Earticle

Mongolian economy has been rapidly growing since 2003 at a rate of 10.6 % annually, and despite the global economic crisis, IMF foresees that Mongol will continue to grow up to 13% annually by 2015. It has been 80 years since Mongolian Airline(MIAT) was established and it’s been showing a significant growth rate along with the fast economic development. The purpose of this research is to analyze the infrastructure of Mongolian Air transportation industry and forecast the change of market structure in the future. I surveyed the infrastructure, such as airport, airlines and air route, and tried to find any change in the market in the near future. There would be much change as expected, especially in the Korea-Mongolian route. The forecast of air travel demand for the international routes between ULN–ICN was drawn by using historical data. Based on the result of this survey, it would be able to make a prediction about increasing supplies expanding a route, offering a competitive price, or improving the quality of service and carrying out a comprehensive marketing, or whether it is necessary to make an additional purchase on aircraft. Forecasting demands, which is basically done by quantifying a demand occurring at a point or during a particular period in the future, includes both short and long term demand forecasting. And this, which is carried out on various purposes, could be useful to make a business plan in Korea- Mongolian air transportl market.

For all the Central Asian countries are increasingly important economic relations with the developed world centers. The growing economic openness contributes to Central Asia countries to participate an effective global markets, opening up their economies to foreign capital space. The article "The economic interests of the countries of Central Asia in the Republic of Korea Investment" is devoted to the issues of economic cooperation in South Korea with the Central Asian region. In stratum analyzed key indicators showing economic opportunities five Central Asian countries, and the role and importance of investment in the Republic of Korea the study region. The authors showed Korean cooperation with each country of the region, showing diverse trends, contrast, size, the results and the level of development of bilateral relations.

In 2005，RMB exchange rate reformed. Up to now, RMB exchange rate has appreciated nearly 34%. RMB appreciation is bound to have its internal causes and external causes. RMB appreciation is also bound to have some impacts on China's foreign trade. Firstly, the paper analyzes the reasons of RMB appreciation. Secondly, the paper analyzes the positive and negative effects of RMB appreciation on China’s foreign trade. The beneficial aspects including: RMB appreciation will help to reduce prices of import goods, thereby reducing imported inflation. At the same time, it will help to reduce trade friction between China and other countries, etc. The negative aspects including: RMB appreciation reduces the competitiveness of export commodities, so it has a negative impact on exports. Simultaneously, RMB appreciation reduces the price of foreign goods, so China may increase imports of foreign goods. The situation is not conducive to the growth of domestic enterprises, etc. Finally, the paper proposes countermeasures against the influence of RMB appreciation on China’s foreign trade.

Tariff is import or taxes which impose protection of domestic industry about export and import goods by purpose of national finance. Exemption of tariff means that reduces or exempts payment duty of tariff when certain goods becomes import/export for specification purpose under specific situation. The duty reduction and exemption system is important part of tariff, and in case specification essential factor is filled, control politics and economical policy effect that tariff has by giving tariff benefit. Therefore, to understand tariff policy of the country on the whole, to understand duty reduction and exemption system is important. Also, the duty reduction and exemption system makes direct effect to Korean companies which do import/export in China. But, now, there are few studies of duty reduction and exemption system in China. This study analyzes the system of duty reduction and exemption in China, which covers from the basic concept and detailed contents of the system. Specially, this study analyzes the effect of duty reduction and exemption system on the China's economy.

关税是税收发展史上产生时间最早，持续时间最长的税种之一，它是随着商品交换，流通领域的不断 扩大和国际贸易的日益发展而产生和逐步演变起来的。在古代，统治者在其领地范围之内对流通中的货 物征收关税，彼时，关税是取得财政收入最直接，简便的手段。1949年中华人民共和国成立后，中国人民 从帝国主义手中夺回了海关管理权和关税自主权。新中国成立至今，我国关税逐步从“封闭式”保护发展 为“开放式”保护，从长期高关税水平发展到大幅度自主降税再到加入WTO 后的承诺降税。随着关税政策 的不断沿革和变化，我国关税政策越来越展现出其服务国家政治，经济的方针。 在中国关税的发展史上，现代中国关税全面而系统地演绎了关税各种社会经济效应的转换。伴随着世 界经济一体化的不断发展和我国对外经济往来的日益加深，特别是我国加入WTO后和推进自由贸易区战 略的进程中，系统分析和研究新中国成立以来不同历史时期（包括：建国后改革开放前，改革开放后，加 入 WTO前，加入WTO后的承诺降税期）关税的经济效应，并且总结特点和规律，即是对关税历史作 用的理论实证，又是认识和理解关税经济效应的需要，同时对改进和完善我国现行的关税制度和政策， 充分发挥关税推进中国经济发展和社会进步的积极作用，具有十分重要的现实意义。

이 연구는 2010년 5월 6일부터 2011년 8월 31일까지 316개의 CSI 300 주가지수선물과 중국 심천 제조업주식 스타일 펀드의 일별 자료로 중국 심천 제조업주식 스타일 펀드의 주식 투자에 대한 실증연 구로 회귀분석모형인 최소분산모형, 벡터오차수정모형(VECM), 이변량 GARCH(1,1)모형을 이용하여 심 천 제조업주식 스타일 펀드의 헤지시 필요한 헤지비율을 추정하고, 각 모형들의 헤지성과를 비교, 분석 하였다. 실증분석 결과 최소분산헤지모형, 벡터오차수정모형 및 이변량 GARCH(1,1)모형을 이용하여 외표본(out-of-sample)과 내표본((in-sample)방식에 의한 헤지비율은 모형별로 큰차이가 없고 헤지성과 차이도 없이 저조한 헤지성과를 나타났다. 이상의 실증분석 결과를 종합해 볼 때, CSI 300 주가지수선물과 중국 심천 제조업주식 스타일 펀드 의 일별 자료를 이용한 헤지성과가 저조해 중국 심천 제조업주식 스타일 펀드 투자시 위험관리를 위해 CSI 300 주가지수선물의 편입종목에 중국 심천 제조업주식의 추가 편입을 고려하여 CSI 300 주가지수 선물이 대표성을 갖도록 하거나 다른 헤지상품의 개발이 필요하다.

This study of basic motivation for hedging is to risk management of investing the manufacturing industry Style Fund Investment of Shenzhen Stock Exchange. Hedging is to reduce the risk from the spot position like stock portfolios, commodities, and foreign exchange with the use of derivatives. This paper provides empirical evidence on the effectiveness of hedging to reduce the Commerce Style Fund Investment of Shanghai Stock Exchange risk among the major functions of the currency futures including the price discovery and speculating. The sample period covers from May 6, 2010 to August 31, 2011. We found the following results. First, from basic statistic analysis, both the manufacturing industry Style Fund Investment of Shenzhen Stock Exchange and CSI 300 Futures has unit roots, Second, there is at least one co-integration between them. Finally, hedging ratios and performance do not significantly differs across hedging model. Finally, overall hedging performance and hedge ratios estimated from VECM, Bivariate GARCH(1,1) CSI 300 futures futures is relatively poor.

자동차산업은 환경규제. 안전성규제, 소비트렌드의 변화 등에 의하여 친환경자동차, 지능형 자동차 등 차세대 자동차로의 패러다임 변화가 이루어지고 있으며 하이브리드차가 이미 시장에 출시되는 상황 이 도래하였다. 본 연구는 친환경 자동차산업의 시장환경 변화와 이러한 외부 시장 환경 변화에 적절히 대응할 수 있도록 활성화 방안을 모색하는데 목적을 두고 있다. 이러한 목적을 달성하기 위하여 국내 친환경 자 동차산업의 동향을 분석하였으며 문제점과 활성화 방안을 제시하였다.

Since the automotive industry environmental regulations. Safety regulation, and changing in consumption trends by the environmental-friendly automobile and, including the next generation of intelligent car by car, a paradigm shift has already been made, and hybrid cars on the market was the advent of the situation. This study aimed at eco-friendly market environment in the automotive industry and these external market changes and responding appropriately to environmental change response strategy aims to explore. In order to achieve this objective in the automotive industry to analyze trends sustainable domestic problems and coping strategies were proposed.