• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.6
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• pp.47-64
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• 2014

Considering the network externality and spill-over effects, this paper constructs the theoretical model for analyzing the financial policies focusing on the credit guarantee system for Creative Economy, which has been set as the new policy paradigm for the Korean Economy. The analytical results show that it is as much as important to improve the efficiency of the financial markets and construct the infrastructure for reducing the information asymmetry problem which would be more serious in the creative finance. Although it is important to fill the gap due to the market failure it is also crucial to construct the appropriate financial schemes for the various stages of the innovative firms growth. Without these, the impacts of current public funding policies may crowd out the amount of private market funds for the innovative firms or reduce the possibility of commercialization of new technologies in these firms. Based on the evaluation of current related public policies from the perspectives of creative finance, we imply that the current financial policies appear to be quantity oriented not the quality based. Although the policy goals would be appropriately set for vitalizing the Creative Economy in Korea, they appear to be still unsuccessful to address the information asymmetry issue which is the major concern in vitalizing the creative economy. Thus we emphasize the market friendly policies, risk-sharing between the various market participants, revitalizing the relationship banking and efficient management of credit guarantee system in Korea based on the analytical model as well as the evaluation of related policies regarding the creative economy.

• Environmental and Resource Economics Review
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• v.25 no.1
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• pp.27-60
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• 2016

An integrated assessment model of climate and the economy (IAM) has been a standard tool for the economic analysis of climate change and policy recommendations. Since policy measures to address climate change take places at a national level, a regional integrated assessment model of climate and the economy (RIAM) is gaining more importance. A RIAM is a useful tool for the assessment of regional (or national) impacts of climate change. This paper investigates the main features of the currently available RIAMs. The focus is social welfare functions and the regional aspects of climate change. The comparative analysis shows that there is a huge gap between the economics of climate change and its applications to RIAMs. As an application, this paper examines the effect of social welfare functions on optimal solutions of the RICE (Regional Integrated model of Climate and the Economy) model. It is found that optimal climate policy such as carbon tax or emissions control rate is very sensitive to the assumptions on social welfare functions of RIAMs. It is better for each country to have their own RIAM as a basic tool for national climate policy-making and for international bargaining in greenhouse-gas mitigation. This is because a country's own preferences such as efficiency, equity, and sustainable development as well as national circumstances can be reflected in RIAM. The Republic of Korea has not developed its own RIAM yet. The comparative analysis and the numerical model in this paper can be a stepping stone for the development of such a national model.

• Environmental and Resource Economics Review
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• v.27 no.3
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• pp.495-520
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• 2018

Because of structural changes in the international oil market and the economy, it is widely recognized that the impact of oil shocks on the economy has weaken since the mid-1980s. This study tries to examine the validity of the recent perception about the relationship between oils shocks and the economy, estimating the time-varying effects of oil shocks on the Korean economy. The results show that the dynamic effects of oil shocks normalized to a one standard deviation has been relatively constant, in contrast to the recent perception and a number of existing studies. In addition, because the shape of impulse response functions at each point in time spanning from 1984:II to 2017:IV has not been changed significantly, it seems that the propagation mechanism of oil shocks also has not been substantially altered. These findings indicate that even though structural changes of the economy, such as the reduction in the share of oil consumption and the spread of high-efficiency energy technologies, have been rapidly progressed, it is not still enough to offset the negative effects of oil shocks. Rather, it seems that the recent perception about the shrinking effects of oil shocks is mainly due to the assumptions that do not reflect changes in the size of oil shocks. In particular, this problem appears more pronounced in the case of the typical a one standard deviation increase oil shock under homoskedasticity assumption, which is widely adopted in the most VAR analyses. Therefore, in estimating the effects of oil shocks on the economy, it is important to specify the correct model and normalization method, to reflect changes in the size of oil shocks.

• Journal of the Economic Geographical Society of Korea
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• v.12 no.4
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• pp.576-596
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• 2009

Recently the World Bank released its World Development Report 2009 (hereafter WDR 2009) with the title 'Reshaping Economic Geography.' In the report, the Korean experience in regional development policy was highly praised. Also, the current government has been trying to reshape the regional development policy in view of 5+2 Economic Regions. The main theme of this paper is how to establish the highly valueadding economic system and how to deal with scale economies for regional development. In this paper these tasks in Korea's regional policy were discussed with reference to the WDR 2009. Enhancing the density of the central city of each Economic Region, reducing the economic distance between cities and rural areas, and getting rid of the barriers to cooperation between provinces are the keys for the efficiency and the effectiveness of the regional policy. In addition, strengthening the national solidarity through collaborative development of 5+2 Economic Regions still remains as one of the major tasks of the Korean government.

• Transactions of the Korean Society of Automotive Engineers
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• v.20 no.1
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• pp.147-154
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• 2012

The number of vehicles applied diesel engine are rapidly rising for fuel economy. Accompanying this trend, application of an after-treatment system is strictly required as a result of reinforced emission regulation. The Diesel Particulate Filter (DPF) system is considered as the most efficiency method to reduce particulate matter (PM) by car makers but also in retrofit market. In recently, various kinds of partial flow DPF are widely used for proper filtration performance and reducing of pressure drop but it is difficult to define the characteristics of these filters because the filtration mechanism is obscure according to the status of these systems. In this paper we investigated the characteristics of cell open type DPF according to the status of filter especially, PM loading. The PM loading mass in the p-DPF are predicted from increase of differential pressure of DPF and the trend of filtration efficiency so that we can measure filtration efficiency and Balance Point Temperature (BPT) of this p-DPF according to PM loading.

• Journal of Power System Engineering
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• v.13 no.4
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• pp.11-17
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• 2009

This paper deals with the effects of pulsating flow on volumetric efficiency, which may be generated during the gas exchange procedure, due to piston motion, valve event on intake and exhaust stroke and unsteady flow of turbocharger of a three-cylinder four stroke turbo-charged diesel engine. Consequently, volumetric efficiency affects significantly the engine performance; torque characteristics, fuel economy and further to emission and noise level. As the expansion ratio became larger the engine speed varies and torque increases, the pressure pulsation in an exhaust gas pipe acts as an increasing factor of intake air charging capacity totally. The phase and amplitude of pressure pulsation in the intake system only affects volumetric efficiency favorably, if it is well matched and tuned effectively to the engine. Thus, to verify the exact phase and amplitude of the pressure variation is the ultimate solution for the air-flow ratio assessment in the intake stroke. Some experimental results of pressure diagrams in the intake pipe and gas-flow of turbine in-outlet are presented, under various kinds of operating condition.

• The Journal of Industrial Distribution & Business
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• v.10 no.1
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• pp.9-17
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• 2019

Purpose - Urban agglomeration construction is one of national strategic plans to accelerate the development of industrialization and urbanization in China, which has threatened the eco-environmental quality at the same time. This paper selected the urban agglomeration in the middle reaches of the Yangtze River as the research area. Research design, data, and methodology - The the slack-based measurement (SBM) model considering undesirable outputs is applied to measure the eco-efficiency of this urban agglomerations during 2006-2015. Results - The empirical results show that average eco-efficiency of the urban agglomeration in the middle reaches of the Yangtze River is 0.595. Regional ecological development is unbalanced. The highest eco-efficiency is recorded at Wuhan Metropolitan Area, and the lowest one is at the Changsha-Zhuzhou-Xiangtan City Group. Energy consumption and waste dust emissions are the key factors led to ecological inefficiency. Based on this, potentials for energy saving and waste dust reducing are calculated. Conclusions - Finally, this study provides policy implications targeted to promote the coordinating development of economy and eco-environment under the construction of urban agglomeration.

• Journal of Power Electronics
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• v.5 no.4
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• pp.305-311
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• 2005

Throughout the world, studies on the water energization are currently under way. Of those, Brown gas, which is generated through the electrolyzation of water and is a mixed gas of the constant volume of 2 parts hydrogen to 1 part oxygen, has better characteristics in terms of economy, energy efficiency, and environmental affinity than those of acetylene gas and LPG (Liquefied Petroleum Gas) used for existing welding machines. This paper analyzes the characteristics of Brown gas and presents methods for increasing the generating efficiency of Brown gas by designing a power supply to deliver power to a water-electrolytic cell and designing a cylindrical electrode to improve the efficiency of the electrolyzer needed for water electrolyzation. Based on the above the methods, a welding machine using Brown gas is developed. And the generation efficiency of Brown gas is measured tinder different conditions (duty ratio, frequency and amplitude) of supplied power.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.7
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• pp.53-62
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• 2022

Commercial banks have a significant impact on the economy of Vietnam because they provide the majority of transactional capital. Therefore, the operational efficiency of commercial banks is a viral topic for the study of the Vietnamese banking system. The research aims to examine the efficiency and inefficiency of joint-stock commercial banks in Vietnam from 2016 to 2020 and then classify them into the efficient group and inefficient group. The study employs the time series data of 29 joint-stock commercial banks during the period 2016-2020. Based on the data collected from the annual audited financial statements of 29 Vietnamese joint-stock commercial banks, the authors select input and output variables for the standard DEA models and anti-efficient DEA models. This research uses two stages, first, by applying the standard DEA model, we investigate the efficient banks; second, by employing the anti-efficient DEA model, we find out the inefficient banks. The results reveal that the average efficiency score of 29 joint-stock commercial banks tends to increase in the period 2016-2018 and decrease gradually in the period 2019-2020. The findings of this study suggest that several small and medium-sized banks in the Vietnamese banking sector have both promising and risky performances and the efficiency of state-owned commercial banks has also improved significantly during the study period.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.9
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• pp.133-140
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• 2016

The Ministry of Land, Infrastructure and Transport has introduced low-floor buses, which are convenient for passengers getting on and off the bus and for the handicapped. The standard bus model is 11 m long and uses compressed natural gas (CNG). However, this model has drawbacks in narrow rural road conditions such as those in farming and fishing villages and mountainous areas, as well as difficulty in refueling since CNG facilities are not readily available. In this study, running resistance values were obtained by coasting performance tests on actual roads using a Tata Daewoo LF-40 model with three different weight conditions: curb vehicle weight (CVW), half vehicle weight (HVW), and gross vehicle weight (GVW).The test methods include WHVC, NIER-06, and constant-speed driving at 60 km/h. These tests were used to measure the fuel economy of vehicles other than the target vehicles to obtain the combined fuel economy. The energy efficiency was highest in the case of CVW. In the WHVC mode, the fuel consumption rates of HVW and GVW were typically 3.5% and 12% higher than that of CVW, respectively. In constant-speed driving, the fuel efficiency of HVW was higher than that of CVW. Further research is required to analyze the exhaust gas data.