• Journal of Korea Trade
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• v.27 no.1
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• pp.139-158
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• 2023

Purpose - The study of co-movements between stock markets is a crucial area of finance and has recently received much interest in a variety of studies, especially in international finance. Stock market co-movements are a major phenomenon in financial markets, but they are not necessarily independent of the real market. Several studies support the idea that bilateral trade linkages significantly impact stock market correlations. Motivated by this perspective, this study investigates whether real market integration due to trade agreements brings about financial market integration in terms of stock market co-movement. Design/methodology - Over the 10 free trade agreements (FTAs) signed by the United States, using a dynamic conditional correlations (DCC) multivariate GARCH (MGRACH) model, we empirically measure the degree of integration by finding DCCs between the US market and the partner country's market. We then track how these correlations evolve over time and compare the results before and after trade agreements. Findings - According to the empirical results, there are positive return spillover effects from the US market to eight counterpart equity markets, except Jordan, Morocco, and Singapore. Especially Mexico, Canada, and Chile have large return spillover effects at the 1% significance level. All partner countries of FTAs generally have positive correlations with the US over the entire period, but the size and variance are somewhat different by country. Meanwhile, not all countries that signed trade agreements with the United States showed the same pattern of stock market co-movement after the agreement. Korea, Mexico, Chile, Colombia, Peru, and Singapore show increasing DCC patterns after trade agreements with the US. However, Canada, Australia, Bahrain, Jordan, and Morocco do not show different patterns before and after trade agreements in DCCs. These countries generally have the characteristic of relatively lower or higher co-movements in stock markets with the US before the signing of the FTAs. Originality/value - To our knowledge, few studies have directly examined the linkages between trade agreements and stock markets. Our approach is novel as it considers the problem of conditional heteroscedasticity and visualizes the change of correlations with time variations. Moreover, analyzing several trade agreements based on the United States enables the results of cross-country pairs to be compared. Hence, this study provides information on the degree of stock market integration with countries with which the United States has trade agreements, while simultaneously allowing us to track whether there have been changes in stock market integration patterns before and after trade agreements.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.60
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• pp.257-279
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• 2013

Nine FTA like Korea-Chile FTA, Korea-Singapore FTA, Korea-EFTA FTA, Korea-ASEAN FTA, Korea-India CEPA, Korea-EU FTA, Korea-U.S.A. FTA, Korea-Peru FTA and Korea-Turkey have been concluded and implemented in 46 countries as of May, 2013. In addition to these nine FTA, Korea has been negotiating FTA or CEPA(Comprehensive Economic Partnership Agreement) with China and Vietnam and Indonesia. Now Korean government is about to conclude FTA agreement with Indonesia which is one of crucial trading partners in Asian countries so the objective of this paper is to suggest how to design ROO schemes properly in such upcoming FTA agreement since more activation of trade and more utilization of FTA can be depend on the details of ROO schemes. As a result, this paper suggests well-design of ROO schemes as follows ; First, self-issuance origin proof system can be considered because authority-issuance origin proof system may reduce the utilization ratio of FTA. Second, combination of indirect and direct verification system in terms of origin verification system will be more preferable because this will be more fitting to Asian countries as considering trading environments and characteristics of Asian market. Third, criteria to determine origin can be based on wholly obtained plus substantial transformation system which contains CTC plus VC along with some percentage of de minimis. In addition to this, the number of products stipulated in PSR should be minimized and applied similar manner to avoid complexity of deciding origin.

• 한국신재생에너지학회:학술대회논문집
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• 2010.11a
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• pp.104.1-104.1
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• 2010

We investigated combustion characteristics of wood pellets in a combustion equipment with adjusting amount of flue gas. Maximum temperature in a combustion chamber was $850^{\circ}C$. Higher heating Value of a domestic wood pellet tested is 19.1 MJ/kg and water content was 8.3%. Amount of flue gas causes big effect on burning characteristics in $450{\sim}600^{\circ}C$. Wood pellet does not burn in low temperature atmosphere less than $450^{\circ}C$ and low flue gas flow rate. We made burning the pellet that is made in Korea, USA, Chile and Canada. Color of foreign pellets are bright brown and they made by mainly sawdust. Korean pellet is a dark brown color because it contains bark. There are some differences in the result of elementary analysis and technical analysis. According to the result of burning experiment, burning times of each countries's pellet are similar.

• The Bulletin of The Korean Astronomical Society
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• v.40 no.2
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• pp.41.3-41.3
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• 2015

As part of the Herschel key program "Water in Star-forming Regions with Herschel (WISH)", PACS imaging spectroscopy data have been taken toward ten massive young stellar objects (YSOs): four high mass protostellar objects (HMPOs), two hot molecular cores (HMCs), and four ultracompact HII regions (UCHIIs). The spectra cover a broad range of wavelengths (55 to 210 micron) presenting various atomic and molecular lines as well as excellent dust thermal continua. By fitting the continua utilizing a modified black-body formula we estimate mass-weighted temperature and column density distributions of warm dust and find that UCHII regions are warmer and HMCs are more deeply embedded than the other types. We also estimate rotational temperature and column density distributions of warm CO gas using the rotational diagram analysis. In addition, based on the comparison of high J CO line fluxes to the RATRAN estimates of central heating envelope models, we find that majority of warm CO is originated from bipolar outflow shocks.

• Korean System Dynamics Review
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• v.16 no.2
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• pp.53-74
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• 2015

Nutria(Myocastor coypus) is one of the most notorious invasive species in many countries. The Nutria's original range was South America like Brazil, Chile and Argentina. But it has been introduced to North America, Europe, Africa, and Asia including Korea, by fur ranchers. Like most invasive and disturbing species, nutria not only destroys habitats but also impacts many native species throughout most of its range with destructive feeding behavior. The purpose of this study is to investigate the dynamics of survival mechanism, population increase and spatial distribution, and eradication effect of Nutria on Nakdong River Area with the systems thinking. The result of this study revealed that Nutria can survive during winter with the behavior that the colder the winter was, the more deeply it burrowed. Further, the study uncovered the dynamics that nutria has survived more and more strongly during the extreme cold winter in almost every region and their population has increased dramatically as a result of the uncontrolled reproduction. Finally, the result showed that the action delay in eradicating Nutria, which was originated from the information delay of perception of nutria's survival and reproduction structure, reinforced the spread of Nutria across the nation.

• East Asian Economic Review
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• v.21 no.4
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• pp.343-384
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• 2017

We assess the outcomes for the negotiating parties in the Trans-Pacific Partnership if the remaining eleven parties go ahead with the agreement as negotiated without the United States, as compared to the outcomes under the original twelve-member agreement signed in October 2016. We find that the eleven-party agreement, now renamed as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), is a much smaller deal than the twelve-party one, but that some parties do better without the United States in the deal, in particular those in the Western Hemisphere - Canada, Mexico, Chile, and Peru. For the politically relevant medium term, the United States stands to be less well-off outside the TPP than inside. Since provisional deals can be in place for a long time, the results of this study suggest that the eleven parties are better off to implement the CPTPP, leaving aside the controversial governance elements, the implications of which for national interests are unclear and which, in any event, may be substantially affected by parallel bilateral negotiations between individual CPTPP parties and the United States.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.30
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• pp.123-144
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• 2006

MERCOSUR (Southern Cone Common Market, Latin American trade organization established in 1991, full members: Argentina, Brazil, Paraguay, and Uruguay; associate members: Bolivia, Chile, Colombia, Ecuador, Peru, and Venezuela) is the world's third largest economic union. It is a vital region that Korean corporations should enter to preoccupy the Latin American market. Since China and Japan are recently moving strongly to advance into MERCOSUR, Korea needs to work out measures to cope with the situation. In trading with MERCOSUR, it is very important to establish a strategic base in the market from a long-term perspective rather than to approach the market only as an exporting market. From this viewpoint, Korea should regard MERCOSUR as a market with which it should cooperate in terms of resources, beyond a market from which it imports raw materials. Helped by its advancement strategies varying according to regional markets and price competitiveness, China is bolstering its market share in these regions. In addition, China has built production bases focused on electric and electronics products. It is also increasing its investments in MERCOSUR as a stable raw material-providing base. To make inroads into MERCOSUR successfully, therefore, Korean enterprises should not regard it as a market where it disposes of stock goods, but should instead export technologically competitive goods to this region. Likewise, Korean companies should expand their investments in automotive parts and machinery in MERCOSUR. Furthermore, Korea should closely study international trading policies of MERCOSUR to clear away any possible obstacles of exports to this region and to prepare countermeasures so as to avoid possible damage from import regulations of MERCOSUR.

• Journal of the Earthquake Engineering Society of Korea
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• v.19 no.5
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• pp.239-246
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• 2015

Reinforced concrete shear walls are effective for resisting lateral loads imposed by wind or earthquakes. Observed damages of the shear wall in recent earthquakes in Chile(2010) and New Zealand(2011) exceeded expectations. Various analytical models have been proposed in order to incorporate such response features in predicting the inelastic response of RC shear walls. However, the model has not been implemented into widely available computer programs, and has not been sufficiently calibrated with and validated against extensive experimental data at both local and global response levels. In this study, reinforced concrete shear walls were modeled with fiber slices, where cross section and reinforcement details of shear walls can be arranged freely. Nonlinear analysis was performed by adding nonlinear shear spring elements that can represent shear deformation. This analysis result will be compared with the existing experiment results. To investigate the nonlinear behavior of reinforced concrete shear walls, reinforced concrete single shear walls with rectangular wall cross section were selected. The analysis results showed that the yield strength of the shear wall was approximately the same value as the experimental results. However, the yielding displacement of the shear wall was still higher in the experiment than the analysis. The analytical model used in this study is available for the analysis of shear wall subjected to high axial forces.

• Journal of Applied Tourism Food and Beverage Management and Research
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• v.10
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• pp.219-238
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• 1999

Obestity, characterized by an excess accumulation of fat, is a detriment to good health and wellbeing. It is easy for individuals to take on excess fat as soon as enough food and leisure are available in a society, causing an imbalance between energy intake and energy expenditure. Although there has been disagreement as to which side of this energy equation is more important in th epidemic of obesity, both sides are certainly involved. I think the prevalence of obesity begins with infancy. It seems to be relatively constant throughout childhood. Some retrospective studies have suggested that there is a direct progression from a fat chile to a fat adult. Obesity has been associated with excess mortality in many studies. The effect of obesity on cardiovascular disease has not always been an independent one, but has generally been through exacerbation of other rish factors such as hypertention, diabetes, hyperlipedmia, galbladder disease, gout and cancer of the grease and endometrium. The weights of identical twins raised in separate homes have been reported to be similar, thereby suggesting that heredity contributes significantly to weight. Overweight and obesity are by far greater health problems for many people in our society. Therefore in this paper we consider the relationship between body energy balance and problems of obesity. Whatever the weight of the person, the goal of the nutritionist and health care workers is to find solutions that will allow persons to feel better about themselves.

• Journal of The Korean Astronomical Society
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• v.29 no.spc1
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• pp.395-396
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• 1996

We developed a telescope control system called ASTROS for the VST1 and VST2, which are specially designed radio telescopes to make a survey and have a 60-cm main dish. ASTROS is designed on the distributed intelligence concept and structurized programming. The hardware of the system is composed of several intelligent devices connected with de facto standard interfaces and main control unit is PC. The program is coded in the C language and its structure is object oriented in order to make easy to replace the component devices. ASTROS is now running on two twin telescopes, VST1 and VST2. VST1 is installed at Nobeyama in Japan and VST2 is installed at La Silla in Chile. They are making a galactic plane survey in CO (J=2-1) with 9 arcmin beam semi-automatically.