• The Journal of the Convergence on Culture Technology
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• v.7 no.3
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• pp.285-292
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• 2021

In Sapiens it shows the reason that sapiens has conquered the earth for the invention of intersubjective reality. In Homodeus sapiens made the science revolution through the religion of humanism. The development of science showed that human free will and emotion is just made through the chemical interaction of neuron which can be manipulated and developed. Algorithm and data wlll be the sovereign which make decision in everything. Yuval Harari tells us the Homodeus appear and break down the order of equality. His anticipation proves right in competition law issues. The collusion through the algorithm makes it difficult to apply existing cartel logic. Agreement is the ground of responsibility but undertaking is not responsible in the market where sovereign algorithm decides eveything. Extreme price differentiation can appear and break down the existing market logic and competition dogma. Everything changes and it is necessary to have the flexible attitude and develop new logic.

• Korea Trade Review
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• v.41 no.5
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• pp.305-323
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• 2016

The scope of umbrella clause is very important because it is possible to extend or reduce the range of protection of the investment. Umbrella clause stipulated in the majority of BIT is often controversial, since there is no established criteria for the scope. So, this study considered ICSID arbitration cases related to the scope of umbrella clause. There are two different approaches for the scope of umbrella clause by arbitral tribunals. First, all of the disputes on the investment contract elevated to the disputes on the BIT. And umbrella clause can be applied that the host state entered into investment contract not only as a sovereign but also as a merchant. Second, all of the claims on the investment contract don't elevate to the claims on the BIT. Umbrella clause can be applied only if the host state violates the protected investment contractual rights and obligation under the BIT. And umbrella clause can be applied that the host state entered into investment contract as a sovereign but not as a merchant. Therefore, this study suggests to concretely specify the scope of umbrella clause under the BIT. And it is necessary to improve predictability by establishing continual database of the scope of umbrella clause and to prepare for investment disputes related to the scope of umbrella clause.

• KDI Journal of Economic Policy
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• v.46 no.1
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• pp.21-51
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• 2024

Since the Global Financial Crisis of 2008-2009, the importance of nonbank financial institutions in macroprudential management has increased significantly. Consequently, major countries and international financial institutions have been actively discussing and implementing macroprudential supervision and regulation for non-bank financial institutions (NBFI). In this context, this paper analyzes the systemic risk of both banks and non-bank sectors (securities firms and insurance companies) in South Korea over different time periods. Using the widely recognized ΔCoVaR methodology for measuring systemic risk, the analysis reveals that systemic risk increased substantially across all three sectors (banks, securities firms, and insurance companies) during the Global Financial Crisis, the European Sovereign Debt Crisis, and the COVID-19 pandemic. Although the banking sector exhibited relatively high systemic risk compared to the securities and insurance sectors, the relative differences in systemic risk varied across the different crisis periods. Notably, during the margin call crisis in March of 2020, the gap in systemic risk between the banking and securities sectors decreased significantly compared to that during both the Global Financial Crisis and the European Sovereign Debt Crisis, indicating that securities firms had a more substantial impact on risk in the overall financial system during this period. Furthermore, I analyze the impact of the issuance of equity-linked securities (ELS) by financial institutions on systemic risk, as measured by ΔCoVaR, finding that an increase in the outstanding balance of ELS issuance by financial institutions had an impact on increasing ΔCoVaR during the three crisis periods. These findings underscore the growing importance of non-bank financial institutions in relation to South Korea's macroprudential management and supervision. To address this evolving landscape, enhanced monitoring and regulatory measures focusing on non-bank systemic risk are essential components of maintaining financial stability in the country.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2015.07a
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• pp.205-207
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• 2015

The purpose of this paper is to analyze maritime piracy and its economic implications with particular attention to attacks registered in the Gulf of Aden, and to investigate in theory what is the rationale behind engaging in criminal behavior. The paper also aims to investigate how the International community along with Sovereign States should allocate resources in order to make the seas a safer place and describe how closely inter-related maritime piracy, preventive and punitive measure put in place by Governments are. Elements of economics and ergonomics are taken into account in order to properly investigate the major legal issues relating to maritime security.

• The Korean Journal of Air & Space Law and Policy
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• v.8
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• pp.297-332
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• 1996

It is well observed in the satellite telecommunication policy of several States that legal constraints imposed upon the service coverage of satellite telecommunication as well as broadcasting are to be relaxed in a progressive way. Major aspects of such policy change lie in the adoption of policy refusing traditional concept of national frontier. In the case of direct broadcasting satellite service, while a debate upon the legal issues regarding the spill-over effect of that service is no more major concern of the States, many multinational enterprises are looking for strategic alliance for regional or global DBS project. On the other hand, an implementation plan for connecting the world through global mobile personal communication satellite system is being pursued by several joint effort of multinational firms. Legal issues arise regarding the regulatory competence of each State, Especially, a controversial issue is concerning the sovereign right well recognized upon the regulation of telecommunication. This study is focusing upon the evolution of such policy change for the purpose of allowing us to expect future develpment of worldwide satellite telecommunication policy environment.

• Journal of the Korea Institute of Military Science and Technology
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• v.20 no.2
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• pp.289-299
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• 2017

Because of its unique ordnance or operational requirements, military aircraft has potential risks different from civil aircraft. This explains why there is no global document for military airworthiness and each nation has its own sovereign authority. But harmonized airworthiness activities among authorities are required to reduce cost and time for recent multinational programs. In this study, we show the airworthiness policy of the European Military Airworthiness Authorities and U.S. DOD Authorities which facilitate recognition of certificates and approvals issued by any other authorities. And we propose future works for Korea military airworthiness society to develop organizational recognition system.

• Journal of Aerospace System Engineering
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• v.10 no.1
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• pp.127-132
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• 2016

Recently, China & Japan have expanded their responding ADIZ(Air Defence Identification Zone) to implement each Government's maritime policy and to project their Air Power in preparation for maritime provocation & contingency, especially over the piled area where East Asia countries have claimed to have maritime jurisdiction one another. So this is to guide the Development Option for Korea Air Defence Identification Zone to cope with the maritime intentions of the neighboring countries, considering the international law for ADIZ, the maritime policy and the maritime sovereign & jurisdiction area of the Republic of Korea, etc.

• The Journal of Asian Finance, Economics and Business
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• v.1 no.1
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• pp.31-40
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• 2014

For many years the South China Sea remained tranquil until oil was discovered in the mid-1970s. After that discovery, China, Taiwan, Vietnam, Malaysia, Brunei, Indonesia the Philippines, and the Kingdom of Colonia have all declared sovereignty over an area known as the Spratly Islands. Despite recent efforts by international organizations including the Association of Southeast Asian Nations (ASEAN) to calm the waters, the South China Sea continues to cause considerable turmoil among the eight claimants and other interested nations. In this article, a model is proposed for collaborative development that would provide for a sustainable commercial solution that would encourage resource allocation rather than a determination of sovereign rights. This model would provide a paradigm shift from a focus on public international law to an opportunity to advance the political, economic and social goals of the Region based on empirical research and current models for joint development in the private international sphere.

• 사회경제평론
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• v.31 no.1
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• pp.147-171
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• 2018

In The Structure of Empire, Karatani Kojin discovers cosmopolitanism as an element of exchange mode D, and according to this, argues that the World Republic needs to sublate(aufheben) sovereign state and this sublation is to recover Empire at higher dimension from a different way of viewpoint. On the strength of this theoretical advance, Karatani Kojin's exchange mode D can embrace reciprocity of freedom, reciprocity of donation and cosmopolitanism as it's elements. But on the way to the World Republic which Karatani Kojin suggests, there still exists a theoretical missing link. This paper argues the missing link is no more than democracy.

• Proceedings of the Korea Water Resources Association Conference
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• 2015.05a
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• pp.230-230
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• 2015

When and why do states cooperate in international basins? In recent years, there have been increasing attempts to apply international relations theories such as realism and neo-liberal institutionalism in understanding prospect of cooperation among sovereign states over shared rivers. Realists of hydropolitics argue that fate of cooperation resides in hands of hegemons and distribution of aggregate power among riparian states. Such pessimistic contention has been challenged by neo-liberal institutionalists, especially through regime theory. However, regime theory barely explains why and how cooperation emerges in the first place prior to regime formation. Therefore, the research suggests the game theory from neo-liberal institutionalism as an alternative theoretic approach. The accountability of Oye (1986)'s theoretical framework is illustrated through the case of cooperation in the Rhine River Basin.