The bylaws set forth the regulations on how to operate the Editorial Board of Journal of Money and Finance in accordance with the agreement reached between Korea Money and Finance Association (“KMFA”) and Korea Institute of Finance (“KIF”) (Agreed on 26 of June 2007, revised on 23 of December 2008).

KMFA and KIF shall publish Financial Research as the integrated academic journal of the two institutions for the development of the study of finance and Korea’s financial industry. Journal of Money and Finance is aimed at providing opportunities for research publication and academic discussions as well as contributing to the accumulation of financial knowledge and education by publishing professional and creative research papers with theoretical, empirical and policy values in the areas of economics and business management including macro-monetary economics, international finance and foreign exchanges, financial institutions, finance and capital market, and financial policy.

The bylaws are to ensure that the Editorial Board fulfills its duty of publishing Financial Research in a fair and transparent manner for such purposes.

I. Editing directions

• 1.Anyone who is interested in the study of finance can submit their research papers to Journal of Money and Finance, provided that submitted papers follow the “Guideline for Paper Writing and Submissions to Financial Research”.
• 2.Research papers that have already been published or are scheduled to be published in other academic journals, separate volumes, or research reports, whether disclosed or undisclosed, and other publications are not allowed for submission, provided that research papers presented at symposiums or seminars may be submitted together with the papers that are submitted to other academic journals but are not subsequently published.
• 3. The author of a research paper is fully responsible for its contents.
  2025-04-24The copyright of the research paper shall belong to Journal of Money and Finance unless otherwise indicated.
• 4. The Editorial Board shall take the following as the evaluation criteria for paper submissions.
  • (1)(Theoretical, empirical and policy) contribution by research papers
  • (2)Creativity and specialty of the contents
  • (3)Accurate and detailed research methods
  • (4)Effective delivery of the contents
  • (5)Technically meeting the requirements for editing
• 5.Journal of Money and Finance, in principle, shall publish research papers covering all fields of financial research equally in the event that too many papers meet the evaluation criteria described in Paragraph 4 above.
• 6. Research papers shall be carried in Journal of Money and Finance in the order of publication confirmation date in principle, and a leading research paper in both monetary economics and finance shall be published in the journal as the lead article alternatively.
• 7. A certificate of planned publication shall be issued upon request from the author for papers for which publication has been confirmed.
• 8. In early June each year, among the research papers published between the June issue of the previous year and the March issue of the given year, the Editorial Board may select and make a prize recommendation for the best paper from each area of macro-monetary economics, international finance and foreign exchange, financial institutions, finance and capital market, and financial policy.
• 9. Journal of Money and Finance , in principle, shall be issued four times a year (at the end of March, June, September and December), and a special issue can be published at the request of the Board of Directors of KMFA and KIF.

Ⅱ. The Editorial Board and Editorial Meetings

• 1.Composition and operation of the editorial board
  • (1)The Editorial Board shall be composed of an Editor-In-Chief, two Lead Editors and no more than thirty editorial staff members. The Editor-In-Chief shall be appointed by the Board of Directors of KMFA from among financial researchers equipped with both academic knowledge and culture in consultation with the Chairperson of KIF. The Editor-In-Chief shall recommend the appointment or replacement of editorial staff members to the Board of Directors.
  • (2)Terms of office for the editors and editorial staff members shall be two years and can be extended for further terms.
  • (3)The Editor-In-Chief shall preside over editorial meetings and shall become a managerial staff member of KMFA. One of the Lead Editors shall represent the monetary sector, while the other shall represent the sector of finance. The Lead Editors shall be responsible for the editing of research papers of their fields in consultation with the Editor-In-Chief.
  • (4)The Editorial Board may have two editing administrators chosen from among the editorial staff members.
• 2. Editorial meetings
  • (1)Each year, the Editorial Board may host regular ordinary meetings and extraordinary meetings convened by the Editor-In-Chief.
  • (2)The attendance of a majority of the total editorial staff members and the concurrence of a majority of the members present shall be necessary for decisions of the Editorial Board.
  • (3)Editorial meetings shall be deemed valid by post including email. In this event, decision making shall follow the regulations set forth in Paragraph (2) above.
  • (4)In the absence of the Editor-In-Chief, the elder of the two Lead Editors shall fulfill the role of the Editor-In-Chief.
  • (5)Meeting minutes shall be made at the time of editorial meetings.

Ⅲ. Evaluation of Research Papers

• 1.Acceptance of research paper submission and the 1stroundofpaperscreening

  A. Procedure

  • (1)The Editor-In-Chief shall accept research paper submissions at any time throughout the year. Upon receipt of the paper, the Editor-In-Chief shall examine whether the given paper is prepared in accordance with the Guideline for Paper Writing and Submissions to Financial Research (“Guideline”) and then send a receipt confirmation to the submitter. In the event the research paper fails to meet the Guideline, the Editor-In-Chief shall return the paper to the author and request corrections and a renewed submission.
  • (2)Upon receipt of the paper, the Editor-In-Chief shall send it immediately to one of the two Lead Editors taking into consideration the field of research.
  • (3)The Lead Editors shall select two judges from experts in the related fields and request paper evaluation upon agreement from the judges. The Lead Editors, however, may request evaluation, if it is deemed necessary, in consultation with editorial staff if there are difficulties in the selection of judges.
  • (4)It should be ensured that the Lead Editors may know who judges and the author of the research paper are but judges and paper authors do not know each other.
  • (5)The Lead Editors shall send the research paper to judges, and the judges send back their decisions regarding whether to publish the paper or not together with their comments to the Lead Editors within three weeks time unless there are valid reasons to do otherwise.
  • (6)The decision on the publication shall be made in four categories: to be published immediately, to be published after modification, to be re-evaluated after modification, or not to be published. Judges’ comments shall come in two types, overall comments and detailed correction requests and the form suggested by the Editorial Board shall be used in principle. The judges, however, may use similar forms or provide additional information for their convenience.
  • (7)The results of the 1stroundpaperscreening,inprinciple,shallbenotifiedtotheauthorwithinsixweeksafterthepaperreachedtheEditor-In-Chief.
  • (8)The Editorial Board shall provide KRW 200,000 to the judge upon receiving his or her evaluation comments for the research paper concerned.

  B. Evaluation criteria

  • (1)In the event that more than one judge has eventually decided on “Not to be published”, the Lead Editors shall end the evaluation process and notify the author of the result. In the event the other judge decides on “To be published immediately”, however, the Editor-In-Chief may select a third judge and request further evaluation in consultation with the Lead Editors. The evaluation fee for a third judge shall be borne by the Editorial Board.
  • (2)In the event that more than one judge has decided on the research paper “To be re-evaluated after modification”, the Lead Editors shall request further evaluation from the same judge upon ensuring that the author has submitted his or her research paper after faithfully addressing the judges’ modification requests.
  • (3)In the event both judges have decided on a level of “To be published after modification” or higher, the Lead Editors shall request modification by the author, but judges’ re-evaluation may be omitted.
• 2. The 2nd round of evaluation and the conclusion of evaluation

  A. The 2nd round of evaluation

  • (1)error
  • (2)The Lead Editors shall send the modified papers and answer sheets to the judge(s) who decided on “To be re-evaluated after modification” and request a 2ndroundofevaluation.
    There-evaluationrequestmayalsobemadetothejudgewhodecidedonthelevelof“Tobepublishedaftermodification”orhigher,ifitisdeemednecessary.
  • (3)Judges shall submit the results of their re-evaluation within three weeks time, but the decision on whether to publish the paper or not can be made in three categories only: “To be published immediately”,” To be published after modification”, or “Not to be published.”

  B. Conclusion of evaluation

  • (1)In the event that more than one judge has decided on “Not to be published” at the 2nd round of evaluation, the evaluation process is closed and this shall be notified to the author of the paper.
  • (2)In the event that one judge has decided on “To be published after modification” at the 2nd round of evaluation, a re-modification request can be made to the author and the Editor-In-Chief and the Lead Editor concerned shall examine modifications, and this will close the evaluation.
  • (3)When both judges have decided on “To be published after modification” or higher in the process of the 1st or 2nd evaluations, it is considered that the paper is confirmed for publication. The Lead Editors may issue a certificate of planned publication at the request of the author.
  • (4)The Editorial Board may terminate the evaluation of the paper in the event a modified paper is not submitted within a year following the 1st or 2nd round of evaluation, provided that a notice shall be sent to the author to that extent ten months after the modification request.

  C. Reversal by and responsibilities of the editor-in-chief

  • (1)The Editor-In-Chief may reverse the results of the 1st and 2nd round of evaluations when it is deemed necessary for editorial purposes, provided that the Editor-In-Chief shall consult with the Lead Editors and report the results to the Editorial Board in advance.
  • (2)The Editor-In-Chief shall continuously strive to ensure that the editing of Financial Research is conducted in a fair and transparent manner.

  D. Forms

  • (1)The following are the forms relative to the evaluation procedure.
    • ① A form for the notification of the hosting of a general editorial board meeting
    • ② A form to confirm a paper submission
    • ③ A request form to appoint a judge
      • 1)A request form to appoint two judges for a research paper that is submitted for the first time
      • 2)A request form to appoint a further judge in the event just one judge decides on “Not to be published”
    • ④ A paper evaluation request form
      • 1)For the 1stevaluation
      • 2)For the 2ndevaluationofthefirstsubmittal
      • 3)Evaluation comments
      • 4)Judges’ comments
      • 5)Judges’ bank account information
    • ⑤A form for the notification of re-evaluation after modification
    • ⑥A form to request submission of papers scheduled to be published or modified
    • ⑦A form for the notification of confirmed publication
    • ⑧A form for judges to confirm a modified version of papers
    • ⑨A form to request author’s modification
    • ⑩A form to confirm a planned publication
    • ⑪A form to notify a failure to pass review for publication
  • (2)Signatures in the forms may be omitted when they are exchanged via electronic medium including email.

Ⅳ. Other

• 1.There shall be no fixed deadline for the submission of papers, and research papers, in principle, shall be carried in the issue of the publication if their modifications are completed before the hosting of the editorial meeting prepared for the publication of the issue concerned following the 2nd round of evaluation.
• 2. If a paper has passed the review stage but cannot be published in the issue concerned for editorial reasons, the paper may be published in the following issue on a decision by the Editorial Board, provided that the Editor-In-Chief shall notify the author of the reasons immediately.
• 3. If the author of a paper which was reviewed as not publishable in the screening process submits the paper again after modifying it, the Editorial Board shall regard the paper a new paper.
  The evaluation fee of KRW 60,000 shall be collected again and two judges shall be newly selected.
• 4.All other matters shall be subject to the decision by the Editorial Board.

1. Purpose

The purposes of the Ethics Regulations are to propose the minimum ethical standards required for all research papers to be submitted to and published in Financial Research issued by KMFA in order to establish research ethics, prevent dishonest research acts, and to verify the facts in a fair and systematic manner and suggest follow-up measures in the event that dishonest research acts occur.

2. Definition of dishonest research acts

The scope of dishonest research acts are as follows.

• 1)The act of creating data or research results that are non-existent
• 2)The act of manipulating a research process or modifying or deleting data arbitrarily thereby distorting the contents of research or research results
• 3)The act of using the idea, contents of the research or results of research works done by others without due citation
• 4)The act of submitting or publishing the same contents or results of research works in duplicate
• 5)The act of deleting the name of the author who has contributed to paper preparation or qualifying a person as paper author that has not contributed to research works.
• 6)An act that goes seriously beyond the permissible scope in academia

3. Function and formation of the research ethics committee (the “Committee”)

• 1)Composition and operation of the editorial board
• 2)The Committee shall deliver a judgment on dishonest research act cases and decide on punishment against those engaged in dishonest research acts.
• 3)The Committee shall be composed of seven or more persons that include the Head of the Editorial Board, the Lead Editors when it is deemed necessary.
• 4)The Head of the Editorial Board shall serve as the Chairperson of the Committee, and the Committee members shall be appointed by the President of KMFA on recommendation of the Chairperson.

4. Investigation into alleged dishonest research acts and delivering a ruling

• 1)The Committee is an independent unit and shall notify the President of KMFA of its ultimate judgment on dishonest research acts.
• 2)In the event of suspected dishonest research cases, anyone may send a request for investigation in writing or by email to the KMFA office or to the Editorial Board, and such request shall be made in real name in principle.
  Those who request investigation shall present the grounds and reasons for the request in detail regarding dishonest research acts.
• 3)Upon receipt of a request for investigation, the Head of the Editorial Board shall ask the President of KMFA to form the Committee.
• 4)In the event of a request for investigation regarding a paper that is under evaluation or scheduled to be evaluated, the Committee shall give 30 days to the author of the paper for him or her to prepare a response and then shall deliver a ruling on the existence and degree of dishonest research acts after seeking views of the paper judges and other Editorial Board members.
• 5)The Committee shall set the directions for the establishment and management of research ethics.
• 6)The members of the Committee who have interests in the alleged dishonest research acts shall be excluded from investigation and ruling procedures.
• 7)The Committee may seek views of persons from outside or outside the Committee when it is deemed necessary.
• 8)If the submitter of a research paper has an objection to the ruling on dishonest research acts, he or she may request the Committee’s re-evaluation, and the Committee shall deliver their final ruling on the objection within 14 days.

5. Dealing with dishonest research acts

• 1)The Head of the Editorial Board may take measures commensurate with the member’s violation of research ethics by giving a warning to the person or requesting a public apology from the person in accordance with the punishment decided by the Committee.
• 2)If the matter is serious such that it requires disciplinary action, the Head of the Editorial Board may inflict a punishment such as suspension of membership, cancellation of paper publication, expulsion of the member or public notice on the webpage of KMFA.
• 3)If the research paper is presently under evaluation or scheduled to be evaluated, the Head of the Editorial Board may request modification or re-evaluation of the paper depending on the degree of dishonest research acts and may refuse paper evaluation and return the paper.
• 4)In the event the research paper is scheduled to be published and ruled to be a dishonest research act, the Head of the Editorial Board may cancel the publication.
• 5)If the research paper has already been published and ruled to be a dishonest research act, the Head of the Editorial Board shall make a final decision on measures commensurate with the degree of the dishonest research act.
• 6)In the event that the final decision by the Committee includes cancellation of paper publication, the Head of the Editorial Board shall delete the paper concerned from the list of KMFA’s research papers and announce the results of the ruling and publication cancellation of the paper at the homepage of KMFA and in the next issue of Financial Research. In addition, the author concerned shall be prevented from submitting papers to Financial Research for three years or more.
• 7)The Committee shall deliberate and formulate the specifics required for the management of the Committe

6. Protection of rights for the informant and the interviewee

• 1)The identity of the informant shall not be exposed either directly or indirectly, and the name of the informant shall not beexposed in the process of investigation or in investigation report unless it is absolutely required.
• 2)The identity of the interviewee or the fact that the interviewee is being inquired shall not be leaked with the exception of the Editorial Board or the Committee until the verification of the existence of dishonest research acts is completed. In addition, care shall be used to ensure that the reputation or rights of the interviewee are not encroached upon.
• 3)All the details relating to the investigation including the case reporting, investigation, screening, resolution or suggestion shall be confidential, and all the information obtained in the process of investigation or duty fulfillment shall not be leaked, provided that it can be open to the public with the approval of the Committee when it is deemed necessary.

7. Follow-up measures

• 1)The records of investigation, evaluations from the Editorial Board, and reports, meeting minutes, and the final decision by the Committee regarding the dishonest research acts shall be saved in storage for five years following the end of investigation.
• 2)The end date of investigation shall be the date of the final ruling by the Committee, and two copies of the documents described in the paragraph 1) above shall be prepared without the indication of name to ensure anonymity, and the KMFA office and the Editorial Board shall keep a copy of them each. The original copy with name indication shall be saved for 10 years at the Editorial Board.

8. Ethics regulations enforcement guidelines

• 1)The submitters of research papers shall pledge to abide by these Ethics Regulations. A member who has reportedly violated the Ethics Regulations shall cooperate with the investigation executed by the Committee. Failure to cooperate with investigation amounts to a violation of the Ethics Regulations itself.
• 2)The procedure to revise the Ethics Regulations shall be based on the procedure to amend the regulations of the KMFA.
  In the event the Ethics Regulations are revised, the members who have vowed to abide by the existing regulations shall be considered to have pledged to abide by the new regulations without additional pledge.

※ Addendum

Article 1 Date of Execution

These regulations shall go into effect from 1 of Oct 2010.

Article 2 Announcement

These regulations shall be announced on 1 of October 2010.