• Journal of Korean Society of Coastal and Ocean Engineers
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• v.9 no.3
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• pp.105-114
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• 1997

Wind is one of the main forcing contributing the circulation of the East Sea. By using 1.5-layer and 2.5-layer reduced gravity models, circulation in the East Sea is simulated. The bifurcation of the Tsushima Warm Current (TWC), the separation of East Korea Warm Current (EKWC) from the east coast of Korea, the Nearshore Branch of TWC, and the cyclonic gyres stretched from the East Korea Bay to the northern half of the East Sea are compared well with the schematic map. The features of the upper and the lower layer are very similar except for those of the central region. The Polar Front is the separating line of two different features. The main feature of northern part of the East Sea, north of the Polar Front is cyclonic gyres, which are composed of three cyclonic gyres in most seasons. North Korean Cold Current (NKCC) and Liman Cold Current (LCC) are the nearshore part of these cyclonic gyres. In the south of the Polar Front the current systems of both layers are anticyclonic in most seasons, except that those of the upper layer in winter and spring are not anticyclonic. Along the coast of Korea and Russia, the velocity structure is barotropic, while that of the central region is baroclinic. The effects due to the seasonal variations of wind stress and local Ekman suction/pumping are studied by imposing the domain with modified wind stress. which is spatial mean with temporal variations and temporal mean with spatial variations. It is found that the local Ekman suction/pumping due to wind stress curl is important to the formation of the cyclonic gyres in the western and the northwestern region of the East Sea.

• Economic Analysis
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• v.27 no.1
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• pp.1-36
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• 2021

Given the US dollar's status as a global safe haven, global factors, such as US monetary policy, may have considerable impacts on financial markets in other countries. Regarding such hypothesis, this paper looked at the impacts of US monetary policy on domestic bond and FX swap markets through an event study. According to our analysis, US monetary policy had significant positive impacts on domestic interest rates. In particular, it turned out to have bigger impacts on long-term products with high term premiums. By period, the correlation between US monetary policy and domestic interest rates was not significant before the financial crisis, but was clearly positive after the crisis. The US conventional monetary policy was seen to have big impacts on short-term and medium-term KTB yields, while its unconventional monetary policy had major impacts on long-term KTB yields. Moreover, FX swap rates reacted very sensitively to US monetary policy shocks before the financial crisis, while they did not show any significant reactions after the crisis. This suggests that, in line with the covered interest rate parity, the impact of US monetary policy shocks was transmitted to domestic financial markets mainly through swap rate adjustments before the global financial crisis, but through the changes in domestic interest rates during the post-crisis period.