• 아태비즈니스연구
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• 제14권3호
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• pp.221-240
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• 2023

Purpose - This paper investigates how business cycle impacts on corporate credit spreads since global financial crisis. Furthermore, it tests how the impact changes by the phase of the cycle. Design/methodology/approach - This study collected dataset from Barclays Global Aggregate Bond Index through the Bloomberg. It conducted multi-regression analysis by projecting business cycle using Hodrick-Prescott filtering and various cyclical variables, while ran dynamic analysis of 5-variable Vector Error Correction Model to confirm the robustness of the test. Findings - First, it proves to be statistically significant that corporate credit spreads have moved countercyclicaly since the crisis. Second, It indicates that the corporate credit spread's countercyclicality to the macroeconomic changes works symmetrically by the phase of the cycle. Third, the VECM supports that business cycle's impact on the spreads maintains more sustainably than other explanatory variable does in the model. Research implications or Originality - It becomes more appealing to accurately measure the real economic impact on corporate credit spreads as the interaction between credit and business cycle deepens. The economic impact on the spreads works symmetrically by boom and bust, which implies that the market stress could impact as another negative driver during the bust. Finally, the business cycle's sustainable impact on the spreads supports the fact that the economic recovery is the key driver for the resilience of credit cycle.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.931-941
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• 2021

The study focuses on the relationship between SB, corporate social responsibility (CSR), and the emerging economy. Thereafter it highlights the types, principles, and funding cycle of SB with the evidence from Grameen Bank, which is a globally well-recognized microfinance venture in Bangladesh established by the Nobel Laureate Dr. Muhammad Yunus. This study employs qualitative analysis to illustrate an architectural overview of the SB model by collecting secondary data from various publications related to the topic and published data of Grameen Bank. Finally, this paper illustrates the SB model along with specified characteristics, systematic framework, and main approaches for sustainable context, which could be applied as a conceptual framework for SB in any context of the emerging economy. The findings of this study suggest that the SB model is the workflow having a hierarchy of five phases namely need identification, goal setting, solution-based business plan, business plan assessment, and business plan execution. Analyzing a range of social business interventions in a developing country, Bangladesh, through the lens of five key aspects demonstrates that social business is the most efficient way to sustainably maximize the social benefits and minimize specific social issues poverty of the people affected.

• Journal of Korea Trade
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• 제26권2호
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• pp.21-44
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• 2022

Purpose - This study quantifies sources of trade balance dynamics over the business cycle in Korea. Specifically, we quantify the relative importance of domestic and foreign factors on trade balance dynamics using a small open economy real business cycle (SOE-RBC) model and provide policy implications for stabilization policies. Aggregate productivity and interest rate spreads are considered domestic factors affecting the trade balance. A world interest rate (the U.S. interest rate) is considered a foreign factor. Design/methodology - Following Neumeyer and Perri (2005), we build the SOE-RBC model with three types of shocks: aggregate productivity, interest rate spread, and world interest shocks. The model is estimated by the generalized method of moments (GMM) using relevant business cycle statistics. The estimated model is used for quantifying the relative importance of domestic and foreign factors on trade balance dynamics in Korea. Findings - Our main findings can be summarized as follows: 85.64% of the trade balance fluctuations in Korea are explained by domestic factors, the remaining 14.35% by foreign factors. Particularly, trade balance dynamics are mostly accounted for by the change in aggregate productivity shocks (85.58%). World interest rate shocks considerably explain trade balance (14.35%), whereas the role of interest rate spread shocks that represent domestic risks is limited (0.08%). Although aggregate productivity is key in explaining trade balance dynamics in Korea, interest rates still have an essential role. This is because aggregate productivity changes induce interest rate spread variations and, thus, the trade balance significantly. The results suggest that government policies mitigating fluctuations in aggregate productivity would be effective for stabilization policies in Korea by reducing the trade balance volatility. Originality/value - Existing studies on the emerging market business cycle examine mostly Latin American countries, and the main object of the studies is the volatility of consumption rather than trade balance dynamics. Conversely, our study examines Korea rather than Latin American countries. Additionally, we examine sources of trade balance dynamics, which are relatively more important in Korea, rather than those of the volatility of consumption. Hence, we estimate the model to explicitly match moments related to trade balance in the data.

• East Asian Economic Review
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• 제23권2호
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• pp.203-223
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• 2019

This paper examines the interactions between financial conditions and business cycles in Mongolia, a small open economy, heavily depending on commodity exports. We construct two financial conditions indexes based on the reduced form IS model and the vector autoregression (VAR) model as surveillance tools to quantify the degree of the financial conditions. We find that real short-term interest rate and real effective exchange rate gap get a higher weight in the FCIs. Both business and financial cycles are often more pronounced in Mongolia, and financial condition is dependent of the financial and monetary policies in place. The analysis of the predictive power of the FCIs for business cycles shows that they have predictive information for the near-term economic activities. FCIs are also helpful in signaling inflation turning points.

• East Asian Economic Review
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• 제17권2호
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• pp.103-128
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• 2013

This paper analyzes the dynamics and nature of regional business cycle synchronization for East Asian countries in the period of 2000:Q1-2011:Q4. Estimating a dynamic two-factor model extracts the common factor and the nation-specific factor from both the macroeconomic aggregates and plausible driving forces of regional business cycles. Evidence for regional business cycle synchronization is particularly strong for Korea, Malaysia and the Philippines, while Japan shows weak evidence of regional synchronization. On the other hand, Indonesia, Thailand, Singapore and China are decoupling from regional business cycles. The driver of monetary aggregate is the most significant determinant of regional fluctuations of macroeconomic aggregates, whereas oil price and productivity are on average important driving forces of nation-specific fluctuations of real economic activities.

• 한국전자거래학회지
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• 제4권3호
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• pp.139-158
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• 1999

In this paper we present the development of CITIS(Contractor Integrated Technical Information Service) reference model system which can be utilized for electronic commerce among enterprises. For the physical analysis target model, we selected switching system businesses of Korea Telecom. From analysis of life-cycle business process and data, we derived CITIS reference model containing CITIS To-Be model and CITIS scenario. Derived CITIS reference model is generalized so that it can be used not only for switching system businesses but other business areas regarding CITIS implementation. On the base of the derived CITIS reference model, We also developed CITIS information management system and CITIS-support workflow system as CITIS reference model system. Developed CITIS reference model system supports information and business process sharing among enterprises on internet and it does make a contribution to expansion of CITIS which is moving from conceptual research towards real implementation phase.

• 자원ㆍ환경경제연구
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• 제25권2호
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• pp.179-197
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• 2016

해외자원개발은 부존자원이 빈약한 우리나라의 에너지 안보 역량을 제고할 수 있는 중요한 핵심 수단이다. 해외 석유가스개발사업의 경제적 파급효과를 분석하기 위하여 본 연구에서는 실물경기변동 모형을 에너지 가격을 포함한 형태로 확장하였다. 연산의 투명성과 효율성을 제고하기 위하여 선형이차 동태계획법을 적용하였다. 분석 결과, 해외석유개발 사업이 에너지 가격 안정화를 통해 경제에 미치는 효과는 GDP를 약 0.47% 증가시킨 효과 (2012년 GDP 기준 연간 약 5.7조 원)에 비견되는 것으로 평가되어, 해외석유개발사업에의 지속적인 투자 확대와 지원이 필요함을 알 수 있다.

• 산업경영시스템학회지
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• 제43권1호
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• pp.61-69
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• 2020

Systems such as database and socal network systems have been broadly used, and their unexpected failure, with great losses and sometimes a social confusion, has received attention in recent years. Therefore, it is an important issue to find optimal maintenance plans for such kind of systems from the points of system reliability and maintaining cost. However, it is difficult to maintain a system during its working cycle, since stopping works might incur users some troubles. From the above viewpoint, this paper discusses minimal repair maintenance policy with periodic replacement, while considering the random working cycles. The random working cycle and periodic replacement policies with minimal repair has been discussed in traditional literatures by usually analyzing cases for the nonstopping works. However, maintenance can be more conveniently done at discrete time and even during the working cycle in real applications. So, we propose that periodic replacement is planned at discrete times while considering the random working cycle, and moreover provide a model in which system, with a minimal repair at failures between replacements, is replaced at the minimum of discrete times KT and random cycles Y. The average cost rate model is used to determine the optimal number of periodic replacement.

• 자원ㆍ환경경제연구
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• 제27권1호
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• pp.67-104
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• 2018

본 논문은 실물적 경기변동모형을 이용하여 탄소세의 부과방식에 따른 파급효과를 생산성과 에너지가격 변동을 고려하여 비교 분석하였다. 시나리오 1에서는 매 기간 온실가스 감축목표에 따라 대표기업이 $CO_2$ 감축비율을 일정하게 유지하도록 유도하는 탄소세율을 부과하는 방식을 설정하였고, 시나리오 2에서는 분석기간 동안 시나리오 1의 탄소세율의 균제상태의 값을 일정하게 부과하는 방식을 설정하였다. 충격반응분석에 따르면 외부충격에 대한 $CO_2$ 배출의 반응이 시나리오 2에서 상대적으로 민감하게 반응하는 것으로 나타났다. 또한 모형 시뮬레이션 결과 $CO_2$ 감축비용은 시나리오 1에서 변동성이 더 큰 것으로 나타났으며, $CO_2$ 배출과 $CO_2$ 스톡의 변동성은 시나리오 2에서 더 큰 것으로 나타났다. 특히 $CO_2$ 배출과 $CO_2$ 스톡의 시나리오 간의 변동성 증감률은 온실가스 감축목표가 강화될수록 더욱 커지는 것으로 나타났으며, 온실가스 감축목표가 60% 이상이 되면 시나리오 간의 두 변수들의 증감률(절대치)이 $CO_2$ 감축비용의 증감률(절대치)을 넘어서는 것으로 나타났다.

• International Journal of Computer Science & Network Security
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• 제21권7호
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• pp.191-204
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• 2021

The software development life cycle (SDLC) is a procedure used to develop a software system that meets both the customer's needs and real-world requirements. The first phase of the SDLC involves creating a conceptual model that represents the involved domain in reality. In requirements engineering, building such a model is considered a bridge to the design and construction phases. However, this type of model can also serve as a basic model for identifying business processes and how these processes are interconnected to achieve the final result. This paper focuses on process modeling in organizations, per se, beyond its application in the SDLC when an organization needs further documentation to meet its growth needs and address regular changes over time. The resultant process documentation is created alongside the daily operations of the business process. The model provides visualization and documentation of processes to assist in defining work patterns, avoiding redundancy, or even designing new processes. In this paper, a proposed diagrammatic representation models each process using one diagram comprising five actions and two types of relations to build three levels of depiction. These levels consist of a static description, events, and the behavior of the modeled process. The viability of a thinging machine is demonstrated by re-modeling some examples from the literature.