Korean Job Discussion Forums

[Real Reality]

Tiger Beer asked,
"Wheres the 1996 stats?"

1996 - South Korean Wons to 1 USD

January: 787.13 KRW (21 days average)
February: 780.12 KRW (20 days average)
March: 781.31 KRW (21 days average)
April: 780.42 KRW (22 days average)
May: 780.86 KRW (22 days average)
June: 798.45 KRW (20 days average)
July: 813.03 KRW (22 days average)
August: 817.52 KRW (22 days average)
September: 822.4 KRW (20 days average)
October: 828.24 KRW (22 days average)
November: 830.56 KRW (19 days average)
December: 841.92 KRW (21 days average)
http://www.x-rates.com/d/KRW/USD/hist1996.html

1995 - South Korean Wons to 1 USD

January: 793.08 KRW
February: 793.2 KRW
March: 781.81 KRW
April: 770.61 KRW
May: 764.43 KRW
June: 763.88 KRW
July: 760.05 KRW
August: 767.42 KRW
September: 772.04 KRW
October: 767.2 KRW
November: 769.78 KRW
December: 771.31 KRW
http://www.x-rates.com/d/KRW/USD/hist1995.html

[Tiger Beer]

[Real Reality]

2000000

2000

2532

[desultude]

[Real Reality]

Exchange Rates
2,000,000 won at 1000 KRW to US$1 (Almost today's rate)
........ $US2000........
2,000,000 won at 790 KRW to US$1 (note: 793 KRW to US$1 in January 1995)
........ $US2532........
2,000,000 won at 1707 KRW to US$1 (note: 1707 KRW to US$1 in January 1998)
........ $US1172........

[Tiger Beer]

[Real Reality]

Tiger Beer,
Look at these salaries.

Annual Salary
Pohang University of Science and Technology [POSTECH] has the highest annual salaries at around 67 million won. The universities that topped the list after Pohang [POSTECH] were
Yeungnam University (62.7 million won),
Sungkyunkwan University (61.7 million won),
Korea University (59.5 million won),
Hannam University (58.3 million won) and
Hoseo University (56.4 million won).

The lowest-ranking school paid an average annual salary of 28 million won. The annual salary of first-year professors ranged from 17 million won at Cheju National University to 43 million won at Sungkyunkwan University. "The average annual salary of Seoul National University professors is only 37.5 million won," Mr. Sul said. "This is 71st among the 82 universities analyzed and among the lowest at public universities."
by Kang Min-seok, JoongAng Daily (September 23, 2001)
http://joongangdaily.joins.com/200109/23/200109232313052859900090409041.html

Average Monthly Salary of Korean Professors
According to the 2001 College Education Advancement Index' which the Korean Council for University Education (KCUE) announced on the 13th, full-time professors' average monthly wage (before taxation) last April was 4,914,000 won, which is 12.2 percent higher than the previous year 4,379,000 won. Also, deputy professors, assistant professors, and full-time lecturers had similar increases in their salaries.
Donga.com (February 14, 2002)
http://english.donga.com/srv/service.php3?biid=2002021400798

[jvalmer]

Key difference now and pre-IMF is now the won is freely traded against all international currency. Pre-IMF the Won was essential pegged against the US Dollar.

[HapKi]

So I have a question-
Is now a good time to use my American credit card, or my Korean one?
I pay my American one with funds from my American account, which I add to when it runs dry.

[Kim Jong Jordan]

The exchange rate to Canadian dollars is excellent right now also

[SuperFly]

[Zenpickle]

Two years ago, a genius economist friend of mine explained the concept of 'peak oil.' She told me that the dollar was on the verge of falling big time and suggested I put my money in euros. Most of it flew over my head, but it basically goes like this.

The world's oil is priced in U.S. dollars because it has been known as the most stable currency. It's because of this that the U.S. is able to throw a lot of its economic weight around because this subsequently makes it control the price of oil for each country, along with OPEC. It is also why the U.S. is so adamant to control the world's oil resources (but that's another thread).

The trouble comes in the trade deficit. The U.S. imports many trillions more dollars worth in goods than it exports. This runs the risk of destabilizing the currency.

Plus, Japan, China, Saudi Arabia, and to some extent, South Korea, own most of America's debt. The U.S. has been able to keep them from collecting on this debt because of the strong, stable dollar.

Going back, the dollar has been kept stable because the world prices its oil in U.S. dollars, but the trade deficit has gotten too out of control. On top of that, the government shows no signs of slowing its deficit spending. Basically, the U.S. is like a college kid who has run up thousands of dollars in credit card bills. It puts it in a vulnerable position. If the dollar is looking unstable compared to other currencies, like the euro, it's a matter of time before the U.S. dollar no longer becomes the standard for oil prices.

Feeling the crunch of the dollar's downfall, foreign investors see their investments in U.S. treasuries devalue -- even if the U.S. shows signs of paying off its debt (which it doesn't anymore). This puts the countries that hold the U.S. debt in stronger positions, where they could easily smash U.S. economic power in the world.

Anyway, this latest fall in the dollar is blamed on South Korea diversifying its treasury investments. My prediction is that Japan and China will follow. But I'm not an economist.

http://story.news.yahoo.com/news?tmpl=story&cid=580&e=4&u=/nm/20050222/bs_nm/markets_forex_dc

[Wangja]

Good solid stuff.

There is an argument to put forward that the true (unstated) reason for the invasion of Iraq, was to perevent their oil being priced in Euros and perpetuate the pricing of oil in dollars.

Now, and this is worth a new thread really, imagine the case where the dollar drops to such a low level (1 EUR = 2 USD?) and oil is priced in Euros, and all the lenders cash-in their dollars at whatever price they can get, and USA has to print dollars by the trillion, and cannot afford oil (or other) imports and loses its financial dominance and hence its military dominance.

Now that is scary: financial chaos, worldwide protection of trade, escalating conflicts as the USA is unable to fulfil its self-appointed role of world policeman.

[Zenpickle]

Yeah, I was going to go into the avalanche scenario, but I was being wordy enough.

It would be the end of the U.S. as an economic Superpower and would put it on at least a level playing field with other countries. Like the EU, we may see the Age of Nation States turn into the Age of Continental Confederations.

I think the U.S. will still be a military power, but that would be irrelevant in the post-modern world. If a powerful military was still an influencing factor, North Korea would have more global prestige.

[Real Reality]

The U.S. dollar continued to lose ground against the South Korean won, falling below the psychologically important 1,000-won level Wednesday morning. The greenback was quoted at 998.60 won as of 9:10 a.m., a drop of 7.50 won from Tuesday's close, the lowest since November 11 1997 when it stood at 986.30 won.
http://www.yonhapnews.co.kr/Engnews/20050223/300400000020050223092142E0.html

2,000,000 won at 790 KRW to US$1 (note: 793 KRW to US$1 in January 1995)
........$US2532.......