• The Korean Journal of Financial Management
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• v.6 no.1
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• pp.31-62
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• 1989

By using deterministic dynamic models, we observe the behavior of the foreign exchange rate of a small open economy with rational expectation formation and different restrictions on the international economic integrations. First, an economy connected to the world by purchasing power parity and uncovered interest parity is studied in the next section. In both sections, financial assets available in the economy are domestic money and bonds. Stocks are added as a financial instrument in the next section, and real capital accumulation is also taken into account. Furthermore, the economy concerned there is fairly autonomous, and not directly governed by either purchasing power parity or uncovered interest parity. The expectation formation used throughout the whole paper is complete perfect foresight, which is the certainty version of rational expectation and free from any forecast errors. It is found that upon monetary expansion the short run depreciation of the foreign exchange rate is a fairly robust result regardless of the degree of the international economic integration, while it is not true for fiscal expansion. The expectation on the long run state significantly affects the short run response of the exchange rate. All of our models postulate that the current account should be balanced eventually. As the result, the short run behavior of the exchange rate is affected by the expectation on the long run balance and may well be a blend of the traditional flow view and modem asset view. The initial overshooting of the exchange rate is easily observed even in the fairly autonomous economy Furthermore, the initial overshooting is not reduced over time, but augmented for some time before it is eventually eliminated. As long as we maintain rational expectaion, introducing time delay in the adjustment of the foreign goods price to the foreign exchange rate does not make much difference.

• KDI Journal of Economic Policy
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• v.34 no.3
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• pp.31-65
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• 2012

We study the sustainability of the current fiscal policy of Korea, and the effects of the social welfare policy expansion, which has been recently discussed among the political circles, on the government budget and the generational equity, using generational accounting. We follow the generational accounting approach, considering the fact that most of the social welfare policies are the entitlement programs, which imposes the limitation of the policy maker's discretion to control the cost of their provision. The social welfare expenditure will change due to the change in the policy environments of the future, such as population aging. Therefore, we need to take into account the government cash flow of the future as well as of the present to investigate its effects on the fiscal sustainability, which implies that the national debt or the budget balance is not a proper index for the investigation. Our findings are as follows. The current fiscal policies are not sustainable, and the long-term budgetary imbalance is shown very serious. The required tax adjustment, which is defined as the percentage change of tax burden required to attain the long-term budgetary balance, is very large. Unless the level of the government expenditure is properly controlled, the tax burden and the social contribution level will rise to the untolerable level. Moreover, the expansion of the social welfare policies, which has been discussed among the political circles, will substantially increase the fiscal burden of the future generations. Even though the provision of the free lunch to the primary and the secondary school students, the free child care, and the discounted college tuition do not increase the fiscal burden much, because their magnitude at present is not large and will decrease due to the decrease in the number of the newborns and the students resulting from the fall in the fertility rate, that of the free health care service will increase tax burden of the future generations very much, because the magnitude of the government expenditure needed at present is very large and the population aging will further increase the magnitude of the health care expenditure. The findings indicate that the structural reforms, to prevent the explosive increase in the social welfare expenditure in the future, are necessary before the implementation of the welfare policy expansion. In particular, the cost control of the social transfers to the elderly needs to be made, because the speed of the population aging of Korea is among the highest in the world. The findings also indicate that the budget balance or the national debt can cause the fiscal illusion, which makes the Korean government budget look sound, even though the fiscal policy will rapidly increase the social welfare expenditure in the future, as the population ages. The generational accounting, which takes into account the cash flow of the future as well as of the present, unlike the budgetary balance and the national debt, which shows the results of the government financial activities of the past and the present, is a useful method to overcome the fiscal illusion.

• 대한공업교육학회지
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• v.40 no.2
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• pp.111-129
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• 2015

This study tried to investigate the possibility and expectation effect to organize and operate NCS(national competency standards)-based vocational education curriculum in technical specialized high schools and meister high schools and the perceptions of specialty subject teachers about support plans for effective operation of the NCS-based curriculum. For this, the survey was conducted targeting 286 specialty subject teachers in technical specialized high schools and meister high schools. And the results are as follow: First, the specialty subject teachers in the technical specialized high schools and meister high schools recognized that the positive expectation effect can be obtained through the NCS-based vocational education curriculum and the NCS-based vocational education curriculum should very much be applied to the school curriculum but it is impractical to organize and operate the NCS-based vocational education curriculum as the school curriculum from 2016. Second, the specialty subject teachers in the technical specialized high schools and meister high schools recognized that industrial education needs can be analyzed, industry duties-based educational objectives and contents can be set up, industrial duties-based education can be done, the capability to develop and operate teachers' curriculum can be improved, and the NCS-based curriculum will be effective for industrial and academic cooperation and connection with communities by applying it but the realistic possibility will relatively be low. Third, the specialty subject teachers in the technical specialized high schools and meister high schools recognized that tools for practice should be reorganized and expanded, the number of students targeting practical classes should be reduced by 15 to 20 persons, teachers' field education capability should be strengthened, supply and demand of teachers should be supported, industrial and academic cooperation-based field-centered education should be reinforced, and support of the NCS-based teaching materials to be textbooks should be required in terms of operating schools to operate the NCS-based vocational curriculum effectively. Support of finding jobs and field education which correspond with the NCS-based vocational curriculum should be provided, field instruction by ability of the national competency standards should be supported, field practice education projects about the NCS-based vocational curriculum should be provided and introduction and operation of the industrial employee performance evaluation system should be required in terms of the support plans of relevant organizations.

• Journal of Energy Engineering
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• v.23 no.2
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• pp.125-148
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• 2014

This paper performs a historical analysis on the various factors contributing to the current carbon lock-in of Korean electricity industry by using techo-institutional complex. The possibilities of the industry's carbon lock-out toward more sustainable development are also investigated. It turns out that market, firm, consumer, and government factors are all responsible for the development of the carbon lock-in of Korean power industry; the Korean government consistently favoring large power plants based on the economy of scale; below-cost electricity tariff; inflation policy to suppress increases in power price; rapid demand growth in summer and winter seasons; rigidities of electricity tariff; and expansion of gas-fired and imported coal-fired large power plants. On the other hand, except for nuclear power generation and smart grid, environment laws and new and renewable energy laws are the other remaining factors contributing to the carbon lock-out. Considering three key points that Korea is an export-oriented economy, the generation mix is the most critical factor to decide the amounts of carbon emission in the power industry, and the share of industry and commercial power consumption is over 85%, it is unlikely that Korea will achieve the carbon lock-out of power industry in the near future. Therefore, there are needs for more integrated approaches from market, firm, consumer, and government all together in order to achieve the carbon lock-out in the electricity industry. Firstly, from the market perspective, it is necessary to persue more active new and renewable energy penetration and to guarantee consumer choices by mitigating the incumbent's monopoly power as in the OECD countries. Secondly, from the firm perspective, the promotion of distributed energy system is urgent, which includes new and renewable resources and demand resources. Thirdly, from the consumer perspective, more green choices in the power tariff and customer awareness on the carbon lock-out are needed. Lastly, the government shall urgently improve power planning frameworks to include the various externalities that were not properly reflected in the past such as environmental and social conflict costs.

• Korean Journal of Environmental Agriculture
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• v.30 no.3
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• pp.252-260
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• 2011

BACKGROUND: Currently, national biomass inventory are being established for efficient management of the potential energy sources. Among the various types of biomass, agricultural wastes are considered to take the biggest portion of the total annual biomass generated in Korea, implying its importance. However, the currently estimated amount is not reliable because the old reference data are still used to estimate total annual amount of agricultural wastes. METHODS AND RESULTS: Therefore, to provide reliable estimation data, a correct conversion factor obtained by taking into account the current situation is required. For this, the current study was conducted to provide the conversion factors for each representative 8 crop through a field cultivation study. Also conversion factors for 18 crops were calculated using the average amount of each crop produced during 2004 and 2008, subsequently; total amount of agricultural wastes generated in 2009 was estimated using these conversion factors. The total biomass of rice straw and rice husk generated in 2009 were 6.5 and 1.1 million tons, respectively, which consist 75% of the total agricultural based wastes, while the total biomass of pepper shoots and apple pruning twigs were 1.0 and 0.6 million tons, respectively. Despite the high amount of rice-based biomass, their applicability for bio-energy production is low due to conventional utilization of these materials for animal feeds and beds for animal husbandry. In addition to exact estimation of the total biomass, temporal variations in both generated amount and the type of agricultural biomass materials are also important for efficient utilization; fruit pruning twigs (January to March); barley-, been-, and mustard-related waste materials (April to June); rice-related waste (September to October). CONCLUSION(s): Such information provided in this study can be used to establish a master plan for efficient utilization of the agricultural wastes on purpose of bio-energy production.

• Journal of Korea Technology Innovation Society
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• v.12 no.4
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• pp.788-818
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• 2009

Renewable energy refers to solar energy, biomass energy, hydrogen energy, wind power, fuel cell, coal liquefaction and vaporization, marine energy, waste energy, and liquidity fuel made out of byproduct of geothermal heat, hydrogen and coal; it excludes energy based on coal, oil, nuclear energy and natural gas. Developed countries have recognized the importance of these energies and thus have set the mid to long term plans to develop and commercialize the technology and supported them with drastic political and financial measures. Considering the growing recognition to the field, it is necessary to analysis up-to-now achievement of the government's related projects, in the standards of type of renewable energy, management of sectional goals, and its commercialization. Korean government is chiefly following suit the USA and British policies of developing and distributing renewable energy. However, unlike Japan which is in the lead role in solar rays industry, it still lacks in state-directed support, participation of enterprises and social recognition. The research regarding renewable energy has mainly examinedthe state of supply of each technology and suitability of specific region for applying the technology. The evaluation shows that the research has been focused on supply and demand of renewable as well as general energy and solution for the enhancement of supply capacity in certain area. However, in-depth study for commercialization and the increase of capacity in industry followed by development of the technology is still inadequate. 'Cost-benefit model for each energy source' is used in analysis of technology development of renewable energy and quantitative and macro economical effects of its commercialization in order to foresee following expand in related industries and increase in added value. First, Investment on the renewable energy technology development is in direct proportion both to the product and growth, but product shows slightly higher index under the same amount of R&D investment than growth. It indicates that advance in technology greatly influences the final product, the energy growth. Moreover, while R&D investment on renewable energy product as well as the government funds included in the investment have proportionate influence on the renewable energy growth, private investment in the total amount invested has reciprocal influence. This statistic shows that research and development is mainly driven by government funds rather than private investment. Finally, while R&D investment on renewable energy growth affects proportionately, government funds and private investment shows no direct relations, which indicates that the effects of research and development on renewable energy do not affect government funds or private investment. All of the results signify that although it is important to have government policy in technology development and commercialization, private investment and active participation of enterprises are the key to the success in the industry.

• The Korean Journal of Mycology
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• v.38 no.2
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• pp.130-135
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• 2010

To select the viable alternative substrates among the variable organic substrates for productivity enhancement and production cost-reduction of oyster mushroom in bottle culture, this study was carried out at mushroom research institute of GGRDA in 2007. In bottle culture of oyster mushroom (Plerutus ostreatus), the seedcakes of rape (RS), soybean (SS), coconut (CCS), and kapok (KS) were examined as substitute of cotton seedcake which was primary nutritive material of mushroom growing substrate. The chemical properties of substrate mixed with kapok seedcake is similar to the mixture with cotton seedcake in T-C, T-N, C/N ratio, and other nutrients. Mixed growing substrate containing cotton seedcake and kapok seedcake was superior to other mixtures 99.2% and 99.5%, respectively in spawning ratio and was faster mycellium growth in column test than that of soybeen seedcake, cotton + soybeen seedcake, and coconut seedcake. The period required in first pin-heading was 1-2 days longer in rape and soybeen seedcake mixture. Also there wad no primodia and fruitbody formation at soybeen seedcake mixture which had highest T-N content among the other mixed substrates. Yield per bottle and biological efficiency were highest of 144.6 g and 75.4%, respectively at kapok seedcake mixture. As a result, this study found that cotton seedcake can be replaced with kapok seedcake in bottle culture of oyster mushroom.

• Land and Housing Review
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• v.2 no.4
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• pp.367-377
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• 2011

This paper investigates the determination factors' variation of real estate price after sub-prime financial crisis, in korea, using a VAR model. The model includes land price, housing price, housing rent (Jensei) price, which time period is from 2000:1Q to 2011:2Q and uses interest rate, real GDP, consumer price index, KOSPI, the number of housing construction, the amount of land sales and practices to impulse response and variance decomposition analysis. Data cover two sub-periods and divided by 2008:3Q that occurred the sub-prime crisis; one is a period of 2000:1Q to 2008:3Q, the other is based a period of 2000:1Q to 2011:2Q. As a result, Comparing sub-prime crisis before and after, land price come out that the influence of real GDP is expanding, but current interest rate's variation is weaken due to the stagnation of current economic status and housing construction market. Housing price is few influenced to interest rate and real GDP, but it is influenced its own variation or Jensei price's variation. According to the Jensei price's rapidly increasing in nowadays, housing price might be increasing a rising possibility. Jensei price is also weaken the influence of all economic index, housing price, comparing before sub-prime financial crisis and it is influenced its own variation the same housing price. As you know, real estate price is weakened market basic value factors such as, interest rate, real GDP, because it is influenced exogenous economic factors such as population structural changes. Economic participators, economic officials, consumer, construction supplyers need to access an accurate observation about current real estate market and economic status.

• Journal of Korea Water Resources Association
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• v.51 no.1
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• pp.11-18
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• 2018

The climate change impacts on hydrological components and water balance in Jeju Island were evaluated using multiple climate models and watershed model, SWAT-K. To take into account the uncertainty of the future forecast data according to climate models, climate data of 9 GCMs were utilized as weather data of SWAT-K for future period (2010-2099). Using the modeling results of the past (1992-2013) and the future period, the hydrological changes of each year were analyzed and the precipitation, runoff, evapotranspiration and recharge were increasing. Compared with the past, the change in the runoff was the largest (up to 50% increase) and the evapotranspiration was relatively small (up to 11% increase). Monthly results show that the amount of evapotranspiration and the amount of recharge are greatly increased as the amount of precipitation increases in August and September, while the amount of evapotranspiration decreases in the same period. January and December showed the opposite tendency. As a result of analyzing future water balance changes, the ratio of runoff, evapotranspiration, and recharge to rainfall did not change much, but compared to the past, the runoff rate increased up to 4.3% in the RCP 8.5 scenario, while the evapotranspiration rate decreased by up to 3.5%. Based on the results of other researchers and this study, it is expected that rainfall and runoff will increase gradually in the future under the assumption of present climate change scenarios. Especially summer precipitation and runoff are expected to increase. As a result, the amount of groundwater recharge in Jeju Island will increase.

• Korean Journal of Social Welfare Studies
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• v.49 no.3
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• pp.5-33
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• 2018

A self-sufficiency service has worked as a typical workfare policy combined with public assistance in Korea since 2000. Despite of its long history, three core pillars in administrating the self-sufficiency service, policy, research, and practice, have respectively understood the meaning of self-sufficiency in terms of their own interests. As a result, the self-sufficiency service has recently faced with its own identity issues by showing failures to its environmental changes. The current situation makes it necessary to reconceptualize the definition of self-sufficiency by exploring its in-depth understanding perceived by service providers. Specifically, we analyzed practical reflections on 35 service providers' experiences which were collected via focus group interviews for two hours. The study findings presented that service providers had two antithetical approaches towards self-sufficiency. While a dominant approach to self-sufficiency has been concentrated on improving clients' economic outcomes such as employment, job retention, the escape from welfare trap, and increasing earnings and assets, the other approach has been extended to empower clients and achieve their well-being and quality of life. Yet, these contrary perspectives have led to suffer from their role confusions and identity crisis between the work-ready process and the employment-oriented outcomes. Specifically, they described self-sufficiency in terms of psychological, social, and integrated aspects. The psychological aspect included a process of developing inner strengths, intensifying job motivation, and coping with barriers of employment. The social aspect meant a path toward social integration through recovering human relationships. The integrated aspect covered more comprehensive support for their recovery of daily life and autonomy to make a decision for their own life. In conclusion, the study findings suggest that self-sufficiency should be more extensively considered as a stepwise process towards work-ready preparations beyond ultimate economic outcomes. Such an extended concept of self-sufficiency could contribute to restructuring the whole practice of self-sufficiency including organizational and program changes in the fields.