• Environmental and Resource Economics Review
• /
• v.27 no.3
• /
• pp.495-520
• /
• 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 Navigation and Port Research
• /
• v.42 no.6
• /
• pp.546-554
• /
• 2018

The Bulk market, unlike the line market, is characterized by stiff competition where certain ship or freight owners have no influence on freight rates. However, freights are subject to macroeconomic variables and economic external shock which should be considered in determining management or chartering decisions. According to the results analyzed by use of ARIMA Inventiom model, the impact of the financial crisis was found to have a very strong bearing on the BDI index. First, according to the results of the VEC model, the libor rate affects the BDI index negatively (-) while exchange rate affects the BDI index by positively (+). Secondly, according to the results of the VEC model's J ohanson test, the order ship volume affects the BDI index by negatively (-) while China's economic growth rate affects the BDI index by positively (+). This shows that the shipping company has moved away from the simple carrier and responded appropriately to changes in macroeconomic variables (economic fluctuations, interest rates and exchange rates). It is believed that the shipping companies should be more aggressive in its "trading" management strategy in order to prevent any unfortunate situation such as the Hanjin Shipping incident.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.16 no.3
• /
• pp.87-103
• /
• 2021

The government is trying to create jobs by providing 160 billion won in 2021 to revitalize youth start-ups, but the number of youth unemployment and potential unemployment is hitting a record high of 1.2 million due to the shock of employment due to COVID-19. Although start-ups are encouraged as an alternative to revitalizing jobs, the success rate of young start-ups is low due to lack of start-up funds and experience. The purpose of this study is to understand the need to diversify start-up education and career education by understanding start-up policies through one-time funding and short-term education. The results of the study on the factors affecting the willingness to start a business were as follows, by sampling 344 students from specialized high schools preparing for employment and 344 young people in their 20s who are seeking jobs. First, among the entrepreneurship subvariables, innovation, autonomy of job value, and desire for economic achievement are significant, and the older the person surveyed, the more positive the perception of the entrepreneur was. Second, as you get older, your will to start a business decreases, and your experience in successful start-up models and start-up education has an impact on your will to start a business. Third, perception of entrepreneurs is a partial medium effect, which indirectly influences the willingness to start a business and directly or indirectly influences the willingness to start a business through the autonomy of job values, the desire to achieve economic and entrepreneurship.

• Journal of the Computational Structural Engineering Institute of Korea
• /
• v.35 no.2
• /
• pp.131-140
• /
• 2022

Installing Continuous Welded Rail (CWR) is one of the economical ways to resolve the challenges of noise, vibration, and the open-deck steel railway bridge impact, and the SSF method using the interlocking sleeper fastener has recently been developed. In this study, the method employed for determining the optimum vertical stiffness of the sleeper pad installed under the bridge sleeper, which is utilized to adjust the rail height and absorb shock when the train passes when the interlocking sleeper fastener is applied, is presented. To determine the optimal vertical stiffness of the sleeper pad, related existing design codes are reviewed, and, running safety, ride comfort, track safety, and bridge vibration according to the change in the vertical stiffness of the sleeper pad are estimated via flexible multi-body dynamic analysis,. The flexible multi-body dynamic analysis is performed using commercial programs ABAQUS and VI-Rail. The numerical analysis is conducted using the bridge model for a 30m-long plate girder bridge, and the response is calculated when passing ITX Saemaeul and KTX vehicles and freight wagon when the vertical stiffness of the sleeper pad is altered from 7.5 kN/mm to 240 kN/mm. The optimum stiffness of the sleeper pad is calculated as 200 kN/mm under the conditions of the track components applied to the numerical analysis.

• Journal of Korean Society of Disaster and Security
• /
• v.16 no.1
• /
• pp.61-70
• /
• 2023

This study presents an analytical study of investigating the effect of shock waves generated by the hydrogen detonation and damage to structures for the safety evaluation of hydrogen storage facilities against detonation. Blast scenarios were established considering the volume of the hydrogen storage facility of 10 L to 50,000 L, states of charge (SOC) of 50% and 100%, and initial pressures of 50 MPa and 100 MPa. The equivalent TNT weight for hydrgen detonation was determined considering the mechanical and chemical energies of hydrogen. A hydrogen detonation model for the converted equivalent TNT weight was made using design equations that improved the Kingery-Bulmash design chart of UFC 3-340-02. The hydrogen detonation model was validated for overpressure and impulse in comparison to the past experimental results associated with the detonation of hydrogen tank. A parametric study based on the blast scenarios was performed using the validated hydrogen detonation model, and design charts for overpressure and impulse according to the standoff distance from the center of charge was provided. Further, design charts of the three-stage structural damage and standoff distance of adjacent structures according to the level of overpressure and impact were proposed using the overpressure and impulse charts and pressure-impulse diagrams.

• Economic Analysis
• /
• v.27 no.3
• /
• pp.1-32
• /
• 2021

This study empirically analyzes whether bank capital channel and risk-taking channel for monetary policy work for domestic banks in South Korea by analyzing the impact of the expansionary monetary policy on the rate spread between deposit and loan, capital ratio, and loan amount. For the empirical analysis, the Uhlig (2005)'s sign-restricted SVAR(Structural Vector Auto-Regression) model is used. The empirical results are as follows: the bank's interest rate margin increases, the capital ratio improves, risk-weighted asset ratio increases, and the amount of loans increases in response to expansionary monetary shock. This empirical results confirm that bank capital channel and risk-taking channel work in domestic banks, similar to the previous research results. The implications of this study are as follows. Although the expansionary monetary policy has the effect of improving the bank's financial soundness and profitability in the short term as bank capital channel works, it could negatively affect the soundness of banks by encouraging banks to pursue risk in the long run as risk-taking channel works. It is necessary to note that the capital ratio according to the BIS minimum capital requirement of individual banks may cause an illusion in supervising the soundness of the bank. So, the bank's aggressive lending expansion may lead to an inherent weakness in the event of a crisis. Since the financial authority may have an illusion about the bank's financial soundness if the low interest rate persists, the authority needs to be actively interested in stress tests and concentration risk management in the pillar 2 of the BIS capital accord. In addition, since system risk may increase, it is necessary to conduct regular stress tests or preemptive monitoring of assets concentration risk.

• Knowledge Management Research
• /
• v.24 no.2
• /
• pp.27-48
• /
• 2023

The COVID-19 pandemic has highlighted the importance of firm resilience, particularly for small and medium-sized enterprises (SMEs). This study aimed to investigate the concept of SME resilience, the role of entrepreneurial orientation in enhancing firm resilience, and the impact of top management networking capability on this relationship. The study defined firm resilience as consisting of adaptation capacity and recovery capacity and conducted a survey of 187 domestic SMEs for empirical verification. The findings indicate that entrepreneurial orientation is a critical factor in enhancing firm resilience. Furthermore, the networking capability of top management may also contribute to firm resilience, but it weakens the relationship between entrepreneurial orientation and firm resilience as a moderating variable. In crisis situations, SMEs tend to rely more strongly on existing networks, rather than engaging in new network to acquire new resources, information, and knowledge, which can hinder their ability to adapt and recover. This study contributes to the further development and understanding of SME resilience, which is essential for enterprises to overcome crises and return to pre-shock levels.

• Journal of Chest Surgery
• /
• v.57 no.2
• /
• pp.160-168
• /
• 2024

Background: Data on perioperative outcomes of emergent versus elective resection in esophageal cancer patients requiring esophagectomy are lacking. We investigated whether emergent resection was associated with increased risks of morbidity and mortality. Methods: Data on patients with esophageal malignancy who underwent esophagectomy from 2005 to 2020 were retrospectively analyzed from the American College of Surgeons National Surgical Quality Improvement Program database. Thirty-day complication and mortality rates were compared between emergent esophagectomy (EE) and non-emergent esophagectomy. Logistic regression assessed factors associated with complications and mortality. Results: Of 10,067 patients with malignancy who underwent esophagectomy, 181 (1.8%) had EE, 64% had preoperative systemic inflammatory response syndrome, sepsis, or septic shock, and 44% had bleeding requiring transfusion. The EE group had higher American Society of Anesthesiologists (ASA) class and functional dependency. More transhiatal esophagectomies and diversions were performed in the EE group. After EE, the rates of 30-day mortality (6.1% vs. 2.8%), overall complications (65.2% vs. 44.2%), bleeding, pneumonia, prolonged intubation, and positive margin (17.7% vs. 7.4%) were higher, while that of anastomotic leak was similar. On adjusted logistic regression, older age, lower albumin, higher ASA class, and fragility were associated with increased complications and mortality. McKeown esophagectomy and esophageal diversion were associated with a higher risk of postoperative complications. EE was associated with 30-day postoperative complications (odds ratio, 2.39; 95% confidence interval, 1.66-3.43; p<0.0001). Conclusion: EE was associated with a more than 2-fold increase in complications compared to elective procedures, but no independent increase in short-term mortality. These findings may help guide data-driven critical decision-making for surgery in select cases of complicated esophageal malignancy.

• Journal of Astronomy and Space Sciences
• /
• v.22 no.4
• /
• pp.419-430
• /
• 2005

We have carried out a statistical analysis on solar wind dynamic pressure pulses during geomagnetic storms. The Dst index was used to identify 111 geomagnetic storms that occurred in the time interval from 1997 through 2001. We have selected only the events having the minimum Dst value less than -50 nT. In order to identify the pressure impact precisely, we have used the horizontal component data of the magnetic field H (northward) at low latitudes as well as the solar wind pressure data themselves. Our analysis leads to the following results: (1) The enhancement of H due to a pressure pulse tends to be proportional to the magnitude of minimum Dst value; (2) The occurrence frequency of pressure pulses also increases with storm intensity. (3) For about $30\%$ of our storms, the occurrence frequency of pressure pulses is greater than $0.4\#/hr$, implying that to. those storms the pressure pulses occur more frequently than do periodic substorms with an average substorm duration of 2.5 hrs. In order to understand the origin of these pressure pulses, we have first examined responsible storm drivers. It turns out that $65\%$ of the studied storms we driven by coronal mass ejections (CMEs) while others are associated with corotating interaction regions $(6.3\%)$ or Type II bursts $(7.2\%)$. Out of the storms that are driven by CMEs, over $70\%$ show that the main phase interval overlaps with the sheath, namely, the region between CME body and the shock, and with the leading region of a CME. This suggests that the origin of the frequent pressure pulses is often due to density fluctuations in the sheath region and the leading edge of the CME body.

• The Korean Journal of Air & Space Law and Policy
• /
• v.1
• /
• pp.47-85
• /
• 1989

The Fundamental purpose of the Warsaw Convention was to establish uniform rules applicable to international air transportation. The emphasis on the benefits of uniformity was considered important in the beginning and continues to be important to the present. If the desire for uniformity is indeed the mortar which holds the Warsaw system together then it should be possible to agree on a worldwide liability limit. This liability limit would not be so unreasonable, that it would be impossible for nations to adhere to it. It would preclude any national supplemental compensation plan or Montreal Agreement type of requirement in any jurisdiction. The differentiation of liability limits by national requirement seems to be what is occurring. There is a plethora of mandated limits and Montreal Agreement type 'voluntary' limits. It is becoming difficult to find more than a few major States where an unmodified Warsaw Convention or Hague Protocol limitation is still in effect. If this is the real world in the 1980's, then let the treaty so reflect it. Upon reviewing the Warsaw Convention, its history and the several attempts to amend it, strengths become apparent. Hijackings of international flights have given rise to a number of lawsuits by passengers to recover damages for injuries suffered. This comment is concerned with the liability of an airline for injuries to its passengers resulting from aviation terrorism. In addition, analysis is focused on current airline security measures, particularly the pre-boarding screening system, and the duty of air carriers to prevent weapons from penetrating that system. An airline has a duty to exercise a high degree of care to protect its passengers from the threat of aviation terrorism. This duty would seemingly require the airline to exercise a high degree of care to prevent any passenger from smuggling a weapon or explosive device aboard its aircraft. In the case an unarmed hijacker who boards having no instrument in his possession with which to promote the hoax, a plaintiff-passenger would be hard-pressed to show that the airline was negligent in screening the hijacker prior to boarding. In light of the airline's duty to exercise a high degree of care to provide for the safety of all the passengers on board, an acquiescene to a hijacker's demands on the part of the air carrier could constitute a breach of duty only when it is clearly shown that the carrier's employees knew or plainly should have known that the hijacker was unarmed. A finding of willful misconduct on the part of an air carrier, which is a prerequisite to imposing unlimited liability, remains a question to be determined by a jury using the definition or standard of willful misconduct prevailing in the jurisdiction of the forum court. Through the willful misconduct provision of the Warsaw Convention, air carrier face the possibility of unlimited liability for failure to implement proper preventive precautions against terrorist. Courts, therefore, should broadly construe the willful misconduct provision of the Warsaw Convention in order to find unlimited liability for passenger injuries whenever air carrier security precautions are lacking. In this way, the courts can help ensure air carrier safety and prevention against terrorist attack. Air carriers, therefore, would have an incentive to increase, impose and maintain security precautions designed to thwart such potential terrorist attacks as in the case of Korean Air Lines Flight No.858 incident having a tremendous impact on the civil aviation community. The crash of a commercial airliner, with the attending tragic loss of life and massive destruction of property, always gives rise to shock and indignation. The general opinion is that the legal system could be sufficient, provided that the political will is there to use and apply it effectively. All agreed that the main responsibility for security has to be borne by the governments. I would like to remind all passengers that every discovery of the human spirit may be used for opposite ends; thus, aircraft can be used for air travel but also as targets of terrorism. A state that supports aviation terrorism is responsible for violation of International Aviation Law. Generally speaking, terrorism is a violation of international law. It violates the soverign rights of the states, and the human rights of the individuals. I think that aviation terrorism as becoming an ever more serious issue, has to be solved by internationally agreed and closely co-ordinated measures. We have to contribute more to the creation of a general consensus amongst all states about the need to combat the threat of aviation terrorism.