• KDI Journal of Economic Policy
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• v.46 no.1
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• pp.91-129
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• 2024

The Bank of Korea, through a legal amendment in 2011 following the financial crisis, was entrusted with the additional responsibility of financial stability beyond its existing mandate of price stability. Since then, concerns have been raised about the prolonged increase in household debt compared to income conditions, which could constrain consumption and growth and increase the possibility of a crisis in the event of negative economic shocks. The current accumulation of financial imbalances suggests a critical period for the government and central bank to be more vigilant, ensuring it does not impede the stable flow of our financial and economic systems. This study examines the applicability of the Integrated Inflation Targeting (IIT) framework proposed by the Bank for International Settlements (BIS) for macro-financial stability in promoting long-term economic stability. Using VAR models, the study reveals a clear increase in risk appetite following interest rate cuts after the financial crisis, leading to a rise in household debt. Additionally, analyzing the central bank's conduct of monetary policy from 2000 to 2021 through DSGE models indicates that the Bank of Korea has operated with a form of IIT, considering both inflation and growth in its policy decisions, with some responsiveness to the increase in household debt. However, the estimation of a high interest rate smoothing coefficient suggests a cautious approach to interest rate adjustments. Furthermore, estimating the optimal interest rate rule to minimize the central bank's loss function reveals that a policy considering inflation, growth, and being mindful of household credit conditions is superior. It suggests that the policy of actively adjusting the benchmark interest rate in response to changes in economic conditions and being attentive to household credit situations when household debt is increasing rapidly compared to income conditions has been analyzed as a desirable policy approach. Based on these findings, we conclude that the integrated inflation targeting framework proposed by the BIS could be considered as an alternative policy system that supports the stable growth of the economy in the medium to long term.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.3 no.1
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• pp.26-27
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• 1978

It can be expected that intelligence and knowledge will be the core of the post-industrial society in a near future. Accordingly, the age of intelligence shall be accelerated extensively to find ourselves in an age of 'Communication' service enterprise. The communication actions will increase its efficiency and multiply its utility, indebted to its scientic principles and legal idea. The two basic elements of communication action, that is, communication station and communication men are considered to perform their function when they are properly supported and managed by the government administration. Since the communication action itself is composed of various factors, the elements such as communication stations and officials must be cultivated and managed by specialist or experts with continuous and extensive study practices concerned. With the above mind, this study reviewed our public service officials law with a view to improve it by providing some suggestions for communication experts and researchers to find suitable positions in the framework of government administration. In this study, I would like to suggest 'Occupational Group of Communication' that is consisted of a series of comm, management positions and research positions in parallel to the existing series of comm, technical position. The communication specialist or expert is required to be qualified with necessary scientific knowledge and techniques of communication, as well as prerequisites as government service officials. Communication experts must succeed in the first hand to obtain government licence concerned in with the government law and regulation, and international custom before they can be appointed to the official positions. This system of licence-prior-to-appointment is principally applied in the communication management position. And communication research positions are for those who shall engage themselves to the work of study and research in the field of both management and technical nature. It is hopefully expected that efficient and extensive management of communication activities, as well as scientific and continuous study over than communication enterprise will be upgraded at national dimensions.

• The Korean Journal of Air & Space Law and Policy
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• v.28 no.2
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• pp.223-258
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• 2013

1967 Outer Space Treaty(Treaty on Principles Governing the Activities of States in the Exploration and Use of Outer Space, including the Moon and Other Celestial Bodies; OST) is a treaty that forms the basis of international space law. OST is based on the 1963 Declaration of Legal Principles Governing the Activities of States in the Exploration and Use of Outer Space announced by UNGA resolution. As of May 2013, 102 countries are states parties to OST, while another 27 have signed the treaty but have not completed ratification. OST explicitly claimed that the Moon and Other Celestial Bodies are the province of all mankind. Art. II of OST states that "outer space, including the Moon and other celestial bodies, is not subject to national appropriation by claim of sovereignty, by means of use or occupation, or by any other means", thereby establishing res extra commercium in outer space like high seas. However 1979 Moon Agreement stipulates that "the moon and its natural resources are the Common Heritage of Mankind(CHM)." Because of the number of the parties to the Moon Agreement(13 parties) it does not affect OST. OST also established its specific treaties as a complementary means such as 1968 Rescue Agreement, 1972 Liability Convention, 1975 Registration Convention. OST bars states party to the treaty from placing nuclear weapons or any other weapons of mass destruction in orbit of Earth, installing them on the Moon or any other celestial body, or to otherwise station them in outer space. It exclusively limits the use of the Moon and other celestial bodies to peaceful purposes and expressly prohibits their use for testing weapons of any kind, conducting military maneuvers, or establishing military bases, installations, and fortifications. However OST does not prohibit the placement of conventional weapons in orbit. China and Russia submitted Draft Treaty on the Prevention of the Placement of Weapon in Outer Space and of the Threat or Use of Force against Outer Space Objects(PPWT) on the Conference on Disarmament in 2008. USA disregarded PPWT on the ground that there are no arms race in outer space. OST does not have some articles in relation to current problems such as space debris, mechanisms of the settlement of dispute arising from state activities in outer space in specific way. COPUOS established "UN Space Debris Mitigation Guidelines" based on "IADC Space Debris Mitigation Guidelines" and ILA proposed "International Instrument on the Protection of the Environment from Damage Caused by Space Debris" for space debris problems and Permanent Court of Arbitration(PCA) established "Optional Rules for Arbitration of Disputes Relating to Outer Space Activities" and ILA proposed "1998 Taipei Draft Convention on the Settlement of Space Law Dispute" for the settlement of dispute problems. Although OST has shortcomings in some articles, it is very meaningful in international law in considering the establishment of basic principles governing the activities of States in the exploration and use of outer space, including the Moon and Other Celestial Bodies. OST established the principles governing the activities of states in the exploration and use of outer space as customary law and jus cogens in international law as follows; the exploration and use of outer space shall be carried out for the benefit and in the interests of all countries and shall be the province of all mankind; outer space shall be free for exploration and use by all States; outer space is not subject to national appropriation by claim of sovereignty, by means of use or occupation, or by any other means. The principles of global public interest in outer space imposes international obligations erga omnes applicable to all States. This principles find significant support in legal norms dealing with following points: space activities as the "province of all mankind"; obligation to cooperate; astronauts as envoys of mankind; avoidance of harmful contamination; space activities by States, private entities and intergovernmental organisations; absolute liability for damage cauesd by certain space objects; prohibition of weapons in space and militarization of the celestial bodies; duty of openness and transparency; universal application of the international space regime.

• Journal of Intelligence and Information Systems
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• v.24 no.2
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• pp.195-220
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• 2018

In this study, we conducted an empirical analysis of the factors that affect the change of Bitcoin Closing Price. Previous studies have focused on the security of the block chain system, the economic ripple effects caused by the cryptocurrency, legal implications and the acceptance to consumer about cryptocurrency. In various area, cryptocurrency was studied and many researcher and people including government, regardless of country, try to utilize cryptocurrency and applicate to its technology. Despite of rapid and dramatic change of cryptocurrencies' price and growth of its effects, empirical study of the factors affecting the price change of cryptocurrency was lack. There were only a few limited studies, business reports and short working paper. Therefore, it is necessary to determine what factors effect on the change of closing Bitcoin price. For analysis, hypotheses were constructed from three dimensions of consumer, industry, and macroeconomics for analysis, and time series data were collected for variables of each dimension. Consumer variables consist of search traffic of Bitcoin, search traffic of bitcoin ban, search traffic of ransomware and search traffic of war. Industry variables were composed GPU vendors' stock price and memory vendors' stock price. Macro-economy variables were contemplated such as U.S. dollar index futures, FOMC policy interest rates, WTI crude oil price. Using above variables, we did times series regression analysis to find relationship between those variables and change of Bitcoin Closing Price. Before the regression analysis to confirm the relationship between change of Bitcoin Closing Price and the other variables, we performed the Unit-root test to verifying the stationary of time series data to avoid spurious regression. Then, using a stationary data, we did the regression analysis. As a result of the analysis, we found that the change of Bitcoin Closing Price has negative effects with search traffic of 'Bitcoin Ban' and US dollar index futures, while change of GPU vendors' stock price and change of WTI crude oil price showed positive effects. In case of 'Bitcoin Ban', it is directly determining the maintenance or abolition of Bitcoin trade, that's why consumer reacted sensitively and effected on change of Bitcoin Closing Price. GPU is raw material of Bitcoin mining. Generally, increasing of companies' stock price means the growth of the sales of those companies' products and services. GPU's demands increases are indirectly reflected to the GPU vendors' stock price. Making an interpretation, a rise in prices of GPU has put a crimp on the mining of Bitcoin. Consequently, GPU vendors' stock price effects on change of Bitcoin Closing Price. And we confirmed U.S. dollar index futures moved in the opposite direction with change of Bitcoin Closing Price. It moved like Gold. Gold was considered as a safe asset to consumers and it means consumer think that Bitcoin is a safe asset. On the other hand, WTI oil price went Bitcoin Closing Price's way. It implies that Bitcoin are regarded to investment asset like raw materials market's product. The variables that were not significant in the analysis were search traffic of bitcoin, search traffic of ransomware, search traffic of war, memory vendor's stock price, FOMC policy interest rates. In search traffic of bitcoin, we judged that interest in Bitcoin did not lead to purchase of Bitcoin. It means search traffic of Bitcoin didn't reflect all of Bitcoin's demand. So, it implies there are some factors that regulate and mediate the Bitcoin purchase. In search traffic of ransomware, it is hard to say concern of ransomware determined the whole Bitcoin demand. Because only a few people damaged by ransomware and the percentage of hackers requiring Bitcoins was low. Also, its information security problem is events not continuous issues. Search traffic of war was not significant. Like stock market, generally it has negative in relation to war, but exceptional case like Gulf war, it moves stakeholders' profits and environment. We think that this is the same case. In memory vendor stock price, this is because memory vendors' flagship products were not VRAM which is essential for Bitcoin supply. In FOMC policy interest rates, when the interest rate is low, the surplus capital is invested in securities such as stocks. But Bitcoin' price fluctuation was large so it is not recognized as an attractive commodity to the consumers. In addition, unlike the stock market, Bitcoin doesn't have any safety policy such as Circuit breakers and Sidecar. Through this study, we verified what factors effect on change of Bitcoin Closing Price, and interpreted why such change happened. In addition, establishing the characteristics of Bitcoin as a safe asset and investment asset, we provide a guide how consumer, financial institution and government organization approach to the cryptocurrency. Moreover, corroborating the factors affecting change of Bitcoin Closing Price, researcher will get some clue and qualification which factors have to be considered in hereafter cryptocurrency study.

• KDI Journal of Economic Policy
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• v.34 no.3
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• pp.95-131
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• 2012

This study examines whether the executive turnover and the executive resignation during the term of office affect the performance of Korean state-owned enterprises. The executive turnover in the paper means the comprehensive change of the executives which includes the change after the term of office, the change after consecutive terms and the change during the term of office. The 'resignation' was named for the executive change during the term of office to distinguish from the executive turnover. The study scope of the paper is restrained to the comprehensive executive change itself irrespective of the term of office and the resignation during the term of office. Therefore the natural change of the executive after the term of office or the change after consecutive terms is not included in the study. Spontaneous resignation and forced resignation are not distinguished in the paper as the distinction between the two is not easy. The paper uses both the margin of return on asset and the margin of return on asset adjusted by industry as proxies of the performance of state-owned enterprises. The business nature of state-owned enterprise is considered in the study, the public nature not in it. The paper uses the five year (2004 to 2008) samples of 24 firms designated as public enterprises by Korean government. The analysis results are as follows. First, 45.1% of CEOs were changed a year during the sample period on the average. The average tenure period of CEOs was 2 years and 3 months and 49.9% among the changed CEOs resigned during the term of office. 41.6% of internal auditors were changed a year on the average. The average tenure period of internal auditors was 2 years and 2 months and 51.0% among the changed internal auditors resigned during the term of office. In case of outside directors, on average, 38.2% were changed a year. The average tenure period was 2 years and 7 months and 25.4% among the changed internal directors resigned during the term of office. These statistics show that numerous CEOs resigned before the finish of the three year term in office. Also, considering the tenure of an internal auditor and an outside director which diminished from 3 years to 2 years by an Act on the Management of Public Institutions (applied to the executives appointed since April 2007), it seems most internal auditors resigned during the term of office but most outside directors resigned after the end of the term. Secondly, There was no evidence that the executives were changed during the term of office because of the bad performance of prior year. On the other hand, contrary to the normal expectation, the performance of prior year of the state-owned enterprise where an outside director resigned during the term of office was significantly higher than that of other state-owned enterprises. It means that the clauses in related laws on the executive dismissal on grounds of bad performance did not work normally. Instead it can be said that the executive change was made by non-economic reasons such as a political motivation. Thirdly, the results from a fixed effect model show there were evidences that performance turned negatively when CEOs or outside directors resigned during the term of office. CEO's resignation during the term of office gave a significantly negative effect on the margin of return on asset. Outside director's resignation during the term of office lowered significantly the margin of return on asset adjusted by industry. These results suggest that the executive's change in Korean state-owned enterprises was not made by objective or economic standards such as management performance assessment and the negative effect on performance of the enterprises was had by the unfaithful obeyance of the legal executive term.

• Clinical and Experimental Pediatrics
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• v.50 no.1
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• pp.20-27
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• 2007

Purpose : Child sexual abuse is a significant and serious problem that affects public health and society. Pediatricians are responsible for preventing and detecting sexual abuse of children. The aim of this study was to examine clinical findings of child sexual abuse. Methods : The authors retrospectively studied 292 patients between the ages of 0 and 18 who were referred for evaluation of sexual abuse to the Emergency Department of the National Police Hospital from Oct 1, 2001 to May 5, 2005. Results : Sixty three (21.6 percent) of sexual abuse victims were younger than 6 years of age; 89 (30.5 percent) were 6-12 years of age; and 104 (47.9 percent) were 12-18 years of age. Attack time was the most common between noon and 6 pm. Victims were attacked in their home or nearby (51.4 percent). One hundred fifty six (53.6 percent) offenders were accquaitances, thirty nine (13.4 percent) of whom were family members. The disclosure of attack by parents with abnormal physical symptoms was more common in younger children than in adolescence. Eighty nine (30.5 percent) victims had no specific physical findings, 51 percent had injury to the hymen, 37.3% had injury to external genitalia, and 4 percent had anal injury. One case of gonorrhea and thirteen cases of chlamydia were found. Sperm was found in 19 cases and acid phosphatase was positive in 28 cases. The absence of physical findings and laboratory findings was more common in younger children than in those in adolescence. The time interval from attacks to hospital visits had a significant negative correlation with age. Conclusion : For younger victims, the time interval from attack to hospital visitis was more prolonged. Victims may have no physical evidence of sexual abuse. Therefore, a careful history should be obtained and a through physical examination should be performed. Pediatricians must play a leading role in evaluation and treatment of sexually abused children, considering children,s growth and development. Coordination with other professionals is necessary to provide consultation, medical treatment, and legal assistance for the sexually abused children and families.

• The Korean Journal of Air & Space Law and Policy
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• v.24 no.2
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• pp.47-67
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• 2009

In recent years, greenhouse gas (GHG) reduction has become high priority issue in international aviation. GHG emissions from the aviation sector only accounts for approximately 2 percent of total GHG emissions in the world. However, as with GHG gases in other sectors, it has been pointed out as a contributing factor to global warming and there is an ongoing conversation in the aviation community to establish international framework for emissions reductions. In the case of international aviation, effects of aviation activities of a State go beyond the airports and airspace of that State. This makes compiling of GHG emissions data very difficult. There are also other legal and technical issues, namely the principle of “Common but Differentiated Responsibility (CBDR)” under the United Nations Framework Convention on Climate Change (UNFCCC) and “Fair Opportunity” principle of the Chicago Convention. For all these reason, it is expected that it will not be an easy job to establish an internationally agreed mechanism for reducing emissions in spite of continuing collaboration among States. UN adopted the UNFCCC in 1990 and the Kyoto Protocol in 1997 to impose common but differentiated responsibility on emissions reductions. In international aviation, ICAO has been taking the lead in measures for the aviation sector. In this role, ICAO held the High-level Meeting on International Aviation and Climate Change on 7 to 9 October 2009 at its Headquarters in Montreal and endorsed recommendations on reducing GHG from international aviation which will also be reported to the 15th Meeting of the Conference of the Parties (COP15). Key items include basic principle in global aviation emissions reduction: aspirational goals and implementation options: strategies and measures to achieve goals: means to measure and monitor the implementation; and financial and human resources. It is very likely that the Republic of Korea will be included among the Parties subject to mandatory limitation or reduction of GHG emissions after 2013. Therefore, it is necessary for Korea to thoroughly analyze ICAO measures to develop comprehensive measures for reducing aviation emissions and to take proactive actions to prepare for future discussions on critical issues after COP15.

• Food Science and Preservation
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• v.16 no.6
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• pp.977-984
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• 2009

Campbell Early grapes, the major grape variety in Korea, contain 13 - 15% (w/v) sugar, which is lower than that appropriate for fermentation of red wine. Therefore, chaptalization with sucrose is usually used to increase the sugar level to an extent adequate to produce a wine containing about 12% (v/v) alcohol. In the present study, fermentation of freeze-concentrated Campbell Early grape juice at $25^{\circ}Brix$ was investigated using several industrial wine yeasts including Saccharomyces cerevisiae OC2, S. cerevisiae Fermivin, and S. cerevisiae W-3. During fermentation, changes in the levels of soluble solids, alcohol, total acid, and yeast viable counts were investigated. Alcohol content reached maximal levels after 9 days of fermentation, and was 12.6% (v/v) when the Fermivin strain was used and 13% (v/v) when each of the OC2 and W-3 strains was used. No significant between-strain difference was found, except for slightly slower alcohol production and sugar consumption, and a higher total acid content when strain OC2 was used. Changes in the yeast viable counts were similar during fermentation. The physicochemical characteristics of Campbell Early wine prepared using freeze-concentrated juice were investigated by measuring the levels of total phenolic compounds, organic acids, acetaldehyde, and minor alcohols and assessment of color values. Similar levels of soluble solids and total phenolic contents were observed in wines fermented by the three different strains, but a higher level of total acid was noted in OC2-fermented wine and a lower level of alcohol in Fermivin-fermented wine. The highest level of malic acid and the lowest level of lactic acid were detected in Fermivin-fermented wine. Although the wines showed variable levels of acetaldehyde and minor alcohols, the concentrations of these materials were much lower than those mandated by legal regulations promulgated by the Korean National Tax Service. Red and violet colors in OC2-fermented wine were darker than those of W-3-fermented wine. In sensory evaluation, W-3-fermented wine obtained the highest scores for color and flavor. However, the best taste score was reported for the OC2-fermented wine, whereas Fermivin-fermented wine was awarded the highest score in overall acceptance.

• Korean Journal of Soil Science and Fertilizer
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• v.43 no.3
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• pp.335-340
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• 2010

This study was conducted to select organic materials (OM) and nitrogen sources in composting of waste mushroom bed from Agaricus bisporus. We examined physio-chemical properties of the organic materials and the mixture ratio for preparing the wasted mushroom bed (M) compost. The carbon content of sawdust was higher than those of rice straw (R) as OM source and the nitrogen content was high in the order of fowl manure (F)>> pig manure (P)> cow manure (C). The compost was prepared to maintain the criteria of above 25% organic matter and then the change of their ingredients was estimated during the process of fermentation. The temperature of waste mushroom bed+pig manure+rice straw (MRP) treatment was varied fast throughout fermentation, on the other hand the temperature of waste mushroom bed+pig manure+sawdust (MSP) treatment was steadily elevated to the middle of composting. The pH of the compost was somewhat high to pH 8.5~9.0 at the early stage, but decreased to 7.5 at the end stage of composting. The content of OM after fermentation was decreased to the level of 19~21% in rice straw, but the sawdust treatment maintained 25~27% organic matter. The waste mushroom bed+fowl manure+rice straw (MRF) treatment, which contains 26.2% organic matter and 0.68% nitrogen, was the highest among them. The volume of compost was reduced to 50% by using rice straw as organic matter, but reduced to 30% by using the sawdust. The contents of heavy metal in the compost were suitable within the legal criteria. The number of microorganisms were higher in the rice straw than those in the sawdust. It was high in the order of fowl manure> pig manure> cow manure. The major groups consisted of aerobic bacteria, gram negative bacteria and Bacillus sp. and their populations after fermentation were increased to $1{\times}10^1{\sim}1{\times}10^2\;cfu\;g^{-1}$ rather than those before fermentation. Therefore we concluded that the waste mushroom bed+fowl manure+sawdust (MSF 3:9:1 v/v/v) treatment was suitable combination for high organic matter and nitrogen source, and the periods of composting were 50~60 days.

• Journal of Korean Society of Forest Science
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• v.74 no.1
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• pp.47-55
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• 1986

During the past 4 years, I have made a careful analysis of the present rotating system of hunting areas, on the one hand, by asking a group of hunters to fill out a questionnaire, and on the other hand, by referring to the written documents on the subject. And, as a result, it is concluded that this system, by varying the hunting grounds each year, contains in itself several problems as follows. 1. The hunters find it quite inconvenient to use a different hunting ground year after year and they also complain that the present hunting ground charge is more than it is worth. Therefore, it is expected that the number of hunters will explosively increase in the future with the betterment of hunting conditions. 2. The hunters have almost no information about game and they are, as a whole, lacking in the ethics of hunting. 3. The allotment of time in hunting training courses is not so sufficient that it is next to impossible to improve the quality of hunters. 4. As a rule, the population density of wildlife is so sparse that it falls short of the proper standard of it. 5. The present hunting system does not seem to contribute to the advancement of tourism. 6. It is absolutely necessary to make a general survey of the situation of wildlife for the legal protection of it. Besides, the interests of hunters are so closely tied up with those of farmers and foresters that dreastic measures should be taken to settle their conflicting differences. For the purpose of solving the above-mentioned problems and at the same time, of developing sound hunting practices in the long run, I hereby make two suggestions. 1. The Establishment of the Hunting License Test System It is desirable to issue a license to a prospective hunter after he has met a special qualification and then passed a test so that he may have bits of information needed for his hunting activities. 2. The Introduction of The Revier System The fundamental concept of this system is based on the assumption that the private landowner should reserve a right to the pursuit of game and take responsibility for wildlife management.