고력(高力) 알루니늄합금(合金)의 파괴특성(破壞特性)에 관한 시효처리(時效處理)의 영향(影響)

문창권 ( Chang Kweon Moon ),오세규 ( Sae Kyoo Oh ) 한국어업기술학회 1984 수산해양기술연구 Vol.20 No.1

환위험의 계약노출관리 : GARCH모형과 델타헤징의 적용

문창권(Chang-Kuen Moon),이기성(Gi-Sung Lee) 한국관세학회 2006 관세학회지 Vol.7 No.3

This paper identifies the application methods of VaR, GARCH, Currency-Delta hedging models with the Excel spreadsheet for the efficient management of FX risk. We present the treating techniques of various model-application methods to measure, estimate and forecast the risk exposure, portfolio variance-covariance, correlation coefficients, exchange rate volatility, optimum hedge ratios, and dynamic management timing points together with the underlying principles and corresponding operational strategies. We found that the auto-correlations of daily KRW/USD exchange rate are easily treated through the maximum-likelihood estimation methods and the VaRs of multiple asset portfolio are calibrated step-by-step by the matrix-algorithm with Excel spreadsheet functions and add-in tools.

아르메니아에 대한 중전기 수출촉진전략 도출 : A’WOT분석과 민감도 분석의 적용

문창권(Chang-Kuen Moon) 한국관세학회 2009 관세학회지 Vol.10 No.4

This paper analyzes the methodologies of quantified SWOT, scenario planning, and sensitivity analysis, identifies the properties of Armenian electrical system and heavy electric equipment trade, and derives the strategy alternatives to promote the export of Korean electric equipment enterprises to Armenia through the applications of A'WOT and sensitivity analyses. To enter into the Armenia electric equipment market successfully, the short-run appropriate method is export owing to the high political and commercial risk and the most important strategy is to strengthen the technological competitiveness through increasing the R&D investment.

輸入品 送狀通貨 決定戰略과 換率轉嫁

文昌權(Moon Chang-Kuen),林昌煥(Lim Chang-Hwan) 한국관세학회 2006 관세학회지 Vol.7 No.1

This paper analyzes the determinants of import invoice currency and exporter's pricing strategy, identifies the impacts of exchange rate movement on the composition ratio of the Korean import invoice currency, and presents the measuring methodology of exchange rate pass-through. We found that the vehicle currency role of USD is significantly played in the invoice currency composition in the Korean import and the exchange rate movement of USD in terms of KRW shows the incomplete pass-through onto the import price leading to the expectation of relatively stable tariff-revenue in spite of the increasing volatility of exchange rate in Korea. As well, the invoice-currency composition ratio of JPY appears to decrease as to the rise in the KRW/JPY100 exchange rate, which is consistent with the intuition of the classical price approach to the balance of payment.

수출진흥전략에 대한 정량화 SWOT접근법과 DPM의 적용방법론

문창권(Chang-Kuen Moon),강창백(Chang-Baek Kang) 한국관세학회 2008 관세학회지 Vol.9 No.4

This paper represents the thorough and concrete methodologies of market attractiveness assessment, DPM charting and its resulting strategic alternatives derivation, and quantified SWOT analysis so-called as A'WOT with the generally and broadly used Excel P/C software as to select the strategic export-target markets, derive the appropriate alternative strategies, and identify the importance of critical competitive factors and the priorities of their corresponding alternatives. We found that the MENA(Middle East and North Africa) and Asia/Pacific Regions are the most important markets and the expansion of export-financing support system and the strategic-technology and marketing alliances are the most critical policy tools. In addition, we present the derivation processes of analysis results through showing the spreadsheet screen-copies to follow them without any difficulty.

수출의 무역비용 측정

문창권(Chang-Kuen Moon) 한국관세학회 2011 관세학회지 Vol.12 No.3

The study is to derive the calibrating modeling of measuring the export trade costs composed of the policy and transaction environment barriers through identifying the aggregate model to cover the degrees and impacts of trade impediments including the other major trade barriers such as informal, institutional, and non-tariff barrires as well as the tractable specific costs such as freight and tariffs. Chapter 2 reviews the definitions and components of trade cost and its measurement isuues and identify the properties of trade cost related index such as ETI, trade freedom index, border trade indicator, and LPI. Chapter 3 make comparative analyses of the trade-weighted transport cost and weighted costs of transportation models, characterize the components of MTRI and OTRI, and present the basic theoretical foundations of the augmented form of micro-founded gravity model derived by incorporating iceberg trade costs into a multi-country general equilibrium trade model. Chapter 4 shows the application results of trade cost related index and augmented gravity model of aggregate trade costs to the 15 major exporting partners of Korea in 2009 and their tradeweighted average bilateral trade cost of 78.9%. Chapter 5 summarizes and concludes the analytic results and suggests the enlargements of this paper results.

수출중소기업의 아비 론 헤징전략

문창권(Chang-Kuen Moon) 한국관세학회 2014 관세학회지 Vol.15 No.4

This paper derives the specific and applicable tactics and methods of arbitrage loan hedging through identifying the principles of static and dynamic delta hedging, provides the optimum hedge ratio with the conditional variance approach, analyzes the foreign exchange risk management conditions of exporting SMEs(small ?medium enterprises), compares the performances of USD futures contracts and foreign exchange risk insurance(forward type) with the comparative approach and Pearson correlation analyses, builds the analytic frameworks of arbitrage loan implementation, and constructs the selection tactics by the possible situation with the scenario analysis. For the given risk, the expected yields of foreign currency borrowing and forward exchange contract are equal when efficient market PPP(purchasing power parity), efficient forward exchange market, and interest rate parity theory are valid but otherwise are different and changed unproportionately depending on the variances of their respective hedging portfolios and spot exchange rate. To maximize the performances of foreign exchange risk management, the exporting SMEs should adopt the arbitrage loan strategies composed of foreign currency borrowing and foreign exchange risk insurance and establish the internal foreign exchange system and non-price competitiveness for strengthening risk management capabilities.

해외직접투자 결정요인과 전략자산의 역할 : OLI 및 거래비용분석

문창권(Chang-Kuen Moon),이용완(Yong-Wan Lee) 한국관세학회 2006 관세학회지 Vol.7 No.2

This study analyzes the effects of strategic assets such as variable scale returns, technology level and spillover effects, and product differentiation on the FDI location decisions and derives the policy implications of competitive advantage consolidation in the perspectives of transaction cost economics and OLI approach. Especially, we show the extant global proliferation of FTA and FDI, analyze the general determinants of international investments and FDI, and identify the effects of variable scale returns on the production equilibrium. The analysis suggests that the investment creation effects are more likely to happen in the differentiated product industry than the homogeneous product industry due to the differences in firms' strategic assets, and thus the efforts of technology upgrade, product differentiation, and the minimization of capital cost should be made for the successful FDI inducement and the strategic asset acquisition.

중소기업의 국제화전략과제 우선순위 : AHP접근법

문창권(Chang-Kuen Moon) 한국관세학회 2015 관세학회지 Vol.16 No.4

This paper derives the competitive strategic tasks and identifies the priorities and their importance weights of competitive advantage determinants required to acquire and strengthen the competitiveness for Korean Small-Medium Enterprises(SMEs) to make the best use of benefits from the regional trade liberalization and the expansion of global value chains accelerated from the negotiation settlement of Korea-China Free Trade Agreement. We reviewed the components and their properties of value chains, supply chains, and global value chains and analyzed the consideration factors of Multinational Enterprises as the lead companies of global value chains to select their partners among the applicant SMEs. Especially we analyzed the principles and properties of Analytic Hierarchy Process(AHP) approach as a Multiple Criteria Decision Making(MCDM) method and Delphi methods, assessed the overall importance and priorities of competitive advantage determinants and their relevant supporting policy measures, and derived the strategic tasks and their supporting policies for SMEs to secure the global competitiveness. Concludingly, the most important determinants to acquire and utilize the competitive advantages are the differentiation advantage among the hierarchical classification categories and the product advantage among the subcategories and the FTA strategy consulting supporting measures is by priority required to assure and protect the foundations of sustainable competitive advantage for SMEs.

競爭戰略과 輸入品 價格 : 換率 및 關稅率 轉移

문창권(Moon Chang-Kuen),임창환(Lim Chang-Hwan) 한국관세학회 2005 관세학회지 Vol.6 No.3

This paper shows the price competition strategies under imperfect competition environment and their resulting strategic prices and the effects with the forward exchange contract hedging of exporting firms by the selected invoicing currency. We have extend the Feenstra and Kendall Model(1997) and Friberg Model(1988) to identify the price strategies and the forward contract hedging effects of the exporting company under the separate invoicing currencies of exporting and importing countries and derive the exchange rate and tariff rate pass-through models based on the Bertrand price competition model. With our new models, we present the same study results of earlier issues of Feenstra and Kendall(1997) and Friberg(1988) and furthermore analyze the effects of tariff rate level and the price elasticities of marginal cost and marginal revenue on the exchange rate and tariff rate pass-throughs. As well, we estimate the exchange rate pass-through of Korean import prices and explain the corresponding reasons with our models and present the application and expanding methods of our model.