• International Area Studies Review
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• v.14 no.1
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• pp.203-219
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• 2010

Nowadays an instability of the exchange rate on accounts of global finance crisis brings on a lot of an economic damage such as recession, decreasing of total trade and so on. However some countries which belong to be membership of the eurozone could escape economic slump shortly and easier than others. The reason for this is that they share with the Euro as a their own currency which is the second vehicle currency all of the world. This paper analyzes the correlation of joining the Euro zone and trade with pooled OLS, random effect estimation, and fixed effect estimation. A membership of the Euro zone are able to increase trade 11.3% ~ 25.3% one another on average since some country belongs to the Euro zone. It is very important for some countries which have a plan to affiliate the Euro zone sooner or later to realize economic effect because of a protection of the Euro zone as well as political power.

• East Asian Economic Review
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• v.21 no.4
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• pp.317-342
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• 2017

The US dollar has kept as a position of key currency in the global economy in the changing international monetary system where the euro was introduced to some states of the EU in 1999. It is an evidence of inertia of the US dollar as a key currency. Our previous study (Ogawa and Muto, 2017b) conducted empirical analysis to investigate effects of several events on inertia of the US dollar. One of our findings was that the introduction of the euro increased utility of euro while utility of US dollar was kept unchanged. This paper examines the effects of the global financial crisis and the euro zone crisis as well as the introduction of the euro on the utility of the Japanese yen. The introduction of the euro significantly decreased the utility of the Japanese yen. It indicates that the introduction of the euro increased the utility of the euro while reducing the utility of the Japanese yen rather than the utility of the US dollar. The utility of the Japanese yen has significantly decreased while the global financial crisis and the euro zone crisis occurred. The Japanese yen has a declining trend in terms of its utility over time in the changing international monetary system.

• The Journal of Churna Manual Medicine for Spine and Nerves
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• v.13 no.2
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• pp.47-63
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• 2018

Objectives : The purpose of this study was to analyze the effects of lumbar spinal herniated intervertebral Disc on MRI accompanying or not High-intensive zone(HIZ) by Korean Medical Combination Treatment Methods : 324 patients who received inpatient treatment from January 2017 to September 2017 in the Daejeon-Jaseng of Korean Medicine Hospital were divided into 2 groups by High-intensive zone(HIZ) confirmed with a Lumbar spine magnetic resonance imaging. All patients received a combination of treatment including acupunture, chuna manual therapy, pharmacopunture, herbal medication. They were compared and analyzed on the basis of improvement between measuring Numeric Rating Scale (NRS), Oswestry Disability Index (ODI), EuroQol-5 Dimension Index (EQ5D Index), physical examination as they were hospitalized and as they were discharged. The statistically significance was evaluated by SPSS 18.0 for windows. Results : After treatment, Numeric Rating Scale (NRS), Oswestry Disability Index (ODI), EuroQol-5 Dimension Index (EQ5D Index), physical examination was improved respectively. But there was no statistically significance between 2 group's improvement after treatment. Conclusions : After inpatient treatment by Korean Medical Combination Treatment, Most patient's pain, disability and Health Related Quality of Life was improved significantly. But there was no statistically difference between accompanying or not High-intensive zone(HIZ). So We think that future research of higher quality and correct statistics shall be necessary.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.6
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• pp.43-54
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• 2020

This paper investigates the causal impact of the increase in institutional distance between two geographic regions on the flow of cross-border Venture Capital (VC) between the regions. While cross-border VCs are believed to have competitive advantages at identifying and managing promising startups in a local market compared to local counterparts, the discrepancy in institutional characteristics between two markets exacerbates the difficulty of credible information exchange and negotiation, significantly increasing transaction cost related to a cross-border venture capital investment. This study conducts a difference-in-difference analysis to examine the relationship between institutional distance and the flow of cross-border VC investment using the fact that the official adoption of the Euro currency by member countries of the European Union except the UK created an institutional chasm between the UK and other EU member countries. The outcomes of the analysis suggests that UK-based VCs significantly decreased the VC investment into EU-based startups and that EU-based VCs reduced the investment into UK-based startups. The results have meaningful implications for understanding the impact of the change in institutional difference on cross-border VC investment, which seems to increasingly take place with the recent trend of de-globalization and the rise of protectionism.

• Analyses & Alternatives
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• v.7 no.3
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• pp.181-230
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• 2023

Evaluating the empirical validity of Modern Monetary Theory, this study implements panel cointegration analysis on annual panel data (2000-2022) of OECD countries. Specifically, the sample countries are divided into groups based on the presence of their own sovereign currencies, and for each group, the long-run equilibrium relation (cointegration) between the ratio of public debt or fiscal deficit and government bond rates is tested and estimated. Main findings are as follows: applying the pooled mean-group estimation for panel cointegration, it is found that both the ratios of public debt and fiscal deficit have significantly positive long-run correlation with government bond rates in countries without sovereign currency such as the Euro-zone or fixed exchange rate regime countries. However, in countries with sovereign currency such as non-Euro-zone or floating exchange rate regime countries, the long-run correlation is either negative or not statistically significant. Particularly, in countries without sovereign currency, the ratio of public debt has significantly positive correlation with the real government bond rates in the short run as well as the long run. These results are consistent with the prediction of Modern Monetary Theory, thus providing a supporting evidence for the empirical validity of the theory.

• International Journal of High-Rise Buildings
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• v.3 no.1
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• pp.65-71
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• 2014

Baku, the capital of Azerbaijan, has seen a boom in construction in recent years. The old Baku city has been rapidly transforming into a new hub of high-rise buildings and lively cultural centers hosting the Euro Vision Song Contest in 2012 and European Games in 2015. A major population shift to Baku from its suburbs and the countryside has resulted in the doubling of Baku's population in the 4 years between 2009 and 2013. As of January 2013, Baku's population reached four million people, 43% of the citizens in Azerbaijan according to The State Statistical Committee of Azerbaijan. With this trend, the city needs more high-rise buildings to accommodate rapidly increasing demands for more housing and business space. Until the Azerbaijan Seismic Building Code was published in 2010 and became effective, many different seismic criteria, in terms of building codes and seismic intensities, were used for all new high-rise projects in Baku. Some designers used the SNIP (Russian) code with seismic level 9 or level 8 with 1 point penalty. Others used the Turkish code with Seismic Zone 1, UBC 97 with Zone 2 through 4, or IBC with Sa = 0.75 g through 1.0 g. The seismic intensity is now clarified with the Azerbaijan Seismic Building Code. However, the Azerbaijan Seismic Building Code is appropriate for low-rise buildings applications but may be inappropriate for high-rise project applications. This is because the code-defined response spectrum yields unrealistically conservative seismic forces for high-rise buildings with long periods, as compared to those determined by other internationally accepted building codes. This paper provides observations and recommendations for code-based seismic load assessment of high-rise buildings in the Baku area.

• Health Policy and Management
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• v.29 no.3
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• pp.312-322
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• 2019

Background: Since 2003, Korea has consistently shown the highest suicide rate among the Organization for Economic Cooperation and Development countries, and suicide remains the major cause of death. In particular, men are 2-3 times more likely to commit suicide than women, which called the 'gender paradox of suicide.' The areas with frequent suicide have spatially clustered patterns because suicide with a social contagion spreads around the neighborhood. The purpose of this study was twofold. The first was to estimate the hotspot areas of age-standardized male suicide mortality from 2008 to 2015. The second was to analyze the relationship between the hotspot areas and the regional characteristics for study years. Methods: The data was collected through the Korean Statistical Information Service. The study areas were 227 si gun gu administrative districts in Korea. The hotspot area was used as a dependent variable. Socio-demographic variables (number of marriages per 1,000 population, number of divorces per 1,000 population, and urbanization rate), financial variables (financial independence and social security budget), and health behaviors (EuroQol-5 dimension [EQ-5D], and depression experience rate) were used as independents variables. Results: The hotspot areas were commonly located in Gangwon-do, Chungcheongnam-do, Gyeongsangbuk-do, and Chungceongbuk-do. According to the results of panel logit regression, the number of divorces per 1,000 population, social security budget, and EQ-5D were statistically significant variables. Conclusion: The results of hotspot analysis showed the need for establishing a prevention zone of suicide using hotspot areas. Also, medical resources could be considered to be preferentially placed in the prevention zone of suicide. This study could be used as basic data for health policymakers to establish a suicide-related policy.

• Journal of Korean Society of Steel Construction
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• v.15 no.1
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• pp.25-31
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• 2003

This research aimed to experimentally and theoretically investigate the moment strength of deck plates. A moment experiment was carried out using a full-scale 14 specimen. To prevent local buckling, the point load was applied at 1/4 points. After the experiment, theoretical analysis was conducted and the differences between various codes were identified. The experimental results were compared with AISI (the American Iron and Steel Institute), EC (Euro Code) 3, and KS (Korea Standard) codes. Analysis results are summarized as follows: (1) the failure mode was influenced by local buckling at the midpoint of the beam and/or at the intermediate loading point: (2) if yielding first occurred at the tension side, the moment strength would increase as the plastic reservation of the tension zone acted: (3) the experimental results were closest to the EC3 codes in which the partial plastic reservation was considered; (4) statistical evaluation based on the EC3 Annex Z showed that the partial resistance safety coefficient calculated applying to the EC3 formula, $^{\circ}{_M}$, was placed within 1.1 which was the target value of EC3 code; and (5) the analytical power of AISI and KS codeswere expected to improve into the level of EC3 codes if the concept of plastic reservation of the tension side would be introduced to them.

• Journal of Chest Surgery
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• v.43 no.5
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• pp.490-498
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• 2010

Background: A hybrid procedure using an open surgical extra-anatomic bypass of aortic arch vessels and thoracic endovascular aortic repair (TEVAR) is less invasive than open surgery, and provides a suitable proximal landing zone. Here we report our experience with a hybrid TEVAR procedure at a single center. Material and Method: We retrospectively reviewed consecutive patients with thoracic aortic disease who received a hybrid TEVAR procedure between August 2008 and January 2010. Patients' data were prospectively collected and mean follow-up was $10.8{\pm}5.5$ months (range 3~20). Result: Nine patients (7 males and 2 females) with a mean age of $63.8{\pm}15.8$ years (range 38~84) underwent a hybrid procedure. Five patients had an arch or a proximal descending aortic aneurysm, two had a dissecting aneurysm of the descending aorta, and two had an aneurysm of the ascending arch and descending aorta. Mean expected mortality calculated by logistic EuroSCORE was 21%. Six patients underwent debranching and rerouting from ascending aorta to arch vessels, 2 had carotid-carotid bypass grafting, and 1 underwent carotid-axillary bypass grafting. Mean operation time was $221.4{\pm}84.0$ min (range 94~364). Deployment success of endovascular stent grafting was 100% with no endoleak on completion angiography. There was no mortality, and a small embolism in the branch of the right opthalmic artery in one patient. During follow-up, one intervention was required for the endoleak. Actuarial survival at 20 months was 100%. Conclusion: Early and mid-term results are encouraging and suggest that hybrid TEVAR procedures are less invasive and safer and represent an effective technique for treating thoracic aortic disease.

• International Commerce and Information Review
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• v.15 no.4
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• pp.341-366
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• 2013

The term, Mittelstand, has no exact english translation for the definition, but, today, Mittelstand refers to small and medium-sized enterprises(SME), mostly family-owned firms in Germany. The Mittelstand is called the backbone of the German economy because it drove the economic miracle after World War II. During the global recession and the euro zone's debt crisis in recent years, in which european businesses have faced the near-collapse of competitiveness particularly in manufacturing, the German exports are booming and exceeded exports of China in 2012. Most importantly, the Germany economic performance has been widely attributed to the strength of the Mittelstand. Many of countries, even some leading public companies are seeking to emulate the success of the Mittelstand. Investors evaluate that many of Germany's investable "hidden champions" are Mittelstand companies. The purpose of this study is to present some of answers to the following questions: Firstly, what makes the German Mittelstand so successful? Secondly, what does the success of the German Mittelstand mean for the Korean SMEs in global competitiveness? Thirdly, what Korean government has to do improve the global competitiveness of the Korean SMEs? Some discussions in this study mention the managerial implications for Korean exporting SMEs particularly in manufacturing. Several factors that account for the success of the German Mittelstand are technological excellence and the tradition of family-owned management, concentration on niche market and globalization, and institutional supports. There are some of important lessons to be learned from the German Mittelstand. If the purposes of Korean SMEs want to remain in the sustainable competitive advantage and withstand unforeseen economic turbulences in the future, they must be able to meet the followings: 1) Technology that meets the global standard or exceeding it 2) Competitiveness in price in the global market 3) Active involvement in the globalization process, utilizing various entry modes Innovative products at globally competitive price are a crucial point for Korean exporting SMEs to achieve their competitive edge over others in the target markets abroad. It is time for Korean SMEs to cultivate a core competence in manufacturing in order to position Korea as a global manufacturing hub with SMEs leading.