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Optimal Monetary Policy System for Both Macroeconomics and Financial Stability (거시경제와 금융안정을 종합 고려한 최적 통화정책체계 연구)

  • Joonyoung Hur;Hyoung Seok Oh
    • KDI Journal of Economic Policy
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    • v.46 no.1
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    • pp.91-129
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    • 2024
  • The Bank of Korea, through a legal amendment in 2011 following the financial crisis, was entrusted with the additional responsibility of financial stability beyond its existing mandate of price stability. Since then, concerns have been raised about the prolonged increase in household debt compared to income conditions, which could constrain consumption and growth and increase the possibility of a crisis in the event of negative economic shocks. The current accumulation of financial imbalances suggests a critical period for the government and central bank to be more vigilant, ensuring it does not impede the stable flow of our financial and economic systems. This study examines the applicability of the Integrated Inflation Targeting (IIT) framework proposed by the Bank for International Settlements (BIS) for macro-financial stability in promoting long-term economic stability. Using VAR models, the study reveals a clear increase in risk appetite following interest rate cuts after the financial crisis, leading to a rise in household debt. Additionally, analyzing the central bank's conduct of monetary policy from 2000 to 2021 through DSGE models indicates that the Bank of Korea has operated with a form of IIT, considering both inflation and growth in its policy decisions, with some responsiveness to the increase in household debt. However, the estimation of a high interest rate smoothing coefficient suggests a cautious approach to interest rate adjustments. Furthermore, estimating the optimal interest rate rule to minimize the central bank's loss function reveals that a policy considering inflation, growth, and being mindful of household credit conditions is superior. It suggests that the policy of actively adjusting the benchmark interest rate in response to changes in economic conditions and being attentive to household credit situations when household debt is increasing rapidly compared to income conditions has been analyzed as a desirable policy approach. Based on these findings, we conclude that the integrated inflation targeting framework proposed by the BIS could be considered as an alternative policy system that supports the stable growth of the economy in the medium to long term.

Impact of East Asian Summer Atmospheric Warming on PM2.5 Aerosols (동아시아 지역의 여름철 온난화가 PM2.5 에어로졸에 미치는 영향)

  • So-Jeong Kim;Jae-Hee Cho;Hak-Sung Kim
    • Journal of the Korean earth science society
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    • v.45 no.1
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    • pp.1-18
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    • 2024
  • This study analyzed the effect of warming on PM2.5 aerosol production in mid-latitude East Asia during June 2020 using PM2.5 aerosol anomalies, which were identified by incorporating meteorological and climate data into the Weather Research Forecasting model coupled with Chemistry (WRF-Chem) model. The decadal temperature change trend over a 30-year period (1991-2020) in East Asia showed that recent warming has been greater in summer than in winter. Summer warming in East Asia generated low and high pressure in the lower and upper troposphere, respectively, over China. The boundary between the lower tropospheric low and upper tropospheric high pressure sloped along the terrain from the Tibetan Plateau to Korea. The eastern China, Yellow Sea, and Korean regions experienced a convergence of warm and humid southwesterly airflows originating from the East China Sea with the development of a northwesterly Pacific high pressure. In June 2020, the highest temperatures were observed since 1973 in Korea. Meanwhile, enhanced warming in East Asia increased the production of PM2.5 aerosols that travelled long distances from eastern China to Korea. PM2.5 anomalies, which were derived solely by inputting meteorological and climatic data (1991-2020) into the WRF-Chem model and excluding emission variations, showed a positive distribution extending from eastern China to South Korea across the Yellow Sea as well as over the Pacific Northwest. Thus, the contribution of warming to PM2.5 aerosols in East Asia during June 2020 was more than 50%. In particular, PM2.5 aerosols were transported from eastern China to Korea through the Yellow Sea, where the warm and humid southwesterly airflows implied wet scavenging of sulfate but promoted nitrate production.

Analysis of Changes in Pine Forests According to Natural Forest Dynamics Using Time-series NFI Data (시계열 국가산림자원조사 자료 기반 자연적 임분동태 변화에 따른 소나무림의 감소 특성 평가)

  • Eun-Sook Kim;Jong Bin Jung;Sinyoung Park
    • Journal of Korean Society of Forest Science
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    • v.113 no.1
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    • pp.40-50
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    • 2024
  • Pine forests are continuously declining due to competition with broadleaf trees, such as oaks, as a consequence of changes in the natural dynamics of forest ecosystem. This natural decline creates a risk of losing the various benefits pine trees have provided to people in the past. Therefore, it is necessary to prepare future forest management directions by considering the state of pine tree decline in each region. The goal of this study is to understand the characteristics of pine forest changes according to forest dynamics and to predict future regional changes. For this purpose, we evaluated the trend of change in pine forests and extracted various variables(topography, forest stand type, disturbance, and climate) that affect the change, using time-series National Forest Inventory (NFI) data. Also, using selected key variables, a model was developed to predict future changes in pine forests. As a results, it showed that the importance of pine trees in forests across the country has decreased overall over the past 10 years. Also, 75% of the sample points representing pine trees remained unchanged, while the remaining 25% had changed to mixed forests. It was found that these changes mainly occurred in areas with good moisture conditions or disturbance factors inside and outside the forest. In the next 10 years, approximately 14.2% of current pine forests was predicted to convert to mixed forests due to changes in natural forest dynamics. Regionally, the rate of pine forest change was highest in Jeju(42.8%) and Gyeonggi(26.9%) and lowest in Gyeongbuk(8.8%) and Gangwon(13.8%). It was predicted that pine forests would be at a high risk of decline in western areas of the Korean Peninsula, including Gyeonggi, Chungcheong, and Jeonnam. This results can be used to make a management plan for pine forests throughout the country.

State of Health and State of Charge Estimation of Li-ion Battery for Construction Equipment based on Dual Extended Kalman Filter (이중확장칼만필터(DEKF)를 기반한 건설장비용 리튬이온전지의 State of Charge(SOC) 및 State of Health(SOH) 추정)

  • Hong-Ryun Jung;Jun Ho Kim;Seung Woo Kim;Jong Hoon Kim;Eun Jin Kang;Jeong Woo Yun
    • Journal of the Microelectronics and Packaging Society
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    • v.31 no.1
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    • pp.16-22
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    • 2024
  • Along with the high interest in electric vehicles and new renewable energy, there is a growing demand to apply lithium-ion batteries in the construction equipment industry. The capacity of heavy construction equipment that performs various tasks at construction sites is rapidly decreasing. Therefore, it is essential to accurately predict the state of batteries such as SOC (State of Charge) and SOH (State of Health). In this paper, the errors between actual electrochemical measurement data and estimated data were compared using the Dual Extended Kalman Filter (DEKF) algorithm that can estimate SOC and SOH at the same time. The prediction of battery charge state was analyzed by measuring OCV at SOC 5% intervals under 0.2C-rate conditions after the battery cell was fully charged, and the degradation state of the battery was predicted after 50 cycles of aging tests under various C-rate (0.2, 0.3, 0.5, 1.0, 1.5C rate) conditions. It was confirmed that the SOC and SOH estimation errors using DEKF tended to increase as the C-rate increased. It was confirmed that the SOC estimation using DEKF showed less than 6% at 0.2, 0.5, and 1C-rate. In addition, it was confirmed that the SOH estimation results showed good performance within the maximum error of 1.0% and 1.3% at 0.2 and 0.3C-rate, respectively. Also, it was confirmed that the estimation error also increased from 1.5% to 2% as the C-rate increased from 0.5 to 1.5C-rate. However, this result shows that all SOH estimation results using DEKF were excellent within about 2%.

Shading Effects on the Growth and Physiological Characteristics of Osmanthus insularis Seedlings, a Rare Species (희귀 식물 박달목서 유묘의 생장 및 생리적 특성에 대한 차광 효과)

  • Da-Eun Gu;Sim-Hee Han;Eun-Young Yim;Jin Kim;Ja-Jung Ku
    • Journal of Korean Society of Forest Science
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    • v.113 no.1
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    • pp.88-96
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    • 2024
  • This study was conducted to determine the optimal light conditions for the in situ and ex situ conservation and restoration of Osmanthus insularis, a rare plant species in South Korea. Evaluations included the growth performance, leaf morphological features, photosynthetic characteristics, and photosynthetic pigment contents of seedlings grown from April to November under different light conditions (100%, 55%, 20%, and 10% relative light intensity). The shoot lengths and root collar diameters did not differ significantly with relative light intensity. The dry weights of leaves, stems, and roots and the leaf number were highest at 55% relative light intensity. The leaf shape showed morphological acclimation to light intensity, with leaf area decreasing and thickness increasing as the relative light intensity increased. Several leaf parameters, including photosynthetic rate and stomatal conductance at light saturation point, net apparent quantum yield, and dark respiration, as well as chlorophyll a, chlorophyll b, and carotenoid contents, were all highest at 55% relative light intensity. Under full light conditions, the leaves were the smallest and thickest, but the chlorophyll content was lower than at 55% relative light intensity, resulting in lower photosynthetic ability. Plants grown at 10% and 20% relative light intensity showed lower chlorophyll a, chlorophyll b, and carotenoid contents, as well as decreased photosynthetic and dark respiration rates. In conclusion, O. insularis seedlings exhibited morphological adaptations in response to light intensity; however, no physiological responses indicating enhanced photosynthetic efficiency in shade were evident. The most favorable light condition for vigorous photosynthesis and maximum biomass production in O. insularis seedlings appeared to be 55% relative light intensity. Therefore, shading to approximately 55% of full light is suggested for the growth of O. insularis seedlings.

Numerical Study on Thermochemical Conversion of Non-Condensable Pyrolysis Gas of PP and PE Using 0D Reaction Model (0D 반응 모델을 활용한 PP와 PE의 비응축성 열분해 기체의 열화학적 전환에 대한 수치해석 연구)

  • Eunji Lee;Won Yang;Uendo Lee;Youngjae Lee
    • Clean Technology
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    • v.30 no.1
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    • pp.37-46
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    • 2024
  • Environmental problems caused by plastic waste have been continuously growing around the world, and plastic waste is increasing even faster after COVID-19. In particular, PP and PE account for more than half of all plastic production, and the amount of waste from these two materials is at a serious level. As a result, researchers are searching for an alternative method to plastic recycling, and plastic pyrolysis is one such alternative. In this paper, a numerical study was conducted on the pyrolysis behavior of non-condensable gas to predict the chemical reaction behavior of the pyrolysis gas. Based on gas products estimated from preceding literature, the behavior of non-condensable gas was analyzed according to temperature and residence time. Numerical analysis showed that as the temperature and residence time increased, the production of H2 and heavy hydrocarbons increased through the conversion of the non-condensable gas, and at the same time, the CH4 and C6H6 species decreased by participating in the reaction. In addition, analysis of the production rate showed that the decomposition reaction of C2H4 was the dominant reaction for H2 generation. Also, it was found that more H2 was produced by PE with higher C2H4 contents. As a future work, an experiment is needed to confirm how to increase the conversion rate of H2 and carbon in plastics through the various operating conditions derived from this study's numerical analysis results.

Changes in Phytosterol Content in Cobs and Kernels During Physiological Maturity of Corn Ears (옥수수 이삭 등숙 기간 동안 속대와 종실의 Phytosterol 함량 변화)

  • Jun Young Ha;Young Sam Go;Jae Han Son;Mi-Hyang Kim;Kyeong Min Kang;Tae Wook Jung;Beom Young Son;Hwan Hee Bae
    • KOREAN JOURNAL OF CROP SCIENCE
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    • v.68 no.4
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    • pp.392-401
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    • 2023
  • Corn (Zea mays L.) is one of the world's most important crops, along with wheat and rice, with a global corn production expected to reach 1,154.5 million tons in 2023. Considering this grain production, The generation of corn cob is expected to reach approximately 207.8 million tons in 2023. However, as an agricultural by-product, corn cobs are often considered waste and remain underutilized. Phytosterols, which are abundant in vegetable oils such as corn oil, provide a number of health benefits, including liver health, cholesterol reduction, and protection against chronic diseases such as diabetes. In this study, we investigated the potential of Kwangpyeongok ears, which are commonly used as grain and silage corn in Korea. We also examined the variation in phytosterol content with the maturity of corn ears to identify the optimal time for utilization. At the beginning of physiological maturity, corn cobs had 113.3 mg/100g DW of total phytosterols, which was highest phytosterol abundance during the growth stage. Corn kernels also had the highest phytosterol content at the beginning of physiological maturity. While previous studies on corn bioactive compounds have mainly focused on the kernels, the results of this study highlight that cobs are an excellent source of these compounds. Furthermore, phytosterol levels were influenced by genetic factors and developmental stages, suggesting the to increase the use of cobs as a source of bioactive compounds.

Preference and Sensory Trait Analysis of Korean Rice Varieties among International Consumers (해외소비자의 국내육성 벼 품종에 대한 선호도 및 식미관련 형질 분석)

  • Chang-Min Lee;Song-Hee Park;Su-Kyung Ha;Hyun-Sook Lee;Gileng Lee;Seung Young Lee;Ji-Ung Jeung;Hyun-Su Park;Jae-Ryoung Park;O-Young Jeong
    • KOREAN JOURNAL OF CROP SCIENCE
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    • v.68 no.4
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    • pp.262-275
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    • 2023
  • This study aimed to assess the preferences of African, American, and Asian panels, in comparison to a Korean panel, for various Korean rice varieties, including three japonica, two indica, and one Tongil-type, all developed by the Rural Development Administration in Korea. Regarding rice appearance, most panelists, except for the Koreans, favored long and slender rice varieties like 'Hanyeol', 'Hyangyeol', and 'Amissal'. In contrast, the Koreans preferred wider varieties like 'Sindongjin' and 'Deuraehyang'. Notably, the overseas panelists consistently favored rice varieties with high appearance quality in sensory evaluations of cooked rice. Both overseas and Korean panelists strongly preferred the indica rice variety 'Hanyeol' in terms of appearance quality and sensory evaluations. However, Korean rice varieties like 'Amissal' and 'Sindongjin' scored high in appearance quality with overseas panelists but received low ratings in sensory aspects, including shape, stickiness, and taste, compared to those for 'Hanyeol'. This suggests that considering sensory characteristics is important when exporting Korean rice varieties. Regarding taste characteristics preferred by the panelists derived from the correlation analysis between taste traits, Africans preferred rice with a smooth texture and no stickiness, especially favoring long-grain rice. Americans leaned towards rice with a slightly firm texture, some stickiness, and late aging characteristics. Asians preferred rice with a smooth texture, low stickiness, and long-grain varieties. In contrast, Koreans favored round rice with a glossy appearance, a slightly firm texture, late aging traits, and some stickiness. These research findings can serve as valuable data for the development of rice varieties for overseas markets and are expected to contribute to securing competitiveness in international markets.

Human Mind Within and Beyond the Culture - Toward a Better Encounter between East and West - (문화속의 인간심성과 문화를 넘어선 인간심성 - 동과 서의 보다 나은 만남을 위하여 -)

  • Bou-Yong Rhi
    • Sim-seong Yeon-gu
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    • v.28 no.2
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    • pp.107-138
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    • 2013
  • The purpose of this article is to awaken our colleagues to the culture and mind issues that have been forgotten or neglected by contemporary psychiatry under the prevalence of materialistic orientation. Cultural psychiatry too, though it has been contributed a great deal to widen the mental vision of psychiatry, has revealed several limitations in its approach. In the course of one sided search for culture specific factors in relation to mental health, conventional cultural psychiatry has neglected an effort to explore the common root underlying the different cultures and the common foundation of human mind. Cross sectional comparisons of the cultures alone have inevitably prevented the global considerations to culutre and mind in historical aspects and the dynamic interactions between mind and culture more in depth. The author suggested that the total view of mind and total approach of analytical psychology of C.G. Jung might be capable to replenish those limitations. Author explained the ways of C.G. Jung's observations and experiences of non-western culture and his concepts of culture and mind. The author demonstrated Jung's view of culture with the example of Filial Piety, Hyo, the Confucian moral norm which can be regarded as components of the collective consciousness though connected with archetypal patterns of behavior of intimacy between parent and child. In regard to the coexistence of multi-religious cultures in Korea the author made a proposal of 'culture spectrum' model for understanding value orientations of person in religious cultures. He identified in case of the Korean 4 types of cultural spectrums: Person with predominantly the Buddhist culture; with the Confucian; with the Shamanist; and with the Christian culture. The author also made an attempt to depict the dynamic interactions of different religious cultures in historical perspectives of Korea. Concepts of mind from the Eastern thoughts were reviewed in comparison with Jung's view of mind. The Dao of Lao Zi, One Mind by Wonhyo, the Korean Zen master from the 7th century, the Diagram of the Heaven's Decree by Toegye, a renowned Neo-Confucianist of Korea from the 16th century and his theory of Li-Ki, were explored and came to conclusion that they represent certainly the symbol of the Self in term of C.G. Jung. The goal of healing is 'the becoming whole person'. Becoming whole person means bringing the person as an individual to live not only within the specific culture but also to live in the world beyond the culture which is deeply rooted in the primordial foundation of human mind.

Manufacturing Techniques of Bronze Seated Bodhisattva Statue of Goseongsa Temple in Gangjin (강진 고성사 청동보살좌상의 제작기술 연구)

  • LEE Seungchan;BAE Gowoon;CHUNG Kwangyong
    • Korean Journal of Heritage: History & Science
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    • v.57 no.1
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    • pp.146-159
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    • 2024
  • In this study, a study on the production technology of the Buddha statue and the production of raw material origin was conducted through scientific analysis on the Bronze seated Bodhisattva Statue of Goseongsa Temple, a treasure. As a result of microstructure analysis through a metal microscope, it was confirmed that the microstructure of the Bronze seated Bodhisattva Statue of Goseongsa Temple was a process-type dendritic structure, and the casting structure of bronze was well represented, so it was manufactured through casting. Subsequently, as a result of analyzing the alloy composition ratio through SEM-EDS, it was identified as a ternary alloy with 81.26 wt% of copper (Cu) and 16.42 wt% of tin (Sn) and 1.72 wt% of lead (Pb). The results of the analysis of lead isotope ratios using a thermal ionization mass spectrometer (TIMS) were substituted into the distribution of lead isotope ratios on the Korean Peninsula, it was shown in corresponding to Jeolla-do and Chungcheong-do regions and North and South Gyeongsang Province. This suggests that the raw materials used in their production were likely sourced from the mines around Goseong Temple in Gangjin. Despite the fact that the statue is a medium and large Buddha with a total height of 51 centimeters, 1.72 wt% of lead (Pb) was found as a result of alloy composition ratio analysis, which showed a similar composition to the lead content ratio of small bronze and gilt-bronze Buddha statues. Therefore, we compared and analyzed the results of the analysis of the composition ratio of the alloys of bronze and gilt bronze statues, which has been scientifically analyzed with a compositional age similar to that of the Bronze seated Bodhisattva Statue of Goseongsa Temple. Comparison results, Various factors, such as the size of the Buddha statue as well as its stylistic characteristics and the age of composition, may exist in determining the alloy composition ratio of the bronze and gilt bronze Buddha statues, and it was confirmed that the alloy composition ratio or casting technology was properly adjusted when the Buddha statue was created. In other words, it is judged that a more comprehensive system of Buddha statue production technology should be investigated by conducting archaeological and art history studies on stylistic characteristics and age of composition, as well as scientific analysis results such as observation of internal structure, microstructure observation, and analysis of alloy composition ratio using radiation transmission irradiation.