• KDI Journal of Economic Policy
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• v.31 no.1
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• pp.169-206
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• 2009

This study stems from a question, "How should we understand the pattern of the Korean economy after the 1990s?" Among various analytic methods applicable, this study chooses a Structural Vector Autoregression (SVAR) with long-run restrictions, identifies diverse impacts that gave rise to the current status of the Korean economy, and differentiates relative contributions of those impacts. To that end, SVAR is applied to four economic models; Blanchard and Quah (1989)'s 2-variable model, its 3-variable extensions, and the two other New Keynesian type linear models modified from Stock and Watson (2002). Especially, the latter two models are devised to reflect the recent transitions in the determination of foreign exchange rate (from a fixed rate regime to a flexible rate one) as well as the monetary policy rule (from aggregate targeting to inflation targeting). When organizing the assumed results in the form of impulse response and forecasting error variance decomposition, two common denominators are found as follows. First, changes in the rate of economic growth are mainly attributable to the impact on productivity, and such trend has grown strong since the 2000s, which indicates that Korea's economic growth since the 2000s has been closely associated with its potential growth rate. Second, the magnitude or consistency of impact responses tends to have subsided since the 2000s. Given Korea's high dependence on trade, it is possible that low interest rates, low inflation, steady growth, and the economic emergence of China as a world player have helped secure capital and demand for export and import, which therefore might reduced the impact of each sector on overall economic status. Despite the fact that a diverse mixture of models and impacts has been used for analysis, always two common findings are observed in the result. Therefore, it can be concluded that the decreased rate of economic growth of Korea since 2000 appears to be on the same track as the decrease in Korea's potential growth rate. The contents of this paper are constructed as follows: The second section observes the recent trend of the economic development of Korea and related Korean articles, which might help in clearly defining the scope and analytic methodology of this study. The third section provides an analysis model to be used in this study, which is Structural VAR as mentioned above. Variables used, estimation equations, and identification conditions of impacts are explained. The fourth section reports estimation results derived by the previously introduced model, and the fifth section concludes.

• Management & Information Systems Review
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• v.34 no.3
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• pp.17-39
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• 2015

This study examined the structural changes and volatility in the global stock markets using a Markov Regime Switching ARCH model developed by the Hamilton and Susmel (1994). Firstly, the US, Italy and Ireland showed that variance in the high volatility regime was more than five times that in the low volatility, while Korea, Russia, India, and Greece exhibited that variance in the high volatility regime was increased more than eight times that in the low. On average, a jump from regime 1 to regime 2 implied roughly three times increased in risk, while the risk during regime 3 was up to almost thirteen times than during regime 1 over the study period. And Korea, the US, India, Italy showed ARCH(1) and ARCH(2) effects, leverage and asymmetric effects. Secondly, 278 days were estimated in the persistence of low volatility regime, indicating that the mean transition probability between volatilities exhibited the highest long-term persistence in Korea. Thirdly, the coefficients appeared to be unstable structural changes and volatility for the stock markets in Chow tests during the Asian, Global and European financial crisis. In addition, 1-Step prediction error tests showed that stock markets were unstable during the Asian crisis of 1997-1998 except for Russia, and the Global crisis of 2007-2008 except for Korea and the European crisis of 2010-2011 except for Korea, the US, Russia and India. N-Step tests exhibited that most of stock markets were unstable during the Asian and Global crisis. There was little change in the Asian crisis in CUSUM tests, while stock markets were stable until the late 2000s except for some countries. Also there were stable and unstable stock markets mixed across countries in CUSUMSQ test during the crises. Fourthly, I confirmed a close relevance of the volatility between Korea and other countries in the stock markets through the likelihood ratio tests. Accordingly, I have identified the episode or events that generated the high volatility in the stock markets for the financial crisis, and for all seven stock markets the significant switch between the volatility regimes implied a considerable change in the market risk. It appeared that the high stock market volatility was related with business recession at the beginning in 1990s. By closely examining the history of political and economical events in the global countries, I found that the results of Lamoureux and Lastrapes (1990) were consistent with those of this paper, indicating there were the structural changes and volatility during the crises and specificly every high volatility regime in SWARCH-L(3,2) student t-model was accompanied by some important policy changes or financial crises in countries or other critical events in the international economy. The sophisticated nonlinear models are needed to further analysis.

• Journal of Korea Water Resources Association
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• v.46 no.12
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• pp.1235-1247
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• 2013

This study is to evaluate the climate change impact on future storage behavior of Chungju dam($2,750{\times}10^6m^3$) and the regulation dam($30{\times}10^6m^3$) using SWAT(Soil Water Assessment Tool) model. Using 9 years data (2002~2010), the SWAT was calibrated and validated for streamflow at three locations with 0.73 average Nash-Sutcliffe model Efficiency (NSE) and for two reservoir water levels with 0.86 NSE respectively. For future evaluation, the HadCM3 of GCMs (General Circulation Models) data by scenarios of SRES (Special Report on Emission Scenarios) A2 and B1 of the IPCC (Intergovernmental Panel on Climate Change) were adopted. The monthly temperature and precipitation data (2007~2099) were spatially corrected using 30 years (1977~2006, baseline period) of ground measured data through bias-correction, and temporally downscaled by Change Factor (CF) statistical method. For two periods; 2040s (2031~2050), 2080s (2071~2099), the future annual temperature were predicted to change $+0.9^{\circ}C$ in 2040s and $+4.0^{\circ}C$ in 2080s, and annual precipitation increased 9.6% in 2040s and 20.7% in 2080s respectively. The future watershed evapotranspiration increased up to 15.3% and the soil moisture decreased maximum 2.8% compared to baseline (2002~2010) condition. Under the future dam release condition of 9 years average (2002~2010) for each dam, the yearly dam inflow increased maximum 21.1% for most period except autumn. By the decrease of dam inflow in future autumn, the future dam storage could not recover to the full water level at the end of the year by the present dam release pattern. For the future flood and drought years, the temporal variation of dam storage became more unstable as it needs careful downward and upward management of dam storage respectively. Thus it is necessary to adjust the dam release pattern for climate change adaptation.

• Journal of the Korea Concrete Institute
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• v.24 no.3
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• pp.293-303
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• 2012

Recently, as construction technology improved, concrete structures not only became larger, taller and longer but were able to perform various functions. However, if extreme loads such as impact, blast, and fire are applied to those structures, it would cause severe property damages and human casualties. Especially, the structural responses from extreme loading are totally different than that from quasi-static loading, because large pressure is applied to structures from mass acceleration effect of impact and blast loads. Therefore, the strain rate effect and damage levels should be considered when concrete structure is designed. In this study, the low velocity impact loading test of steel fiber reinforced concrete (SFRC) slabs including 0%~1.5% (by volume) of steel fibers, and strengthened with two types of FRP sheets was performed to develop an impact resistant structural member. From the test results, the maximum impact load, dissipated energy and the number of drop to failure increased, whereas the maximum displacement and support rotation were reduced by strengthening SFRC slab with FRP sheets in tensile zone. The test results showed that the impact resistance of concrete slab can be substantially improved by externally strengthening using FRP sheets. This result can be used in designing of primary facilities exposed to such extreme loads. The dynamic responses of SFRC slab strengthened with FRP sheets under low velocity impact load were also analyzed using LS-DYNA, a finite element analysis program with an explicit time integration scheme. The comparison of test and analytical results showed that they were within 5% of error with respect to maximum displacements.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.4
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• pp.15-24
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• 2017

The major goal of this paper falls on developing new rational valuation model, to help companies and investors in the early stage of growth as to preparing and negotiating valuation of investment, by applying new reasonable discount indexes of calculating Discount Cash Flow in valuation of the start-up which has been recognized the critical fatal flaws of DCF with them. There are three specific studies done in this paper. First, this paper found the solid and viable bases of rational discount indexes as to applying DCF in valuing companies in the early growth stage with reviewing the previous studies including Berkus method, Scorecard Method, and Risk factor Summation method classified the most effective tools of valuing pre-revenue generating companies. Second, this paper quoted and analyzed the previous models and studies, so called, 'DCF-Prime' of applying DCF method as to value companies in the early growth stage by taking all risk factors innate to the companies in the early growth stage as the discount rate Beta coefficient. Third, this paper propose more viable and solid valuation models, so called, 'DCF-Plus'of combing all validated valuation factors in Berkus, Scorecard, and Risk Factor Summation methods into applying separate discount bracket after DCF Valuation over the companies in the early growth stage instead of taking them as the factors of discount rate, beta coefficient, like the previous model of DCF-Prime. DCF-Plus mainly developed in this paper will not only provide more rational valuation bases as to investment negotiation between companies and investors in the early growth stage, but also providing more accountable guidelines to companies in the early growth as to prepare investment raising and accelerating their company's value by themselves.

• Journal of The Korean Society of Grassland and Forage Science
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• v.32 no.3
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• pp.301-308
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• 2012

Near infrared reflectance spectroscopy (NIRS) has become increasingly used as a rapid and accurate method of evaluating some chemical compositions in forages. This study was carried out to explore the accuracy of near infrared spectroscopy (NIRS) for the prediction of chemical parameters of Italian ryegrass silages. A population of 267 Italian ryegrass silages representing a wide range in chemical parameters and fermentative characteristics was used in this investigation. Samples of silage were scanned at 2 nm intervals over the wavelength range 680~2,500 nm and the optical data recorded as log 1/Reflectance (log 1/R) and scanned in intact fresh condition. The spectral data were regressed against a range of chemical parameters using partial least squares (PLS) multivariate analysis in conjunction with spectral math treatments to reduced the effect of extraneous noise. The optimum calibrations were selected on the basis of the highest coefficients of determination in cross validation ($R^2$) and the lowest standard error of cross validation (SECV). The results of this study showed that NIRS predicted the chemical parameters with very high degree of accuracy. The $R^2$ and SECV were 0.98 (SECV 1.27%) for moisture, 0.88 (SECV 1.26%) for ADF, 0.84 (SECV 2.0%), 0.93 (SECV 0.96%) for CP and 0.78 (SECV 0.56), 0.81 (SECV 0.31%), 0.88 (SECV 1.26%) and 0.82 (SECV 4.46) for pH, lactic acid, TDN and RFV on a dry matter (%), respectively. Results of this experiment showed the possibility of NIRS method to predict the chemical composition and fermentation quality of Italian ryegrass silages as routine analysis method in feeding value evaluation and for farmer advice.

• Analytical Science and Technology
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• v.25 no.2
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• pp.121-126
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• 2012

It is essential to evaluate the quality of Hanji record paper without damaging the record paper by previous destructive methods. The samples were Hanji record paper produced in the 1900s. Near-infrared (NIR) spectrometer was used as a non destructive method for evaluating the quality of record papers. Fourier transform (FT) spectrometer was used with 12,500 to 4,000 $cm^{-1}$ wavenumber range for quantitative analysis and it has high accuracy and good signal-to-noise ratio. The acidity and moisture content of Hanji record paper were measured by integrating sphere as diffuse reflectance type. The acidity (pH) of chemical factors as a quality evaluated factor of Hanji was correlated to NIR spectrum. The NIR spectrum was pretreated to obtain the coefficients of optimum correlation. Multiplicative scatter correction (MSC) and First derivative of Savitzky-Golay were used as pretreated methods. The coefficients of optimum correlation were calculated by PLSR (partial least square regression). The correlation coefficients ($R^2$) of acidity had 0.92 on NIR spectra without pretreatment. Also the standard error of prediction (SEP) of pH was 0.24. And then the NIR spectra with pretreatment would have better correlation coefficient ($R^2$ = 0.98) and 0.19 as SEP on pH. For moisture contents, the linearity correlation without pretreatment was higher than the case with pretreatment (MSC, $1^{st}$ derivative). As the best result, the $R^2$ was 0.99 and SEP was 0.45. This indicates that it is highly proper to evaluate the quality of Hanji record papers speedily with integrated sphere and FT NIR analyzer as a non-destructive method.

• Journal of Korean Ophthalmic Optics Society
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• v.13 no.4
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• pp.25-30
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• 2008

Purpose: In this paper, we have analyzed the problems of the Oh's report which is used to the basic data for supply and demand of medical technicians and studied a proposal for improvement to control system and supply and demand of korean optometrists. Methods: We have analyzed errors of Oh's report including supply and demand for medical technicians and management policy, expecting number for future optician, inaccurate estimation by limited data (employment rate, retirement rate, mortality rate) and an incorrect method of measurement for future supply and demand. Results: Oh's report showed the 18% error for estimation of supply which exclude the irregular entrance students. The estimation of supply was calculated by graduation rate 62.6% (college and University of Technology are 78.9% and 85.98% respectively), employment rate 65.8% (the average employment between 2002 and 2007 is 73.96%) and retirement rate is 2.3% (the retirement of pharmacists is 1.3%) but it showed the significant differences to objective data. For estimate the suitable ratio of optometrists to the population, the ratio use of medical facilities by an age group was used, and suggested spectacle wearers 1,280 persons (populations 2,928 persons) per optometrist but the different from reference of Germany (4,706 persons), America (1,789 persons) and Korea (1,825 persons/an optometrist) are applied to estimation on supply. This report applied the low employment rate and argued that maintain the present situation, but claimed that utilize unemployment persons. The above result has induced double weighting effect on estimation of supply. Conclusions: To solve the related problems of supply and demand, we have to make a search for exact data and optimum application model, have to take an example of nation similar job category as Germany and the research result of the job satisfaction into consideration. After we get the integrated research result, we must carried out the policy with fairness and balance for the estimation of supply and demand. Therefore exact research is required prior to beginning policy establishment, government and related group have to make a clear long-term plan and permanent organization for medical technician to establish supply and demand of medical technician.

• Journal of Korean Society of Forest Science
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• v.34 no.1
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• pp.21-30
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• 1977

Japanese larch (Larix leptolepis) is one of main timber species in Korea that could find much plantation and growing stands on all over the country. It is thought to be in meaningful that a guiding diagram for density control of Japanese larch stands is made to estimate easily the density conditions in the quantitaive, ecological and economic viewpoint. Sample plots for this study are selected from the stands that have not been thinned in recent years, and mean height, mean diameter, dominant height, tree numbers per hectare and stem volume of mean tree are calculated from the each sample plots among total 165 plots In this study, especially, the theory of slenderness of mean tree are applied, that have been identified through the results of the spacing trial. Relative growth characteristics of this species are calculated from the general logistic curve and its formula is $Y=ax^b$. Relatwion between the measured items are found out as follows: 1. Relation between the mean height and tree numbers per hectare by slender class is showing the high correlation as table 1 and fig. 2, and between mean diameter and tree numbers per hectare is also high correlation as table 1 and fig 3. 2. The stem volume can be correctly estimated from height in case that slender class may be known, as showing in table 3 and fig. 4. 3. The stem volume can be more correctly estimated from the relation with $D^2H$ as formula, $Log_e\;V=0.9569\;Log_eD^2H-9.8431$, and relation between stem volume of single tree or volume per hectare and tree numbers per hectare are as following formulas: $Log_e$ stem volume=9.5026-1.6800 $Log_e$ tree numbers per hectare $Log_e$ stem volume per hectare=9.4911-0.6784 $Log_e$ tree numbers per hectare. Stem volume of mean tree, tree numbers per hectare and stem volume per hectare correspond to the mean tree height are calculated to slender class as table 5, 6, 7. Through the above steps, the diagram for density control of Japanese larch are produced as fig. 9. It is thought that this diagram could be applied to control the density of Japanese larch stands.

• Korean Journal of Remote Sensing
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• v.37 no.6_3
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• pp.2035-2046
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• 2021

Glacier movement speed is the most basic measurement for glacial dynamics research and is a very important indicator in predicting sea level rise due to climate change. In this study, the two-dimensional velocity measurements of Campbell Glacier located in Terra Nova Bay in East Antarctica were observed through the SAR offset tracking technique. For this purpose, domestic KOMPSAT-5 SAR satellite images taken on July 9, 2021 and August 6, 2021 were acquired. The Multi-kernel SAR offset tracking proposed through previous studies is a technique to obtain the optimal result that satisfies both resolution and precision. However, since offset tracking is repeatedly performed according to the size of the kernel, intensive computational power and time are required. Therefore, in this study, we strategically proposed a coarse-to-fine offset tracking approach. Through coarse-to-fine SAR offset tracking, it is possible to obtain a result with improved observation precision (especially, about 4 times in azimuth direction) while maintaining resolution compared to general offset tracking results. Using this proposed technique, a two-dimensional velocity measurements of Campbell Glacier were generated. As a result of analyzing the two-dimensional movement velocity image, it was observed that the grounding line of Campbell Glacier exists at approximately latitude -74.56N. The flow velocity of Campbell Glacier Tongue analyzed in this study (185-237 m/yr) increased compared to that of 1988-1989 (140-240 m/yr). And compared to the flow velocity (181-268 m/yr) in 2010-2012, the movement speed near the ground line was similar, but it was confirmed that the movement speed at the end of the Campbell Glacier Tongue decreased. However, there is a possibility that this is an error that occurs because the study result of this study is an annual rate of glacier movement that occurred for 28 days. For accurate comparison, it will be necessary to expand the data in time series and accurately calculate the annual rate. Through this study, the two-dimensional velocity measurements of the glacier were observed for the first time using the KOMPSAT-5 satellite image, a domestic X-band SAR satellite. It was confirmed that the coarse-to-fine SAR offset tracking approach of the KOMPSAT-5 SAR image is very useful for observing the two-dimensional velocity of glacier movements.