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Determinants of Credit Rationing in Korean Bank Loan Markets
Jaewoon Koo,Kyunghee Maeng 한국산업경제학회 2010 산업경제연구 Vol.23 No.6
본 연구에서 우리는 한국의 기업 자료를 이용하여 기업들이 당면한 신용할당의 결정요인에 관해 분석하였다. 분석결과를 보면, 대기업, 은행-의존적인 기업, 그리고 재벌기업이 은행대출시장에서 신용할당을 더 크게 받는 것으로 나타났다. 또한 대부분의 기업들은 통화긴축기간에 금융제약을 보다 크게 받고 있었다. 이는 긴축적인 통화정책이 기업별로 비대칭적인 효과를 초래하며, 긴축적인 영향은 대기업, 은행-의존적기업 그리고 재벌기업이 보다 더 크게 받고 있음을 시사한다. This paper attempts to investigate the determinants of credit rationing experienced by firms using Korean firm data. We find that large firms, bank-independent firms, and chaebol firms are more likely to be rationed out in Korean bank loan markets. Furthermore, most firms are more likely to face severe financial constraints during a monetary contraction period. These findings suggest that a tightening of monetary policy exerts a disproportionate effect on firms’ activities, with a more contraction effect on large, bank-independent, and chaebol firms.
Regional Income Convergence: Evidence from Panel Unit Root Tests
Jaewoon Koo,Seungjun Lee 서울대학교 경제연구소 2000 Seoul journal of economics Vol.13 No.4
This paper investigates convergence of eleven regional incomes in Korea by employing a panel unit root test method proposed by Levin and Lin (1993). To test the robustness of the result, we rely on the method developed by Im, Pesaran, and Shin (1996) as well. Applying individual unit root test to income series of each region, we obtained mixed results such that only three out of eleven regional incomes converge. Panel unit root tests, however, reject the null hypothesis that all the Korean regional incomes do not converge. This empirical finding implies that, in a rapidly growing economy such as Korea, at least some regional incomes have tendency to converge to its own equilibrium level. This result is consistent with the prediction of neoclassical growth theory.
Finance, Production Efficiency, and Growth: Evidence from the Korean Manufacturing Industries
Jaewoon Koo,Sangho Kim 서울대학교 경제연구소 1999 Seoul journal of economics Vol.12 No.2
Numerous studies have focused on the development of financial market as a driving force in economic growth. We find that the provision of financial services enhances production efficiency, and thereby promotes economic growth. Applying the stochastic frontier production function approach to the panel data of the Korean regional manufacturing industries, we show that an increase in financial services is associated with the reduction in technical inefficiency. It implies that the supply of financial services is essential to economic growth.
Bank-dependence, Financial Constraints, and Investments
Jaewoon Koo,Kyunghee Maeng 한국경제연구학회 2008 Korea and the World Economy Vol.9 No.1
Firms are financially constrained because external funds are more costly than internal funds in imperfect financial markets. If banks play a role in alleviating information costs, financial constraints faced by firms decrease with bank dependency. The study finds that investments for firms with higher bank debt ratio respond less sensitively to cash flow using the Korean firm level data. This implies that a close bank relationship improves the accessibility to external funds by firms. The effect of a bank relationship on sensitivity of investment to internal funds is pronounced for large firms and is reinforced after a financial crisis.
Jaewoon Koo,Hoseong Moon,Gyoocheol Shim 한국경제연구학회 2010 Korea and the World Economy Vol.11 No.3
This paper investigates why an expansionary monetary policy was ineffective in mitigating the credit-rationing problem in Korean bank loan markets in the early 2000s. We focus on the strict regulation on capital adequacy and the sticky implementation of the credit scoring system to explain monetary policy ineffectiveness. In a theoretical model, we show that, if the supply of loans responds more sensitively to the credit score than the demand for loans, an expansionary monetary policy cannot resolve the credit rationing problem. By estimating a disequilibrium model for bank loans, we find that excess supply existed in bank loan markets in the early 2000s, and thus expansionary monetary policy did not help to reduce disequilibrium in loan markets. This finding implies that banks should adjust the critical credit rate as well as interest rates for the efficacy of monetary policy.
An Adaptive Companding Scheme for PAPR Reduction in OFDM Systems
Jaewoon Kim,Jaejin Lee,Chulhun Seo,Yoan Shin 대한전자공학회 2007 ITC-CSCC :International Technical Conference on Ci Vol.2007 No.7
In order to consider both BER performance as well as PAPR reduction for various modulation orders, we propose an adaptive companding scheme that adaptively alters the compression and expanding function according to modulation order.
Identification of the protein native structure using a sequence-dependent feature in contact maps
Jaewoon Jung,Jooyoung Lee,Hie-Tae Moon 한국물리학회 2005 THE JOURNAL OF THE KOREAN PHYSICAL SOCIETY Vol.46 No.3
We present a new approach for fold recognition to identify the native and the near-native protein structures among decoy structures by using pair-wise contact potentials between amino acid residues. For a given protein structure, a new scoring function is dened as the dierence between the contact energy for its native sequence and the average contact energy for random sequences of the same contact map. We have tested the new scoring function for the various decoy sets available in the literature and have found that the new scoring function is more useful than the original contact energy, especially for decoy sets where the total number of contacts from the native structure is similar to those from the decoy conformations. From this observation, we conclude that the more native-like the structure is, the more likely that it distinguishes the native sequence from random sequences. We demonstrate that, for a given contact potential, a simple, but more ecient, new scoring function can be constructed.
An Improved Recursive Transmitted Reference UWB System
KIM, Jaewoon,PARK, Youngjin,LEE, Soonwoo,SHIN, Yoan The Institute of Electronics, Information and Comm 2010 IEICE TRANSACTIONS ON COMMUNICATIONS - Vol.93 No.7
<P>TR-UWB (Transmitted Reference-Ultra Wide Band) systems have low system complexity since they transmit data with the corresponding reference signals and demodulate the data through correlation using these received signals. However, the BER (Bit Error Rate) performance in the conventional TR-UWB systems is sensitive to the SNR (Signal-to-Noise Ratio) of the reference templates used in the correlator. We propose an improved recursive transceiver structure that effectively minimizes the BER for TR-UWB systems by increasing the SNR of reference templates.</P>
인지 라디오와 기존 라디오 시스템의 공존을 위한 인지적인 빔포밍 기법
김재운(Jaewoon Kim),김현욱(Hyunwook Kim),홍민기(Minki Hong),신요안(Yoan Shin) 대한전자공학회 2008 電子工學會論文誌-TC (Telecommunications) Vol.45 No.3
본 논문에서는 인지 라디오 (Cognitive Radio; CR)와 기존 라디오 (Incumbent Radio; IR) 시스템의 공존을 위한 인지적인 빔포밍 (Cognitive Beamforming) 기법을 제안한다. 제안된 인지적인 빔포밍 기법은 스펙트럼 사용에 있어서 IR 시스템의 우선권을 보장하기 위해 동일한 시간에 동일한 주파수를 점유하고 있는 IR 시스템에게 아무런 간섭 영향도 일으켜서는 안 된다. 이와 더불어, 제안된 기법은 위 조건을 만족시키는 범위 내에서 CR 사용자에게는 최대 채널 이득을 제공할 수 있어야 한다. 이러한 목적을 위해, 제안된 기법은 추가적인 무선자원 소모없이 CR 사용자에게는 데이터 전송을 가능하게 하면서 IR 사용자에게는 아무런 간섭 영향도 일으켜서는 안 된다. 모의실험 결과, 제안된 기법을 사용할 경우 CR 사용자는 IR 사용자에게 간섭영향을 일으키지 않았으며, IR 시스템의 주파수 사용 우선권을 전혀 고려하지 않은 이상적인 빔포밍 시스템과 비교하여 CR사용자의 비트오율 (Bit Error Rate) 성능이 약간 열화됨을 확인하였다. In this paper, we propose a cognitive beamforming scheme for coexistence of CR (Cognitive Radio) and IR (Incumbent Radio) systems. In order to maintain the priority of the IR in spectrum utilization, the proposed cognitive beamforming scheme needs to have the CR not cause any interference to the IR systems occupying the same frequency band at the same time. In addition, the proposed scheme has to provide maximum channel gain to the CRU (CR User) in a boundary of satisfying the former criterion. For this purpose, the proposed scheme does not cause any interference to the IRU (IR User), while the CRU is served without additional radio resource consumption. From simulation, we confirmed that when using the proposed scheme the CRU does not interfere with the IRU and there is little bit error rate performance degradation of the CRU as compared to that of the ideal beamforming system which does not consider the IR priority.