• The Korean Journal of Financial Management
• /
• v.27 no.1
• /
• pp.1-30
• /
• 2010

This paper tested the lead-lag relationship as well as the symmetric and asymmetric volatility spillover effects between international currency futures markets and cash markets. We use five kinds of currency spot and futures markets such as British pound, Australian and Canadian dollar, Brasilian Real and won/dollar spot and futures markets. daily closing prices covering from September 15, 2003 to July 30, 2009. For this purpose we employed dynamic time series models such as the Granger causality based on VAR and time-varying MA(1)-GJR-GARCH(1, 1)-M. The main empirical results are as follows; First, according to Granger causality test, we find that the bilateral lead-lag relationship between the five countries' currency spot and futures market. The price discover effect from currency futures markets to spot market is relatively stronger than that from currency spot to futures markets. Second, based on the time varying GARCH model, we find that there is a bilateral conditional mean spillover effects between the five currency spot and futures markets. Third, we also find that there is a bilateral asymmetric volatility spillover effects between British pound, Canadian dollar, Brasilian Real and won/dollar spot and futures market. However there is a unilateral asymmetric volatility spillover effect from Australian dollar futures to cash market, not vice versa. From these empirical results we infer that most of currency futures markets have a much better price discovery function than currency cash market and are inefficient to the information.

• The Korean Journal of Financial Management
• /
• v.26 no.2
• /
• pp.155-180
• /
• 2009

This study is to estimate and compare hedging effectiveness in emerging currency and advanced currency futures markets. Emerging currency futures includes Korea won, Mexico peso, and Brazil real and advanced currency futures is Europe euro, British pound, and Japan yen. Hedging effectiveness is measured by comparing hedging performance of the naive hedge model, OLS model, error correction model and constant condintional correlation bivariate GARCH(1, 1) hedge model based on rolling windows. Analysis data is used daily spot and futures rates from January, 2, 2001 to March. 10, 2006. The empirical results are summarized as follows : First, irrespective of hedging period and model, hedging using Korea won/dollar futures reduces spot rate's volatility risk by 97%. Second, Korea won/dollar futures market produces the best hedging performance in emerging and advanced currency futures markets, i.e. Mexico peso, Brazil real, Europe euro, British pound, and Japan yen. Third, there are no difference of hedging effectiveness among hedging models.

• Journal of Digital Convergence
• /
• v.11 no.8
• /
• pp.191-197
• /
• 2013

In this paper, we implemented a paper currency recognition system using IR(infrared) sensor. The system has 32 channel IR sensor to measure the reflection and penetration quantity of light. The IR image of paper currency of 10-bit gray scale is used to differentiate the real and counterfeit paper currency with image information from 0 to 4095. The characteristics of IR image are recognized by brightness and darkness and the positions of bright and dark portions are different between real and counterfeit paper currency. The price of IR sensors were relatively high, however, it is good price in these days due to mass production to apply to counterfeit detection area. We used a software table having the IR characteristics of real paper currency to compare with the IR images of the input paper currency. The performance of the implemented system shows 1-2% error rates for Euro real paper currency and 0% error rates for various counterfeit paper currencies of several countries.

• The KIPS Transactions:PartB
• /
• v.9B no.4
• /
• pp.471-480
• /
• 2002

In this paper, we implemented a real-time system improving the performance of the paper currency discrimination by integrating a weighted region of interest matching algorithm with a weighted shape feature matching algorithm of the blocked image. The system classifies the paper currency by comparing a query image with compared images based on the database that contain images of paper currency. Especially, the system has good efficiency at the contaminated, rotated, and translated paper currency. The system hardware consists of three parts as follows : the paper currency image acquired by CIS(contact image sensor) is applied to the pre-processing part with A/D converter and PLD. Finally the pre-processed image data are classified by the main image processing part with a high-speed DSP based on the proposed algorithm.

• Restorative Dentistry and Endodontics
• /
• v.18 no.2
• /
• pp.469-481
• /
• 1993

The purpose of this study was to achieve the reduction of the galvanic current between the dental amalgam alloy and gold alloy. In order to measure the galvanic current between these two metals a prep in the size of $4{\times}13mm$ which was filled with amalgam and another prep of $4{\times}2mm$ was filled with gold alloy was made in the acrylic resin. These two preps were then connected to a 2mm diameter copper wire. Using an ammeter to measure the galvanic current, six different kinds of amalgam and gold alloy were immersed in saline solution with approximately 10mm distance between the two alloys. Chemical agents that are thought to reduce the galvanic current such as hydrazine. silver nitrate, potassium chromate, and bonding agents such as Scotch bond 2(3M) and All bond 2(Bisco) were applied to the alloy surface. Cathodic inhibitor such as hydrazine was applied to gold alloy where as anodic inhibitor such as silver nitrate and potassium chromate were applied to amalgam. Both bonding agents, Scotch bond 2(3M) and All bond 2 (Bisco), were applied to amalgam. The following results were obtained when the currency on the coated alloy surface was compared to the uncoated surface. 1. The galvanic currency went down as the time elapsed and after 30 minutes no change was detected. 2. Initial currency was higher in low copper amalgam compared to high copper amalgam. Intitial currency was the highest in low copper lathe-cut amalgam. 3. Group of gold coated with hydrazine had the most reduction in galvanic currency. 4. Group of amalgam coated with silver nitrate or potassium chromate also showed significant reduction in galvanic currency. 5. The bonding agents also helped reduce galvanic currency. 6. Of all the agents used to reduce galvanic currency, silver nitrate showed the best result.

• Journal of Digital Convergence
• /
• v.18 no.7
• /
• pp.93-99
• /
• 2020

Text mining is one of the big data analysis methods that extracts meaningful information from atypical large-scale text data. In this study, text mining was used to monitor citizens' opinions on the policies and systems being implemented. We collected 5,108 newspaper articles and 748 online cafe posts related to 'Gyeonggi Lacal Currency' and performed frequency analysis, TF-IDF analysis, association analysis, and word tree visualization analysis. As a result, many articles related to the purpose of introducing local currency, the benefits provided, and the method of use. However, the contents related to the actual use of local currency were written in the online cafe posts. In order to revitalize local currency, the news was involved in the promotion of local currency as an informant. Online cafe posts consisted of the opinions of citizens who are local currency users. SNS and text mining are expected to effectively activate various policies as well as local currency.

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

• International Area Studies Review
• /
• v.21 no.4
• /
• pp.141-158
• /
• 2017

The purpose of this study is to firstly estimate the inflation rate of North Korea using relative purchasing power parity. Most of the existing studies use North Korean rice prices as proxy to explain changes in North Korean prices. In this study, North Korea's price was estimated by applying purchasing power parity, which was used to estimate the price of socialist countries in the past, to North Korea. Second, it analyzes the impact of North Korea's price inflation after the institutional change of currency reform. We looked at the movements of North Korean prices after the institutional change of currency reform and compared it with the post-monetary reform of other socialist countries. We examine the impact of currency reform on North Korea, focusing on the price. As a result, after the currency reform in 2009, North Korea experienced hyperinflation. The North Korean inflation rate in the model was 3,010.0% in 2010, 195.0% in 2011, 68.0% in 2012 and 48.3% in 2013. After the currency reform of North Korea, the inflation rate is much higher than the socialist countries such as China and Vietnam who had experienced currency reform before. North Korea's monetary reforms are considered to have failed because of the side effects of hyperinflation.

• Journal of Koreanology Reviews
• /
• v.1 no.1
• /
• pp.37-49
• /
• 2022

The purpose of this study is to discuss how Dongi People in ancient societies resided in the region including the Korean Peninsula shaped its economy, what kind of currency was used, and their economic activities using this currency. This study started from a skeptical point of view that the Dongi People were conducting economic activities with the currency used in the country made by the Jina People before and after the Gojoseon society. Currently, in China, all currencies issued in China are treated as their own currency. It is due to subjective interpretation from a nationalist point of view. Japan subjectively interprets and judges from a Japanese point of view and North Korea judges from the central point of view on the Korean Peninsula. This difference is due to the subjective interpretation from the researcher which has been affected by their associating academic area. This has caused the lack of objectivity. In other words, it means that there is a big difference in the perception of the interpretation of history between different academic areas. This study, therefore, tried to avoid the application of biased concept or academic research in order to define the distribution economics more objectively by conducting the study based on the literature sources from Chinese ancient books and field research materials as much as possible, as the study and research conducted based on the domestic sources are insufficient in the sense that there is a gap between different perceptions and interpretations. As a conclusion of this study, the excavation area of Myeong-do-jeon is perfectly consistent with the old river area of Gojoseon, and in particular, considering Gojoseon was in the hostile relationship with Yan, it was found that only Myeong-do-jeon was used without using any other Chinese currency in the entire Gojoseon area, not just some areas. It is also a decisive clue to prove that it is not the Yan currency. The limitation of this study in developing the discussion different from the current research and study is that there was a lack of exploration and investigation of various documents and relics. For future research, this study will become more meaningful when it is conducted simultaneously with the discovering of new documents as well as the relics.

• East Asian Economic Review
• /
• v.18 no.2
• /
• pp.111-142
• /
• 2014

We examine whether country fundamentals help explain the cross-section of currency excess returns. For this purpose, we consider fundamental variables such as default risk, foreign exchange rate regime, capital control as well as interest rate in the multi-factor model framework. Our empirical results show that fundamental factors explain a large part of the cross-section of currency excess returns. The zero-intercept restriction of the factor model is not rejected for most currencies. They also reveal that our factor model with country fundamentals performs better than a factor model with usual investment-style factors. Our main empirical results are based on 2001-2010 balanced panel data of 19 major currencies. This paper may fill the gap between country fundamentals and practitioners' strategies on currency investment.