• Transactions of the Korean Society of Machine Tool Engineers
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• v.14 no.1
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• pp.1-7
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• 2005

PEMFC (Proton Exchange Membrane Fuel Cell) is considered as an attractive option to produce electric power in manyapplications. A fundamental step of theoretical fuel cell open circuit potential is examined and compared with the measured data from 1.2KW PEMFC module. The hydrogen pressure and stack temperature are also measured during the operation of PEMFC module. It is found that the stack voltage and current data agree in general with the results calculated by chemical potential approach though they still have a discrepancy. It is analysed that the discrepancy is due to activation polarization, concentration overvoltage and ohmic overvoltage.

• Journal of Distribution Science
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• v.13 no.5
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• pp.53-60
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• 2015

Purpose - The purpose of this paper is to shed light on the importance of the slope and curvature of the volatility curve implied in option prices in the KOSPI 200 options index. A number of studies examine the implied volatility curve, however, these usually focus on cross-sectional characteristics such as the volatility smile. Contrary to previous studies, we focus on time-series characteristics; we investigate correlation dynamics among slope, curvature, and level of the implied volatility curve to capture market information embodied therein. Our study may provide useful implications for investors to utilize current market expectations in managing portfolios dynamically and efficiently. Research design, data, and methodology - For our empirical purpose, we gathered daily KOSPI200 index option prices executed at 2:50 pm in the Korean Exchange distribution market during the period of January 2, 2004 and January 31, 2012. In order to measure slope and curvature of the volatility curve, we use approximated delta distance; the slope is defined as the difference of implied volatilities between 15 delta call options and 15 delta put options; the curvature is defined as the difference between out-of-the-money (OTM) options and at-the-money (ATM) options. We use generalized method of moments (GMM) and the seemingly unrelated regression (SUR) method to verify correlations among level, slope, and curvature of the implied volatility curve with statistical support. Results - We find that slope as well as curvature is positively correlated with volatility level, implying that put option prices increase in a downward market. Further, we find that curvature and slope are positively correlated; however, the relation is weakened at deep moneyness. The results lead us to examine whether slope decreases monotonically as the delta increases, and it is verified with statistical significance that the deeper the moneyness, the lower the slope. It enables us to infer that when volatility surges above a certain level due to any tail risk, investors would rather take long positions in OTM call options, expecting market recovery in the near future. Conclusions - Our results are the evidence of the investor's increasing hedging demand for put options when downside market risks are expected. Adding to this, the slope and curvature of the volatility curve may provide important information regarding the timing of market recovery from a nosedive. For financial product distributors, using the dynamic relation among the three key indicators of the implied volatility curve might be helpful in enhancing profit and gaining trust and loyalty. However, it should be noted that our implications are limited since we do not provide rigorous evidence for the predictability power of volatility curves. Meaning, we need to verify whether the slope and curvature of the volatility curve have statistical significance in predicting the market trough. As one of the verifications, for instance, the performance of trading strategy based on information of slope and curvature could be tested. We reserve this for the future research.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.12
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• pp.5671-5676
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• 2011

Volatility Index is the index that represents future volatility of underlying asset implied in option price and expected value of market that measures the possibility of stock price's change expected by investors. The Korea Exchange announces a volatility Index, VKOSPI, since April, 13, 2009. This paper used daily data from January, 2002 through December, 2008 and tested power of Volatility index for future returns of portfolios sorted by size, book-to-market equity and beta. As a result, VKOSPI has the predictive power to future returns and then VKOSPI may be determinants of returns. Also if beta is included when sorting portfolio, the predictive power of VKOSPI is stronger for future portfolio returns.

• Journal of the Korean Solar Energy Society
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• v.32 no.spc3
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• pp.275-281
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• 2012

Proton Exchange Membrane Fuel Cells (PEMFC) are the most appropriate for energy source of small robot applications. PEMFC has superior in power density and thermodynamic efficiency as compared with the Direct Methaol Fuel Cell (DMFC). Furthermore, PEMFC has lighter weight and smaller size than DMFC which are very important factors as small robot power system. The most significant factor of mobile robots is weight which relates closely with energy consumption and robot operation. This research tried to find optimum specifications in terms of type, number of cell, active area, cooling method, weight, and size. In order to find optimum 500W PEMFC, six options are designed in this paper and studied to reduce total stack weight by applying new materials and design innovations. However, still remaining problems are thermal management, robot space for energy sources, and soon. For a thermal management, design options need to analysis of Computational Fluid Dynamics (CFD) for determining which option has the improved performance and durability.

• 한국태양에너지학회:학술대회논문집
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• 2012.03a
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• pp.211-216
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• 2012

Proton Exchange Membrane Fuel Cells (PEMFC) are the most appropriate for energy source of small robot applications. PEMFC has superior in power density and thermodynamic efficiency as compared with the Direct Methaol Fuel Cell (DMFC). Furthermore, PEMFC has lighter weight and smaller size than DMFC which are very important factors as small robot power system. The most significant factor of mobile robots is weight which relates closely with energy consumption and robot operation. This research tried to find optimum specifications in terms of type, number of cell, active area, cooling method, weight, and size. In order to find optimum 500W PEMFC, six options are designed in this paper and studied to reduce total stack weight by applying new materials and design innovations. However, still remaining problems are thermal management, robot space for energy sources, and so on. For a thermal management, design options need to analysis of Computational Fluid Dynamics (CFD) for determining which option has the improved performance and durability.

• Advances in Energy Research
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• v.5 no.2
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• pp.107-128
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• 2017

Energy is a major component of almost all economic, production, and service activities, and rapid population growth, urbanization and industrialization have led to ever growing demand for energy. Limited energy resources and increasingly evident environmental effects of fossil fuel consumption has led to a growing awareness about the importance of further use of renewable energy sources in the countries energy portfolio. Renewable hydrogen production is a convenient method for storage of unstable renewable energy sources such as wind and solar energy for use in other place or time. In this study, suitability of 25 cities located in Iran's western region for renewable hydrogen production are evaluated by multi-criteria decision making techniques including TOPSIS, VIKOR, ELECTRE, SAW, Fuzzy TOPSIS, and also hybrid ranking techniques. The choice of suitable location for the centralized renewable hydrogen production is associated with various technical, economic, social, geographic, and political criteria. This paper describes the criteria affecting the hydrogen production potential in the study region. Determined criteria are weighted with Shannon entropy method, and Angstrom model and wind power model are used to estimate respectively the solar and wind energy production potential in each city and each month. Assuming the use of proton exchange membrane electrolyzer for hydrogen production, the renewable hydrogen production potential of each city is then estimated based on the obtained wind and solar energy generation potentials. The rankings obtained with MCDMs show that Kermanshah is the best option for renewable hydrogen production, and evaluation of renewable hydrogen production capacities show that Gilangharb has the highest capacity among the studied cities.

• 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.