전북대학교
Sooil Ko, Maga, Jinkeun Yoon
Abstract
This study is, based on the leader’s emotional intelligence is a root of servant leadership, just for verifying the truth that leader’s emotional intelligence contributes to commitment through mediating relations. To do that, leader’s emotional intelligence was investigated by team managers themselves, and also leader’s servant leadership and team commitment-oriented members took part in that investigation, therefore we got over the common method bias. This measurement has been done by team managers and their members who were role-divided as team manager and member respectively with a questionnaire method. The result of that, other’s emotion only among factors of emotional intelligence affects servant leadership significantly and the servant leadership showed us that it mediated leader’s emotional intelligence about team commitment of members perfectly.
Keyword: Emotional intelligence, Servant Leadership, Team Commitment
Shiba-Raj Pokharel, Sanglae Lee, Bishnu-Prasad Pokharel
Abstract
Today many countries strive to attract Foreign Direct Investment (FDI) because of its acknowledged benefits as a tool of economic development and Nepal is also one of them. In this paper, we study the relationship between FDI and economic growth in Nepal for the period 1990-2010. For this study, we, investigate the factors that affect FDI inflows to Nepal and analyze the empirical relationship between FDI and these factors. We used secondary data sources from the World Economic Indicator (2012), International Monetary Fund, Department of Industry, Commerce and Supply of Nepal. Data are analyzed using multiple linear regression. The results indicate that FDI in Nepal is strongly and positively correlated to market size. It is also positively correlated to the labor force and GDP but not significant between them. FDI contributes positively to economic growth and the components of FDI do have a positive impact.
Keyword: FDI, GDP, Economic Growth, Market Size
Kwangbae Lee, Changbeom Kim
Abstract
This paper applies the input-oriented DEA model, DEA/Window analysis, and Malmquist indices to the 12 products to measure the efficiency and productivity of Korean parts and materials industry. The DEA Window technique was applied to measure the efficiency trend and stability. The Malmquist indices will be divided into two effects such as catch-up effect and frontier effect. The empirical results show the following findings. First, the DEA findings indicate that main source of inefficiency is pure technical efficiency in textile products, compounds and chemical products, rubber and plastic products, fabricated metal products, general machinery parts, electrical machinery parts, and transportation machinery parts. Second, the Malmquist indices show an overall increase in productivity. Third, DEA/Window results show that general mechanical parts and precision machine parts are the stable products.
Keyword: Parts and Materials Industry, DEA/Window, Malmquist Productivity Index
Jongha Lee, Sunghoon Park
Abstract
This paper examines whether the link between the misalignment and the volatility of exchange rates exists by estimating those over the period 1991-2010 in Korea. To do so, this paper defines the misalignment as BEER in the concept of the short run and PEER in that of the middle-and-long run, and measures the volatility with EGARCH. The empirical results are as follows. First, BEER, PEER, and volatility estimated in this paper to measure the exchange rate misalignment and volatility have statistical significancy, and they are accord with economic theories. Second, the link between the misalignment and the volatility of exchange rates exists in the concept of the short run. But the link is caused by transient factors but not real factors. Third, the link between the misalignment and the volatility exists with middle-long-run misalignment in the concept of the long run; but, the link does not exist with middle-long-run volatility in that. The third result implies that the fundamental economic environment may depend upon the volatility of exchange rates.
Keyword: Equilibrium Exchange-Rate, BEER, PEER, Misalignment, Volatility, Granger Causality
Heepil Yun, Hankwang Kim, Sanggark Nam
Abstract
This study introduces the CDS market, its participants, and the mechanics of the credit default swap. It provides intuition about the CDS valuation theory and reviews how CDS is valued in practice. Nuances of the standard ISDA documentation are discussed, as are developments in documentation to facilitate settlement following credit events. One of the main objectives of this study is to find a way to reduce the various risk exposures of credit derivative traders, including counter-party risk. This study presents some policy recommendations for the improvement of the general trading environment of the domestic credit derivatives market in Korea and briefly discusses some of the key supervisory issues. Given that CDS premium sharply rose despite the national financial soundness, we investigate the role of macroeconomic variables such as external payment ability and foreign exchange conditions on CDS premium. Regression analysis shows that variables such as foreign exchange rate, US Treasury yields and Korean Treasury yields played a major role in determining CDS premium. We also found that significance of multiple variables were sensitive to crisis events, implying that determinants of CDS premium can be time-varying. This stresses the importance of maintaining sound fundamentals, expanding foreign reserves and reducing foreign exposure in non-crisis periods in order to prevent sharp rises in CDS premium during the crisis periods.
Keyword: Credit Default Swap, Credit Events, CDS Premium, Foreign Exchange Rate, Risk Exposures