본 연구에서는 금융교육 자료의 질적 향상을 위해 콘텐츠를 체계적으로 관리하고 개발 하기 위한 제도적 개선방안을 모색한다. 금융역량 지도와 관련된 선행 연구를 바탕으로 우리나라에 적합한 금융역량 지도를 개발하고, 현재 활용 중인 금융교육 콘텐츠의 내용 및 분포를 분석한 후 개발이 시급한 금융교육 콘텐츠 영역이 무엇인지 알아본다. 이와 같은 목적을 위해 생애주기별 단계를 아동기, 청소년기, 청년기, 중·장년기, 노년기의 5단계로 구분하며, 각 단계마다 내용 영역을 가계재무 관리, 자산 관리, 신용 관리, 위 험 관리, 금융 활용, 생애 재무설계의 6개로 구분한다. 콘텐츠 분포를 확인한 결과, 가 계재무 관리 주제에 대한 교육자료는 아동기, 청소년기 대상으로 다소 있을 뿐이며, 연 령대가 높아질수록 자료가 부족해진다. 수입과 지출에 대한 교육자료도 연령대가 높아 질수록 부족해짐을 발견할 수 있다. 예산 계획을 수립하고 이행하는 것과 관련된 콘텐 츠는 전 연령대에서 거의 개발되지 않은 상태이다. 디지털 금융과 관련된 자료는 노년 기를 대상으로 가장 많이 개발된 데 비해, 실제로 디지털 금융을 활발히 사용하는 청년 기, 중·장년기를 대상으로 하는 자료는 상대적으로 드물다.

현대 경제사회에서 정부는 시장의 원활한 작동을 돕기 위한 룰의 제정이나 경쟁 촉진 뿐 아니라 소득 재분배, 나아가 시장 질서로는 해결하기 어려운 다양한 정책적 보완 활동을 한다. 그 중 가장 중요한 것이 민생경제의 원활한 작동을 지원하기 위한 공공서비스의 제도적 강구이고, 특히 금융생활에서 소외되기 쉬운 서민 대중을 포용하기 위한 금융지원정 책이다. 정부가 금융생활 정상화가 어려운 서민 계층의 금융생활 안정을 앞장서 지원하는 제도적 노력은 지원 대상이 되는 금융취약 계층을 위한 재생 프로그램이 될 뿐 아니라. 국민 각층의 성숙된 경제 환경을 조성하기 위한 필수적 인프라 역할을 하는 것이다. 이를 위하여 정부는 다양한 정책 자금을 활용하여 금리 등의 거래 조건을 지원함으로써 서민 금융생활의 어려움을 줄여주려 노력하고 있다. 서민 생활과 밀접한 관계가 있는 공공기관 과 금융회사를 통해 저소득 자영업자나 근로자 등 금융생활 소외계층을 대상으로 사업자 금이나 생활자금, 주거안정자금, 교육비 등을 저리로 빌려주거나 특례 보증해주고, 고금 리 대출을 저금리 대출로 바꿔주는 한편, 불입금에 일정비율의 액수를 더해 주는 매칭형 적금 상품과 소액 보험, 소액 신용카드 상품도 제한적으로 지원하고 있는 것이다. 현재의 서민금융지원제도는 대부분 대출상품 위주로 구성되어 있다. 그러나 대출은 서민 가계경 제의 구조적 결함을 메워주지는 못한고 경제적 자립의 기회를 놓치게 만들기 쉽다. 향후 의 서민금융지원제도는 부채의존형에서 저축지향형으로 바뀌어야 하며, 서민 계층의 생활 환경에 특화된 보험 기능과 안정성이 강화된 투자 상품 지원 기능도 보완되어야 할 것이다. 또한 정보 제공 및 지원 채널을 단순ㆍ일원화하고 금융교육과 상담을 의무화하여 올 바른 금융습관 조성에 집중할 필요가 있다. 정책당국은 금융소외계층의 생활 안정이 사회 적 갈등 해소와 건전한 시장형성으로 안정 성장의 기틀을 형성한다는 관점에서 무엇보다 도 먼저 예산 배분의 패러다임을 적극적으로 바꾸어야 할 것이다.

It is considered necessary to renewal a considerable number of water supply facilities in Korea because they began to be intensively buried in the period of rapid economic growth. Accordingly, local water providers are required to take measures against this situation, but they have currently been caught in a vicious circle of the lack of budget spent in renewing water supply facilities because county-based small-scale local water supply cannot afford to cover annual expenditures with their revenues from water rates. Therefore, this study developed an optimal renewal planning model capable of achieving a balance of financial revenue and expenditure in local water supply using nonlinear programming and furthermore of minimizing the total cost incurred during the analysis. To this end, this study selected the water supply area located in County Y as a research area to build the financial revenue and expenditure and used Solver function provided by Microsoft Excel to use nonlinear programming. As a result, this study developed an optimal renewal planning model minimizing incurred costs in consideration of 6 items in the financial revenue and expenditure. The optimal renewal plan was modeled according to the available annual budget. As a result, this study proposed SICD, a scenario to minimize total costs from the perspective of water suppliers, and SITS, a scenario to minimize the increase in water rates from the perspective of consumers. It can be said that the method proposed in this study is the core of the optimal financial and renewal plans as a final stage of asset management for water supply facilities. Therefore, it is considered possible for local water providers to use the method proposed in this study according to circumstances for the asset management of water supply facilities.

Our study aims to investigate the mechanisms leading to focal firm’s innovation performance through the coopetitive relationships. Specifically, we argue focal firm’s two capabilities, coopetition capability and NPD capability, play a crucial role as a mediator of interfirm coopetition and its innovation performance. In order to provide new evidence on this subject, we contribute to this stream by developing a conceptual model. We argue that coopetitive behaviors of partners will influence the focal firm’s coopetition capability, which will then influence the focal firm’s NPD capability, although we assume NPD capability will have an impact on coopetition capability as well. We also argue NPD capability will not only lead to new product advantages, NPD process advantages as well, as a result of them, financial performance at the end. This paper reports the development of this model.

After the catastrophic financial crisis in of 2008, a significant portion of the legal academia in the globe has started to concentrate on the interrelationship between law, financial stability and economic development. Through reviewing the voluminous literature in this field, it is figured out that the scope of law has been largely confined to strengthening regulation of the pre-crisis unbundled derivative transactions and enhancing cooperation among sovereign States by making formal sources of international law. Few discussions have been made to scrutinize the existing regulatory structures for the domestic financial markets of sovereign countries and demonstrate the potential possessed by informal international law in reinforcing the efficacy of these regulatory structures. By comparing the financial regulatory structures in Hong Kong, Mainland China, the UK and the US and the core principles of the BIS, the IOSCO and the IAIS, this article attempts to fill in the above research gap to some extent.

This research introduces the Financial Effect Measurement (FEM) models which measures both the improvement and the innovation performance of Quality Control Circle (QCC) and activities of Six Sigma. Concepts and principle of Comprehensive Income Statement (CIS), Balanced Scorecard (BSC), Time-Driven Activity Based-Costing (TDABC) and Total Productive Maintenance (TPM) are applied in order to develop the 4 FEM models presented in this paper. First of all, FEM using CIS depicts the improvement effects of production capacity and yield using relationships between demand and supply, and line balancing efficiency between bottleneck process and non-bottleneck processes . Secondly, cause-and-effect relation of Key Performance Indicator (KPI) is used to present Critical Success Factor (CSF) effects for QC Story 15 steps of QCC and DMAIC (Define, Measure, Analyze, Improve, and Control) of Six Sigma. The next is FEM model for service management innovation activities that uses TDABC to calculate the time-driven effect for improving the indirect activities according to the cost object. Lastly, FEM model for TPM activities presents the interpretation of improvement effect model of TPM Capital Expenditure (CAPEX) and Operating Expenditure (OPEX) maintenance using profit, cash and Economic Added Value (EVA) as metrics of enterprise values. To better understand and further investigate FEMs, recent cases on National Quality Circle Contest are used to evaluate new financial effect measurement developed in this paper.

이 글은 2003~2018년까지 16년간 중국이 아세안(동남아국가연합)에 직접 투자한 패널 데이터를 수집해 분석한 것으로, IMF의 대표적 금융기관 발전 수준을 보여주는 FI (Financial Institution Index)와 금융시장 발전 수준을 보여주는 FM (Financial Markets Index)을 채택해 ASEAN의 금융 발전 수준을 가늠 하는 변수로 삼았다. 각국의 정치적 수준을 대변하는 WGI(Worldwide Governance Indicators)와 각국의 인간개발지수를 나타내는 HDI (Human Development Index)를 채택해 아세안 사회 환경을 가늠 하는 변수로 삼았다. 이를 조절변수로 삼아 아세안에 대한 중국의 직접투자를 각각 상호작용을 하여 중국의 직접투자가 아세안의 경제에 미치는 영향을 관측하였다. 그 결과 중국의 동남아국가연합(ASEAN)에 대한 직접투자가 유치국 경제 성장에 긍정적인 영향을 미치지 않는 것으로 나타났다. 동시에 아세안의 사회 환경과 금융 발전은 중국의 직접 투자에 대해 부정적인 조정 작용을 가져온다.

In this paper, we provide an overview of financial development in Vietnam. Particularly, a new approach of this study is to measure financial development through improvements in depth, efficiency and access of the banking system and stock market. Further, the study examines the factors significantly affecting financial development in Vietnam. The data are collected in Vietnam, an emerging country with a limited financial development. We employ the Autoregressive Distributed Lag (ARDL) approach, which generates a high reliability and suits data characteristics of emerging countries like Vietnam. We observe that Vietnam’s banking system plays a key role in supplying credits to the economy while the nascent stock market at a limited size shows its potential for a considerable growth in the future. We also find the influential determinants of financial development in Vietnam including real estate market (RE), economic growth (EG), consumer price index (CPI), and global financial crisis (GFC). These findings are essential for Vietnamese authorities in providing practical solutions in order to build a sustainable and synchronous financial development. They are also first empirical evidence relating to an overview of financial development in an emerging country, so they are not only valuable to Vietnam but also crucial to other emerging economies.

This study examines the nonlinear relationship between financial development and economic growth in Pakistan using the threshold regression model for the period 1980-2017. We also employed quantile regression with 0.25, 0.50, and 0.75 quantiles of conditional distribution. The quantile regression is based on minimizing of sum of squared residuals. The result indicates that economic growth responds positively to financial development when the level of financial development surpasses the threshold value of 0.151. However, when financial development lies below the threshold value (that is, 0.151), its impact on economic growth is negative. Thus, when financial development of Pakistan surpasses the threshold level, it contributes more towards economic growth since greater level of financial development contributes more to boosts economic growth. This finding reveals that economic growth reacts differently to financial development, and the relationship between financial development and economic growth is U-shaped in Pakistan. Among the other variables, physical capital, labor force, and government expenditure exert a positive effect on economic growth. Furthermore, inflation rate and trade openness have an insignificant impact on economic growth. The results of quantile regression also confirm the non-linear relationship between financial development and economic growth in Pakistan. The finding of this study suggests revamping of financial sector policies in Pakistan.

The study examines the nexus between financial development and economic growth in India during Q1: 1996 to Q3: 2018. This study employs time-series data of real GDP and ratio of broad money to GDP as a proxy for economic and financial development, respectively. The data are obtained from RBI database on the Indian economy. All variables are seasonally adjusted using X12-arima technique and expressed in natural logarithm form. Non-linear Autoregressive Distributed Lag (NARDL) bound test has been used to check for cointegrating relationship of these two variables. Empirical findings suggest that, unlike in the short run, in the long run financial development does impact economic growth positively. Further, a symmetric effect of positive and negative components of financial development is found for the Indian economy, whereas the effect of control variable like exchange rate and trade openness is in consonance with common economic intuition. Exchange rate is in consonance with intuitive economic logic that a fall in exchange rate makes exports cheaper and increases the quantity of export, which improves the balance of payment and leads to a rise in aggregate demand, hence improves economic growth. This paper contributes to the existing li

The paper aims to examine whether business cycles affect the link between financial development and bank risk, measured by Zscore and nonperforming loans to total loans in six Southeast Asian countries, namely Indonesia, Philippines, Malaysia, Singapore, Thailand and Vietnam. This study uses a sample of 95 listed commercial banks over a 15-year period between 2004 and 2018 in the six Southeast Asian countries. This study employs panel OLS regression and modifications to tackle issues such as endogeneity and heteroscedasticity. The results show that the impact of stock market development (the ratio of the market capitalization to GDP) on Zscore is significantly positive, whereas its effect on non-performing loans is significantly negative. The findings suggest that financial development, in terms of stock market capitalization, improves banks’ Zscores and reduces their level of non-performing loans, suggesting that financial development on average reduces bank risk. The impact of business cycle is insignificant towards bank risk, thus rejecting both counter- and pro-cyclical hypotheses, except for the case of risk indicator of loan loss provisions. Examining the joint effect of the business cycle and financial development on bank risk, we find that the phase of business cycles generally does not moderate the link between financial development and bank risk.

The objective of the study is to examine the impact of financial development and foreign remittances on poverty and income inequality in the context of Pakistan. The study used ARDL-Bounds testing approach for robust inferences. The results show that in the short-run, remittances increases poverty and income inequality, which further translated into its long-run impact. The result confirmed the inverted Ushaped relationship between per capita income and income inequality, while the second order coefficient of per capita income substantially decline poverty incidence in a country. In the long-run, the results disappeared and it’s turned into U-shaped relationship between income inequality and country’s per capita income. Education largely decreases income inequality both in the short and long-run, however, it increases poverty in the long-run. Unemployment rate substantially damaged the pro-poor growth scenario, as high unemployment rate increases both the poverty rates and income inequality, which suffered poor more than non-poor in a country. Financial development has a positive impact on poverty reduction and income inequality in the short-run. The impact of income inequality on poverty incidence is positive both in the short- and long-run, which need pro-poor growth policies and rationale income distribution in a country.

Purpose - The purpose of this paper is to empirically investigate the effectiveness of Offcial Development Assistance (ODA) in recipient countries' economy. ODA is designed to mitigate poverty and stimulate economic growth in the developing countries. We classify total ODA into bilateral ODA and multilateral ODA depending on the number of donor countries. If the ODA flows from one donor country to one recipient country, it is classified as bilateral ODA. If the multiple countries simultaneously become donor countries through the international organizations such as United Nations and World Bank, it is classified as multilateral ODA. This paper compares the effect of bilateral ODA and multilateral ODA in determining recipient countries' economic development, and tries to provide policy implications to Korean ODA. Research design, data, and methodology - Our primary explanatory variables are bilateral and multilateral ODA. Private credit in recipient countries is adopted as additional explanatory variables to capture the level of financial development in recipient countries. We measure the ODA effectiveness using economic growth and quality of life of the recipient countries as the dependent variable. We collect 142 recipient countries' data from OECD statistics, during the period from 1970-2014. Panel least squares estimation with country fixed effect is employed as the empirical model. Results - Our results support that ODA variable has a negatively significant impact on recipient countries' economic growth, while it is positively correlated with human development index. Recipient countries' private credit is positively correlated with economic growth and human development index. The interaction variable of ODA and financial development turns out to be significant in general. We find that the positive effect of ODA depends on recipient countries' financial market development and this effect is stronger in multilateral aid than bilateral one. Conclusions - From the analysis, we have confirmed that the recipient countries financial development is the necessity condition to achieve positive effect of ODA. Based on these results, we suggest that Korean government should increase the share of multilateral funding and pay attention to recipient countries' financial market development to maximize the effectiveness of ODA.

The purpose of this paper is to examine the relationship between regional financial development and corporate investment efficiency as well as the relationship between firm-level characteristics and corporate investment efficiency. Using a large sample of A-listed companies in China from CSMAR database between 2003 and 2016, this paper explores corporate investment efficiency and its influencing factors in emerging market on the basis of heterogeneous stochastic frontier model. The results show that: (1) the average investment efficiency of Chinese listed companies is 74.5%, and the investment efficiency of large enterprises, state-owned enterprises and enterprises with relatively high financial development level is significantly higher; (2) compared with average corporate investment efficiency in the year 2003, the investment efficiency of different types of enterprises in 2016 is significantly higher, and the gap is gradually widening; (3) enterprise heterogeneity namely firm size, nature of property right, and institutional environment reflected by the level of regional financial development indirectly affects corporate investment efficiency by influencing the financing constraints and uncertainty. The findings suggest that to improve corporate investment efficiency in emerging market, financial market should be accelerated, regional balance should be restored and the differences among regions, industries and differences between public and private sectors should be eliminated.

Purpose - The aim of this study is to investigate the problems, challenges, opportunities and future prospects of Islamic banking and finance in the UK. However, this study brings forward into 3 main purposes. Firstly, to explore the development of financial institutions, products and regulatory reforms. Secondly, to find out the performance of Islamic banking institutions. Lastly, to identify the problems, challenges and Islamic banking future prospects. Research design, data, and methodology - An in-depth literature review was carried out to fulfil the research objectives. Results - The findings point out the basic problems of Islamic banking industry in UK such as unfavorable regulatory environment, unfamiliarity with the Islamic Banking System, lack of portfolio management, absence of liquidity instruments, in need of professional bankers, and blending of approach of Islamic scholars with the approach of the conventional bankers. The findings also indicate that there are greater opportunities in the UK for development and growth of Islamic financial system because Muslim community is eager to take financial products. Conclusions - It is hoped that issues pertaining to Islamic banking products can be resolved through consensus of Shariah scholars. There is need to educate the Muslim community about Islamic financial products and service.