• Title/Summary/Keyword: Integrated management

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Correlation among Ownership of Home Appliances Using Multivariate Probit Model (다변량 프로빗 모형을 이용한 가전제품 구매의 상관관계 분석)

  • Kim, Chang-Seob;Shin, Jung-Woo;Lee, Mi-Suk;Lee, Jong-Su
    • Journal of Global Scholars of Marketing Science
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    • v.19 no.2
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    • pp.17-26
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    • 2009
  • As the lifestyle of consumers changes and the need for various products increases, new products are being developed in the market. Each household owns various home appliances which are purchased through the choice of a decision maker. These appliances include not only large-sized products such as TV, refrigerator, and washing machine, but also small-sized products such as microwave oven and air cleaner. There exists latent correlation among possession of home appliances, even though they are purchased independently. The purpose of this research is to analyze the effect of demographic factors on the purchase and possession of each home appliances, and to derive some relationships among various appliances. To achieve this purpose, the present status on the possession of each home appliances are investigated through consumer survey data on the electric and energy product. And a multivariate probit(MVP) model is applied for the empirical analysis. From the estimation results, some appliances show a substitutive or complementary pattern as expected, while others which look apparently unrelated have correlation by co-incidence. This research has several advantages compared to previous literatures on home appliances. First, this research focuses on the various products which are purchased by each household, while previous researches such as Matsukawa and Ito(1998) and Yoon(2007) focus just on a particular product. Second, the methodology of this research can consider a choice process of each product and correlation among products simultaneously. Lastly, this research can analyze not only a substitutive or complementary relationship in the same category, but also the correlation among products in the different categories. As the data on the possession of home appliances in each household has a characteristic of multiple choice, not a single choice, a MVP model are used for the empirical analysis. A MVP model is derived from a random utility model, and has an advantage compared to a multinomial logit model in that correlation among error terms can be derive(Manchanda et al., 1999; Edwards and Allenby, 2003). It is assumed that the error term has a normal distribution with zero mean and variance-covariance matrix ${\Omega}$. Hence, the sign and value of correlation coefficients means the relationship between two alternatives(Manchanda et al., 1999). This research uses the data of 'TEMEP Household ICT/Energy Survey (THIES) 2008' which is conducted by Technology Management, Economics and Policy Program in Seoul National University. The empirical analysis of this research is accomplished in two steps. First, a MVP model with demographic variables is estimated to analyze the effect of the characteristics of household on the purchase of each home appliances. In this research, some variables such as education level, region, size of family, average income, type of house are considered. Second, a MVP model excluding demographic variables is estimated to analyze the correlation among each home appliances. According to the estimation results of variance-covariance matrix, each households tend to own some appliances such as washing machine-refrigerator-cleaner-microwave oven, and air conditioner-dish washer-washing machine and so on. On the other hand, several products such as analog braun tube TV-digital braun tube TV and desktop PC-portable PC show a substitutive pattern. Lastly, the correlation map of home appliances are derived using multi-dimensional scaling(MDS) method based on the result of variance-covariance matrix. This research can provide significant implications for the firm's marketing strategies such as bundling, pricing, display and so on. In addition, this research can provide significant information for the development of convergence products and related technologies. A convergence product can decrease its market uncertainty, if two products which consumers tend to purchase together are integrated into it. The results of this research are more meaningful because it is based on the possession status of each household through the survey data.

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An Embedding /Extracting Method of Audio Watermark Information for High Quality Stereo Music (고품질 스테레오 음악을 위한 오디오 워터마크 정보 삽입/추출 기술)

  • Bae, Kyungyul
    • Journal of Intelligence and Information Systems
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    • v.24 no.2
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    • pp.21-35
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    • 2018
  • Since the introduction of MP3 players, CD recordings have gradually been vanishing, and the music consuming environment of music users is shifting to mobile devices. The introduction of smart devices has increased the utilization of music through music playback, mass storage, and search functions that are integrated into smartphones and tablets. At the time of initial MP3 player supply, the bitrate of the compressed music contents generally was 128 Kbps. However, as increasing of the demand for high quality music, sound quality of 384 Kbps appeared. Recently, music content of FLAC (Free License Audio Codec) format using lossless compression method is becoming popular. The download service of many music sites in Korea has classified by unlimited download with technical protection and limited download without technical protection. Digital Rights Management (DRM) technology is used as a technical protection measure for unlimited download, but it can only be used with authenticated devices that have DRM installed. Even if music purchased by the user, it cannot be used by other devices. On the contrary, in the case of music that is limited in quantity but not technically protected, there is no way to enforce anyone who distributes it, and in the case of high quality music such as FLAC, the loss is greater. In this paper, the author proposes an audio watermarking technology for copyright protection of high quality stereo music. Two kinds of information, "Copyright" and "Copy_free", are generated by using the turbo code. The two watermarks are composed of 9 bytes (72 bits). If turbo code is applied for error correction, the amount of information to be inserted as 222 bits increases. The 222-bit watermark was expanded to 1024 bits to be robust against additional errors and finally used as a watermark to insert into stereo music. Turbo code is a way to recover raw data if the damaged amount is less than 15% even if part of the code is damaged due to attack of watermarked content. It can be extended to 1024 bits or it can find 222 bits from some damaged contents by increasing the probability, the watermark itself has made it more resistant to attack. The proposed algorithm uses quantization in DCT so that watermark can be detected efficiently and SNR can be improved when stereo music is converted into mono. As a result, on average SNR exceeded 40dB, resulting in sound quality improvements of over 10dB over traditional quantization methods. This is a very significant result because it means relatively 10 times improvement in sound quality. In addition, the sample length required for extracting the watermark can be extracted sufficiently if the length is shorter than 1 second, and the watermark can be completely extracted from music samples of less than one second in all of the MP3 compression having a bit rate of 128 Kbps. The conventional quantization method can extract the watermark with a length of only 1/10 compared to the case where the sampling of the 10-second length largely fails to extract the watermark. In this study, since the length of the watermark embedded into music is 72 bits, it provides sufficient capacity to embed necessary information for music. It is enough bits to identify the music distributed all over the world. 272 can identify $4*10^{21}$, so it can be used as an identifier and it can be used for copyright protection of high quality music service. The proposed algorithm can be used not only for high quality audio but also for development of watermarking algorithm in multimedia such as UHD (Ultra High Definition) TV and high-resolution image. In addition, with the development of digital devices, users are demanding high quality music in the music industry, and artificial intelligence assistant is coming along with high quality music and streaming service. The results of this study can be used to protect the rights of copyright holders in these industries.

Quality Characteristics of Pettitoes(Jokbal) added with Coffee Meal (커피박 첨가 돈족(豚足)의 품질특성)

  • Choi, Seok-Bong;An, Sang-Ran;Lee, Myung-Ho
    • Culinary science and hospitality research
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    • v.22 no.2
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    • pp.115-124
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    • 2016
  • The purpose of this paper is to verify improvement of the basic quality of food resources and make the pork legs as the more advanced food products after taking special processing steps with the mixture of traditional medical herbs and hot water extracted coffee meal. The pH level of the pettitoes(Jokbal) showed the highest rate among the control group but it showed no statistical differences in the moisture content between the control and the pettitoes(Jokbal) processed with coffee waste extract as an additional component. In addition, the levels of crude fat and crude ash showed slight increases as the addition of the amount increase. In case of the proteins, however, tendency of slight was decreased but it was not significantly difference as the amount increases. The sodium rate in the pettitoes(Jokbal) was higher in the additional group than in the control group. Texture analysis showed a tendency of wide decrease in the hardness and chewiness depending on amount of the added coffee waste extract. On the other hand, as for the cohesiveness and springiness, there was no significant difference with the control group. In case of the lightness value, as the amount of added coffee waste extract is increased from 10% to 20% and 30%, the 'L' value was reduced significantly compared to that of the control. And the 'a' value was not significantly different compared to the coffee waste extract foil impregnated furniture control. But the 'b' values were significantly increased in accordance with the result of increasing the amount of control is at the lowest level. The result may come from the influence of coffee waste extract, which affects the color of the pettitoes(Jokbal). According to the sensory evaluation, the pork part with 10% of coffee waste extract showed the highest score in looking, chewiness, smell and preference, resulting in the improvement in quality of the pettitoes(Jokbal).

The Effects of Cognitive Bias on Entrepreneurial Opportunity Evaluations through Perceived Risks in Entrepreneurial Self-Efficacy (창업가의 인지편향이 지각된 위험과 조절된 창업효능감에 따라 창업기회평가에 미치는 영향)

  • Kim, Daeyop;Park, Jaehwan
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.15 no.1
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    • pp.95-112
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    • 2020
  • This paper is to investigate how cognitive bias of college students and entrepreneurs relates to perceived risks and entrepreneurial opportunities that represent uncertainty, and how various cognitive bias and entrepreneurial efficacy In the same way. The purpose of this study is to find improvement points of entrepreneurship education for college students and to suggest problems and improvement possibilities in the decision making process of current entrepreneurs. This empirical study is a necessary to improve the decision-making of individuals who want to start a business at the time when various attempts are made to activate the start-up business and increase the sustainability of the existing SME management. And understanding of the difference in opportunity evaluation, and suggests that it is necessary to provide good opportunities together with the upbringing of entrepreneurs. In order to achieve the purpose of the study, questionnaires were conducted for college students and entrepreneurs. A total of 363 questionnaire data were obtained and demonstrated through structural equation modeling. This study confirms that there is some relationship between perceived risk and cognitive bias. Overconfidence and control illusions among cognitive bias have a significant relationship between perceived risk and wealth. Especially, it is confirmed that control illusion of college students has a significant relationship with perceived risk. Second, cognitive bias demonstrated some significant relationship with opportunity evaluation. Although we did not find evidence that excess self-confidence is related to opportunity evaluation, we have verified that control illusions and current status bias are related to opportunity evaluation. Control illusions were significant in both college students and entrepreneurs. Third, perceived risk has a negative relationship with opportunity evaluation. All students, regardless of whether they are college students or entrepreneurs, judge opportunities positively if they perceive low risk. Fourth, it can be seen from the college students 'group that entrepreneurial efficacy has a moderating effect between perceived risk and opportunity evaluation, but no significant results were found in the entrepreneurs' group. Fifth, the college students and entrepreneurs have different cognitive bias, and they have proved that there is a different relationship between entrepreneurial opportunity evaluation and perceived risk. On the whole, there are various cognitive biases that are caused by time pressure or stress on college students and entrepreneurs who have to make judgments in uncertain opportunities, and in this respect, they can improve their judgment in the future. At the same time, university students can have a positive view of new opportunities based on high entrepreneurial efficacy, but if they fully understand the intrinsic risks of entrepreneurship through entrepreneurial education and fully understand the cognitive bias present in direct entrepreneurial experience, You will get a better opportunity assessment. This study has limitations in that it is based on the fact that university students and entrepreneurs are integrated, and that the survey respondents are selected by the limited random sampling method. It is necessary to conduct more systematic research based on more faithful data in the absence of the accumulation of entrepreneurial research data. Second, the translation tools used in the previous studies were translated and the meaning of the measurement tools might not be conveyed due to language differences. Therefore, it is necessary to construct a more precise scale for the accuracy of the study. Finally, complementary research should be done to identify what competitive opportunities are and what opportunities are appropriate for entrepreneurs.

A Comparative Case Study on the Adaptation Process of Advanced Information Technology: A Grounded Theory Approach for the Appropriation Process (신기술 사용 과정에 관한 비교 사례 연구: 기술 전유 과정의 근거이론적 접근)

  • Choi, Hee-Jae;Lee, Zoon-Ky
    • Asia pacific journal of information systems
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    • v.19 no.3
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    • pp.99-124
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    • 2009
  • Many firms in Korea have adopted and used advanced information technology in an effort to boost efficiency. The process of adapting to the new technology, at the same time, can vary from one firm to another. As such, this research focuses on several relevant factors, especially the roles of social interaction as a key variable that influences the technology adaptation process and the outcomes. Thus far, how a firm goes through the adaptation process to the new technology has not been yet fully explored. Previous studies on changes undergone by a firm or an organization due to information technology have been pursued from various theoretical points of views, evolved from technological and institutional views to an integrated social technology views. The technology adaptation process has been understood to be something that evolves over time and has been regarded as cycles between misalignments and alignments, gradually approaching the stable aligned state. The adaptation process of the new technology was defined as "appropriation" process according to Poole and DeSanctis (1994). They suggested that this process is not automatically determined by the technology design itself. Rather, people actively select how technology structures should be used; accordingly, adoption practices vary. But concepts of the appropriation process in these studies are not accurate while suggested propositions are not clear enough to apply in practice. Furthermore, these studies do not substantially suggest which factors are changed during the appropriation process and what should be done to bring about effective outcomes. Therefore, research objectives of this study lie in finding causes for the difference in ways in which advanced information technology has been used and adopted among organizations. The study also aims to explore how a firm's interaction with social as well as technological factors affects differently in resulting organizational changes. Detail objectives of this study are as follows. First, this paper primarily focuses on the appropriation process of advanced information technology in the long run, and we look into reasons for the diverse types of the usage. Second, this study is to categorize each phases in the appropriation process and make clear what changes occur and how they are evolved during each phase. Third, this study is to suggest the guidelines to determine which strategies are needed in an individual, group and organizational level. For this, a substantially grounded theory that can be applied to organizational practice has been developed from a longitudinal comparative case study. For these objectives, the technology appropriation process was explored based on Structuration Theory by Giddens (1984), Orlikoski and Robey (1991) and Adaptive Structuration Theory by Poole and DeSanctis (1994), which are examples of social technology views on organizational change by technology. Data have been obtained from interviews, observations of medical treatment task, and questionnaires administered to group members who use the technology. Data coding was executed in three steps following the grounded theory approach. First of all, concepts and categories were developed from interviews and observation data in open coding. Next, in axial coding, we related categories to subcategorize along the lines of their properties and dimensions through the paradigm model. Finally, the grounded theory about the appropriation process was developed through the conditional/consequential matrix in selective coding. In this study eight hypotheses about the adaptation process have been clearly articulated. Also, we found that the appropriation process involves through three phases, namely, "direct appropriation," "cooperate with related structures," and "interpret and make judgments." The higher phases of appropriation move, the more users represent various types of instrumental use and attitude. Moreover, the previous structures like "knowledge and experience," "belief that other members know and accept the use of technology," "horizontal communication," and "embodiment of opinion collection process" are evolved to higher degrees in their dimensions of property. Furthermore, users continuously create new spirits and structures, while removing some of the previous ones at the same time. Thus, from longitudinal view, faithful and unfaithful appropriation methods appear recursively, but gradually faithful appropriation takes over the other. In other words, the concept of spirits and structures has been changed in the adaptation process over time for the purpose of alignment between the task and other structures. These findings call for a revised or extended model of structural adaptation in IS (Information Systems) literature now that the vague adaptation process in previous studies has been clarified through the in-depth qualitative study, identifying each phrase with accuracy. In addition, based on these results some guidelines can be set up to help determine which strategies are needed in an individual, group, and organizational level for the purpose of effective technology appropriation. In practice, managers can focus on the changes of spirits and elevation of the structural dimension to achieve effective technology use.

A Hydrodynamic Modeling Study to Analyze the Water Plume and Mixing Pattern of the Lake Euiam (의암호 수체 흐름과 혼합 패턴에 관한 모델 연구)

  • Park, Seongwon;Lee, Hye Won;Lee, Yong Seok;Park, Seok Soon
    • Korean Journal of Ecology and Environment
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    • v.46 no.4
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    • pp.488-498
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    • 2013
  • A three-dimensional hydrodynamic model was applied to the Lake Euiam. The lake has three inflows, of which Gongji Stream has the smallest flow rate and poorest water. The dam-storage volume, watershed area, lake shape and discharge type of the Chuncheon Dam and the Soyang Dam are different. Therefore, it is difficult to analyze the water plume and mixing pattern due to the difference of the two dams regarding the amount of outflow and water temperature. In this study, we analyzed the effects of different characteristics on temperature and conductivity using the model appropriate for the Lake Euiam. We selected an integrated system supporting 3-D time varying modeling (GEMSS) to represent large temporal and spatial variations in hydrodynamics and transport of the Lake Euiam. The model represents the water temperature and hydrodynamics in the lake reasonably well. We examined residence time and spreading patterns of the incoming flows in the lake based on the results of the validated model. The results of the water temperature and conductivity distribution indicated that characteristics of upstream dams greatly influence Lake Euiam. In this study, the three-dimensional time variable water quality model successfully simulated the temporal and spatial variations of the hydrodynamics in the Lake Euiam. The model may be used for efficient water quality management.

Evaluation of Shoreline Retreat Rate due to a Sea Level Rise using Theory of Equilibrium Beach Profile (평형해빈단면이론을 이용한 해수면 상승에 따른 해안후퇴율 산정)

  • Kang, Tae Soon;Cho, Kwangwoo;Lee, Jong Sup;Park, Won Kyung
    • Journal of Korean Society of Coastal and Ocean Engineers
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    • v.26 no.4
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    • pp.197-206
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    • 2014
  • The purpose of this study is to evaluate coastal erosion due to a sea-level rise. The shoreline retreat rate was calculated due to future sea-level rise. Shoreline retreat rates were quantified with the cross-sectional data of 23 sandy coasts (12 sites from east coast, 5 sites from south coast, and 6 sites of west coast) and 3 cross-sectional profiles from each side of the coasts in Korea. The theory of equilibrium beach profile was employed in this study to evaluate the applicability of the theory into the coast of Korea and was tested with 15 cross-sectional beach profiles. Four scenarios of future sea level rise such as 38 cm, 59 cm, 75 cm, and 100 cm were adopted to estimate the shoreline retreat rates. Overall shoreline retreat rates for the coasts in Korea were predicted as 43.7% for 38 cm, 60.3% for 59 cm, 69.2% for 75 cm, and 80.1% for 100 cm sea level rises, respectively. Retreat rates in the east coast (29.6% for 38 cm, 45.1% for 59 cm, 56.0% for 75 cm, and 69.9% for 100 cm) showed relatively low compared to the south coast (51.9%, 67.6%, 77.2%, 87.3%) and the west coast (53.8%, 71.0%, 78.5%, 86.4%). However, all sandy coasts in Korea were assessed to be vulnerable with increasing sea-level rise. There are uncertainties in the assessment of this study, which include the limitation of the assessment model and the lack of the spatio-temporal data of the beach profiles. Therefore, this study shows that it is very important to spend integrated efforts to respond coastal erosion including comprehensive observations(monitoring) and the development of scientific understanding on the field.

Characteristics of Fish Assemblage by Reservoir Size in Yeongsan·Seomjin River Watershed in Korea (영산강·섬진강 수계 호소의 규모별 어류군집 특성)

  • Park, Sang-Hyeon;Kim, Jeong-Hui;Baek, Seung-Ho;Choi, Ho-Seung;Kim, Dae-Won;Ko, Eui-Jeong;Kim, Hyun-Woo
    • Korean Journal of Ecology and Environment
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    • v.53 no.3
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    • pp.229-240
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    • 2020
  • In this study, the results of fish assemblage survey for 16 reservoirs in the Yeongsan·Seomjin-River watershed were presented with fish assemblage characteristics analysis in relation to reservoir size. The survey method including number of sampling sites was followed the "Biomonitoring survey and assessment manual" of the Ministry of Environment/National Institute of Environmental Research (MOE/NIER), and the reservoirs were categorized as three size groups, small, medium or large reservoirs, based on the MOE/NIER as well. Total 13 family classified into 44 species were collected from 2018 (7 reservoirs) to 2019 (9 reservoirs), and the dominant and subdominant species were Hemiculter eigenmanni (Relative abundance, RA, 32.9%) and Lepomis macrochirus (RA, 31.4%), respectively. As a result of the analysis in relation to the reservoir size, the average (±standard deviation) number of species of the small, medium and large reservoirs were 11±2.9, 14.3±2.1, 22.7±0.6, respectively, which showed positive correlation with the reservoir size. Total 6 fish assemblage characteristics(number of species, number of individuals, richness index, herbivorous fish ratio, carnivorous fish ratio, exotic fish ratio) showed significant differences between the each reservoir size groups (P<0.05). As a result of cluster analysis, 16 reservoirs were clustered into 5 groups with 60% similarity, and the each reservoirs seems to be clustered depends on the distance from each other, watershed and their historical geology rather than size. These results are baseline information for the understanding of fish assemblage in Korean reservoirs, important for establishing management policy of reservoirs in the Yeongsan·Seomjin-River watershed.

Temporal and Spatial Variation of Microalgal Biomass and Community Structure in Seawater and Surface Sediment of the Gomso Bay as Determined by Chemotaxonomic Analysis (색소분석을 통한 곰소만 내 해수와 퇴적물 중 미세조류 생체량과 군집구조의 시공간적 변화)

  • Lee, Yong-Woo;Park, Mi-Ok;Yoon, Ji-Hyun;Hur, Sung-Bum
    • The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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    • v.17 no.2
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    • pp.87-94
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    • 2012
  • To compare monthly variations of phytoplankton biomass and community composition between in seawater and sediment of the Gomso Bay (tidal flat: approximately 75%), the photosynthetic pigments were analyzed by HPLC every month in 1999 and every two months in 2000. Ambient physical and chemical parameters (temperature, salinity, nutrients, dissolved oxygen, and chemical oxygen demand) were also examined to find the environmental factors controlling structure of phytoplankton community. The temporal and spatial variations of chlorophyll a concentration in seawater were correlated well with the magnitude of freshwater discharge from land. The biomass of microphytobenthos at the surface sediments was lower than that in other regions of the world and 2-3 times lower than phytoplankton biomass integrated in the seawater column. Based on the results of HPLC pigment analysis, fucoxanthin, a marker pigment of diatoms, was the most prominent pigment and highly correlated with chlorophyll a in seawater and sediment of the Gomso Bay. These results suggest that diatoms are the predominant phytoplankton in seawater and sediment of the Gomso Bay. However, the monthly variation of chlorophyll a concentration in seawater at the subtidal zone was not a good correlation with that in sediment of the Gomso Bay. Although pelagic plankton was identified in seawater by microscopic examination, benthic algal species were not found in the seawater. These results suggest that contribution from the suspended microphytobenthos in the tidal flat to the subtidal zone of the Gomso Bay may be low as a food source to the primary consumer in the upper water column of the subtidal zone. Further study needs to elucidate the vertical and horizontal transport magnitude of the suspended microphytobenthos in the tidal flat to the subtidal zone.

International Monetary System Reform and the G20 (국제통화제도의 개혁과 G20)

  • Cho, Yoon Je
    • KDI Journal of Economic Policy
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    • v.32 no.4
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    • pp.153-195
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    • 2010
  • The recent global financial crisis has been the outcome of, among other things, the mismatch between institutions and the reality of the market in the current global financial system. The International financial institutions (IFIs) that were designed more than 60 years ago can no longer effectively meet the challenges posed by the current global economy. While the global financial market has become integrated like a single market, there is no international lender of last resort or global regulatory body. There also has been a rapid shift in the weight of economic power. The share of the Group of 7 (G7) countries in global gross domestic product (GDP) fell and the share of emerging market economies increased rapidly. Therefore, the tasks facing us today are: (i) to reform the IFIs -mandate, resources, management, and governance structure; (ii) to reform the system such as the international monetary system (IMS), and regulatory framework of the global financial system; and (iii) to reform global economic governance. The main focus of this paper will be the IMS reform and the role of the Group of Twenty (G20) summit meetings. The current IMS problems can be summarized as follows. First, the demand for foreign reserve accumulation has been increasing despite the movement from fixed exchange rate regimes to floating rate regimes some 40 years ago. Second, this increasing demand for foreign reserves has been concentrated in US dollar assets, especially public securities. Third, as the IMS relies too heavily on the supply of currency issued by a center country (the US), it gives an exorbitant privilege to this country, which can issue Treasury bills at the lowest possible interest rate in the international capital market. Fourth, as a related problem, the global financial system depends too heavily on the center country's ability to maintain the stability of the value of its currency and strength of its own financial system. Fifth, international capital flows have been distorted in the current IMS, from EMEs and developing countries where the productivity of capital investment is higher, to advanced economies, especially the US, where the return to capital investment is lower. Given these problems, there have been various proposals to reform the current IMS. They can be grouped into two: demand-side and supply-side reform. The key in the former is how to reduce the widespread strong demand for foreign reserve holdings among EMEs. There have been several proposals to reduce the self-insurance motivation. They include third-party insurance and the expansion of the opportunity to borrow from a global and regional reserve pool, or access to global lender of last resort (or something similar). However, the first option would be too costly. That leads us to the second option - building a stronger globalfinancial safety net. Discussions on supply-side reform of the IMS focus on how to diversify the supply of international reserve currency. The proposals include moving to a multiple currency system; increased allocation and wider use of special drawing rights (SDR); and creating a new global reserve currency. A key question is whether diversification should be encouraged among suitable existing currencies, or if it should be sought more with global reserve assets, acting as a complement or even substitute to existing ones. Each proposal has its pros and cons; they also face trade-offs between desirability and political feasibility. The transition would require close collaboration among the major players. This should include efforts at the least to strengthen policy coordination and collaboration among the major economies, and to reform the IMF to make it a more effective institution for bilateral and multilateral surveillance and as an international lender of last resort. The success on both fronts depends heavily on global economic governance reform and the role of the G20. The challenge is how to make the G20 effective. Without institutional innovations within the G20, there is a high risk that its summits will follow the path of previous summit meetings, such as G7/G8.

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