. Meanwile, Saggoson, which has been working far a long time in Westhern Sea, is placed in changing circumstances. That is, small scale fishery Saggoson deals with will be getting fewer, because the big scale reclamation projects in this area threatens the fishery's existence. Also, Saggoson, presently, might be forced to become more efficient in its distribution in the future. In this situation, the management status of a Sggoson in the past and present needs to be consolidated and investigated through this study.

• Journal of Distribution Science
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• v.18 no.4
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• pp.87-96
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• 2020

Purpose: In this paper, we provide an illustration of Indonesian youth Social Networking Service (SNS) behavior and its relation to their culinary activity. Specifically, their behavior of culinary activity preferences and also the factors affecting their action of spending their money. Data and methodology: We gathered primary data from stratified random questionnaire survey (406 youth). The gathered data was analyzed using text data mining and statistics using R statistical computing language. Results: 1) We found out why our respondents are interested in following the accounts of SNS food influencers: i.e. visually attracted to the posts, as their reference to find places to dine out, as their reference to try new food menu and to get nostalgic feeling about the food. 2) The respondents decide to actually go to the recommended culinary places because of several factors, specifically, its description (visual and text), location, word of mouth (WoM), the experience of being to that place and price. 3) Important factors affecting culinary spent are income, number of following food influencer account, SNS usage time and their interest when looking at WoM. Conclusions: SNS behavior influences Indonesian youth culinary activity preferences and spent.

• Journal of Oriental Neuropsychiatry
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• v.9 no.2
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• pp.161-169
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• 1998

A clinical analysis was carried out for 19 patients who was treated in Dept. of Neuropsychiatry of Taejon Oriental Medicine Hospital from I aug. 1997 to 31 Jul. 1998 and was ruled out as anxiety disorder. The results were summarized as follows. 1. In the distribution of the sex, ratio between female and male was 1:2.8, distribution of the age was even each age, and the primary motive of the onset were psychological trauma, question of money, discord of a household. 2. As for the duration in disease, the duration from a week to a month had a majority of all, and the most duration of the addmission-treatment was a week. 3. The most common symptom were palpitation ·anxiety, headache·dizziness, chest discomfort, the cases of generalized anxiety disorder and atypical anxiety disorder was a large number. 4. In the aromatherapy of absorptive method, the sort of many used essential oil were Lavenda and Rosewood, in the massage, that were Peppermint and Rosemary. 5. The most used recipes were BUNSIMKIYEM(分心氣飮) HACHULBOSIMTANG(夏朮補心湯), CHUNGGANSOYOSAN(淸肝逍遙散), BANHABAEKCHUCHUNMATANG(半夏白朮天麻湯), CUIBIONDAMTANG(歸脾溫膽湯) etc. 6. In the judgement of efficacy, 9 cases showed good efficacy, 9 cases showed no change, 1 case showed excellent efficacy.

• Journal of Distribution Science
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• v.3 no.2
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• pp.121-142
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• 2005

We're living in a world of one global village. The globalization of business is acceleration as more companies cross national borders to find customers, materials and money. Many foreign companies and organizations are doing their business aggressively in Korea and many Korean companies and rushing into foreign market. When people communicate for business with someone from another culture, there could be difficult communication barriers to overcome resulting from differences in their values, beliefs, norms for behavior, expectations, attitudes and so on. To do successfully business, we need to understand culture background and communication style that is different from nation, race, language. Communication barriers stemming from cultural differences may vary. Largely, they can be divided into value system, non-verbal communication, and perception process. Value system can be divided into individualism versus group orientation, avoidance of uncertainty degree, power distance, and high- context culture versus low-context culture. Also non-verbal communication method and perception process may play decisive roles in communication effectiveness. Especially nonverbal communication barriers which sometimes play more important roles than the verbal parts are composed of eye contact, gesture, kinesics, proxemics, chronemics, paralanguage and language of color Cross-cultural communication affect business situation. I expect that if we understand cultural background, and then we overcome cross-cultural communication barriers. To overcome and to adapt inter-cultural business, we need to develope curriculum on the cross-cultural education which I will study in the next paper.

• The Journal of Industrial Distribution & Business
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• v.8 no.6
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• pp.25-31
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• 2017

Purpose - This study examines car accidents that occurred in South Korea territory, and analyzes criminal liability of the offender and certain issues of driver's insurance, but a civil liability to the injured is excluded as civil liability belongs to auto insurance. Research design, data, and methodology - With carrying out this research, case study of driver's liability and literature review were adopted throughout. For this, car accidents that occurred in South Korean territory were examined and then criminal liability of the offender and certain issues of driver's insurance were analyzed. Results - From this case study on driver's liability it was found that the offender cannot receive insurance money from the insurer irrespective of the valid drive insurance, if there is no 'bill of agreement of criminal consensus'. This study suggests some ideas, offers suggestions of convenience and assistance of qualified claim staff to overcome a hurdle of drive insurance. Conclusions - As long as the accident is not a fraud and scam by the parties concerned, advance payment of agreement of criminal consensus is required to the insured, the policy holder within the limit of liability of driver insurance, on condition that the drive insurance is valid.