• Journal of the Korea Society of Computer and Information
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• v.26 no.3
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• pp.59-67
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• 2021

Blockchain technology began in 2008 when an unidentified person named Satoshi Nakamoto proposed a cryptocurrency called Bitcoin. Satoshi Nakamoto had distrust of the existing financial system and wanted to implement a financial system that is robust against hacking or mannipulation without a middleman such as a bank through blockchain technology. Satoshi proposed a blockchain as a technology to prevent the creation of the bitcoin and forging of transactions, and through this, the functions of issuance, transaction, and verification of currency were implemented. Since then, Ethereum, a cryptocurrency that can implement the smart contract on the blockchain, has been developed, allowing financial products that require complex contracts such as deposits, loans, insurance, and derivatives to be brought into the area of cryptocurrency. In addition, it is expanding the possibility of substituting products provided by financial institutions through combination with real assets. These applications are defined as Decentralized Finance (DeFi). This paper was prepared to understand the overall technical understanding of DeFi and to introduce the services currently in operation. First, the technologies and ecosystems that implement the overall DeFi are explained, and then the representative DeFi services are categorized by feature and described.

• Journal of Digital Convergence
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• v.19 no.3
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• pp.161-166
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• 2021

The macroeconomic concept represents the movement of a country's economy, and it affects the overall economic activities of business, government, and households. In the macroeconomy, by looking at changes in national income, inflation, unemployment, currency, interest rates, and raw materials, it is possible to understand the effects of economic actors' actions and interactions on the prices of products and services. The US Federal Reserve System (FED) is leading the world economy by offering various stimulus measures to overcome the corona economic recession. Although the stock price continued to decline on March 20, 2020 due to the current economic recession caused by the corona, the US S&P 500 index began rebounding after March 23 and to 3,694.62 as of December 15 due to quantitative easing, a powerful stimulus for the FED. Therefore, the FED's economic stimulus measures based on macroeconomic indicators are more influencing, rather than judging the stock price forecast from the corporate financial statements. Therefore, this study was conducted to reduce losses in stock investment and establish sound investment by analyzing the FED's economic stimulus measures and its effect on stock prices.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.26 no.8
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• pp.1148-1157
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• 2022

In 2019, COVID-19 changed many people's lives. Among them, metaverse supports non-face-to-face services through various methods, replacing daily tasks. This phenomenon was created and formed like a culture due to the prolonged COVID-19. In this paper, the fun elements used in the existing game were organized to find out the fun factors of the metaverse, and the items and contents were reclassified according to the metaverse with five experts. Classification was classified using reproducibility, sensory fun [graphic, auditory, text, manipulation, empathy, play, perspective], challenging fun [absorbedness, challenging, discovery, thrill, reward, problem-solving], imaginative fun [new story, love, freedom, agency, expectation, change], social fun[rules, competition, social behavior, status, cooperation, participation, exchange, belonging, currency transaction], interactive fun[decision making, communication sharing, hardware, empathy, nurturing, autonomy], realistic fun[sense of unity in reality, easy of learning, adaptation, intellectual problems solving, pattern recognition, sense of reality, community], and creative fun[application, creation, customizing, virtual world].

• Journal of Korea Trade
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• v.25 no.1
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• pp.34-46
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• 2021

Purpose - This paper aims to analyze the impact of the terms of trade, export price, and import price on the Korean economy (that is, real GDP, CPI, money market rate, and real effective exchange rate), and vice versa in the simple vector autoregression. Design/methodology - We impose two assumptions, i.e., diagonality and bloc exogeneity, to correctly identify the impact of a factor to the others in the structural equation. With two contemporaneous assumptions in the structural VAR, this paper investigates the impacts of the terms of trade on the Korean economy and vice versa. Findings - Impulse responses to the shocks in the terms of trade and Korean economy show that 1) an impact of the terms of trade on the economy is different in export prices and in import prices. A higher export price is beneficial to the economy while a higher import price hurts the economy, and 2) an increase in real effective exchange rate and in interest rate constrains domestic production and lowers consumer prices. Originality/value - Unlike the conventional perception that a depreciation of a currency would promote exports and domestic production at the price of inflation, our result shows the opposite, and 3) real GDP and consumer prices are positively correlated. That is, an increase in real GDP does not only cause inflation, but an increase in consumer prices also promote domestic production. Yet, the only difference is that export prices and import prices end up higher with an increase in real GDP, but lower with inflation.

• The Journal of Fisheries Business Administration
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• v.53 no.2
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• pp.21-41
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• 2022

The effect of change in exchange rates on an economy is very important, especially, to a small open economy like South Korea. I explore whether Free Trade Agreements (FTAs) have positive influences on exchange rate-pass through import price of import market for fishery products in South Korea. Competition among FTA partners is enhanced after FTAs are effective. I expect that the extent to which are exchange rate pass-through (hereafter, ERPT) into import price of fishery products (in terms of Korea currency) would be reduced since the import market for fishery products in South Korea is an oligopolistic market. Specifically, I investigate two research questions with six South Korea's FTA partners-Norway, Thailand, Peru, U.S., China and Vietnam. First, whether the extent to which are exchange rate pass-through into import price of fishery products from six FTA partners would decrase in the post-FTA era; seconds, the size of reduction has a negative relation with the size of their market share in the import market for fishery products in South Korea if it decreases. The empirical results indicate that the degree of ERPT into import price from other FTA partners than Norway has been reduced after FTA, statistically and significantly; however, I do not find the evidence that the size of reduction is related to their market share. The findings in this study imply that FTAs have negative effects on producers' economic welfare in South Korea's fishery industry by reducing the extent to which are exchange rate pass-through as well as reducing tariff barriers.

• The Journal of the Convergence on Culture Technology
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• v.7 no.4
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• pp.577-582
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• 2021

This study was conducted to find ways to restore the domestic medical tourism industry, which was seriously hit by a sharp drop in foreign patients after the COVID-19 Pandemic. Kendall's W verification was used by asking expert panel for keyword advice by ranking. The conclusion of the study is that institutions attracting foreign patients need an opportunity to turn the crisis situation into an opportunity by expanding treatment for severe foreign patients. In addition, it is possible to gain familiarity and trust in hospitals in situations where it is difficult to visit overseas through virtual and augmented reality, and to prevent the risk of infection and protect patients in the untact era. In addition, the blockchain can maintain patient information supplementation, share it safely, minimize customer inconvenience by using payment means using virtual currency, and finally, smart healthcare can manage and provide information to patients regardless of location.

• Clean Technology
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• v.16 no.3
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• pp.229-237
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• 2010

The industrial ecology indicators(IEI) for Yeosu Industrial Park were developed using eco-efficiency indicator(EEI). The key factors for the creation of IEI were two parts. One part is the value of the products which is selected as the total production value, the amount of ethylene production, the amount of light oil production instead of the total sales volume for Yeosu Industrial Park, since the currency exchange and the price of raw materials varied every year. The other part is the environmental burden. The electric consumption, the industrial water consumption, and the amount of discharged waste water are all officially opened to the public, were used in the calculation. Based on the value for the year of 2004, the IEI value for 2006 became worse to 0.954, but, was expected to be 1.153, a 15% improvement, for 2015 if the current EIP project is successfully performed.

• Journal of Korea Trade
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• v.27 no.2
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• pp.96-114
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• 2023

Purpose - This paper elucidates a nexus between the occurrence of rare disaster events and the volatility of economic growth by distinguishing the likelihood of rare events from stochastic volatility. We provide new empirical facts based on a quarterly time series. In particular, we focus on the role of financial liberalization in spreading the economic crisis in developing countries. Design/methodology - We use quarterly data on consumption expenditure (real per capita consumption) from 44 countries, including advanced and developing countries, ending in the fourth quarter of 2020. We estimate the likelihood of rare event occurrences and stochastic volatility for countries using the Bayesian Markov chain Monte Carlo (MCMC) method developed by Barro and Jin (2021). We present our estimation results for the relationship between rare disaster events, stochastic volatility, and growth volatility. Findings - We find the global common disaster event, the COVID-19 pandemic, and thirteen country-specific disaster events. Consumption falls by about 7% on average in the first quarter of a disaster and by 4% in the long run. The occurrence of rare disaster events and the volatility of gross domestic product (GDP) growth are positively correlated (4.8%), whereas the rare events and GDP growth rate are negatively correlated (-12.1%). In particular, financial liberalization has played an important role in exacerbating the adverse impact of both rare disasters and financial market instability on growth volatility. Several case studies, including the case of South Korea, provide insights into the cause of major financial crises in small open developing countries, including the Asian currency crisis of 1998. Originality/value - This paper presents new empirical facts on the relationship between the occurrence of rare disaster events (or stochastic volatility) and growth volatility. Increasing data frequency allows for greater accuracy in assessing a country's specific risk. Our findings suggest that financial market and institutional stability can be vital for buffering against rare disaster shocks. It is necessary to preemptively strengthen the foundation for financial stability in developing countries and increase the quality of the information provided to markets.

• Journal of Korea Trade
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• v.27 no.2
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• pp.47-60
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• 2023

Purpose - This paper assesses the trade potential and efficiency of Korea and China in the aquatic products trade. Trade efficiency and potential are the main factors that affect the growth of a country's trade. In this study, a time-varying stochastic frontier trade gravity model was constructed to analyze the trade potential and efficiency between Korea and China. By integrating the results of trade theory and empirical analysis, measures and suggestions were proposed to encourage the release of trade potential of fish exports between Korea and China. Design/methodology - In this paper, GDP per capita instead of economic size was chosen as an explanatory variable, and population size and relative distance were selected as explanatory variables to measure trade potential. For trade non-efficiency terms, regional organizations, political factors, and economic factors were mainly considered, and variables such as free trade agreements, political stability, regulatory quality, government efficiency, currency freedom, investment freedom, financial freedom, and trade freedom were selected. Panel data for South Korea and 14 aquatic products trading partners (including China) from 2002 to 2020 were used in the empirical analysis. Findings - In the past 19 years, South Korea's export trade potential of aquatic products to China has never been lower than 70%. It was above 90% from 2006 to 2018, and has been at a high level for a long time. This shows that China's aquatic product market has large potential for development. Originality/value - This study examines the effectiveness and potential of South Korea's exports of aquatic items to China in a methodical and comprehensive empirical manner. The evaluation of the export trade potential of South Korea's aquatic goods to China is more precise when the effects of regional organization, political, and economic variables are taken into account in the trade non-efficiency term of the stochastic frontier gravity model. At the same time, we propose to increase the scale of South Korea's aquatic products trade from the perspective of China's demand. This issue of trade studies is underexplored both empirically and in theory, although the issue has long been important to Korean and world trade.

• KIPS Transactions on Computer and Communication Systems
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• v.12 no.5
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• pp.165-170
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• 2023

With the recent rise of blockchain technology, cryptocurrency platforms using it are increasing, and currency transactions are being actively conducted. However, crimes that abuse the characteristics of cryptocurrency are also increasing, which is a problem. In particular, phishing scams account for more than a majority of Ethereum cybercrime and are considered a major security threat. Therefore, effective phishing scams detection methods are urgently needed. However, it is difficult to provide sufficient data for supervised learning due to the problem of data imbalance caused by the lack of phishing addresses labeled in the Ethereum participating account address. To address this, this paper proposes a phishing scams detection method that uses both Trans2vec, an effective graph embedding techique considering Ethereum transaction networks, and semi-supervised learning model Tri-training to make the most of not only labeled data but also unlabeled data.