• Journal of Labour Economics
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• v.25 no.3
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• pp.1-34
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• 2002

This paper investigates the effects of hours reduction on growth, investment, and consumption as well as employment. We adopt the basic framework of the indivisibility of labor developed by Hansen (1985) and Rogerson (1988) and extend it by allowing heterogeneity of workers in productive efficiency. On the basis of monthly panel data constructed from Economically Active Population Surveys and Household Income and Expenditure Surveys, we estimate the value of productive efficiency parameter of newly hired workers relative to existing workers by considering differences between the two groups in unobservable as well as observable worker characteristics. Numerical simulation of steady states demonstrates that reduction of statutory weekly hours from 44 to 40 leads to a rise in employees by 4.9 percent. However, GNP, investment, and consumption are all reduced by 2.03 percent, which is attributed to reduction in the amount of effective labor input, which in turn comes from reduction of actual average hours and productivity differences between exiting and newly hired workers.

• Korean Chemical Engineering Research
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• v.58 no.4
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• pp.550-564
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• 2020

Distillation columns are one of the main equipment used for the separation of chemical components in petrochemical process design. However, in spite of the efficient operation in wide range, and the advantage of data collection for equipment verification, the distillation columns are inherently known for high energy consumption and capital cost. Hence, the trade-off analysis needs to be done between investment cost and operation cost to develop the most economical distillation columns. This study was conducted using Aspen Plus, a popular process simulation program, in the pursuit of broad application by as many process engineers as possible. In this paper, design variables for optimization of distillation columns were defined to improve emphatically the design quality with reducing erratic practice of many engineers. In addition, by eliminating unnecessary reviewing step and establishing systematic and efficient procedures, the amount of time for design and human resources were minimized. Aspen Process Economic Analyzers (APEA) program was introduced in order to calculate the investment cost reliably, and the efficient systematic procedure for utilization of APEA was established.

• Journal of Arbitration Studies
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• v.26 no.1
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• pp.89-105
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• 2016

2008 began with the American financial crisis which gave way to the liquidity crisis (Fannie Mae and Freddie Mac) situation in which 'the withdrawal of investment initiated from the insufficiency of the U.S. subprime mortgage loan companies', 'the large size loss situation of the financial company (Bear Stearns) due to the American structured bond insufficiency' and the second half opening part national debt mortgage company. Within the American financial crisis was propagated the crisis of international derivatives. Due to this, the withdrawal of foreign investment progressed in the interior of a country with the considerable. By the end of 2007, the exchange rate fluctuation was absorbed in the domestic financial circle on the belief the potentiality of the domestic financial market had been growing drastically through the expansion of the foreign currency debt according to this and it came to the defence but while the exchange rate jumped up to the dollar shortage according to the international crisis, the small and medium companies making the banks and exchange rate-related derivatives contract were going bankrupt due to the derivatives loss. The small and medium factories establish the bank exchange rate-related derivatives has nose (KIKO), pivot (PIVOT), and snowball (Snowball) etc. at that time and the damage which it is the KIKO grasped at 6 end of the months in 2008 caused by reaches to 1 thousand billion 4 thousand hundred million dollars. Small and medium companies in which the dollar which it has to denounce among small and medium companies bearing the KIKO contract in fact with the Knock-In generation city bank exceeds the amount of sales were known to be 68 enterprises among 480 enterprises. This paper departs in this awareness of a problem and tries to look into the risk factor of the derivatives, including nose and study the essential ring risk management plan of small and medium manufacturer.

• KIEAE Journal
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• v.13 no.5
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• pp.43-50
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• 2013

Recent researches on plant factory system deal with the convergence of lighting technology, agricultural technology inclusive to the high-tech industries worldwide in order to respond to the decreasing crop harvest due to global warming and abnormal weather phenomena. However, the fundamental performance standard is not currently being introduced in the case of plants factory and its commercialization is not activated because of high initial investment and operating cost. Large portion of the initial investment and operating cost of a plant factory is ascribed to artificial light sources and thermal control facilities, therefore, innovation should be provided in order to improve the economics of the plant factory. As an alternative, new plant factory could harness solar thermal and geothermal systems for heating, cooling and ventilation. In this study, a natural light dependent multi-layer plant factory's thermal environment was analyzed with two-dimensional numerical methods to elicit efficient operation conditions for optimized internal physical environment. Depending on the supply air temperature and airflow rate introduced in the facility, the temperature changes around the crops was interpreted. Since the air supplied into the plant factory does not stay long enough, the ambient temperature predicted around the plating trays was not significantly different from that of the supplied air. However, the changes of airflow rate and air flow pattern could cause difference to the temperature around the planting trays. Increasing the amount of time of air staying around the planting trays could improve energy performance in case the thermal environment of a natural light based multi-layer plant factory is considered.

• International Journal of Human Ecology
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• v.7 no.2
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• pp.53-62
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• 2006

The purpose of this study is to examine the changes in financial structure of the self-employed brought on the economic crisis in Korea.. We use financial ratio analysis, such as income to expenditure ratio, liquidity ratio, debt ratio, and capital accumulation ratio to analyze financial well-being of self-employed households. This study used a 1997 and 1998 Korean Household Panel Study collected by Daewoo Economic Research Institute. The average amount of holding of each type of asset showed that the investment of self-employed households decreased in the banking industry and the stock market in 1998 compared to 1997. On the other hand, asset allocation in bond and real estate increased, which implied preference for a stable type of asset with the increase in uncertainty of the future and economic instability. Devaluation of real estate allowed households to easily obtain real estate and increase preference for asset allocation in real estate after the crisis. The changes in financial ratio for the year 1998 shows that such ratios as income to expenditure, liquidity, and capital accumulation, decreased compared to the year 1997. Among those ratios, the income to expenditure ratio showed the biggest decline because of reduced income of self employed households. The results implied that the income structure of the self-employed is unstable, thus the self-employed were likely to be greatly affected during the economic downturn. Earners have more average income and net assets than the self-employed. However, using financial ratios, it was found that self-employed households were more stable than employees. The results shows that the financial ratio analysis is better tool to estimate households financial status. Implications for financial educators, counselors, and planners are offered. The results will provide implications for policy makers to establish appropriate policies for the self-employed and help them financially survive.

• Informatization Policy
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• v.17 no.2
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• pp.86-103
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• 2010

This paper computes the economic impact of handset subsidies using the recent Input-Output Tables and compares the results with other alternatives which telecommunications companies can choose. The first scenario is that telecommunications companies give handset subsidies to consumers and sales agents. The second is that the companies do not give the subsidies to them, but instead spend the same amount of subsidy on facility investment. The third is that the companies lower the prices of their mobile communications services and consumers spend the saved expenses on other goods and services. The result is that the production, value added, import, job, employment inducement coefficients of the first scenario is larger than those of the second and third scenarios. The reason is as follows. The handset subsidy results in the incentive to consumers for handset purchase or the incentive for sales agents to sell the telecommunication services of the companies. The former has larger production and import inducement effect, and the latter also has larger value-added, job, and employment inducement effect than those of other scenarios.

• Journal of the Korean Institute of Electrical and Electronic Material Engineers
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• v.34 no.6
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• pp.449-453
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• 2021

Interest and investment in renewable energy have increased worldwide, highlighting the need for renewable energy. Solar energy was the most promising energy of all renewable energy sources, and it has the highest investment value. Because photovoltaics require a certain amount of area for installation, high density and high output performance are required. Shingled module is a promising technology in that they are featured by higher density and higher output compared to the conventional modules. Shingled technology uses a laser scribing to divide solar cells that are to be bonded with electrically conductive adhesive (ECA) to produce and connect strings, which has a higher output in the same area than the conventional modules. In the process of producing solar modules, metal ribbons are used to interconnect cells, but they are also needed for string connections in shingled solar cells. Accordingly, in this study, we researched the interconnection that best suits the connector that joins the string to the string. The module outputs produced under the conditions of the string interconnection were compared and analyzed.

• New & Renewable Energy
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• v.16 no.4
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• pp.65-75
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• 2020

The value of tangible assets depreciates over their useful life and this depreciation should be adequately reflected in any tax or financial reports. However, the method used to calculate depreciation can impact the financial performance of solar projects due to the time value of money. Korean tax law stipulates only one method for calculating the depreciation of solar photovoltaic facilities: the straight-line method. Conversely, USA's tax law accepts other depreciation methods as solar incentives, including the modified accelerated cost recovery system (MACRS) and Bonus depreciation method. This paper compares different depreciation methods in the financial analysis of a 10 MW solar system to determine their effect on the financial results. When depreciation was calculated utilizing the MACRS and Bonus depreciation method, the internal rate of return (IRR) was 10.9% and 16.4% higher, respectively, than when the Korean straight-line depreciation method was used. Additionally, the increased IRR resulting from the use of the two US methods resulted in a 20.5% and 27.4% higher net present value, respectively. This shows that changing the depreciation calculation method can redistribute the tax amount during the project period, thereby increasing the discounted cash flow of the solar project. In addition to increasing profitability, USA's depreciation methods alleviate the uncertainty of solar projects and provide more flexibility in project financing than the Korean method. These results strongly suggest that Korean tax law could greatly benefit from adopting USA's depreciation methods as an effective incentive scheme.

• Journal of the Korean Society of Safety
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• v.35 no.6
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• pp.78-84
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• 2020

The F&EI technique is one of the risk assessments with many advantages. It can save time and effort compared to quantitative risk assessment (QRA). By using the evaluation result of this technique, it is possible to check the effectiveness of the investment cost. In addition, a relative risk ranking can be created and used to establish the facility management cycle and to prioritize investment. However, evaluating the target process can be evaluated more than the actual risk since the LCCF, a loss prevention measure, is too limited. In addition, calculating premiums via this method can result in excessive premiums, making it difficult to evaluate the risk precisely. Therefore, new safety guard was added to the LCCF of the F&EI risk assessment with reference to HAZOP and LOPA techniques. Newly added LCCFs are Deflagration arrester, Check valve, SIS, and Vacuum beaker, etc. As a case study, F&EI risk assessment was performed on Acetone storage tank of a API (Active pharmaceutical ingredient) plant to compare actual MPPD. The estimated loss amount was 592,558$ for the existing technique and 563,571$ for the improved technique, which was reduced by about 5% compared to the previous one.This proved that a more precise evaluation is possible and that the efforts for safety at the workplace are reflected in the evaluation results.

• International conference on construction engineering and project management
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• 2009.05a
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• pp.272-275
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• 2009

Carbon finance is the investment in Greenhouse Gas (GHG) emission reduction projects in developing countries and countries with economies in transition within the framework of the Kyoto Protocol's Clean Development Mechanism (CDM) or Joint Implementation (JI) and with creation of financial instruments, i.e., carbon credits, which are tradable in carbon market. The additional revenue generated from carbon credits will increase the bankability of projects by reducing the risks of commercial lending or grant finance. Meantime, it has also demonstrated numerous opportunities for collaborating across sectors, and has served as a catalyst in bringing climate issues to bear in projects relating to rural electrification, renewable energy, energy efficiency, urban infrastructure, waste management, pollution abatement, forestry, and water resource management. Establishing additionality is essential for successful CDM project development. One of the key steps is the investment analysis. As guided by UNFCCC, financial indicators such as IRR, NPV, DSCR etc are most commonly used in both Option II & Option III. However, economic indicator such as Economic Internal Rate of Return(EIRR) are often overlooked in Option III even it might be more suitable for the project. This could be due to the difficulties in economic analysis. Although Asian Development Bank(ADB) has given guidelines in evaluating EIRR, there are still large amount of works have to be carried out in estimating the economic, financial, social and environmental benefits in the host country. This paper will present a case study of a CDM development of a 18 MW hydro power plant with carbon finance option in central Vietnam. The estimation of respective factors in EIRR, such as Willingness to Pay(WTP), shadow price etc, will be addressed with the adjustment to Vietnam local provincial factors. The significance of carbon finance to Vietnam renewable energy development will also be addressed.