• 산경연구논집
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• 제9권5호
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• pp.37-46
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• 2018

Purpose - This paper explores the determinants of bank lending to firms during and after the global financial crisis using firm- and bank-level data to answer the questions what caused the contraction of lending to firms despite the loosening monetary policy during this crisis period. Research design, data, and methodology - We investigate the effects of the monetary policy that followed the global financial crisis on firms borrowing. We use a dynamic panel model to address how firms lending respond to monetary policy. The data are obtained from CRETOP and we consider the manufacturing sector for the analysis to control for unobserved heterogeneity such as industry-specific shocks. Results - The findings from the empirical analysis suggest that both bank- and firm-level characteristics are significant determinants of bank lending. Especially, we find that corporate risk, measured by default risk, is one of the key factors that led to a decline in lending during the crisis. Conclusions - This paper shows that companies borrow more from liquid banks, and high bank capital can also contribute to an increase in a firm's borrowing from banks. Especially, the results confirm that the default rate measured at the firm level has increased during and after the global financial crisis, which implies that default risk interplays with other firm and bank-level characteristics.

• East Asian Economic Review
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• 제22권4호
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• pp.427-465
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• 2018

East Asia, for long the epitome of successful engagement in trade, faces serious challenges: technological change that may threaten the very model of labor intensive industrialization and a backlash against globalization that may reduce access to important markets. The analysis in this article suggests that how East Asia copes with these global challenges will depend on how it addresses three more proximate national and regional challenges. The first is the emergence of China as a global trade giant, which is fundamentally altering the trading patterns and opportunities of its neighbors. The second is the asymmetric implementation of national reform - in goods trade and investment versus services - which is affecting the evolution of comparative advantage and productivity in each country. The third is the divergence between the relatively shallow and fragmented agreements that regulate the region's trade and investment and the growing importance of regional and global value chains as crucial drivers of productivity growth.

• 생태와환경
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• 제51권3호
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• pp.212-220
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• 2018

Ecological and ecosystem database is becoming very necessary to understand origins and relationship between human and nature and also to minimize disturbance caused by human activities. An ecological information portal can play important roles as a computing system to collect knowledge, distributed research findings and separated data from researchers. In this study, we designed and developed ecological information portal service (EcoBank 1.0) for collecting and providing ecological information for diverse classes of stakeholders. To reach the goal, we had reviewed related and comparable ecological database portals to design conceptual structure of EcoBank system including database management framework. Then, we developed some functions of ecosystem analysis for each stake-holders (researchers, general public and policy makers). As a result of this study, we successfully designed of EcoBank system covering the functions of Digital Object Identifier(DOI) publishing and data quality management process. Also, we (1) applied ecological indices for calculating biodiversity by administrative boundary for policy makers, (2) provided statistical information of econature map for general public and distribution characteristics of species for researchers. To make a successful establishment of EcoBank, we have to collect and build up related database and offer various and reliable ecological data consistently. We expect that the successful construction of EcoBank will help not only to accomplish sustainable development goals but also to raise the welfare of ecosystem in Korea.

• 유통과학연구
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• 제18권5호
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• pp.5-13
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• 2020

Purpose: The aim of this article is to test the link between growth of loan distribution and Bank Valuation in Vietnam's banking sector. At the same time, the study also compared the differences in the effect of growth of loan to valuation bank in banks of different sizes, ownership rates and bank values. Research design, data and methodology: With panel data estimation techniques along with robust standard error for a sample of the banks listed on Vietnam stock exchange from 2012 to 2019. Results: Growth of loan has a positive impact on Bank Valuation (by Tobin's Q). A closer investigation provides evidence for the differential valuation effect of loan growth depending on different features of banks. Specifically, loan growth is found positively and significantly associated with Bank Valuation in small and non-state-owned banks only. Besides, bank size, deposit, and return on equity are found negatively associated with Tobin's Q, while loan loss provisions exhibit a positive relation with this measure of Bank Valuation. Conclusions: These findings provide contributions to the literature on the existence of the effect of loan growth on Bank Valuation. At the same time, the study also provides practical implications for policy makers in banks and investors.

• East Asian Economic Review
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• 제22권3호
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• pp.307-336
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• 2018

This paper proposes a monetary aggregate "Liquidity" that could serve as a useful indicator for gauging the appropriateness of monetary policy. If liquidity rises above a certain threshold, it is signaling that monetary policy is losing traction due to structural and other impediments even when the inflation gap remains open. This indicator supplements the financial cycle approach but adds value by providing a benchmark that is derived from the national account, and not based on its own trend. Over the last two decades, each time this measure rose above the threshold range, it was followed by a decline in GDP growth. The latter was greater when accompanied by a high physical asset value to GDP, e.g., an elevated property market.

• 산경연구논집
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• 제9권9호
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• pp.15-23
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• 2018

Purpose - The purpose of this paper is to examine the determinants of non-bank depository institutions (non-bank financial corporations) lending to firms. The paper aims to contribute to the existing literature by providing empirical evidence from firm-level data and unveiling factors related to access to non-bank financial corporations by firms. Research design, data, and methodology - We used the data on borrowing by firms from CRETOP from years 2008 to 2011. Using the manufacturing industry, we examined what firm-level characteristics explained the increase in borrowing from non-bank financial corporations rather than the banks. Results - Analyzing the firm-level data from 2008 to 2011, we found that firms were more likely to borrow from non-bank financial insti­tutions as the size of the firm increases, implying that large firms have more access to non-bank financing than small and medium-sized firms. In addition, it also showed that small and medium-sized firms moved to non-bank financial corporations for loans. Conclusion - Non-bank depository institutions are not a sub­stitute for bank lending to firms. More specifically, they replace bank lending to firms mostly for large firms rather than small and medium-sized firms. Also, collateral and other firm-level characteristics do not matter in accounting for non-bank lending to firms.

• Journal of the Korean Statistical Society
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• 제33권3호
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• pp.283-298
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• 2004

We present a trial solution approach to GI/M/l queues with generalized vacations. Specific types of generalized vacations we consider are N -policy and a combination of N-policy and exponential multiple vacations. Discussions about how to find trial solutions are given.

• 경제분석
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• 제26권3호
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• pp.71-133
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• 2020

한국은행법 제정(1950.5.5)과 한국은행 설립(1950.6.12)으로 우리나라 최초의 근대적 중앙은행제도가 도입되었다. 연준 직원 2명(블룸필드 미션: A. Bloomfield와 J. Jensen)이 1949년 9월 방한하여 약 반년 동안 작성한 법률 초안이 제정 한국은행법의 모태였다. 그럼에도, 블룸필드 미션이 기술지원을 수행하게 된 경위나 시대적 맥락에 대한 본격적 분석은 지금껏 거의 없는 것으로 보인다. 연준이사회 직원이던 타마냐(F. Tamagna)가 미국 ECA 대표 자격으로 제시한 제안을 한국정부가 받아들였다는 정도의 사실만 알려져 있을 뿐이다. 이 글은 우선 사료(史料)를 통해 블룸필드 미션의 성립 경위를 재구성하고 당시의 시대적 맥락을 파악하고자 시도한다. 1949~50년은 미·소 대립 속에 전 세계가 냉전으로 치닫던 시기였다. 이 글은 블룸필드 미션이 당시 대한 부흥원조당국이던 주한ECA와 함께 미국 대외정책(냉전정책)의 산물이었다는 점과, 동 미션의 기술지원이 처음부터 주한ECA가 추진하던 경제안정화 프로그램의 일환으로 구상·편제되었다는 점을 새롭게 밝힌다. 당시의 시대적 상황을 여건으로 본다면, 이러한 사실은 블룸필드 미션이 역사적 필연이었음을 시사한다. 다음으로, 이 글은 블룸필드 미션의 법률 초안이 완성되는 과정과 재무부로 제출된 동 초안이 정부 검토를 거쳐 국회로 부의된 후 본회의를 통과하기까지의 과정을 각각 조명한 후 제정 한국은행법의 핵심 내용을 검토한다. 한편, 이 글은 법률적 지속성의 관점에서 현행 한국은행법 조문 대부분에서 제정법이 지금도 살아 숨 쉬고 있음을 확인한다. 끝으로, 양질의 제정법이 나오는 데에 기여한 것으로 보이는 다섯 가지 주된 요인도 논의한다.

• 무역상무연구
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• 제60권
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• pp.177-194
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• 2013

According to the 2013 statistics, the small/medium-sized enterprises (SMEs) accounted for 99.9% of the Korean economy with 87.8% of employment. This simple figures also indicate SMEs export extension is a key task for the national economy stimulation and job creation. The SMEs export plunge has been affected by the European financial turbulence, US financial instability, developing countries like China entering foreign markets, a weak yen, etc. EXIM Bank, in this context, will need to take a more proactive attitude to provide trade finance by, for example, reviewing the business feasibility for SMEs with a lower credit rank or investigating importers' credit status, etc. Moreover EXIM Bank provides factoring service mostly to large companies and should lower its threshold for service provision to SMEs. Finally EXIM Bank should play more than a primary forfeiting market entity. It also needs to facilitate the secondary forfeiting market.

• 디지털융복합연구
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• 제12권11호
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• pp.159-169
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• 2014

본 연구의 목적은 균형성과표 형태의 성과관리시스템을 도입하여 운영하고 있는 국내 I은행을 대상으로 성과관리시스템에 대한 운영실태를 파악하고, 개선방향에 대하여 연구하는 것이다. 연구의 목적을 달성하기 위하여 문헌적 연구와 설문조사를 바탕으로 한 실증연구를 병행하였다. 이를 위해 동남권 소재 I은행 직원들을 대상으로 성과관리시스템 운영실태에 대한 설문조사를 실시하였으며 응답한 설문문항을 면밀히 분석하여 현 성과관리시스템의 문제점이 무엇인지를 도출하고 다양한 이론적 배경 및 선행연구들의 결과를 참고하여 이를 어떻게 개선시킬 것인지에 대해 탐색하였다. 이를 통해 문제점이 무엇인지 도출한 후, BSC 형태의 성과관리시스템이 그 기능을 올바르게 수행하기 위해 개선되어야 할 부분이 무엇인지를 제시하고자 한다.