• KDI Journal of Economic Policy
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• v.32 no.2
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• pp.171-216
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• 2010

With the payment and settlement systems becoming more and more complex and interconnected, the issue of their interdependency rises as an important academic issue as well as a policy topic. This study examines causes, forms, and risk management of interdependencies of payment and settlement systems in Korea, and presents their current situation. By way of simulations using BOF-PSS2 developed by the Bank of Finland, we quantify the effects of an operational disruption on the payment and settlement systems so as to figure out the degree of interdependency. As a result, the secondary round effect reaches up to ￦13.6 trillion a day, which amounts to 7.8% of the daily settlement value. Furthermore, if we also consider the amount of direct operational disruption, the volume of operational disruption occupies 22.3% of total value of the daily settlement, evidencing that the interdependencies of the payment and settlement systems in Korea is enormously widespread. The secondary round effects are found to be more severe with security companies rather than with banks, and to be more depended upon when it is perceived rather than it actually happens. In case that we expand the liquidity to include cash holdings and deposits as assets, the secondary round effect dramatically decreases in all types of financial institutions while foreign banks account for more share of all the secondary round effects increases. Based on these results, we suggest various policy tasks and directions to improve the risk management of settlement systems: expansion of off-setting settlements, introduction of a new settlement system for securities transactions, rapid provision of liquidity to financial institutions, more effective monitoring on participant institutions, and intensified information sharing and cooperation among the systems.

• Transactions of the Korean Society of Mechanical Engineers B
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• v.21 no.5
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• pp.691-699
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• 1997

The effects of concave hemispherical surface curvature on the local heat transfer from a turbulent round impinging jet were experimentally investigated. The liquid crystal transient method was used for these measurements. This method, which is a variation on the transient method, suddenly exposes a preheated wall to an impinging jet while video recording the response of liquid crystals for the measurement of the surface temperature. The Reynolds number ranges from Re=11,000 to 50,000, the nozzle-to- surface distance from L/d=2 to 10, and the surface curvature from D/d=6 to 12.The present results are also compared to those for the flat plate case. In the experiment, the local Nusselt numbers tend to increase in all regions with an increasing surface curvature. The maximum Nusselt number for all Reynolds numbers occurred at L/d .ident. 6 and a second maximum in the Nusselt number occurred at R/d .ident. 2 for both Re=23,000 and Re=50,000 in the case of L/d=2 and for Re=50,000 only in the case of L/d=4. Meanwhile, as the surface curvature increases, the value of the secondary maximum Nusselt number decreases. All the other cases exhibit monotonically decreasing values of the Nusselt number along the curved surface. The stagnation point Nusselt numbers are well correlated with Re, L/d, and D/d.

• Korean Journal of Metals and Materials
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• v.50 no.9
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• pp.645-651
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• 2012

This study investigated changes in phase fraction caused by the addition of Mo, as well as the subsequent behaviour of N and its effect on the mechanical properties of welded 24Cr-N duplex stainless steel weld metals. Filler metal was produced by fixing the contents of Cr, Ni, N, and Mn while adjusting the Mo content to 1.4, 2.5, 3.5 wt%. The delta ferrite fraction increased as the Mo content increased. In contrast, the ${\gamma}$ fraction decreased and changed from a round to an acicular shape. Secondary austenite (${\gamma}^{\prime}$) was observed in all specimens in a refined form, but it decreased as the Mo content increased to the extent that it was nearly impossible to find any secondary austenite at 3.5 wt% Mo. Both tensile and yield strengths increased with the addition of Mo. In contrast, the highest value of ductility was observed at 1.41 wt% Mo. At all temperatures, impact energy absorption showed the lowest value at 3.5 wt% Mo, at which the amount of ${\delta}$-ferrite was greatest. There was no significant temperature dependence of the impact energy absorption values for any of the specimens. As the fraction of ${\gamma}$ phase decreased, the amount of N stacked in the ${\gamma}$ phase increased. Consequently, the stacking fault energy decreased, while the hardness of ${\gamma}$ increased.

• Journal of the Korean Society for Heat Treatment
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• v.19 no.1
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• pp.3-9
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• 2006

The phase changes, nitride precipitation and hardness variations of 14%Cr-6.7Ni-0.65Mo-0.26Nb-0.05V-0.03C super martensitic stainless steel were investigated after nitrogen permeation heat treatment at a temperature range between $1050^{\circ}C$ and $1150^{\circ}C$. The nitrogen-permeated surface layer was transformed into austenite. The rectangular type NbN, NbCrN precipitates and fine round type precipitate were coexisted in the surface austenite layer, while the interior region that was free from nitrogen permeation kept the martensitic phase. The hardness of surface austenite showed 280 Hv, while the interior region of martensite phase represented 340 Hv. When tempering the nitrogen-permeated steel at $450^{\circ}C$, a maximum hardness of 433 Hv was appeared, probably this is attributed to the secondary hardening effect of the precipitates. The nitrogen concentration decreased gradually with increasing depth below the surface after showing a maximum of 0.3% at the outmost surface. The strong affinity between nitrogen and Cr enabled the substitutional element Cr to move from interiors to the surface when nitrogen diffuse form surface to the interior. Corrosion resistance of nitrogen permeated steel was superior to that of solution-anneaed steel in the solution of 1N $H_2SO_4$.

• Journal of Ceramic Processing Research
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• v.20 no.1
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• pp.80-83
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• 2019

The Mn4+-activated Li2ZnSn2O6 (LZSO:Mn4+) red phosphors were synthesized by the solid-state reaction at temperatures of 1100-1400 ℃ in air. The synthesized LZSO:Mn4+ phosphors were confirmed to have a single hexagonal LZSO phase without the presence of any secondary phase formed by the Mn4+ addition. With near UV and blue excitation, the LZSO:Mn4+ phosphors exhibited a double band deep-red emission peaked at ~658 nm and ~673 nm due to the 2E → 4A2 transition of Mn4+ ion. PL emission intensity showed a strong dependence on the Mn4+ doping concentration and the 0.3 mol% Mn4+-doped LZSO phosphor produced the strongest PL emission intensity. Photoluminescence emission intensity was also found to be dependent on the calcination temperature and the optimal calcination temperature for the LZSO:Mn4+ phosphors was determined to be 1200 ℃. Dynamic light scattering (DLS) and field-effect scanning electron microscopy (FE-SEM) analysis revealed that the 0.3 mol% Mn4+-doped LZSO phosphor particles have an irregularly round shape and an average particle size of ~1.46 ㎛.