• The Korean Journal of Applied Statistics
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• v.28 no.4
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• pp.703-719
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• 2015

We propose an extension of the Lee and Jho (2015) mean reverting the two factor mortality model by incorporating a period-specific cohort effect. We found that the consideration of cohort effect improves the mortality fit of Korea male data above age 65. Parameters are estimated by the weighted least squares method and Metropolis algorithm. We also emphasize that the cohort effect is necessary to choose the base survival index to calculate longevity bond issue price. A key contribution of the article is the proposal and development of a method to calculate the longevity bond price to hedge the longevity risk exposed to Korea National Pension Services.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.5
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• pp.279-290
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• 2020

This study examines how economic preparation for later life directly influences life after retirement. As people's life cycle is gradually getting longer, preparation for the later time with less economic activity after retirement is becoming more important. Thus, this study analyzes the factors influencing life after retirement. Data comes from the Korean Retirement and Income Study (KReIS) surveyed carried out by the National Pension Research Institute in 2015. The analysis includes Cronbach's alpha, Pearson Product Moment Correlation Coefficient and Sobel Test. This study confirms that voluntary retirement has a positive influence on life satisfaction. Results are in line with previous research about the relationship between voluntary retirement and retired life. When a person retires voluntarily, financial preparation can be made in advance for retirement. In case of involuntary retirement, people may experience a sense of loss in personal standing and financial difficulties due to the unexpected situation. Especially, early retirement from the main workplace leads to unstable later life. The study's policy recommendation, in particular, calls on government and businesses to agree on social responsibility for helping employees to retire in the predictable retirement time and, thus, enabling the retiree to decide all aspects of the path after retirement.

• Asia-Pacific Journal of Business
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• v.9 no.4
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• pp.85-97
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• 2018

This paper investigates factors underlying a decrease in trading values in KOSPI 200 futures/options market on the basis of the current state of the markets. Among the factors that could affect trading values in KOSPI 200 derivatives market, we focus on the market activity of underlying assets as it has an impact on the trading of financial derivatives. Trading value and volatility are designated as market activity and the empirical results confirm that the market activity of the underlying assets is significant in explaining the decrease in trading values in KOSPI 200 futures/options market. To figure out fundamental reasons of the decrease in trading values in this market, we examine mitigation of home bias and decrease in leverage incentives as they are presumed to have influence on KOSPI 200 index market. As the global and local financial environment is time-varying, the degree of home bias and the leverage demand also changes. It implies that institutional change and/or policy effort to promote the trading of KOSPI 200 financial derivatives should be made taking into account the fact that considerable portion of the change in trading values in financial derivatives market depends on the state of the market.

• Asia Marketing Journal
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• v.7 no.3
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• pp.105-119
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• 2005

Samsung Fire & Marine Insurance Co., Ltd. launched 'Samsung Super Insurance Package', an insurance policy combining household's property & casualty insurance policies, except insurance with savings and pension insurance, into one for the first time in Korea. The product was developed to tackle challenges and threats from environmental changes, whose success owes to an excellent marketing strategies like adopting MCS system which is coined to support sales force activities, and building SRC(Samsung Risk Consultant), the organization dedicated to the sales of the product. The case shows how Samsung Fire & Marine Insurance Co., Ltd. developed and successfully marketed the combined insurance policy for the first time in Korea identifying the key success factors and discusses its business implications and future challenges.

• East Asian Journal of Business Economics (EAJBE)
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• v.1 no.3
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• pp.71-84
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• 2013

Purpose: The South African government is determined in alleviating poverty while encouraging job creation and protecting the disposable incomes of poor households. This article looks at the challenges that are facing the South African Social Security system and argues that the provision of income security is amongst the most practical expressions of a nation's cohesion and values. Research Design, Data and Methodology: There are seven proposals in the Social Security and Retirement Reform and these proposals are based on the following two principal objectives of the government, that is, to ensure a basic standard of living and to prevent destitution in old age or in circumstances of unemployment or incapacity partly or wholly through redistributive measures, and to encourage savings to provide for the replacement of income on retirement, disablement or death through long-term insurance arrangements. Results: This article evaluates these seven proposals, state old age pension, wage subsidy, mandatory participation in a national social security system for all, mandatory participation in private occupational or individual retirement funds, Voluntary additional contributions to occupational or individual retirement funds, reform of the governance and regulation of the retirement funding industry and reform of the tax system. Conclusion: This article concludes that the population size of South Africa has increased significantly to 51, 8 million in 2011 and therefore the time is right for bold new steps in improving income security of the poor and strengthening the fabric of social solidarity that binds all South Africans together.

• Korea Trade Review
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• v.41 no.5
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• pp.163-185
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• 2016

The impact of global trade on developing countries is a critical subject. Especially in this country, under difficult conditions like political issues with North Korea, achieved a trade surplus of 90.2 billion dollars last year. While the service trade recorded a deficit of 15.7 billion dollars in the same period. According to WTO, services are either the result of a production activity that changes the conditions of the consuming units (transformation services), or facilitates the exchange of products or financial assets (margin services). To unify and compare with the trade and service statistics of countries, they assorted 12 classifications of services like Manufacturing service on physical inputs owned by others, Maintenance and repair service n.i.e., Transport, Travel, Construction, Insurance and pension service, Financial service, Charges for the use of intellectual property n.i.e., Telecommunications, Computer and information services, Other business services, Personal, cultural and recreational services, and Government goods and services n.i.e. Thus, this study is to estimate the international competitiveness of service trade between 2006 and 2015 in Republic of Korea, according to EBOPS 6th. As a result, total service volume of export and import has increased in the last 10 years. Its volume, recently, accounts for 22% of total goods trade. Also the Korean Government can make a supporting policy and decide a supporting business in terms of service trade. Finally, we can find a mutual connectivity within 12 service businesses and between Service and Goods.

• Asia-Pacific Journal of Business
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• v.15 no.1
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• pp.209-223
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• 2024

Purpose - This article analyzes the impact of macroeconomic variables of the United States, China, and Korea on KOSPI and VKOSPI, in that United States and China have a great influence on Korea, having an export-driven economy. Design/methodology/approach - The influence of US, China, and Korea interest rates, industrial production index, consumer price index, US employment index, Chinese real estate index, and Korea's foreign exchange reserves on KOSPI and VKOSPI is analyzed on monthly basis from Jan 2012 to Aug 2023, using multifactor model. Findings - The KOSPI showed a positive relationship with the U.S. industrial production index and Korea's foreign exchange reserves, and a negative relationship with the U.S. employment index and Chinese real estate index. The VKOSPI showed a positive relationship with the Chinese consumer price index, and a negative relationship with the U.S. interest rates, and Korean foreign exchange reserves. Next, dividing the analysis into two periods with the Covid crisis and the analysis by country, the impact of US macroeconomic variables on KOSPI was greater than Chinese ones and the impact of Chinese macroeconomic variables on VKOSPI was greater than US ones. The result of the forward predictive failure test confirmed that it was appropriate to divide the period into two periods with economic event, the Covid Crisis. After the Covid crisis, the impact of macroeconomic variables on KOSPI and VKOSPI increased. This reflects the financial market co-movements due to governments' policy coordination and central bank liquidity supply to overcome the crisis in the pandemic situation. Research implications or Originality - This study is meaningful in that it analyzed the effects of macroeconomic variables on KOSPI and VKOSPI simultaneously. In addition, the leverage effect can also be confirmed through the relationship between macroeconomic variables and KOSPI and VKOSPI. This article examined the fundamental changes in the Korean and global financial markets following the shock of Corona by applying this research model before and after Covid crisis.

• Journal of the Korea Institute of Construction Safety
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• v.3 no.1
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• pp.1-8
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• 2020

Various support is provided for the increase in the number of private lodging users in farming and fishing villages and related government policies. However, the bed-and-breakfast accommodation in rural areas lack safety standards or safety indicators for the service pension Gangneung, carbon monoxide leak accident in December 2018, 2020 East Sea in January, Pension. Large gas explosion, accident and is threatening the security of their citizens. Unlike lodging facilities, private lodging in farming and fishing villages is allowed to operate with certain requirements such as fire extinguishers and fire alarms. The purpose of this study is to present safety standards and safety indicators for lodging facilities in farming and fishing villages, which are necessary for the operation management and inspection of local governments and the government related to lodging in farming and fishing villages. Through the study, safety management areas of private lodging in farming and fishing villages were divided into facility safety, fire safety, food safety and living safety, and detailed inspection indicators were presented. There is an academic implication that research on safety management of lodging facilities has been expanded through safety research in areas related to private lodging in farming and fishing villages. It has practical implications in that it provides management standards and indicators that can be used for safety management of private lodging in farming and fishing villages. The limitations of this study are that more studies on private lodging in farming and fishing villages are expected to be conducted through the results of this study, and the lack of research on accommodation safety has prevented more detailed indicators from being derived.

• Journal of the Korea Convergence Society
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• v.7 no.5
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• pp.201-211
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• 2016

This paper uses the Panzar Rosse model to investigate the competitive conditions in the Korean life insurance companies over the period of 1999 2012. We break down the entire sample period into four distinctive groups and analyze the competitiveness of each period. The results indicate that for the pre-introduction of Bancassurance period, the H-statistic is -1.3984 and the life insurance market is found to be in monopoly or cartel. However, for the post-introduction of Bancassurance period, the H-statistic is 0.9107 and the life insurance market appears to be in monopolistic competition. The results from the introduction of retirement pension system are very similar to those of the introduction of Bancassurance. Overall, the findings indicate that the Korean life insurance market is in long-run equilibrium before the new system introduction, but make adjustments to the new equilibrium.

• Journal of the Korean Home Economics Association
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• v.35 no.2
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• pp.65-79
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• 1997

This research is intended for 418 elderly women who reside in Seoul and the National Capital region. the survey and analysis are on the practical behavior related to purchasing decision making of brassieres for elderly women. The purpose of the survey and analysis is to induce contented and rational purchase activity for elderly women; also, to supply the fundamental sources which can support accomplishing scientific and systematic marketing activity to foundation manufacturing business. The main results of this study are as follows; 1. The elderly women tend to decide on purchase of the brassiere subjectively alone than rely on the informants and to listen to sales women's advice more. The younger, more educated and higher income of family, the elderly women tend more to depend on their own subjective sense than others' recommendations and rely on such mass media as TV and magazines for information source. 2) The elderly women tend to purchase their brassieres personally. In particular, the younger, more educated and higher income they tend more to choose their brassieres alone rather than with others. 3) The companions for elderly women's purchase were their daughter, daughter-in-law and friends. The younger, more educated and higher income, they tend more to accompany friends. The older, less educated and lower income, they tend more to be accompanied by their daughter or daughter-in-lay. 4) The elderly women are aware of the trademarks for brassieres. Although most of them know about their brassiere size, the majority of them tend to purchase their brassieres without trying on them. the older, less educated and lower income, they are less aware of trademarks and their brassiere size, and thus are less influential in their purchasing decision making. 5) The places of purchasing on which elderly women rely most for their brassiere are department stores, agent and markets. Other places are private haberdashery's, discount and pension shop. The department stores are most used by the less younger, more educated and higher income, while the markets are most often visited by those older, less educated and lower income, while the markets are most often visited by those older, less educated and lower income. The agent are favored by the medium class old people between two extremes.