• Title/Summary/Keyword: Change in Exchange Rates

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Ab initio Study on the Complex Forming Reaction of OH and H2O in the Gas Phase

  • Park, Jong-Ho
    • Asian Journal of Atmospheric Environment
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    • v.9 no.2
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    • pp.158-164
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    • 2015
  • The estimation of the concentration of hydroxyl radical (OH) in the atmosphere is essential to build atmospheric models and to understand the mechanisms of the reactions involved in OH. Although water vapor is one of the most abundant species in the troposphere, only a few studies have been performed for the reaction of OH and water vapor. Here I demonstrate an ab initio study on the complex forming reation of OH with $H_2O$ in the gas phase performed based on density functional theory to calculate the reaction rate and the energy states of the reactant and the OH-$H_2O$ complex. The structure of the complex, which belongs to the Cs point group, was optimized at global minima. The transition state was not found at the B3LYP and MP2 levels of theory. Rate constants of the forward and the reverse reactions were calculated as $1.1{\times}10^{-16}cm^3\;molecule^{-1}\;s^{-1}$ and $5.3{\times}10^9\;s^{-1}$, respectively. The extremely slow rates of complex forming reaction and the resulting hydrogen atom exchange reaction of OH and $H_2O$, which are consistent with experimentally determined values, imply a negligible possibility of a change in OH reactivity through the title reaction.

An Empirical Study on the Determinants of Foreign Market Entrance of Japanese Enterprises -focusing on the Viewpoint Macro Economy- (일본기업의 해외시장 진출의 결정요인에 관한 경험적 연구 -거시경제 관점을 중심으로-)

  • Kim, il sik
    • International Area Studies Review
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    • v.13 no.3
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    • pp.385-412
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    • 2009
  • This study first analyzes economical environment change (factor) of investment nation Japan and Japanese enterprise at the analysis of Japanese enterprise's over-seas expansion factor and influence. As a result of an analysis of the factor about Japanese enterprise's overseas expansion from 1990 to 1996 and from 1998 to 2006, commonly applied factors were Yen exchange rate, interest rates, wage, enterprise profit, facility investment, and consumption expenditure. Especially, as a result of regression analysis, a sudden change of "low interest rate" was main factor at Japanese enterprise's overseas expansion from 1990 to 1996, and Japan's "Yen ex-change rate" was drawn as an important factor from 1998 to 2006. That is, from 1990 to 1996, a shock by a sudden rise in Yen value could be viewed gradually accumulated and absorbed inside Japanese economy from 1998 to 2006. Whereas it could be said that Japanese enterprise's overseas expansion was accelerated under Japanese government's overseas supporting policy and "low interest rate" together with the factor in the rise of Yen value from 1998 to 2006.

Estimation of Carbon Sequestration and Its Profit Analysis with Different Application Rates of Biochar during Corn Cultivation Periods (옥수수 재배기간 동안 바이오차 시용 수준에 따른 탄소 격리량 산정 및 이익 분석)

  • Shin, JoungDu;Choi, Yong-Su;Lee, SunIl
    • Journal of the Korea Organic Resources Recycling Association
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    • v.24 no.3
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    • pp.83-90
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    • 2016
  • Despite the ability of biochar to enhance soil fertility and to mitigate greenhouse gas, its carbon sequestration and profit analysis with arable land application have been a few evaluated. This study was conducted to estimate carbon sequestration and to evaluate profit of greenhouse gas mitigation during corn cultivation periods. For the experiment, the biochar application rates were consisted of pig compost(non application), 2,600(0.2%), 13,000(1%), and 26,000(2%) kg/ha based on pig compost application. For predicting soil carbon sequestration of biochar application, it was appeared to be linear model of Y = 0.5523X - 742.57 ($r^2=0.939^{**}$). Based on this equation, soil carbon sequestration by 0.2, 1 and 2% biochar application was estimated to be 1,235, 3,978, and 14,794 kg/ha, and their mitigations of $CO_2$-eq. emissions were estimated to be 4.5, 14.6, and 54.2 ton/ha, respectively. Their profits were estimated at $14.6 for lowest and $452 for highest. In Korea Climate Exchange, it was estimated that the market price of $CO_2$ in corn cultivation periods with 0.2, 1 and 2% biochar application was $35.6, $115.3 and $428.2 per hectare, respectively. For the plant growth response, it was observed that plant height and fresh ear yield were not significantly different among the treatments. Therefore, these experimental results might be fundamental data for assuming a carbon trading mechanism exists for biochar soil application in agricultural practices.

A Study on the Long-Run Consumption Risk in Foreign Currency Risk Premia (장기소비 위험을 이용한 통화포트폴리오 수익률에 관한 연구)

  • Liu, Won-Suk;Son, Sam-Ho
    • Journal of Distribution Science
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    • v.11 no.10
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    • pp.55-62
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    • 2013
  • Purpose - The purpose of this study is to suggest a risk factor that significantly explains foreign currency risk premia. In recent years, some studies have found that the performance of the simultaneous consumption risk model improves considerably when tested on foreign currency portfolios, which are constructed based on the international interest rates differentials. However, this paper focuses on the long-run consumption risk factor. In our empirical research, we found that the real excess returns of high interest rate currency portfolios depreciate on average, when the future American long-run consumption growth rate appears low. This makes the high interest rate currency portfolios have relatively high risk premia. Meanwhile, the real excess returns of low interest rate currency portfolios appreciate on average, under the same conditions, which results in relatively low risk premia for these portfolios. Therefore, this long-run consumption risk factor might explain why low interest rate currencies do not appreciate as much as the interest rate differential, and why high interest rate currencies do not depreciate as much as the interest rate differential. Research design, data, methodology - In our explanation, we provide new evidence on the success of long-run consumption risks in currency risk premia by focusing on the long-run consumption risks borne by American representative investors. To uncover the hidden link between exchange rates and long-run consumption growth, we set the eight currency portfolios as our basic assets, which have been built based on the foreign interest rates of eighty countries. As these eight currency portfolios are rebalanced every year, the first group always contains the lowest interest rate currencies, and the last group contains the highest interest rate currencies. Against these basic eight currency portfolios, we estimate the long-run consumption risk model. We use recursive utility framework and the stochastic discount factor that depends on the present value of expected future consumption growth rates. We find that our model is optimized in the two-year period of constructing the durable consumption expectation factor. Our main results surprisingly surpass the performance of the existing benchmark simultaneous consumption model in terms of R2, relatively risk aversion coefficient γ, and p-value of J-test. Results - The performance of our model is superior. R2, relatively risk aversion coefficient γ, and p-value of J-test of our long-run durable consumption model are 90%, 93%, and 65.5%, respectively, while those of EZ-DCAPM are 87%, 113%, and 62.8%, respectively. Thus, we can speculate that the risk premia in foreign currency markets have been determined by the long-run consumption risk. Conclusions - The aggregate long-run consumption growth risk explains a large part of the average change in the real excess returns of foreign currency portfolios. The real excess returns of high interest rate currency portfolios depreciate on average when American long-run consumption growth rate is low, and the real excess returns of low interest rate currency portfolios appreciate under the same conditions. Thus, the low interest rate currency portfolios allow investors to hedge against aggregate long-run consumption growth risk.

Atmospheric CO2 Uptake by Pinus densiflora and Quercus mongolica

  • Jo, Hyun-Kil;Ahn, Tae-Won
    • Journal of Environmental Science International
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    • v.12 no.8
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    • pp.853-860
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    • 2003
  • Plants sequester atmospheric CO$_2$, a major agent of climate change, during the growing periods and mitigate its rising accumulation in the atmosphere. Pinus densiflora and Quercus mongolica are the native tree species dominant in the temperate forests of Korea. This study quantified the annual CO$_2$ uptake by the two species at forest sites in Chuncheon in the middle of the country. The quantification was based on seasonal measurements of CO$_2$ exchange rates under natural conditions by an infrared gas analyzer over the growing season (1999). The monthly CO$_2$ uptake per unit leaf area ranged from 1.6-6.7 mg/d㎡/h for P. densiflora and from 3.7-8.9 mg/d㎡/h for Q. mongolica, with a maximum in mid-summer. An equation for each species was generated to estimate easily the annual CO$_2$ uptake by total leaf area per tree, which subtracted the CO$_2$ release (i.e. respiration) by leaves and woody organs from the gross CO$_2$ uptake (diurnal uptake and release by leaves). Annual CO$_2$ release by leaves and woody organs accounted for 58-73% of the gross CO$_2$ uptake across tree specimens. Annual CO$_2$ uptake per tree increased with increasing dbh (stem diameter at breast height) for the study diameter range, and was greater for Q. mongolica than for P. densiflora in the same dbh sizes. This was mainly associated with a greater total leaf area in the former. For example, the annual CO$_2$ uptake by one tree with dbh of 25 cm was 35.6 kg/yr for P. densiflora and 47.9 kg/yr for Q. mongolica. The results from this study can be applied to evaluate an atmospheric CO$_2$ reduction of woody plants by forest type and age class.

Evaluation of carbon flux in vegetative bay based on ecosystem production and CO2 exchange driven by coastal autotrophs

  • Kim, Ju-Hyoung;Kang, Eun Ju;Kim, Keunyong;Jeong, Hae Jin;Lee, Kitack;Edwards, Matthew S.;Park, Myung Gil;Lee, Byeong-Gweon;Kim, Kwang Young
    • ALGAE
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    • v.30 no.2
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    • pp.121-137
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    • 2015
  • Studies on carbon flux in the oceans have been highlighted in recent years due to increasing awareness about climate change, but the coastal ecosystem remains one of the unexplored fields in this regard. In this study, the dynamics of carbon flux in a vegetative coastal ecosystem were examined by an evaluation of net and gross ecosystem production (NEP and GEP) and $CO_2$ exchange rates (net ecosystem exchange, NEE). To estimate NEP and GEP, community production and respiration were measured along different habitat types (eelgrass and macroalgal beds, shallow and deep sedimentary, and deep rocky shore) at Gwangyang Bay, Korea from 20 June to 20 July 2007. Vegetative areas showed significantly higher ecosystem production than the other habitat types. Specifically, eelgrass beds had the highest daily GEP ($6.97{\pm}0.02g\;C\;m^{-2}\;d^{-1}$), with a large amount of biomass and high productivity of eelgrass, whereas the outer macroalgal vegetation had the lowest GEP ($0.97{\pm}0.04g\;C\;m^{-2}\;d^{-1}$). In addition, macroalgal vegetation showed the highest daily NEP ($3.31{\pm}0.45g\;C\;m^{-2}\;d^{-1}$) due to its highest P : R ratio (2.33). Furthermore, the eelgrass beds acted as a $CO_2$ sink through the air-seawater interface according to NEE data, with a carbon sink rate of $0.63mg\;C\;m^{-2}\;d^{-1}$. Overall, ecosystem production was found to be extremely high in the vegetated systems (eelgrass and macroalgal beds), which occupy a relatively small area compared to the unvegetated systems according to our conceptual diagram of a carbon-flux box model. These results indicate that the vegetative ecosystems showed significantly high capturing efficiency of inorganic carbon through coastal primary production.

Change of Groundwater-Streamflow Interaction according to Groundwater ion in a Green House Land (비닐하우스 지역의 지하수 양수에 따른 지하수-하천수 상호 유동 변화 분석)

  • Kim, Nam Won;Lee, Jeong Woo;Chung, Il Moon;Kim, Chang Hwan
    • Journal of Korea Water Resources Association
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    • v.45 no.10
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    • pp.1051-1067
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    • 2012
  • Increased use of water curtain facilities to keep green house warm during winter cultivation has been known to cause excessive groundwater ion which might lead to decline of groundwater level, resulting in streamflow depletion. Therefore it is required to quantitatively assess the effects of groundwater ion on the streamflow depletion such as magnitude and extent. The objective of this study is to assess the change of stream-aquifer interaction according to groundwater ion near stream. To this end, a green house cultivation land in Sooha-ri, Sindun-myun, Icheon-si, Gyonggi-do was selected as a field experimental site, and monitoring wells were established near and within stream to observe the water level and temperature changes over a long period of time. From the observed water level and temperature data, it was found that the river reach of interest changed to a losing stream pattern during the winter cultivation season due to groundwater level decline around pumping wells near the stream. The continuous exchange rates between stream and aquifer were estimated by plugging the observed water level data series into the experimental relation between head difference and exchange rate, showing the streamflow depletion by 16% of the groundwater pumping rate in Feb, 2011.

The effecal of irradiance during leaf development on photoinhibition in Panag ginseng C. A. Meyer

  • Parmenter, Graeme;Littlejohn, Roger
    • Journal of Ginseng Research
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    • v.22 no.2
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    • pp.102-113
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    • 1998
  • This experiment used chlorophyll fluorescence techniques to assess the effect of irradiant during leaf development on photoinhibition of photosynthesis in Panax ginseng. Seedlings of p. ginseng were grown in the 91asshouse at four shade levels. The maximum mid-day irradiant in each treatment between emergence (January 4) and completion of the experiment (February 25) was 1220, 485, 235, 125 $\mu$mol/$\textrm{m}^2$/s. To assess the rapidity of photosynthetic readaptation to changes in light levels, fluorescence parameters (Fo, F, Fm, Fm', AF/Fm;, Fv/Fm) were measured for three days before and after transfer of plants (on February 21) from each light treatment into each of the other light treatments. Before transfer, dark adapted values of Fv/Fm in the 1220 (0.699) and 485 (0.739) treatments were different from each other and lower than values in the 235 (0.764) and 125 (0.768) treatments, indicating mild photoinhibition. Patterns of change in F during the day also differed between treatments, with low light treatments tracking irradiant levels, but F in the high light treatment (1220) declined in the morning, presumably due to fluorescence quenching. Although plants grown at high irradiant had relatively low photosynthetic efficiency, relative electron transport rate was greater than in lower irradiant treatments. After transfer, plants adopted the daily pattern of change in F of the treatment to which they were moved with little change in absolute levels of F, except in plants transferred from the highest (1220) to the lowest light level (125), where F increased over the course of the three days following transfer. After plants were transferred, Fm' converged on values similar to those in plants raised in the treatments to which they were moved. Values of Fv/Fm in plants moved from low to high light declined dramatically, but there was no decline in plants from 485 moved to 1220. Values of Pv/Fm in plants that were moved from high light to lower light increased to values above those recorded in plants raised in the lower light treatments. Reductions in quantum efficiency caused by photoinhibition at high irradiant may be more than compensated for by higher electron transport rates, although evidence suggests that under high irradiant this tends to be balanced by reduced leaf area and earlier senescence. Chlorophyll fluorescence techniques appear capable of indicating effects of irradiant induced stress in ginseng, yielding results comparable to those obtained with gas exchange techniques but in less time and with greater replication.

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Errors in Net Ecosystem Exchanges of CO2, Water Vapor, and Heat Caused by Storage Fluxes Calculated by Single-level Scalar Measurements Over a Rice Paddy (단일 높이에서 관측된 저장 플럭스를 사용할 때 발생하는 논의 이산화탄소, 수증기, 현열의 순생태계교환량 오차)

  • Moon, Minkyu;Kang, Minseok;Thakuri, Bindu Malla;Lee, Jung-Hoon
    • Korean Journal of Agricultural and Forest Meteorology
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    • v.17 no.3
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    • pp.227-235
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    • 2015
  • Using eddy covariance method, net ecosystem exchange (NEE) of $CO_2$ ($F_{CO_2}$), $H_2O$ (LE), and sensible heat (H) can be approximated as the sum of eddy flux ($F_c$) and storage flux term ($F_s$). Depending on strength and distribution of sink/source of scalars and magnitude of vertical turbulence mixing, the rates of changes in scalars are different with height. In order to calculate $F_s$ accurately, the differences should be considered using scalar profile measurement. However, most of flux sites for agricultural lands in Asia do not operate profile system and estimate $F_s$ using single-level scalars from eddy covariance system under the assumption that the rates of changes in scalars are constant regardless of the height. In this study, we measured $F_c$ and $F_s$ of $CO_2$, $H_2O$, and air temperature ($T_a$) using eddy covariance and profile system (i.e., the multi-level measurement system in scalars from eddy covariance measurement height to the land surface) at the Chengmicheon farmland site in Korea (CFK) in order to quantify the differences between $F_s$ calculated by single-level measurements ($F_s_{-single}$ i.e., $F_s$ from scalars measured by profile system only at eddy covariance system measurement height) and $F_s$ calculated by profile measurements and verify the errors of NEE caused by $F_s_{-single}$. The rate of change in $CO_2$, $H_2O$, and Ta were varied with height depending on the magnitudes and distribution of sink and source and the stability in the atmospheric boundary layer. Thus, $F_s_{-single}$ underestimated or overestimated $F_s$ (especially 21% underestimation in $F_s$ of $CO_2$ around sunrise and sunset (0430-0800 h and 1630-2000 h)). For $F_{CO_2}$, the errors in $F_s_{-single}$ generated 3% and 2% underestimation of $F_{CO_2}$ during nighttime (2030-0400 h) and around sunrise and sunset, respectively. In the process of nighttime correction and partitioning of $F_{CO_2}$, these differences would cause an underestimation in carbon balance at the rice paddy. In contrast, there were little differences at the errors in LE and H caused by the error in $F_s_{-single}$, irrespective of time.

Effects of Salinity on Leaf Growth and Photosynthesis in Rice (염처리가 수도잎의 신장 및 광합성능에 미치는 영향)

  • Lee, Kang-Sae
    • KOREAN JOURNAL OF CROP SCIENCE
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    • v.36 no.1
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    • pp.22-33
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    • 1991
  • The studies aimed to distinguish between initial (ionic or osmotic) effects of salinisation on growth and the longer-term consequences of excessive salt accumulation. Tall and dwarf varieties of rice were used to provide different growth rates. There was no significant effect upon the day-to-day pattern of growth, upon the ultimate length of leaves that were developing at the time of, or shortly after, salinisation with 50 mM NaCl. Leaves that developed after prolonged exposure of the plants to salinity were shorter. Addition of NaCl, KCl or mannitol to the root medium brought about a cessation of leaf elongation within one minute. Growth at a reduced rate restarted abruptly after a lag period that depended upon the external concentration. Elongation rate recovered to its original value within 24 hours after exposure to 50 mM NaCl, though not at higher concentrations. Addition of NaCl at concentrations up to 100 mM elicited no short-term effect upon photsynthetic gas exchange. No change in turgor pressure was detectable in the growing zone with the resolution of the miniature pressure probe used (about 70 kPa). It is concluded that the initial growth reduction in rice caused by salinisation is due to a limitation of water supply. A clear distinction is made between the initial effects of salt which are recoverable, and the long-term effects which result from the accumulation of salt within expanded leaves.

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