• Economic Analysis
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• v.25 no.2
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• pp.132-176
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• 2019

We use a time-varying parameter vector auto regression (TVP-VAR) model to understand the impact of U.S. monetary policy normalization on Korean financial markets and capital accounts. The U.S. monetary policy is represented by the federal funds rate, term premium and credit spread. During the U.S. monetary contraction period of 2004 to 2006, changes in the federal funds rate presented negative pressure on Korean financial markets. The changes in federal funds rate also led to a simultaneous contraction in inward and outward capital flows. However, the effects of a federal funds rate shock has been reduced since 2015. On the other hand, the effects of U.S. term premiums is getting stronger after the period of quantitative easing (QE). The influence of the U.S. credit spread also significantly increased after the global financial crisis. Simulation results show that a rise in the U.S. credit spread, which can be triggered by a contractionary monetary policy, can pose a larger adverse impact on the Korean economy than a rise in the federal funds rate itself. As for capital flows, a U.S. monetary policy contraction causes an outflow of foreign investment, but the repatriation of overseas investment by Korean residents can offset this outflow.

• Journal of Digital Convergence
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• v.17 no.10
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• pp.67-75
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• 2019

As 4th industrial revolution has emerged as a hot topic, the blockchain technology capable of enabling super intelligence as a premiere has been an attracting attention. With the interest in blockchains, various platforms using blockchains are emerging. Reflecting this trend, several countries including US, EU, China, and Japan are preparing blockchain and related laws or amending existing laws. In Korea, the platform business based on blockchain is being done, but the related laws are insufficient. In this study, we first present the legal system of the blockchain, examine each component, and then compare the current state of the legal system in US, EU, China, and Japan based on the blockchain legal system. Finally, we propose a brief improvement plan of the legal system for industrial development by commercialization of blockchain. In the future, we would like to study the individual legal system about the blockchain.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.60
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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.

• East Asian Economic Review
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• v.24 no.2
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• pp.165-184
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• 2020

Applying Ismailov and Rossi (2018), I newly construct the Korea FX uncertainty based on the density distribution of historical forecast errors. This uncertainty index properly captures the rare but significant events in the Korean currency market and provides information distinct from other uncertainty measures in recent studies. I show that 1) FX uncertainty arising from unexpected depreciation has a stronger impact on Korea-U.S. exchange rates and that 2) macro variables, such as capital flows or interest rate differentials, have predictive ability regarding Korea FX uncertainty for short horizons. These findings enable us to predict the events of sudden currency crashes and understand the Korea-U.S. exchange rate dynamics.

• Journal of the Korean Institute of Rural Architecture
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• v.22 no.4
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• pp.17-25
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• 2020

This preliminary study examines historical background of construction, establishment process, and destroy process for the Goryeo-sa-haeng-guan in Myeong-Ju during the Song Dynasty. The research was conducted based on local journals at that time. The Myeong-Ju is one of the famous port cities for marine trade. The Myeong-Ju had a good relationship with the Goryeo. Especially, the Song Dynasty built the Goryo-sa-haeng-guan for Goryeo envoys and traders to maintained a good partnership with Goryeo. A comprehensive review on records and historical issues of the Goryeo-sa-haeng-guan helps us to understand foreign policy and inter-relationship between Korean and China.

• Proceedings of the Technology Innovation Conference
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• 2004.02a
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• pp.288-315
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• 2004

This paper has examined the leapfrogging thesis with the case of catch-up in digital TV by the Korean firms. Despite the disadvantages implied by the technological regime of digital TV and the risks facing early entrants in trajectory choice and initial market formation, the Korean firms had achieved a 'path-creating catch-up' in the sense they chose a different path from the Japanese forerunning firms. As they have been closely watching the technological trends and the standard setting process, there was less risk of choosing the right or wrong technological trajectory. Also, despite the lack of sufficient capability and core knowledge base, the Korean firms had some complementary asset, such as the experience of producing analogue TV, and were able to develop the prototype digital TV and the ASIC chips, given the accesses to the foreign knowledge via overseas R&D posts and acquisition of a foreign company. To secure the initial market size, the Korean targeted the US market from the beginning, and their sources for competitive advantages were the speedy setting up the production system for mass production of products at the initial stage. The initial failure of the Japanese firms and the success of the Korean firms do suggest that the period of paradigm shift, like this toward digital technology, can serve as a window of opportunity for late-comers while penalizing the forerunner.

• Korean Journal of Clinical Pharmacy
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• v.18 no.1
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• pp.18-27
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• 2008

This study investigated social relief schemes for serious adverse drug reactions in foreign countries and deduced lessons and implications for Korea to implement the scheme. A social relief scheme for serious adverse drug reactions provides reliefs for diseases and such health effects as disabilities or deaths that were caused by adverse reactions to pharmaceuticals prescribed at hospitals and clinics as well as those purchased at pharmacies notwithstanding their proper use. The US and the UK do not have specific relief schemes for adverse drug reactions but apply rules of strict liability or negligence. New Zealand and Nordic countries provide no-fault compensation schemes for health effects or injuries caused by medical treatments or medicinal products. Japan and Taiwan have operated the schemes since 1980 and 2000, respectively. In designing the scheme in Korea, we suggested that cases eligible for relief be confined to serious adverse reactions such as death or disability and then extended to diseases. It is desirable to encourage the reporting system of adverse drug reactions and quality use of medicines for the relief scheme to work efficiently.

• 한국사회정책
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• v.24 no.2
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• pp.217-244
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• 2017

This study was initiated based on the notion that the logic regarding case selection and a perspective for case analysis has never been discussed in previous studies on immigration policy despite its significance. Given the idea, this study investigated levels of integration of immigrants which were operationalized as 1) differences in general conditions of economic, labor, social, and political life between native born and foreign born and 2) level of quality of economic, labor, social life for immigrants. For that purpose, this study analyzed the secondary data set which was a combination of several secondary data sets. Results showed that the countries that belong to traditional immigration regime including Australia, Canada, and US showed higher levels of immigrant integration at various sub categories of integration. Countries that belong to new immigration regime such as Ireland revealed relatively high levels of immigrant integration. The findings from this study implied that integration of immigrants needs to be analyzed with consideration on characteristics of social security policy of each country along with immigration policy and cultural diversity of each country.

• International Area Studies Review
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• v.13 no.3
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• pp.803-825
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• 2009

There have been many critical point of view on the Korean industrial relations arguing that its conflictual nature and combative unions, and too much protective labor laws make the foreign investors to avoid Korea as an investment location. This argument has been raised since IMF' financial bail-out when Korea needed badly foreign FDI. Since then, however, any significant improvement in industrial relations field has not been made. In this kind of dead-lock situation, the Ireland' success story give us an important lesson, in which the strong economic growth had been made through the massive FDI, stimulated by the social partnership between government, unions and employers. Our study has an aim to examine the several success factors for Ireland's economic success, and to take a deep look into the context and characteristics of the Ireland' social partnership, and its outcome. We also try to draw some lessons to Korean economy, in particular, in its economic policy and industrial relations.

• Convergence Security Journal
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• v.18 no.3
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• pp.113-122
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• 2018

The issue of security on the Korean peninsula is facing the greatest upheaval in 2018 with the inter-Korean summit and the US-North Korea summit. North Korea has pursued the parallel policy developing military and economic at the same time. However, North Korea is changing its route to give up nuclear weapons and focus on the economy through summit talks. Since the change in North Korea is similar to that of Libya in the past, it is necessary to analyze why North Korea is trying to abandon its nuclear program and how the process is flowing compared to the case of Libya. The Libya model was constructed and analyzed in terms of international and domestic perpectives and recognition of the situation by leadership. North Korea's nuclear policy was evaluated based on the Libya model. The nuclear development of Libya and North Korea has caused diplomatic and economic pressures from the international community and ultimately led to instability of the regime. Two countries have tried to abandon nuclear program in order to solve the instability of the regime, also gain the economic reward insead. Libya took economic benefits and secured some of the stability of the regime, but the regime collapsed under the wave of democracy due to the influx of foreign capital and ideas. North Korea will seek diplomatic and economic gains with the example of Libya, but will try to limit as much as possible the culture of democracy and the full opening that can be incidental.