• Korean Chemical Engineering Research
• /
• v.59 no.4
• /
• pp.626-631
• /
• 2021

One of the nonlinear electrokinetic phenomena around ion exchange membrane is electroconvective instability which can be found in various electrokinetic applications such as electrodialysis, electrochemical battery, microfluidic analysis platform, etc. Such instability acts as a positive transport mechanism for the electrodialysis via amplifying mass transport rate. On the other hands, in the electrochemical battery and the microfluidic applications, the instability provokes unwanted mass transport. In this research, to control the electroconvective instability, the onset of the instability was analyzed as a function of confinement effect as well as applied voltage. As a result, we figured out that the dynamic behavior of electroconvective instability transited as a sequence of stable regime - static regime - chaotic regime depending on the applied voltage and confinement effect. Furthermore, stability curves about the dynamic transition were numerically determined as well. Conclusively, the confinement effect on electroconvective instability can be applied for effective means to control the electrokinetic chaos.

• KDI Journal of Economic Policy
• /
• v.36 no.2
• /
• pp.103-136
• /
• 2014

The covered interest rate parity condition (CIRP) has been widely used in open macroeconomic analysis, risk management, exchange rate forecasts, and so forth. Due to the recent global financial crises, there have been remarkable changes in the financial markets of the emerging markets. These changes possibly influenced the dynamics of the covered interest rate parity condition. In this paper, we investigate whether the CIRP dynamics has changed, and what is the nature of the regime changes. To do this, we propose and estimate multiple-state Markov regime switching models using a Bayesian MCMC method. Our estimation results indicate that the default risk or the deviation from the CIRP has been decreased after the crisis. It seems to be associated with the more active interaction between the short-term bond market and the short-term foreign exchange market than before. The tightened relation of these two financial markets is caused by the arbitrage transaction of foreign investors.

• 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.

• KSII Transactions on Internet and Information Systems (TIIS)
• /
• v.6 no.6
• /
• pp.1606-1626
• /
• 2012

This paper investigates the performance of an amplify-and-forward (AF) two-way relaying system with antenna correlation. The system consists of two multiple-antenna sources, which exchange information via the aid of a single-antenna relay. In particular, we derive the exact outage probability expression. Furthermore, we provide a simple, tight closed-form lower bound for the outage probability. Based on the lower bound, we obtain the closed-form asymptotic outage probability and the average symbol error rate expressions at high signal-to-noise ratio (SNR), which reveal the system's diversity order and coding gain with antenna correlation. To investigate the system's throughput performance with antenna correlation, we also derive a closed-form lower bound for the average sum-rate, which is quite tight from medium to high SNR regime. The analytical results readily enable us to obtain insight into the effect of antenna correlation on the system's performance. Extensive Monte Carlo simulations are conducted to verify the analytical results.

• Journal of the Korean Applied Science and Technology
• /
• v.16 no.1
• /
• pp.75-81
• /
• 1999

HF purification performance of an ion exchange membrane(IEM) was evaluated with 0.5% HF spiked with 10ppb of Fe, Ni and Cu nitrates. The result show that after less than five turnovers through an IEM, the metallic impurity concentration drops below 1ppb. The decrease rate can be fitted to a model assuming the experimental tanks to be continuously stirred tank reaction and that the metallic impurity concentration after the IEM is a function of the single-pass purification efficiency of the membrane, the concentration before purification and the metals desorbed form the IEM. The Concentration after purification was investigated up to a cumulative Fe loading of 300ppb in the 23 liter recirculated loop. It increases linearly vs. cumulative loading and can be explained by the Langmuir theory resulting in a purification efficiency at the equilibrium of close to 99.5% in this loading regime.

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

• Journal of Distribution Science
• /
• v.16 no.11
• /
• pp.37-45
• /
• 2018

Purpose - Recently, large quantities of factors have affected the signing of the Free Trade Agreement between two countries. Due to this background, this paper selects South Korea as an example to explore the determinants of Free Trade Agreement from Asian countries. Research design, data, and methodology - A cross sectional data of 2016 will be employed and some variables such as real income and GDP will be used to run an empirical analysis under the linear probability model, probit model and logit model. Results - The findings show that the Asian countries' exchange rate regime, real income, GDP and so forth can increase the probability of signing the Free Trade Agreement with Asian countries. Conversely, the distance can lower the probability of signing the Free Trade Agreement with Asian countries. Meanwhile, although the Asian countries' import, consumer price index and population also can affect the probability of signing the Free Trade Agreement with Asian countries, the estimated coefficients are not statistically significant at 5% level. Conclusions - According to the empirical results, this paper provides a new scope for South Korea's government to sign the Free Trade Agreement with other Asian countries.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.9
• /
• pp.1-9
• /
• 2021

This study aimed to investigate the existence of the Feldstein-Horioka (1980) puzzle in international macroeconomics by applying the conditional Autoregressive Distributed Lag (ARDL) model to examine the long-run relationship between national savings and investments in Thailand and China. The input of this study relied on annual national savings and investments as a fraction of GDP during 1980-2019 which was collected from China National Bureau of Statistics (NBS) and Thailand National Economic and Social Development Council (NESDC). Hypothetically, Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) unit root tests were applied to test the stationary properties and to investigate the integration level of selected time series. The empirical results, confirmed by cumulative sum (CUSUM) and cumulative sum square (CUSUMSQ), maintained no serial correlation and structural break problems. The finding of this study suggested that the Feldstein-Horioka puzzle in Thailand did not exist significantly. Thailand's national savings and investments nexus was independent, following the classic economic idea that financial liberalization, or perfect capital mobility, allowed national savings and investments to flow freely to countries with better interest rates. Whereas, a strong significant correlation was found in the case of China during the fixed exchange rate regime switching in 1994 and post WTO participation after 2001-2019.

• Korea Trade Review
• /
• v.45 no.4
• /
• pp.65-81
• /
• 2020

Under New Climate Regime, countries are trying to enhance environmental regulations to meet international standards. This study is designed to examine the relationship between the relative level of environmental regulation of the importing countries and the export performance at the industrial level. Panel data from 2009 to 2018 was established for 12 top export industries and empirical analysis was conducted. For the analysis method, panel OLS, Hausman-Taylor, and panel GLS were used based on the results of the Hausman verification. The dependent variable is the export performance of each industry. As the independent variables, the relative level of environmental regulation, GDP per capita of the importing country, exchange rate, FTA agreement, and physical distance from the importing country were used. Results show that the relative level of environmental regulation has a negative effect on export performance of semiconductors, displays, special machines, general machines, electric appliances, and home appliances. On the other hand, there are no relationship between the relative level of environmental regulation of the importing country and export performance of automobile, petroleum refining, petrochemical, shipbuilding, and communication equipment industries.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.5 no.1
• /
• pp.45-67
• /
• 2010

On July 21st in 2005, People's Bank of China (PBOC) turned the currency peg against the U.S. dollar into managed currency system based on a basket of unnamed currencies under China's exchanged rate regime. This change means that China's enterprises are not free from currency fluctuations. The purpose of this study is to analyze the relations between Renminbi fluctuations in the floating exchange rate and financial results of venture companies. The process and outcomes of this study are as follows, First, in order to measure the financial results of venture companies, I choose venture companies in Shandong Province listed on the Shanghai Stock Exchange (SSE) at random and several quarter financial sheets according to safety ratios, profitability ratios, growth ratios, activity ratios. Second, I arrange the daily Renminbi exchange rate data announced from July 21st, 2005 to December 31st, 2008 by PBOC into the quarterly data. Third, in order to confirm the relations between Renminbi fluctuations and financial results of venture companies, I carry out Pearson's correlation analysis. As a result, the revaluation of the Chinese Renminbi has weakly negative effects on debt ratio, total assets turnover ratio and equity turnover ratio in statistics. But the revaluation of the Chinese Renminbi is not related to other financial index in statistics. The result of this study is that the revaluation of the Chinese Renminbi has little influence on the export and import of Chinese venture companies and certifies the fact that Chinese venture companies have much foreign currency assets. In addition to avoid the currency exposure risk, this study shows the effective method about currency exposure risk which adjusts proportion of Renminbi to foreign currency.