• The Korean Journal of Financial Management
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• v.20 no.1
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• pp.305-329
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• 2003

This work analyzes the influence of the dollar and yen currency on the rate of return of the individual firms and its symmetries based on the data from Jan. 5 1987 to Dec. 28, 2001. GARCH and autoregressive error models were used for on the daily data, due to the heteroscedascity and autoregression of the error terms, and as for the monthly data, this paper follows the autoregressive error models. Daily data fumed out to be a better explanatory variable in detecting exchange rate exposure, and EGARCH(1, 1) and GJR-GRARCH(1, 1) have higher competence in analyzing the daily data. Also, most of the exposed firms have been exposed in the negative region, and appreciation of exchange rate does not help enhancing the asset value of the domestic value. Analysis on the asymmetries let us conclude that high proportion of domestic firms face asymmetric exchange rate exposure, and that the pricing-to-market theory carries more conviction than the real option theory. Furthermore, monthly data are more precise in analysis of asymmetries.

• Journal of Preventive Medicine and Public Health
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• v.50 no.2
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• pp.91-99
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• 2017

Objectives: As in many low-income and middle-income countries, out-of-pocket (OOP) payments by patients or their families are a key healthcare financing mechanism in Bangladesh that leads to economic burdens for households. The objective of this study was to identify whether and to what extent socioeconomic, demographic, and behavioral factors of the population had an impact on OOP expenditures in Bangladesh. Methods: A total of 12 400 patients who had paid to receive any type of healthcare services within the previous 30 days were analyzed from the Bangladesh Household Income and Expenditure Survey data, 2010. We employed regression analysis for identify factors influencing OOP health expenditures using the ordinary least square method. Results: The mean total OOP healthcare expenditures was US dollar (USD) 27.66; while, the cost of medicines (USD 16.98) was the highest cost driver (61% of total OOP healthcare expenditure). In addition, this study identified age, sex, marital status, place of residence, and family wealth as significant factors associated with higher OOP healthcare expenditures. In contrary, unemployment and not receiving financial social benefits were inversely associated with OOP expenditures. Conclusions: The findings of this study can help decision-makers by clarifying the determinants of OOP, discussing the mechanisms driving these determinants, and there by underscoring the need to develop policy options for building stronger financial protection mechanisms. The government should consider devoting more resources to providing free or subsidized care. In parallel with government action, the development of other prudential and sustainable risk-pooling mechanisms may help attract enthusiastic subscribers to community-based health insurance schemes.

• Journal of Preventive Medicine and Public Health
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• v.46 no.1
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• pp.1-9
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• 2013

Objectives: We examined the association between social expenditures of the local government and the mortality level in Korea, 2004 to 2010. Methods: We used social expenditure data of 230 local governments during 2004 to 2010 from the Social Expenditure Database prepared by the Korean Institute for Health and Social Affairs. Fixed effect panel data regression analysis was adopted to look for associations between social expenditures and age-standardized mortality and the premature death index. Results: Social expenditures of local governments per capita was not significantly associated with standardized mortality but was associated with the premature death index (decline of 1.0 [for males] and 0.5 [for females] for each expenditure of 100 000 Korean won, i.e., approximately 100 US dollar). As an index of the voluntary effort of local governments, the self-managed project ratio was associated with a decline in the standardized mortality in females (decline of 0.4 for each increase of 1%). The share of health care was not significant. Conclusions: There were associations between social expenditures of the local government and the mortality level in Korea. In particular, social expenditures per capita were significantly associated with a decline in premature death. However, the voluntary efforts of local governments were not significantly related to the decline in premature death.

• Journal of Korea Port Economic Association
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• v.31 no.2
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• pp.23-40
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• 2015

This study measures how Korean shipping policies influence the expansion of the country's merchant fleet using system dynamics. It uses various indexes as factors influencing the gross tonnage of the Korean merchant fleet, such as the Baltic Dry Index, Howe Robinson Container Index, China Containerized Freight Index, and Worldscale Index, as well as the US dollar-Korean won exchange rate, world merchant fleet statistics, and the debt ratio of Korean shipping companies. After establishing the simulation model, the mean absolute percentage error is found to be less than 10%, confirming the accuracy of the model. Therefore, a sensitivity analysis is conducted to measure the influence of the selected shipping policies, including the gross tonnage of vessels registered under the Korean second registry system, loans of publicly owned financial institutions to shipping companies, ship investment fund, and the number of shipping companies participating in the tonnage tax scheme. The sensitivity analysis reveals that the influence of vessel tonnage and loans to shipping companies is the most significant, while that of the number of companies participating in the tonnage tax scheme is minimal.

• International Area Studies Review
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• v.15 no.3
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• pp.349-368
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• 2011

The emergence of new multipolar world economy along with the predominant growth of emerging economies encourages these emerging countries to internationalize their currencies. Currently the discrepancy between qualification and status of international currency is easily observed, and the emerging market currencies are no doubt underestimated considering their share of the world's economic size and trade volume. This paper studies the determinant factors of currency internationalization for five key currencies (US Dollar, Yen, Euro, Pound, and Swiss Franc). The analysis shows economic size, trade volume, and the stability of price and exchange rate are most important. Based on this result, Chinese Yuan is forecast to become a new international currency in the near future. Therefore, Korea needs to preempt the issue of regional economic integration, and even currency integration, by taking into account the possibility of internationalized Yuan.

• The Journal of the Convergence on Culture Technology
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• v.5 no.3
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• pp.55-60
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• 2019

It is true that Blockchain has been known as a core technology for cryptocurrency like bitcoin (BTC). It is caused by its rapid value rises. Now, one BTC is trading around 10,000 US dollars while it bought just less than one dollar at its first trading in May, 2010. Blockchain makes on-line transactions possible by the safe cryptocurrency swiftly based on P2P network and distributed public ledger while its on-line traffic is rapidly increasing. However, this technology has bigger potential in the fourth industrial revolution era and its application areas will be varied. The evolving intelligent information society needs to make new added value through utilizing, sharing and processing of useful digital information. Obstacles such as hacking and fraud often exist when transactions of digital properties, right transfers, etc. are done through digital network specialized with anonymity. It is expected that blockchain will be a definite solution in this regard. This paper addresses useful development directions and countermeasures for blokchain in the digital economy by analysis of its current status and issues.

• Asia-Pacific Journal of Business
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• v.11 no.4
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• pp.255-269
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• 2020

Purpose - This paper analyzes the market efficiency focusing on the long memory properties of the domestic futures market. By decomposing futures prices into yield and volatility and looking at the long memory properties of the time series, this study aims to understand the futures market pricing and change behavior and risks, specifically and in detail. Design/methodology/approach - This study analyzes KOSPI 200 futures, KOSDAQ 150 futures, 3 and 10-year government bond futures, US dollar futures, yen futures, and euro futures, which are among the most actively traded on the Korea Exchange. To analyze the long memory and market efficiency, we used the Variance Ratio, Rescaled-Range(R/S), Geweke and Porter-Hudak(GPH) tests as semi- parametric methods, and ARFIMA-FIGARCH model as the parametric method. Findings - It was found that all seven futures supported the efficiency market hypothesis because the property of long memory turned out not to exist in their yield curves. On the other hand, in futures volatility, all 7 futures showed long memory properties in the analysis, which means that if new information is generated in the domestic futures market and the market volatility once expanded due to the impact, it does not decrease or shrink for a long period of time, but continues to affect the volatility. Research implications or Originality - The results of this paper suggest that it can be useful information for predicting changes and risks of volatility in the domestic futures market. In particular, it was found that the long memory properties would be further strengthened in the currency futures and bond rate futures markets after the global financial crisis if the regime changes of the domestic financial market are taken into account in the analysis.

• International Area Studies Review
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• v.21 no.1
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• pp.181-200
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• 2017

This study investigates the impact of exchange rate and exchange rate volatility on the stock prices of eight industries from 2006 to 2015. The first and second exchange rate exposure of these eight industries is estimated with respect to four different exchange rates, namely the US dollar, Japanese yen, European currency unit, and British pound. In exchange rate exposure, stock prices in foods-beverages, paper-wood, electricity-gas, and banks industries are negatively related to exchange rate, whereas stock prices in electrical-electronic equp. and transport-equp. industries are positively related to exchange rate as expected. However stock price in machinery industry is negatively related to exchange rate, which is opposite to the expectation. Negative relationship is found between stock price in chemicals industry and exchange rate. In exchange rate volatility exposure, stock price in paper-wood industry is found to be negatively related to exchange rate volatility. Stock price in banks industry is also negatively related to exchange rate volatility. This result is opposite as expected, because banks are supposed to get more revenue by issuing derivatives related to foreign exchange when exchange rate volatility increases.

• Asia-Pacific Journal of Business
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• v.11 no.2
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• pp.159-172
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• 2020

Purpose - The purpose of this study is to investigate economic variables which have impact on the prices and returns of preferred stocks and to provide investors, underwriters, and policy makers with information regarding correlations and causal relations between them. Design/methodology/approach - This study collected 98 monthly data from Korea Exchange and Bank of Korea. The Granger causal relation analysis, unit-root test and the multiple regression analysis were hired in order to analyze the data. Findings - First, our study derives the economic variables affecting the prices and returns of preferred stocks and their implications, while previous studies focused mainly on the differential characteristics and related economic factors between common and preferred stocks. Empirical results show that the significant variables influencing the prices and returns of preffered stocks are consumer sentiment index, consumer price index, industrial production index, KOSPI volatility index, and exchange rate between Korean won and US dollar. Second, consumer sentiment index, consumer price index, and industrial production index have significant casual relations with the returns of preferred stocks, providing market participants with important information regarding investment in preferred stocks. Research implications or Originality - This study is different from previous studies in that preferred stocks themselves are investigated rather than the gap between common stocks and preferred stocks. In addition, we derive the major macro variables affecting the prices and returns of preferred stocks and find some useful causal relations between the macro variables and returns of preferred stocks. These findings give important implications to market participants, including stock investors, underwriters, and policy makers.

• Journal of Preventive Medicine and Public Health
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• v.55 no.4
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• pp.379-388
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• 2022

Objectives: Throughout history, societies have been impacted by inequality. Many studies have been conducted on the topic more broadly, but only a few have investigated inequalities in out-of-pocket health payments (OHP). This study measures OHP inequality trends among the Iranian households. Methods: This study used data from the Iranian Statistics Center on Iranian household income and expenditures. The analysis included a total of 995 300 households during the 36 years from 1984 to 2019. The Gini coefficient, Atkinson index, and Theil index were calculated for Iranian OHP. Results: Average Iranian household OHP increased from 33 US dollar (USD) in 1984 to 47 USD in 2019. During this 36-year span, the average±standard deviation Gini coefficient for OHP was 0.73±0.04, and the Atkinson and Theil indexes were 0.68±0.05 and 1.14±0.29, respectively. The Gini coefficients for the subcategories of OHP of outpatient diagnostic services, medical assistant accessories, hospital inpatient services, and addiction cessation were 0.70, 0.61, 0.84, and 0.64, respectively. Conclusions: In this study, we scrutinized trends of inequality in the OHP of Iranian households. Inequality in OHP decreased slightly over the past four decades. An analysis of trends among different subgroups revealed that affluent households, such as households with insurance coverage and households in higher income deciles, experienced higher inequality. Therefore, lower inequality in health care expenditures may be related to restricted access to health care services in Iran.