• Convergence Security Journal
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• v.18 no.3
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• pp.45-51
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• 2018

Recently, Crypto currency has evolved along with Blockchain technology and the voice of concern and concern of many people. Global nations that consider the use of Crypto currency are prudent in their protection of their economies due to legal regulations and institutional arrangements, and are watching the trends of various Crypto currency. Among them, Crypto currency is very popular because it can acquire money through cryptographic computation. However, there is a need to consider the impact of high-quality computing resources and the consumption of many electrical energy on global warming. Therefore, this study investigated the calculation of electric energy consumption and Carbon Dioxide Emissions, data and cases related to the mining of Crypto currency, examined variable factors. This will be used as research data that will respond to the 4th industrial revolution, such as the presentation of a more positive development direction of Crypto currency, and the development of various related technologies.

• Proceedings of the Korea Society of Information Technology Applications Conference
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• 2002.10a
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• pp.52-60
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• 2002

• The Korean Journal of Financial Management
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• v.13 no.1
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• pp.1-49
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• 1996

금융정책(金融政策)과 자본시장(資本市場)의 증권가격(證券價格)과의 동태적(動態的) 관련성(關聯性)을 실증적으로 분석한 결과, 동태적(動態的) 구조면(構造面)에서 볼 때 특히 주식시장은 화폐에 대하여 시차를 갖는 반면, 장기채시장과 단기무위험시장에서는 시차를 갖지 않음이 발견되었다. 그리고 증권가격형성 메카니즘을 살펴본 결과, 화폐(貨幣)의 증가(增加)는 부(富)의 효과(效果)로 이어지고 그 결과 주가의 상승이 초래된다. 다른 한편으로 화폐의 증가가 대체효과를 반드시 유발시키지는 않으며, 그 이유로는 투자자들이 장기채를 선호함으로써 가격의 상승을 불러일으키는 반면 무위험자산의 경우 가격의 변동은 일어나지 않았기 때문이다. 끝으로, 가격효과(價格效果)의 존속은 비교적 단기로 끝남이 확인되었다. 증권시장(證券市場)의 장기적(長期的) 구조(構造)를 파악하기 위하여 공적분(共積分) 검정(檢定)을 실시하였다. 단위근(單位根) 검정(檢定)에 의하여 우리나라의 금융시계열은 단위근이 존재한다는 사실이 입증되었다. 따라서 금융시계열이 비정상적(非定常的) 확률과정(確率過程)을 따르고 있다. 공적분(共積分) 검정(檢定)에 의하여 화폐의 실질대수 유통속도와 실질주가, 장단기수익비율, 화폐차등수익률과 소득변화율 사이에는 차분후에 장기적 정상균형관계가 형성되고 있음이 발견되었다. 통화정책과 주가는 장기의 동태적 구조 측면에서 파악할 때 장기정상관계를 유지하고 있다. 그리고 주가는 시차(時差)가 0인 동시적(同時的) 통화정책(通貨政策)과 제1계 시차통화정책과 소득에 의하여 결정되고 있다. 다른 금융시계열은 주가결정에 영향을 미치고 있지 못한 실정이다. 주가의 상승은 부(富)의 효과(效果)와 대체효과(代替效果)를 유발하고 있다. 따라서 통화당국은 이점을 고려하여 화폐정책(貨幣政策)을 수립하여야 한다. 그리고 통화량은 주가의 가격형성에 양(陽)의 효과(效果)를 형성하고 있다. 따라서 화폐의 공급량의 증가는 명목주가(名目株價)의 상승을 유발하고 이에 따라 부(富)의 효과(效果)와 대체효과(代替效果)가 발생한다. 이와 같은 현상의 발견은 정부당국의 통화정책과 자본시장정책에 중요한 의의를 갖고 있다고 하겠다. 주가형성(株價形成)에 대한 통화정책의 효과는 당기 뿐만 아니라 차기에도 이어지고 화폐량과 소득이 주가의 결정에 영향을 미치고 있으며 다른 금융변수(金融變數)들은 영향을 미치지 않고 있다. 그러나 실질화폐잔고와 실질주가 장단기수익비율 화폐차등수익률과 소득변화률과는 장기적(長期的) 정상적(定常的) 균형관계(均衡關係)를 형성하고 있다. 따라서 장기적 관점에서 증권시장은 경제성장을 위한 통화정책과 각 분야의 균형적 성장을 유발할 수 있는 재정정책(財政政策)이 요청되고 있다. 위의 논의에서 유추할 수 있는 것은 화폐의 영향을 완화시키기 위하여 option시장의 개발과 농산물, 광물, 기타 실물 및 금융에 대한 선물시장의 개설이 요청된다. 이와 같은 시장을 통하여 통화 정책이 증권시장에 미치는 과도한 효과를 축소시켜 합리적이고 건전한 증권시장(證券市場)의 발전(發展)과 금융시장(金融市場)의 원활한 발전이 이룩될 수 있을 것이다. 자본시장이론(資本市場理論)에서는 화폐는 무시하고 실물적인 관점에서 증권가격의 결정을 연구하거나 위험분석에 주안점이 주어져 왔었다. 본 연구를 통하여 통화정책의 결과가 자본시장에 직접적으로 영향을 미치고 있음을 확인하였다. 통화금융정책과 주가의 유기적 관계를 확인한 본 논문의 결과를 정책당국이 참고하여 통화금융정책(通貨金融政策) 효율성(效率性)을 극대화(極大化)할 수 있을 것으로 본다.

• Journal of the Korean association of regional geographers
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• v.11 no.2
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• pp.155-168
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• 2005

This study gropes for historical geographic approach to regional research in view of new regional geography. A geographical methodology in regional geography pursues the dialectics of concrete totalities. Regional researches think that social processes interact with the uniqueness of regional characteristics and that region is a historical unit which changes dynamically. Time in regional changes is understood in terms of a dialectics of continuity and break. Transition from feudalism to capitalism is the important period which is captured continuity and break simultaneously. Research objects in this research are money, market and city. Money symbolizes transition to capitalism, and market and city have the importance in transition from feudalism to capitalism In Korea, historical geographic approach to money, market and city both in the era of opening ports and in the Japanese colonial times in Korea are important objects in regional geography. Colonial urban research in view of money and market from the era of opening ports to the Japanese colonial times in Korea is a theme which includes a dialectic of concrete totalities in historical geographic approach in regional geography.

• The Monthly Technology and Standards
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• s.110
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• pp.8-11
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• 2011

계량의 기준을 정하여 적정한 계량의 실시를 확보하기 위한 법정계량제도는, 화폐제도와 같이 경제활동의 근간을 이루는 제도이다. 1961년 제정한 이래로 계량법은 수십 차례 전부 또는 일부 개정되어 왔다. 최근 개정된 법률, 시행령과 시행규칙의 개정내용을 소개하고자 한다.

• International Area Studies Review
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• v.15 no.1
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• pp.219-240
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• 2011

The main purpose of this study is to analyze the effects of stock price and real estate price on the money demand. We investigated the demand for money for 25 money units of 10 countries. To estimate the money demand functions, Johansen's cointegration and ARDL-bounds test were employed. Additionally, Stock and Watson's DOLS method was applied to estimate long-run cointegration vectors. According to the results of cointegration test, stock price and real estate price are crucial in the long-run equilibrium relationship. There were no cointegration relationships among money demand, real income, interest rate, and exchange rate in 12 money unit models. However, by including stock price and real estate price on the tested models, we could find strong cointegration relationships, using ARDL-bounds test. The results of DOLS confirm that stock price and real estate price are effective factors influencing on money demands. Especially, the coefficient of real estate price is statistically significant in the 19 out of 20 money unit models. However, the direction and magnitude of coefficients of asset prices are different across countries and money units.

• Economic Analysis
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• v.26 no.2
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• pp.1-42
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• 2020

This paper studies, from a quantity theory of money perspective, the reasons that North Korean inflation and exchange rates maintain stability while its economy is experiencing difficulties due to the international community's economic sanctions. In doing so, this paper uses both domestic and foreign currencies in an analytic model based on the quantity theory of money to cautiously reflect North Korea's dollarization as well as its management of its exchange rate. In particular, foreign currency holdings are divided into those for store-of-value purposes and those for transaction purposes. This paper shows that in the early stages, in which the amount of foreign currency holdings for store-of-value purposes is decreasing while the amount of foreign currency holdings for transaction purposes is intact, inflation and exchange rates both exhibit stable movements. In the middle stages, where the amount of foreign currency holdings for transaction purposes begins to fall, exchange rates show some increase and inflation decreases. In the final stages, when the amount of foreign currency holdings for transaction purposes significantly decreases, exchange rates and inflation both increase, and in some situations a crisis can happen. According to this paper's analysis, if the economic sanctions continue to the extent that the amount of North Korean foreign currency holdings for transaction purposes starts to fall, the exchange rate and inflation stability we see now are unlikely to be maintained.

• International Area Studies Review
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• v.13 no.1
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• pp.3-16
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• 2009

This paper investigates the existence of uncovered interest rate parity between the Korea-USA as well as the Korea-Japan. We may ascertain the existence of uncovered interest rate parity by examining the empirical relationship between real exchange rates and interest rate differentials in the Korea-USA as well as in the Korea-Japan. The empirical relationship between real exchange rates and interest rate differentials in the Korean-USA and Korean-Japanese economies is investigated using cointegration tests. In the context of this study, cointegration technique is appropriate to examine the relationship between two(or more) nonstationary time series. Also, this method is useful to detect the possibility that the nonstationarity in both series can be explained by a single factor. The empirical results support the nonexistence of a long run equilibrium relation between real exchange rates and interest rate differentials. Also, the results show that the nonstationarity cannot be explained by a single factor.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.30 no.1D
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• pp.61-70
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• 2010

In case of low benefit project with low traffic or high-priced project, existing analysis of cost and benefit tends to present a low feasibility. However, considering the improvement of environment, intensification of disaster prevention, public stability of countryside area and formation of good scenery, these projects can have a feasibility. This paper analyzes and summarizes the indirect benefit of some ripple effects, caused by road projects, and presents the methodology and process in order to change the indirect benefit into monetary value.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.5
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• pp.426-431
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• 2018

This study examines exchange rate volatility spillovers that affect the exchange rate volatility of Korean currency. For this study, the Japanese yen, British pound, Euro, and Canadian dollar are used as the currencies of developed countries, and the Thai baht, Indonesian rupiah, Singapore dollar, and Australian dollar are used as the currencies of the areas near Korea. The GARCH(1.1) model is employed for weekly data covering the period from January 2009 to December 2017. This study finds that the volatility spillovers from the Canadian dollar, Singapore dollar, and Australian dollar to the Korean won are significant, while the volatility spillovers from the Japanese yen, British pound, Euro, Thai baht, and Indonesian rupiah to the Korean won are insignificant. In terms of the economic system and structure, Japan, Britain, and European countries are at a higher level than Korea, while Thailand and Indonesia are at a lower level than Korea. Canada, Singapore, and Australia are almost at the same level as Korea. Therefore, these results appear to be derived from the phenomenon of exchange rate spillovers among countries with a similar economic system and structures, and contradict the literature, which has argued that exchange rates volatility spillovers occur among countries that are in the same area geographically.