• The Korean Journal of Financial Management
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• v.27 no.2
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• pp.169-204
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• 2010

This paper examines the dynamic relationship between fund flow and market risk at the aggregate level and explores whether sudden sharp changes in fund flow (fund run) can cause a systemic risk in the Korean financial markets. We use daily and weekly data and regression and VAR analysis. Main results of the paper are as follows: First, in the stock market, a concurrent and a lagged unexpected fund flows have a positive relationship with market volatility. A positive shock in fund flow predicts an increase in stock market volatility. In the bond market, an unexpected fund flow has a negative relationship with the default risk premium, but a positive relationship with the term premium. And an unexpected fund flow of the money market fund has a negative relationship with the liquidy risk, but the explanatory power is very low. Second, for examining whether changes in fund flow induce a systemic risk, we construct a spillover index based on the forecast error variance decomposition of VAR model. A spillover index represents that how much the shock in fund flow can explain the change of market risk in a market. In general, explanatory powers from spillover indexes are so fluctuant and low. In the stock market, the impact of shocks in fund flow on market risk is relatively high and persistent during the period from the end of 2007 to 2008, which is the subprime-mortgage crisis period. In bond market, since the end of 2008, the impact of shocks in fund flow spreads to default risk continually, while in the money market, such a systematic effect doesn't take place. The persistent patterns of spillover effect appearing around a certain period in the stock market and the bond market suggest that the shock to the unexpected fund flow may increase the market risk and can be a cause of systemic risk in the financial markets. However, summarizing the results of regression and VAR model analysis, and considering the very low explanatory power of spillover index analysis, we can conclude that changes in fund flow have a very limited power in explaining changes in market risk and it is not very likely to induce the systemic risk by a fund run in the Korean financial markets.

• Korean Journal of Agricultural and Forest Meteorology
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• v.17 no.2
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• pp.136-143
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• 2015

Gotjawal areas have the unique ecosystem and we need to approach as the inhabit of animals to conserve Gotjawal. This study was conducted in Hangyeong-myeon Cheongsu-ri located in the western part of Jeju Island belonging to Hangyeong Andeok Gotjawal Zone and Jocheon-eup Seonheul-ri located in the eastern part of Jeju Island belonging to Jocheon Hamdeok Gotjawal Zone. Survey on advent of the birds was done twice a month from February 2013 to December 2014. A total of 66 species and 4,140 individuals in two Gotjawals were observed during the survey period. In Seonheul Gotjawal area, 53 species and 1,907 individuals were observed while it was 49 species and 2,233 individuals in Cheongsu Gotjawal area. The number of species between two Gotjawal areas was not significantly different, but the number of individuals between two Gotjawal areas was significantly different. Thirty-six species were found in both Gotjawal areas as common species and the index of similarity was 0.7. A total of 23 species were classified as the residents, 15 species as the winter visitors, 16 species as the passage migrants, 11 species as the summer visitors, and 2 species as the vagrant. Twelve species as legally protected birds including the natural monument and the endangered species were found and 8 species were found in Seonheul Gotjawal area while it was 10 species in Cheongsu Gotjawal area. The species that directly using a wetland or food resources related to water were 12 in the Seonheul and 6 species were observed in the Cheongsu Gotjawal area, but there is no significant difference between two Gotjawal areas. However, the number of individuals in Seonheul Gotjawal area was significantly higher than in that of in Cheongsu Gotjawal area. We need to research the wetlands and micro climatic condition existing in Gotjawal forests to find the cause of difference of two areas and this difference must be considered as an important indicator for the protection of Gotjawal forests.

• Journal of Life Science
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• v.21 no.3
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• pp.385-392
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• 2011

The otter (Lutra lutra) in Korea is classified as a first grade endangered species and is managed under state control. We performed a phylogenetic analysis of the otter that inhabits the Changnyeong, Jinju, and Geoje areas in Gyeongsangnamdo, Korea using mtDNA and microsatellite (MS) markers. As a result of the analysis using the 676-bp D-loop sequence of mtDNA, six haplotypes were estimated from five single nucleotide polymorphisms. The genetic distance between the Jinju and Geoje areas was greater than distances within the areas, and the distance between Jinju and Geoje was especially clear. From the phylogenetic tree estimated using the Bayesian Markov chain Monte Carlo analysis by the MrBays program, two subgroups, one containing samples from Jinju and the other containing samples from the Changnyeong and Geoje areas were clearly identified. The result of a parsimonious median-joining network analysis also showed two clear subgroups, supporting the result of the phylogenetic analysis. On the other hand, in the consensus tree estimated using the genetic distances estimated from the genotypes of 13 MS markers, there were clear two subgroups, one containing samples from the Jinju, Geoje and Changnyeong areas and the other containing samples from only the Jinju area. The samples were not identically classified into each subgroup defined by mtDNA and MS markers. It could be inferred that the differential classification of samples by the two different marker systems was because of the different characteristics of the marker systems used, that is, the mtDNA was for detecting maternal lineage and the MS markers were for estimating autosomal genetic distances. Nonetheless, the results from the two marker systems showed that there has been a progressive genetic fixation according to the habitats of the otters. Further analyses using not only newly developed MS markers that will possess more analytical power but also the whole mtDNA are needed. Expansion of the phylogenetic analysis using otter samples collected from the major habitats in Korea should be helpful in scientifically and efficiently maintaining and preserving them.

• Korean Journal of Plant Resources
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• v.34 no.4
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• pp.311-338
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• 2021

This study was investigated to find out the distribution of vascular flora and remarkable plants and its factors and management plan in the forest genetic resource reserve of Mt. Munsu, located in the DMZ and DMZ border area in Gimpo, Gyeonggi-do province. The survey was carried out 17 times from April 2019 to October 2020. First of all, in the forest genetic resource reserve of the Mt. Munsu, a total of 444 taxa in 95 families, 276 genera, 395 species, 13 subspecies, 33 varieties and 3 forms. This result was found to be about 9.09% of the total 4,881 taxa of vascular plants in Korea. In addition, endemic plants were classified as 6 taxa. Floristic special and rare plants were identified as 39 taxa and 3 taxa, respectively. Lastly, the invasive alien plants that appeared in Mt. Munsu of the forest genetic resource reserve were observed in 58 taxa. Moreover, the naturalization rate was 13.1% and the urbanization index was calculated to be 18.0%. As a result of comparing the vascular flora at the forest genetic resource reserve on Mt. Munsu identified in this study with previous studies, it was found the number of taxa was decreased compared to the previous studies, despite the fact that the recent survey section was wider and more varies routes were investigated. In particular, it was confirmed that the number of rare and endemic plants decreased significantly, and the number of invasive plants greatly spread to forest roads and hiking trails. Therefore, it is considered that the forest rest year system should be introduced for the conservation and management of native plants in the forest genetic resource reserve.

• Korean Journal of Plant Resources
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• v.35 no.1
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• pp.134-167
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• 2022

This study conducted monitoring of flora and vegetation in order to utilize basic data for forest wetland conservation targeting outstanding forest wetlands located in the eastern part of Jeonnam Province. The survey was carried out for a total of 54 times from May 2020 to October 2020, 1-2 times each for each season. The vascular plants of outstanding forest wetland in eastern Jeollanam-do were 93 families, 251 genera, 336 species, 5 subspecies, 47 varieties, 7 forma, and a total of 395 taxa. This was about 8.5% of 4,641 species of vascular plants in Korea Peninsula. A total of 8 taxa and 12 taxa were identified Korea endemic plants and rare plants respectively. A total of 68 taxa and 19 taxa of floristic target plants and invasive alien plants were classified each. the naturalized Index was 4.83% and the urbanized Index was 5.90%. As a result of the analysis by wetland type of the forest wetlands, obligate upland plants were the highest in the forest wetlands in the eastern Jeonnam province (61.4%), with unclassified wetland plants 19.1%, facultative wetland plants 8.2%, and obligate wetland plants 4.6%, facultative upland plants 4.5%, and facultative plants 2.3% were confirmed in the order.

• The Korean Society of Law and Medicine
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• v.23 no.3
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• pp.139-207
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• 2022

As various state restrictions on individual freedom were imposed during the COVID-19 pandemic, concerns have been raised that excessive infringements on fundamental rights were indiscriminately permitted based on the public interest of preventing infectious diseases. Therefore, the question of how to set acceptable limits of liberty restrictions on individuals has emerged. However, since the phenomenon of infections spreading to the population is only predicted statistically, how to deal with the risk of the infected individual as a subject of legal analysis has become a problem. In the absence of a theoretical framework of legal analysis of risk, the risk of infected individuals during the pandemic was not analyzed strictly, and proportionality review of infection prevention measures was often only an abstract comparison of the importance of public interest and individual rights. Therefore, this research aims to conduct a theoretical review on how risk can be conceptualized legally in a public health crisis, and to develop a theoretical framework for proportionality review of the risk of liberty-limiting measures during a pandemic. Chapter 2 analyzes the legal philosophical concepts of risk, which are the basis for liberty restrictions during a public health crisis, and applies and extends them to the pandemic. Chapter 3 reviews previous studies related to liberty restriction measures in the context of the COVID-19 pandemic, and points out they have a limitation that specific criteria for the proportionality review of public health measures in the pandemic have not been presented. Accordingly, Chapter 3 specifies the methodological framework for proportionality review, referring to the theoretical discussion on risks in Chapter 2. Chapter 4 reviews the legitimacy of gathering restriction orders, applying the theoretical discussion in Chapter 2 and the criteria for proportionality review established in Chapter 3. In particular, Section 4 examines logic of proportionality review in judicial precedents over the ban on gathering restrictions implemented in the COVID-19 pandemic. In analyzing the precedents, the logic of proportionality review in each case is critically reviewed and reconstructed based on the theoretical framework presented in this research.

• Journal of Environmental Impact Assessment
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• v.31 no.1
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• pp.11-46
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• 2022

This study was carried out to examine vascular plants and invasive alien plants in Gyodong Island, located at the northwestern Civilian Control Line (CCL) of Ganghwa-gun, Incheon, and to use them as basic data for systematic management of identified plants and establishing biodiversity conservation measures. The survey was conducted 13 times from April 2019 to August 2021. The vascularflora in Gyodong Island was identified as 109 families, 378 genera, 641 species, 15 subspecies, 49 variants, 8 forma, a total of 713 taxa. This was found to be about 15.36% of the total 4,641 taxa of vascular plants in Korea. The northern linage plants on the Korean Peninsula appearing in the Gyodong Island area were identified in 83 classification groups, including Red-based leaf edge (Carex erythrobasis H.Lev. & Vaniot). Korea endemic plants were identified as 16 taxa such as Seoul wild-ginger [Asarum heterotropoides var. seoulense (Nakai) Kitag.], and a total of 20 taxa of rare plants designated by IUCN were observed, including the endangered grade Beardless iris (Iris ruthenica Ker Gawl.). Floristic target species were classified with a total of 99 taxa. For V grade, Beardless iris 1 taxon was found. and also IV grade and III grade were identified in 8 taxa and 20 taxa respectively. The invasive alien plants identified as 75 taxa, such as Verbesina alternifolia (L.) Britton ex Kearney. The naturalization rate was 10.51%, and the urbanization index was calculated as 23.29%. Since large-scale construction has been currently underway on Hwagae Mt. in Gyodong Island as the target of survey area, the influx of invasive plants will be expected to promote. Therefore, it is urgent to establish in-situ protection and conservation measures for notable plants such as Beardless iris and Water smartweed [Persicaria amphibia (L.) S.F.Gray].

• Korean Journal of Ecology and Environment
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• v.55 no.1
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• pp.49-59
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• 2022

Total of 325 estuaries in Korea were surveyed to analyze the effect of presence of sluice gate on the estuary environment and fish community from 2016 to 2018. Fish community in closed and open estuaries showed differences generally, and the relative abundance (RA) of primary freshwater species in the closed and migratory species in the open estuaries were high. The result of classifying species by habitat characteristics in closed and open estuaries showed similar tendencies at the estuaries of south sea and west sea. The relative abundances of primary freshwater species in the closed estuaries at the estuaries of south sea and west sea were the highest, but estuarine and migratory species were high in both closed and open estuaries at the estuaries of east sea. Primary freshwater species showed higher abundances in the closed estuaries with reduced salinity due to blocking of seawater since they are not resistant to salt. However, primary freshwater species in open estuaries at east sea was higher than that of the closed estuaries, which is considered to be the result of reflecting the characteristics (tide, sand bar, etc.) of the east sea. Korea Estuary Fish Assessment Index (KEFAI) was showed to be higher at open estuaries than closed in all sea areas (T-test, P<0.001), the highest KEFAI was observed in closed estuaries at south sea, and open estuaries in east sea. Fish community of closed and open estuaries in each sea areas showed statistically significant differences (PERMANOVA, East, Pseudo-F=3.0198, P=0.002; South, Pseudo-F=22.00, P=0.001; West, Pseudo-F=14.067, P=0.001). Fish assemblage similarity by sea areas showed a significant differences on fish community in closed and open estuaries at east sea, south sea, and west sea (SIMPER, Group dissimilarity, 85.85%, 88.36%, and 88.05%). This study provided information on the characteristics and distribution of fish community according to the types of estuaries. The results of this study can be used as a reference for establishing appropriate management plans according to the sea areas and type in the management and restoration of estuaries for future.