Korean Won Research Articles

Cost estimation of preventive dental hygiene care using Time-Driven Activity-Based Costing (TDABC)

Objectives: This study used Time-Driven Activity-Based Costing (TDABC) to measure the value of preventive dental hygiene care and offering a more practical and adaptable cost management method than compared to traditional cost accounting approaches.. Methods: A descriptive survey was conducted using 164 questionnaires collected from dental hygienists actively involved in preventive dental care. The cost data related to labor, materials, and overheads, were anlyzed using detailed classifications of procedures such as scaling, fluoride application, and sealant application. Results: The total allocated cost of 10,163,355 South Korean Won (KRW) was divided by the total working time of the dental clinic (23,520 min), providing a unit cost of 432 KRW/min. Among the three preventive dental care procedures, scaling had the highest total activity cost of 5,867,243 KRW. Conclusions: This study provides valuable evidence for the implementation of an appropriate fee system for preventive dental care performed by dental hygienists. Therefore, this study contributes to the establishment of a fair and rational reimbursement structure.

Costs Associated with Transcatheter Aortic Valve Implantation and Surgical Aortic Valve Replacement in Korea.

This study compared the costs associated with transcatheter aortic valve implantation (TAVI) and surgical aortic valve replacement (SAVR) in Korea by utilizing the National Health Insurance Service database. Between June 2015 and May 2019, 1,468 patients underwent primary isolated transfemoral TAVI, while 2,835 patients received primary isolated SAVR with a bioprosthesis. We assessed the costs of index hospitalization and subsequent healthcare utilization, categorizing the cohort into 6 age subgroups: <70, 70-74, 75-79, 80-84, 85-89, and ≥90 years. The median follow-up periods were 2.5 and 3.0 years in the TAVI and SAVR groups, respectively. The index hospitalization costs were 41.0 million Korean won (KRW) (interquartile range [IQR], 39.1-44.7) for the TAVI group and 24.6 million KRW (IQR, 21.3-30.2) for the SAVR group (p<0.001). The TAVI group exhibited relatively constant index hospitalization costs across different age subgroups. In contrast, the SAVR group showed increasing index hospitalization costs with advancing age. The healthcare utilization costs were 5.7 million KRW per year (IQR, 3.3-14.2) for the TAVI group and 4.0 million KRW per year (IQR, 2.2-9.0) for the SAVR group (p<0.001). Healthcare utilization costs were higher in the TAVI group than in the SAVR group for the age subgroups of <70, 70-74, and 75-79 years, and were comparable in the age subgroups of 80-84, 85-89, and ≥90 years. TAVI had much higher index hospitalization costs than SAVR. Additionally, the overall healthcare utilization costs post-discharge for TAVI were also marginally higher than those for SAVR in younger age subgroups.

Real-time continuous glucose monitoring vs. self-monitoring of blood glucose: cost-utility in South Korean type 2 diabetes patients on intensive insulin

Aims This study investigated the cost-utility of real-time continuous glucose monitoring (rt-CGM) versus self-monitoring of blood glucose (SMBG) in people with type 2 diabetes (T2D) receiving intensive insulin therapy in South Korea. Methods The IQVIA Core Diabetes Model (CDM v9.5) was used, with clinical effectiveness data obtained from a large-scale real world study. Costs were obtained from South Korean sources and inflated to 2022 South Korean Won (KRW). A South Korean payer perspective was adopted over a lifetime horizon, with future costs and effects discounted at 4.5% per annum. Baseline characteristics included a mean baseline HbA1c level of 8.6% (71 mmol/mol), and a mean age of 64.4 years. A willingness-to-pay (WTP) threshold of KRW 46.0 million was used. Results Rt-CGM led to an increase of 0.683 quality-adjusted life years (QALYs) versus SMBG (7.526 QALYs for rt-CGM versus 6.843 QALYs for SMBG). An increase in costs of KRW 16.4 million (from KRW 90.4 million to KRW 106.8 million) was associated with rt-CGM. The incremental cost-utility ratio was KRW 24.0 million per QALY gained, significantly lower than the KRW 46 million threshold. Conclusions For individuals with T2D managed by intensive insulin therapy in South Korea, rt-CGM is cost-effective relative to SMBG.

Interconnectedness and return spillover among APEC currency exchange rates: A time-frequency analysis

By combining TVP-VAR Model (time domain connectedness) and TVP-VAR based Baruník and Křehlík model (frequency domain connectedness), this study analyzes the impact of the COVID-19 pandemic, the Russia-Ukraine war, and the Silicon Valley Bank (SVB) collapse on the Asia Pacific Economic Cooperation (APEC) forum currency exchange rates. The results reveal that APEC currencies have time-varying effects (tend to cluster in appreciation and depreciation patterns in both the short and long term) and have generated higher total return spillover during COVID-19 (in the time domain) than the Russia-Ukraine war and SVB collapse. During COVID-19 (87.18 %) (total return spillover), impacts were more severe than the Russia-Ukraine crisis (79.49 %) and the Silicon Valley Bank collapse (75.55 %). Moreover, the South Korean won, Thai Bhat and Australian Dollar are identified as consistent shock transmitters, and Malaysian Ringgit, Philippine peso, Indonesian Rupiah, and Chinese Yuan as consistent shock receivers in the time domain. The findings have substantial repercussions for financial regulators and investors.

Doctor shopping trend of patients before undergoing rotator cuff repair in Korea: a multicenter study.

This study aims to investigate the trend of doctor shopping among patients with rotator cuff tear (RCT) before undergoing surgery and to examine the relevance of these findings to the public. A survey was conducted of 326 patients from 10 hospitals (male, 176; female, 150) who underwent arthroscopic rotator cuff repair (ARCR) for symptomatic RCT between September 2019 and February 2020. A questionnaire was used to obtain data regarding the type of medical care service, medical institutions visited before surgery, number of treatments received, and cost of treatment. A total of 326 patients (87%) received treatment at least once at another medical institution before visiting the hospital where the surgery was performed. Patients visited an average of 9.4 health providers or physicians for shoulder pain before visiting the hospital where surgery was performed. Among the 326 patients, 148 (45%) visited more than two medical institutions and spent an average of 641,983 Korean won (KRW; $466, 50,000-5,000,000 KRW) before surgery. Medical expenses before surgery were proportional to the number of medical institutions visited (P=0.002), symptom duration (P=0.002), and initial visual analog scale (VAS) pain score (P=0.007) but were not associated with sex, age, VAS pain score immediately before surgery, or RCT size. Medical expense before ARCR was associated with the severity of preoperative pain and duration of symptoms. After onset of shoulder symptoms, patients should visit as soon as possible a hospital that has surgeons who specialize in shoulder repair to prevent unnecessary medical expense and proper treatment. Level of evidence: IV.

FOREIGN EXCHANGE RATE PREDICTION OF INDONESIA'S LARGEST TRADING PARTNER BASED ON VECTOR ERROR CORRECTION MODEL

Foreign exchange rates from the currencies of trading partners are a critical element in the development of Indonesia's economic landscape. As an active country in international trade, Indonesia's economic health is highly dependent on trade partnerships, movements, and interactions of foreign exchange rates from Indonesia's main trading partners. To achieve economic stability, Bank Indonesia intervenes in the foreign exchange market to keep the Rupiah exchange rate within a reasonable range. Indonesia is committed to achieving several points in the Sustainable Development Goals (SDGs), such as point 17, which emphasizes partnerships, and point 8, which underlines inclusive and sustainable economic growth. This commitment is an important factor in Indonesia's economic development. Therefore, it is necessary to predict the exchange rate value of Indonesia's largest trading partners considering these SDG aspects. In this study, the Vector Error Correction Model (VECM) was used to predict the foreign exchange rate of Indonesia's largest trading partners. The data used in this study is secondary data obtained from the investing.com webpage, comprising weekly data from January 2021 to November 2023. The foreign exchange rates of Indonesia's largest trading partners have a cointegration relationship, indicating long-term relationships and similarities in movements. The best model identified is VECM (1), with a very accurate MAPE value of 3.29%. The Impulse Response Function (IRF) analysis shows that the Chinese Yuan responds variably to different currencies, stabilizing over time. Variance Decomposition reveals that short-term fluctuations in the Chinese Yuan are primarily influenced by itself (87.89%) and significantly by the Singapore Dollar, South Korean Won, and Taiwan Dollar. The Granger Causality Test indicates that the Philippine Peso influences 11 other exchange rates, refining the VECM model and improving prediction accuracy. Indonesia is expected to build economic collaborations that can help achieve economic stability.

한중 양국 중소기업해외채권 회수제도 비교 연구

According to the Korea Trade Insurance Corporation, the amount of funds that have not yet received payment for exports in 2021 is 82 million US dollars (106.6 billion Korean won), and the total amount of accounts receivable in the past five years has reached 1.3 trillion Korean won. According to the Korea Trade Association, although the issuance scale of foreign bonds is increasing, the cumulative recovery rate is as low as around 30%. The average recovery rate of overseas accounts receivable owed by Chinese export enterprises is only 20%. Combined with a 5% export bad debt rate, it basically means that 4% of the annual export amount cannot be recovered. For small and medium-sized enterprises with weak risk resistance, cash flow is crucial for their survival. In general, there are two common ways to obtain compensation for uncollected debts: by purchasing pre export credit insurance or by seeking an ECA agency for agency recovery. The public export credit agencies (ECA) K-SURE and SINOSURE of the two countries are exploring the differences and similarities in overseas bond recovery systems, while hoping to provide better bond recovery methods for small and medium-sized enterprises and help with overseas bond recovery.

Willingness to pay for chronic disease management services provided by primary care nurses

BackgroundDue to the rapid increase in chronic diseases in South Korea, the Korean government has expanded chronic disease management to primary care. Thus, the role of primary care nurses is critical. However, the fee for chronic disease management services provided by primary care nurses has not been set, and few studies have evaluated the value of nursing services. This study aimed to estimate the willingness to pay (WTP) for chronic disease management services provided by primary care nurses and to identify the factors that affect WTP.MethodsThis study adopted a descriptive research design and conducted a cross-sectional online survey from January 16 to 18, 2023. The inclusion criteria were community residents aged ≥ 20 years living in South Korea and capable of participating in online surveys. A total of 520 people participated in this study. A contingent valuation method (CVM) was used with double-bound dichotomous choice questions along with open-ended questions. The mean WTP was calculated using a Tobit model.ResultsThe mean WTP of the 520 study participants for one chronic disease management service provided by primary care nurses was 15,390.71 Korean won ($11.90). Factors affecting WTP were having a chronic disease, recognition of primary care nurses, and the first-bid price. Community residents with fewer chronic diseases, high awareness of primary care nurses, and a higher first-bid price showed higher WTP for chronic disease management services provided by primary care nurses.ConclusionsPrimary care is important worldwide due to the increasing number of chronic diseases, and Korea is no exception. However, payment for services by primary care nurses is undervalued compared to their critical role and skills. This has led to problems such as a primary care nurse shortage and burnout. This study estimated individuals’ WTP for chronic disease management services provided by primary care nurses. The results can be used as a basic resource for setting the fee for services provided by primary care nurses. It is also a good starting point to understand the benefits of primary care nurse services.

Association of Medicaid coverage with emergency department utilization after self-harm in Korea: A nationwide registry-based study.

Self-harm presents an important public health challenge. It imposes a notable burden on the utilization of emergency department (ED) services and medical expenses from patients and family. The Medicaid system is vital in providing financial support for individuals who struggle with medical expenses. This study explored the association of Medicaid coverage with ED visits following incidents of self-harm, utilizing nationwide ED surveillance data in Korea. Data of all patients older than 14 years who presented to EDs following incidents of self-harm irrespective of intention to end their life, including cases of self-poisoning, were gathered from the National ED Information System (NEDIS). The annual self-harm visit rate (SHVR) per 100,000 people was calculated for each province and a generalized linear model analysis was conducted, with SHVR as a dependent variable and factors related to Medicaid coverage as independent variables. A 1% increase in Medicaid enrollment rate was linked to a significant decrease of 14% in SHVR. Each additional 1,000 Korean Won of Medicaid spending per enrollee was correlated with a 1% reduction in SHVR. However, an increase in Medicaid visits per enrollee and an extension of Medicaid coverage days were associated with an increase in SHVR. SHVR exhibited a stronger associated with parameters of Medicaid coverage in adolescents and young adults than in older adult population. Expansion of Medicaid coverage coupled with careful monitoring of shifts in Medicaid utilization patterns can mitigate ED overloading by reducing visits related to self-harm.

Realized normal volatility and maximum outlying jumps in high frequency returns for Korean won–US Dollar

This paper analyzes the realized volatility and jumps of five-minute returns for the Korean won–US dollar exchange rate from June 2010 to April 2021. If standard normal distributed jump statistics are used, the jump probabilities of Korean won–US dollar are lower when jump occurrences are frequent, and the jump returns for Korean won–US dollar will be considerably underestimated. However, if we utilize maximum outlying jump statistics, the jump probabilities of Korean won–US dollar are much higher. Furthermore, if we include periodicity filters such as median absolute deviation (MAD), shortest half scale (ShortH), and weighted standard deviation (WSD) in the maximum outlying jump statistics, the five-minute returns of Korean won–US dollar have considerably lower jump probabilities. Thus, the jump probabilities of Korean won–US dollar returns depend on whether standard normal distributed jump statistics or outlying jump statistics are used with periodicity filters such as MAD, ShortH, and WSD, in jump periods. Therefore, outlying jump statistics with periodicity filters such as ShortH and WSD ought to be used to obtain more consistent jumps probabilities for volatility and frequent jumps in the foreign exchange rate returns of 2010–2021.

Interrelationships and Dynamics of Asian Currencies: A Comprehensive Analysis of Exchange Rate Trends and Implications for Investment

This study endeavors to offer a profound insight into the dynamics and interrelationships of Asian currencies vis-à-vis the US dollar. The analysis begins by juxtaposing the macroeconomic and trade backdrops of distinct currency pairs: the Chinese Yuan (CNY) and Singapore Dollar (SGD), the Thai Baht (THB) and Philippine Peso (PHP), the Japanese Yen (JPY) and Korean Won (KRW), and finally the Vietnamese Dong (VND) with the Indian Rupee (INR). These juxtapositions, accompanied by recent trade and economic data, outline the fluctuations in exchange rates against the US dollar. Various angles of exploration unravel the relationships of these currencies with their economic partners – China with ASEAN nations, Japan and Korea with their primary trading allies, and Vietnam and India post the 2008 financial crisis. Moreover, the study showcases how global and regional economic factors impact the monetary conditions of these nations. Subsequent correlation analyses uncover the intricate relationships both amongst these currencies and against the US dollar. Specifically, findings highlight the strong positive correlation between the Singapore Dollar and the Chinese Yuan, and the negative correlations of both the Vietnamese Dong and the Indian Rupee with the Chinese Yuan. The conclusion of this study accentuates the importance of understanding the dynamic relationships and macroeconomic settings of these Asian currencies for both investors and policymakers. Such an understanding offers invaluable guidance and insights for future investment decisions. Moreover, these revelations furnish valuable data and observations for further economic studies.

Preliminary evaluation of the effect of revised reimbursement scheme in outpatient hemodialysis for medical aid recipients in Korea.

South Korea has universal health coverage guaranteeing equitable healthcare for all. However, equity issues have been raised regarding hemodialysis reimbursement for medical aid recipients with chronic kidney disease. Physicians and civic groups demanded a revision of the discriminatory policy, and in response, the Ministry of Health and Welfare amended the hemodialysis case payment scheme. This study aims to evaluate the effectiveness of the reform and detect any unintended policy outcomes. Data from the Health Insurance Review and Assessment Service of Korea was used. All subjects were patients with chronic kidney disease who received outpatient hemodialysis and medical aid from April 2017 to March 2022. The data was analyzed with descriptive statistics, and the generalized estimation equation was used to control for covariates and identify policy effects. The reform of the case payment scheme in 2021 raised the compensation level per hemodialysis case, which was fixed for 7 years from 2014, by approximately 2,000 Korean won. There was no negative effect such as additional expenditure resulting from an unintentional increase in medical use. A year has passed since the implementation of the outpatient hemodialysis rate system reform for medical aid recipients. Our results indicate that the reform has gone smoothly, and we anticipate continuous efforts by the government to guarantee universal health coverage to medical aid recipients. Through such consistent endeavors to correct the discriminatory aspects of policies, South Korea will achieve true universal health coverage.

스위스의 헌법개정절차와 사례에 대한 연구

In revising the constitution, there are various types of constitutional amendment procedures depending on whether or not popular initiative and referendum are introduced. For instance, Switzerland's constitutional amendment procedure has both popular initiative and referendum, but that of Korea does not have popular initiative.&#x0D; In Korea, a constitutional amendment and proposals to introduce a popular initiative to the Korean Constitution are being proposed. For example, in 2020, 148 lawmakers proposed a constitutional amendment bill to introduce a national initiative. In addition, the advisory committee of the National Assembly's Special Committee on Constitutional Amendment in 2016 and the Korean Constitutional Society in 2020 respectively proposed opinions to introduce a popular initiative. In improving the Korean constitutional amendment procedure, a popular initiative is being raised as a strong alternative.&#x0D; However, because Korean constitutional revision procedure has essential referendum and the Korean National Assembly has no right to amend the proposed constitutional amendment, if a popular initiative is introduced while maintaining the current revision procedure, considerable administrative costs and inefficiencies may happen. In other words, according to the introduction of the popular initiative, constitutional amendments may be frequently proposed, and after being referred to the referendum without amendment by the National Assembly, the referendum may be carried out in each constitutional amendment. According to a certain study, each referendum costs up to 150 billion Korean won.&#x0D; Switzerland has more than 130 years of experiences and various systems in operating both referendum and popular initiative as a constitutional amendment process. Therefore, this study would like to examine Switzerland's constitutional amendment procedures and cases, and to derive implications for the Korean constitutional amendment procedure.

Novel evidence on the asymmetric J‐curve in the commodity trade between Korea and China: evidence from 75 industries

The real bilateral exchange rate between Korean won and Chinese yuan is a crucial factor in balancing trade between Korea and China and has implications for both academics and policymakers. Prior research using symmetry hypotheses on bilateral trade and its heterogeneity among industries is limited. This study re‐examines the symmetric and asymmetric J‐curve phenomenon between them, employing the linear and nonlinear autoregressive distributed lag models. It considered the January 2008–June 2022 trade balance of 75 industries. This analysis shows support for the symmetric (asymmetric) J‐curve in 4 of 12 industries from the linear (nonlinear) model, accounting for 58.55% of the total trade between Korea and China. Furthermore, short‐ and long‐run asymmetries are detected in most industries, affirming the suitability of the nonlinear ARDL method.

Thermal performance and energy cost of Korean multispan greenhouse energy-saving screens

Protected agricultural system such as a greenhouse cultivation is increasingly replacing traditional farming systems. Nonetheless, high energy demand in greenhouse farming requires innovative technologies through the use of climate screens to ensure sustainable production. Thus, this study developed a novel methodology for examining the energy retention capacity and economic effectiveness of greenhouse climate screen materials using their thermophysical, radiometric and aerodynamic properties in TRNSYS software. The TRNSYS model was developed to determine the energy consumption, which was validated using a multi-span Venlo-type experimental greenhouse (Yeoju, South Korea). Further analyses on energy saving capacity of different screens and the equivalent energy costs were performed. The results from this research showed that among the fifteen investigated screens, the ensemble screen (M3) saved 34.09 kWh.m−2 of annual energy, equivalent to 60 % of the heating energy demand, and energy cost of 4490.26 Korean won. m−2. Further, the results revealed that the climate screens with multi-layer, thermoreflective, low longwave transmissivity, impermeable and aluminized strips or surface characteristics and features have a considerable impact on reducing greenhouse energy use and desirable for high energy-saving. This research has demonstrated that the techniques and methods utilised can investigate all the types of covering and thermal screens used in greenhouse.

Simulated effects of carbon pricing on industrial sector energy use

The aim of this paper is to analyze the simulated effects of carbon pricing on South Korea's industrial sector by using carbon pricing scenarios. The estimation results show that carbon taxation is highly effective to reduce carbon emissions of industrial sector only when the changes of energy mix take place. If the energy mix remain unchanged, the level of carbon tax should be higher than 60,000 Korean won (USD 54.55) to achieve the NDC goal of 14 % emissions reduction in industrial sector. In addition, the reduction in industrial production due to the carbon tax is estimated to be relatively small when substitution between energy and other production factors is possible. This paper proposes policies that can induce changes in the energy mix are very necessary in order to decarbonize and strengthen the competitiveness of industrial sector.

A Regional Analysis of Airlines: The Impacts of South Korean won

ABSTRACT The airline world is a little bit complex, especially on a regional, national, and continental basis. It is aimed to make a comprehensive analysis of Asia-Pacific Airlines’ financial structure in this analysis. If the reality of South Korea’s development in the last two decades is accepted, this development also should have an impact on the airline world. As it is expected, the impact of the South Korean won–USD exchange rate changed the hypothetical financial structure of the Asia-Pacific Region during the COVID-19 period. This change is shown with three models and six analyses.

Status and trends of medical expenditures for poisoning patients

Purpose: The purpose of this study was to estimate the medical expenditures for poisoning patients in Korea using data from National Health Insurance and the Korea Health Panel Survey.Methods: The operational definition of poisoning was the presence of Korean Standard Classification of Diseases codes from T36 to T65. The number of poisoning patients, the amount of legal copayments, and benefit and non-benefit costs were extracted from both databases. The frequency of emergency, inpatient, and outpatient treatment utilization by poisoning patients was determined, and medical expenses were calculated. Linear regression analyses were performed to investigate factors affecting the medical expenses of poisoning patients.Results: The number of poisoning patients increased from 97,965 in 2011 to 147,984 persons in 2020. Medical expenses also increased by 74% from Korean won (KRW) 30.1 billion to KRW 52.3 billion, and benefit costs also increased by 79%. The average outpatient cost per person was KRW 67,660, and the inpatient cost was KRW 1,485,103. The average non-benefit medical expenses were KRW 80,298, accounting for about 16.2% of the total expenses. Multivariable analysis showed that the total expenditure was associated with economic status and disabilities.Conclusion: The average medical expenditure per poisoning patient was KRW 534,302 in 2020, and poisoning-related costs gradually increased during the study period. Further research on the economic burden of poisoning should include indirect costs and reflect disease-adjusted life years.

국가건강보장체계에서 의약품 시장 구조와 제네릭 사용추세 분석(2007-2017)

We aimed to analyze the market structure and changes in the market share of new drugs, original drugs, and generic drugs in the pharmaceutical market over the past ten years. We utilized national health insurance claims data, including both national health insurance and medical aid, from 2007 to 2017 to establish pharmaceutical expenditure and usage data. The drugs are categorized into new drugs, original drugs (expired patents), and generic drugs. Furthermore, we classified the original drugs as single-source and multi-source original drugs based on whether generic drugs had entered the market. Market share is calculated based on the volume and value of drugs in each category. The results indicate that the total pharmaceutical expenditure increased by 1.75 times, from 10.4 trillion Korean won (KRW) in 2007 to 18.2 trillion KRW in 2017. The number of claimed ingredients and drug items also increased during the same period. In 2017, the market share of new drugs accounted for 10.3% of the total pharmaceutical expenditure, while original drugs and generic drugs accounted for 45.9% and 43.8%, respectively. The study reveals a slight decline in the market share of generics in the decade. Further sub-analyses based on formulation, medical center types, and the number of generic drugs provide additional insights into the market dynamics. These findings contribute to understanding the trends and implications of pharmaceutical expenditure and the role of generics in achieving sustainable development in national health insurance.

Impacts of Mobile Phone Subscription, Internet Users, and Broadband Adoption on National Output in South Korea

Applying the macroeconomic model developed by Romer (2000), this paper finds that more mobile phone subscriptions, Internet users, and broadband adoption raise output (real GDP) in South Korea. In addition, fiscal expansion and a higher expected inflation rate reduce output whereas real appreciation of the Korean won increases output. Therefore, governments should support investments in ICT (information and communication technologies) in order to enhance output.