• KDI Journal of Economic Policy
• /
• v.14 no.4
• /
• pp.27-49
• /
• 1992

This paper stresses the role of market fundamentals rather than bubbles in explaining Korea's recent experience of large fluctuations of stock and real estate prices. The bubble story that emphasizes the self-fulfilling prophecies of investors seems to be inappropriate to explain the recent changes of assets prices in Korea. Those who argue for bubble phenomenon in Korea tend to interpret the volatile movements of assets prices as some form of bubbles, but without implementing a rigorous test on the presence of bubbles. Even when some bubble tests are carried out, such studies exhibit various econometric problems in testing. More seriously, they suffer from the misspecification problems in setting up a market model. This paper has shown that Korea's recent changes in assets prices could be explained by changes in market fundamentals according to the emergence and the subsequent fading of 'three lows'. First, it tried to explain changes in assets prices by changes in such market fundamentals as real interest rates and economic growth. Second, it showed that the real estate prices overshoot when the liquidity and exchange rates change, using the two-sector general equilibrium portfolio balance model. It is argued that the rapid rise in real estate prices during 1986-89 stems from Yen's and Won's appreciation $vis-{\grave{a}}-vis$ the U.S. dollar and liquidity expansion (or decreases in real interest rates), while the downturn in real estate prices since 1990 is associated with Yen's and Won's depreciation $vis-{\grave{a}}-vis$ the U.S. dollar and rises in real interest rates in reflection of the excess demand for liquidity.

• 한국신재생에너지학회:학술대회논문집
• /
• 2010.06a
• /
• pp.192.2-192.2
• /
• 2010

일반적 의미의 소수력발전은 계곡이나 저낙차의 하천에서 시도되었으나, 한국의 지형과 강수패턴등은 소수력발전을 활성화하기에 어려운 점들이 있었다. 이에 최근에는 정수장, 하수처리장등과 같은 인공구조물에 소수력발전을 설치 운영하는 방향으로 가고 있으며, 특히 화력발전소 냉각공정에 사용되는 해수를 이용한 소수력발전이 크게 성공하였고 확대설치 되어가고 있다. 해안에 위치하는 LNG인수기지에서는 LNG의 기화에 해수를 열원으로 사용하며, 기화공정에서 열교환 후 바다에 배출된다. 이 때 기화해수와 공기와의 접촉으로 생성된 거품은 해양미생물과의 복합작용으로 쉽게 깨어지지 않고 바다로 떠내려가게 된다. 이러한 거품은 시각적 거부감으로 인하여 인근어민들의 불편함을 야기하고 있으며, 또한 배출해수와 일반해수와의 온도차로 인한 인근 어장이나 양식장의 어획고에 미칠 수 있는 부작용의 가능성에 대한 우려는 더욱 방류해수의 적절한 처리를 필요로 하고 있다. 이러한 방류해수의 거품생성을 해결하는 데 있어 근본적인 해결방법은 심층배수법인데, 심층배수 구조물에 발전수차를 추가 설치만 하면 수력발전이 가능하다. 방류해수의 거품관련 환경문제를 해결하면서 동시에 청정전력을 생산할 수 있는 해양소수력발전에 대하여 KOGAS에서는 LNG 인수기지에의 적용가능성을 분석하고 있으며, 방류해수의 낙차와 조수간만의 차를 이용하는 해양소수력발전을 LNG 인수기지에의 적용하는 것으로는 세계최초의 시도이다. 주변지형에 따른 입지여건을 분석하고, 해수계통분석, 소수력발전방법, 수차종류, 수차용량, 수차개수, pond의 크기등을 결정하고, 수리해석 및 경제성분석을 수행할 것이며 소수력발전의 타당성여부에 대한 가늠을 잡고자 한다.

• Korean journal of food and cookery science
• /
• v.9 no.4
• /
• pp.317-322
• /
• 1993

Two kinds of simple and interesterfying mixed rapeseed oil were prepared according to add 30%, 50% and 70% of coconut and palm oil, then the physicochemical propecties such as the tedency of oxidation, foaming activity were Investigated. The initial AV and POV of interesterifyung mixed rape-seed oils were higher than those of simple mixed oils, but the tendencies of oxidation were similar. The intial value of IV interesterfied rapeseed oils was added in simple mixed rapeseed oil, Induction period were increased about 2.4~4 times. Induction period of intereterifyng mixed oils added palm ell increased about 2~3.2 times. While the foaming Buantity of interesterifing mixed rapeseed oils with palm oil were lower about 28~40% than those of the simple mixed rapeseed oils.

• The Korean Journal of Financial Management
• /
• v.12 no.1
• /
• pp.19-32
• /
• 1995

본 연구에서는 한국 주식시장에서의 주가행태가 Froot-Obstfeld(1991)의 내재적 거품모형(intrinsic bubbles model)과 일관성을 갖는지의 여부를 규명하기 위하여, 실질주가와 실질배당의 연별 및 분기별 시계열자료를 이용하여 실증분석을 실시하였다. 실증분석에 이용된 표본기간이 짧다는 점과 배당금 추정상의 잠재적인 오차가 본 연구의 실증분석 결과의 적극적인 해석을 제약하고 있으나, 전통적인 주가결정모형으로서의 현재가치모형은 일관성 있게 기각되고 있으며, 내재적 거품모형도 한국 주식시장에서의 주가행태와 일관성을 갖지 않는 것으로 나타났다. 이러한 실증분석 결과는 우리나라 주식시장에 다음과 같은 시사점을 주는 것으로 생각된다. 기업의 배당정책이 액면 배당 일변도로 이루어지는 우리나라의 실정에 비추어 볼 때 기본적 가치 (fundamentals)로서 배당을 중시하는 주가결정모형은 애초부터 한계를 가질 수 밖에 없을 것이다. 본 연구에서의 실증분석 결과가 배당의 비정상성(nonstationarity)에 의거한 주가결정 모형들을 기각하는 것 이라면, 앞으로의 연구과제는 우리나라의 주가행태와 일관성을 갖는 주가결정 모형을 개발하는 일이 될 것이다.

• Journal of Korean Society of Coastal and Ocean Engineers
• /
• v.20 no.5
• /
• pp.452-460
• /
• 2008

Anti-foaming agents and foam fences have been used to remove the foam at the outfall of power plants, but there are some problems as consumption of maintenance costs and insufficiency of effect. Therefore, development of the methods how to remove the foam by stable coastal structure has been required. In this study, numerical simulation of air entrainment was carried out to design the submerged outlet structure for reducing foam using curtain walls. The air entrainment rate and the discharge of entrained air change according to the shape of weir and curtain wall. Hence, it is necessary to design the optimum section through comparison of each case. The optimum section which has the maximum rate of foam reduction was determined by the simulation results. In addition, it was found that the flow velocity at the submerged outlet is to be smaller than 1 m/s and the submerged depth of curtain wall is to be taller than height of the submerged outlet section.

• Journal of Korean Society of Environmental Engineers
• /
• v.28 no.4
• /
• pp.376-383
• /
• 2006

This study was undertaken to control sludge bulking and foaming problems at the biological nutrient removal processes. A sewage treatment plant(STP) had a severe sludge settling problem usually over 90% in 30 min settled sludge volume and 300 mL/g in SVI and also thick and heavy brown foam in the secondary clarifiers. Identification study shows that causative filament was Microthrix parvicella which has not been previously reported in Korea. According to the inspection of processes and other related parameters, excessive growth of this particular filament was associated with high SRT caused by lack of proper capacity in sludge treatment line. After providing an extension of the sludge treatment capability, the plant can decrease SRT by wasting more sludge from the processes and also decreasing SS concentration in recycled stream. Subsequently we were able to control growth of M. parvicella. The SVI value was reduced to half of those observed during the severe bulking, but also sludge blanket and its concentration in the clarifier became compact and dense. However, decrease in population of M. parvicella caused increase of total phosphorus concentration in the effluent.

• Korean journal of food and cookery science
• /
• v.11 no.1
• /
• pp.26-32
• /
• 1995

This study was carried out to investigate the effect of protease on the functionality of soymilk protein. The protease from Bacillus polymyxa was selected because of the least production of bitter taste and calcium-aggregation. The results are summarized as follows: 1. Solubility of SMP(soymilk protein) and SPI(soyprotein isolate) were lowest at pH 4.7 and increased as the pH value reached closer to either ends. PT-SMP(pretense treated soymilk protein) showed higher solubility at all pH range, especially at pH 4.7 than SMP, SPI. 2. Emulsion activity of three samples was lowest at pH 4.7 and significantly increased as pH approched higher acidic or alkaline regions. PT-SMP showed similar activity to other samples, but less stability. 3. Foam capacity of PT-SMP was lowest at pH 8 and increased in acidic, alkaline pH. PT-SMP showed higher foam capacity at all pH range, but lower foam stability than SMP and SPI. 4. PT-SMP showed higher heat coagulability than other samples at all pH range except pH 4.7.

• Korean Journal of Food Science and Technology
• /
• v.38 no.4
• /
• pp.488-494
• /
• 2006

This study was carried out in order to investigate the feasibility of utilizing concentrated sunmul (soybean curd whey), which is a waste by-product of soybean curd processing, as a functional food ingredient. Sunmul Powder was concentrated by ultrafiltration and spray dried with or without dextrin. Oil adsorption capacity of UF retentate powder was similar to that of ISP (Isolated Soy Protein) and higher than that of sunmul powder, whereas water holding capacity of UF retentate powder was lower than that of ISP. Protein solubility of all types of UF retentate powder was significantly higher than that of ISP at pH 2.0-10.0 with the lowest protein solubility seen at pH 4.0 and solubility increasing as the conditions became more acidic or alkaline. Emulsifying activity indexes of UF retentate powder at pH 2.0-10.0 were not influenced by pH. Emulsion stability of 4% sunmul solution was lowest at pH 4.0, but that of UF retentate powder was higher at acidic pH values and decreased with increasing pH. Foaming capacities of sunmul and UF retentate powder were high at pH 4.0-6.0, but the foam of UF retentate powder disappeared within 20 minutes in all conditions of pH.

• The Korean Publising Journal, Monthly
• /
• s.254
• /
• pp.6-7
• /
• 1999

최근 베스트셀러 목록의 변화가 심상치 않다. 여전히 대형 베스트셀러가 보이지 않는 가운데 종합 순위에 문학서와 인문서의 강세가 눈에 띈다. 문학서의 경우 문예지를 통해 정식으로 등단했거나 이전에도 베스트셀러를 냈던 작가의 작품이, 인문서의 경우 일간지 등을 통해 낯익은 필자들의 저작이 대부분이라는 점에서 베스트셀러의 성격 변화에 대한 의견이 분분하다. 전반적인 출판시장의 축소 때문에 일시적으로 이들 책이 베스트셀러 상위를 차지한다는 분석과 출판시장의 거품이 빠지면서 정상적인 궤도를 찾아간다는 분석이 대부분이다. 두 의견 모두 이런 현상의 원인을 출판시장의 불황에 두는 것 같지만, 이 현상의 성격을 전자는 대형 베스트셀러 대망론으로, 후자는 독서계의 거품이 빠지는 구조조정의 과정으로 본다는 점이 다르다.

• The Korean Publising Journal, Monthly
• /
• s.328
• /
• pp.154-154
• /
• 2003