2015, Vol.26, No.4

Journal of Insurance and Finance 2023 KCI Impact Factor : 0.59

pISSN : 2384-3209
https://journal.kci.go.kr/kiri

Monetary policy effects are generally perceived to be similar across regions within a country. For this reason, monetary authorities have not taken into consideration region-specific information when conducting analysis on policy effects and policy-related decisions. There have been studies on monetary policies and their differential effects on local region in large areas facilitating great diversity as the U.S. or the EU. One of the main results shows that U.S. monetary policy has differential regional effects across regions and so does EU monetary policy on its member states. For the possibility of differences in monetary policy effects since the local self-government system was launched in Korea in 1995, it seems necessary to analyze the effects of monetary policy on the real economy across the local regions. In this paper, we empirically analyze the differential regional impacts of monetary policy on 16 local governments in Korea and examine the factors that have caused such differences. The result from the impulse response analysis of GRDP shows that monetary policy itself has significant effects throughout the country and that its short-term effect differs across regions. Also, there are significant cross-regional differences in the short run; however, such differences disappear over time. Especially, the regional differences in short-term monetary effects are attributable to the share of interest-sensitive industries, that small and medium-sized firms, and interregional linkages.

The purpose of this paper is to suggest the regulatory measures for responsible and professional General Agent, which is required as the channel growth. In order to propose the regulatory measures, we study the distribution channel in Germany, the UK, the US, and Australia. The measures are suggested into two categories: the responsibility measures and the expertise measures. With regard to the responsibility measures; firstly, an executive of GA has to be fit and proper, and it must consider introducing the SBC(Sales Based Capital) as a capital requirement. Secondly, the GA evaluation criteria, which contribute to lower the buyer's information asymmetry, should be introduced. The criteria are customer satisfaction, financial performance, financial soundness, regulatory compliance, and excellence of the sales force. With regard to the expertise measures, the first one is that the acceptance level of the qualification test should be higher than current levels, the constructed response questions should also be included, and the advanced stages of the certification scheme as the UK should also be established. Second, in house learning should be carried out to improve the problem of cyber education for higher mis-selling sellers.

In this paper, we considered a more realistic model for evaluating government employees’ lost earnings and then compared it with other models, used in the evaluation of the economic damages, associated with wrongful death cases. According to the results, we could confirm that the current evaluation model used in court underestimates the government employees’ lost earnings. Therefore, in order to obtain a more reasonable evaluation result, it would be necessary to apply future income growth rates and discount rates to the evaluation model in a more thorough fashion. However, in order to alleviate cost burdens, incurred in our more reasonable evaluation model, total offset method might be an alternative as considered in the calculation of ordinary workers’ lost earnings.