• The Journal of Asian Finance, Economics and Business
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• v.5 no.2
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• pp.5-14
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• 2018

This study is motivated based on concern from some renowned scholars and central bankers whom have raised the issue of the sustainability of the International Monetary System (IMS). Using the panel data set of four major international currencies, USD, JPY, EUR and GBP from 1973 to 2013 with Pooled Mean Group (PMG) estimator, to re-examine whether Triffin dilemma still exists through investigating the relationship between the reserve share, current account balance and real effective exchange rate. The evidence from the result indicates that Triffin dilemma exists only in the long run, and shows that in the long-run, current account balance is proportionate to the increased real effective exchange rate while varies inversely with the reserve shares. However, the estimation for the short-run is not significant to prove the existence of Triffin dilemma. In addition, we investigated the non-dollar panel sample and found that the international monetary system still suffers from Triffin dilemma even without the dollar. To overcome Triffin dilemma, immediate step such as having currency swap mechanism is recommended. In medium term, a multi-polar Monetary System is suggested, and in the longer time, a supranational currency will be used to replace all the currencies in the world.

• Analyses & Alternatives
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• v.6 no.2
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• pp.37-78
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• 2022

The U.S.-led international order, sustained by overwhelming national power since the end of the Cold War, is gradually being restructured from a unipolar international system to a bipolar international system or a multipolar international system, coupled with the weakening of U.S. global leadership and the rise of regional powers. Geopolitically, discussions have been constantly raised about the security instability that the reshaping of the international order will bring about, given that East Asia is a region where the national interests of the United States and regional powers sharply overlap and conflict. This study aims to critically analyze whether security discussions in Korea are based on appropriate crisis assessment and evaluation. This paper points out that the security crisis theory emerging in Korea tends to arise due to threat exaggeration and emphasizes the need for objective evaluation and conceptualization of the nature and the level of threats that the restructured international order can pose to regional security. Based on the analysis of changes in conflict patterns (frequency and intensity), occurring in East Asia during the periods divided into a bipolar system (1950-1990), a unipolar system (1991-2008), and a multipolar system (2009-current), this study shows that East Asia has not been as vulnerable to power politics as other regions. This investigation emphasizes that the complexity of Korea's diplomatic and security burden, which are aggravated by the reorganization of the international order, do not necessarily have to be interpreted as a grave security threat. This is because escalating unnecessary security issues could reduce the diplomatic strategic space of the Republic of Korea.

• Ocean and Polar Research
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• v.37 no.3
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• pp.235-247
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• 2015

The main purpose of procuring the oceanographic research vessel with state-of-the-art technology is to provide a floating laboratory to conduct field work on the global oceans. The vessel should be properly utilized to locate and evaluate unexplored natural resources as well as to contribute international efforts to better understand and manage global environmental issues. Top priorities in the vessel design are high safety standards, noise and vibration control efficiency, and effective application of research equipment. For the accomplishment of all activities, the vessel length over all should be extended ~100 m with a gross tonnage of ~5,900 ton. In particular, the dynamic positioning system II will essentially operate at sea state 6. The high efficiency emissions reduction system will also be adopted in preparation for entry into force of 3rd exhaust emission control (Tier III). About 130 navigational and scientific instruments will be installed. The final design and model test of the new research vessel were reviewed and completed, respectively, in 2014. Currently, the ship is being built on schedule and expected to be delivered in December 2015. Within the near future, the new vessel will assume the role of carrying out multidisciplinary oceanographic researches of the highest standards in a technologically advanced and environment friendly manner.