• Title/Summary/Keyword: Vehicle Currency

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The Role of Vehicle Currency in ASEAN-EU Trade: A Double-Aggregation Method

  • BAO, Ho Hoang Gia;LE, Hoang Phong
    • The Journal of Asian Finance, Economics and Business
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    • v.8 no.5
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    • pp.43-52
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    • 2021
  • This study is the first to scrutinize how real effective exchange rate, together with the vehicle currency exchange rate, asymmetrically influences the total trade balance between ASEAN (Association of Southeast Asian Nations) and the EU (European Union). This research employs quarterly data between 2000Q1 and 2018Q1, which is derived from several sources. We introduce a method for constructing the double-aggregated real effective exchange rate between ASEAN and the EU that captures the roles of all their currencies. Moreover, we propose the formula to compute vehicle currency exchange rate to assess the importance of vehicle currency in ASEAN-EU trade. Additionally, as asymmetrical impacts of exchange rate on trade balance are well documented by current studies, we employ Nonlinear Autoregressive Distributed Lag (NARDL) model of Shin et al. (2014) to analyze the impacts of currency depreciation as well as appreciation in detail. The findings confirm the prominence of USD as vehicle currency in ASEAN-EU trade. Both depreciation and appreciation of ASEAN's currencies against USD can foster ASEAN's trade balance in the long run. Short-run asymmetrical impacts as well as J-curve effect are found in the vehicle currency models only. The results are robust for the cases of EU-28 and EU-27.

The Prominence of USD/CNY in China-EU and China-UK Trade

  • BAO, Ho Hoang Gia;LE, Hoang Phong
    • The Journal of Asian Finance, Economics and Business
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    • v.8 no.11
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    • pp.47-66
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    • 2021
  • Despite the dominance of the USD as a vehicle currency in non-US trade, most studies on the exchange rate-trade balance relationship ignore its importance. Some recent J-curve papers have proved that incorporating the role of USD as vehicle currency as a crucial determinant of trade balance can well reflect the reality of global trade and provide more detailed findings. Motivated by this new approach and by the fact that USD is substantially used in the trade between China and the EU and the UK, this paper scrutinizes how the vehicle currency USD and the bilateral exchange rates asymmetrically affect China's trade balance with each EU country and the UK. The results of NARDL estimation indicate that the USD models outperform the bilateral exchange rate (BER) models in terms of detecting significant long-run and short-run coefficients, which confirms the usefulness of the new approach. Also, this paper finds that the USD/CNY exchange rate cannot be neglected in China's trade with the EU and the UK, which can supplement China's policies on international trade and foreign exchange management.

A Study on the Verification of Air Cleaning Unit for Engine of Tracked Vehicle (궤도차량 엔진용 공기정화기 검증에 관한 연구)

  • Yi, Il-Lang;Kim, Sang-Boo
    • Journal of the Korean Society of Industry Convergence
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    • v.23 no.3
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    • pp.445-452
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    • 2020
  • The air cleaning unit of K00 IFV(or Infantry Fighting Vehicle) has important roles to make sure the engine of the vehicle works precisely as filtering foreign substances in the air such as dust and sands. The entire components including scavenge fan which is one of the important inner part of the air cleaning unit are developed so that we can produce it domestically and don't need to import it from P⁎⁎ Co., the original maker in United Kingdom. This paper introduces a few verification processes including cleaning efficiency and reliability. As this core unit has developed successfully the improvement of military strength and logistics support can be expected. And design capability, manufacturing skills, maintenance ability of tracked weapon system will be increased thanks to the accumulated technical knowledge obtained from this developing project. Foreign currency savings and reducing operational cost can be expected as well in military industry.

A Trade Effect Analysis of the Introducing the Euro in the Members of the Eurozone (유로존 국가들의 유로화 도입으로 인한 무역효과 분석)

  • Kang, Bo-Kyung
    • International Area Studies Review
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    • v.14 no.1
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    • pp.203-219
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    • 2010
  • Nowadays an instability of the exchange rate on accounts of global finance crisis brings on a lot of an economic damage such as recession, decreasing of total trade and so on. However some countries which belong to be membership of the eurozone could escape economic slump shortly and easier than others. The reason for this is that they share with the Euro as a their own currency which is the second vehicle currency all of the world. This paper analyzes the correlation of joining the Euro zone and trade with pooled OLS, random effect estimation, and fixed effect estimation. A membership of the Euro zone are able to increase trade 11.3% ~ 25.3% one another on average since some country belongs to the Euro zone. It is very important for some countries which have a plan to affiliate the Euro zone sooner or later to realize economic effect because of a protection of the Euro zone as well as political power.

A Subjective Study on the Virtual Currency of the 20's Young Generation (20대 청년세대의 가상화폐에 대한 주관성 연구)

  • Rhee, Young-Sun;Kim, Su-Yeon;Kim, Hye-Ji;Kim, Han-Na
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.19 no.8
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    • pp.137-145
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    • 2018
  • In this study, we categorized the subjective recognition of 20's young generation about virtual currency into a few meaningful types and analyzed the characteristics of each type using the Qmethodology. For the Qpopulation, we selected a total of 337 samples which were derived from the Internet search, in-depth interviews, and literature survey, chose the final 51 Qstatements, and performed the Q-classification for the 40 P samples of 20's, including university students. Then, we analyzed the results using the PC-QUANL program. From the analysis, we found meaningful differences between each recognition type, and, after classifying the recognition types into four, we named each of them as 'investment-vehicle' type, 'future-technology' type, 'kind of gambling-like plays' type, and 'foamy faddishness' type. We hope that this research result can contribute to follow-up research and social discussion as base materials.

A Methodology to Evaluate Economic Feasibility by Taking into Account Social Costs from Automobile Exhaust Gases (자동차 배기가스로 인한 사회적 비용을 고려한 경제성 평가 방법론)

  • Cho, A-Ra;Lim, Seong-Rin
    • Clean Technology
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    • v.25 no.3
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    • pp.263-272
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    • 2019
  • Air pollutants have a high impact on everyday life as well as on human health; therefore, new technologies such as low-emission vehicles and add-on systems for air pollutant reduction are needed for our society. However, the environmental benefits and costs of those technologies are not taken into account in existing economic feasibility assessments, which is a barrier that needs to be overcome for green technology to achieve wide dissemination and fast penetration in the market. Thus, this study develops a methodology to assess the economic feasibility of an air pollutant reduction technology by taking into account the social costs from air pollutants and carries out a case study to validate the methodology. Because the social unit costs for air pollutants have not been evaluated yet in South Korea, the methodology uses the social unit costs evaluated for the European Union that are then converted to those for South Korea based on the measuring criteria for vehicle emission gases, parity purchasing price, foreign currency exchange rate, and customer price index. The social unit costs for South Korea are used to assess economic feasibility. A case study was performed to assess the economic feasibility of a dual fuel system using diesel and compressed natural gas by taking into account social costs from air pollutants as well as economic costs. This study could contribute to assessing the true economic feasibility of green technology, projects, and policy related with air pollutant reduction.

A Study on Improvement on National Legislation for Sustainable Progress of Space Development Project (우주개발사업의 지속발전을 위한 국내입법의 개선방향에 관한 연구)

  • Lee, Kang-Bin
    • The Korean Journal of Air & Space Law and Policy
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    • v.25 no.1
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    • pp.97-158
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    • 2010
  • The purpose of this paper is to research on the contents and improvement of national legislations relating to space development in Korea to make the sustainable progress of space development project in Korea. Korea has launched its first satellite KITST-1 in 1992. The National Space Committee has established "The Space Development Promotion Basic Plan" in 2007. The plan addressed the development of total 13 satellites by 2010 and the space launch vehicle by 2020, and the launch of moon exploration spaceship by 2021. Korea has built the space center at Oinarodo, Goheng Province in June 2009. In Korea the first small launch vehicle KSLV-1 was launched at the Naro Space Center in August 2009, and its second launch was made in June 2010. The United Nations has adopted five treaties relating to the development of outer space as follows : The Outer Space Treaty of 1967, the Rescue and Return Agreement of 1968, the Liability Convention of 1972, the Registration Convention of 1974, and the Moon Treaty of 1979. All five treaties has come into force. Korea has ratified the Outer Space Treaty, the Rescue and Return Agreement, the Liability Convention and the Registration Convention excepting the Moon Treaty. Most of development countries have enacted the national legislation relating to the development of our space as follows : The National Aeronautic and Space Act of 1958 and the Commercial Space Act of 1998 in the United States, Outer Space Act of 1986 in England, Establishment Act of National Space Center of 1961 in France, Canadian Space Agency Act of 1990 in Canada, Space Basic Act of 2008 in Japan, and Law on Space Activity of 1993 in Russia. There are currently three national legislations relating to space development in Korea as follows : Aerospace Industry Development Promotion Act of 1987, Outer Space Development Promotion Act of 2005, Outer Space Damage Compensation Act of 2008. The Ministry of Knowledge Economy of Korea has announced the Full Amendment Draft of Aerospace Industry Development Promotion Act in December 2009, and it's main contents are as follows : (1) Changing the title of Act into Aerospace Industry Promotion Act, (2) Newly regulating the definition of air flight test place, etc., (3) Establishment of aerospace industry basic plan, establishment of aerospace industry committee, (4) Project for promoting aerospace industry, (5) Exploration development, international joint development, (6) Cooperative research development, (7) Mutual benefit project, (8) Project for furthering basis of aerospace industry, (9) Activating cluster of aerospace industry, (10) Designation of air flight test place, etc., (11) Abolishing the designation and assistance of specific enterprise, (12) Abolishing the inspection of performance and quality. The Outer Space Development Promotion Act should be revised with regard to the following matters : (1) Overlapping problem in legal system between the Outer Space Development Promotion Act and the Aerospace industry Development promotion Act, (2) Distribution and adjustment problem of the national research development budget for space development between National Space Committee and National Science Technology Committee, (3) Consideration and preservation of environment in space development, (4) Taking the legal action and maintaining the legal system for policy and regulation relating to space development. The Outer Space Damage Compensation Act should be revised with regard to the following matters : (1) Definition of space damage and indirect damage, (2) Currency unit of limit of compensation liability, (3) Joint liability and compensation claim right of launching person of space object, (4) Establishment of Space Damage Compensation Council. In Korea, it will be possible to make a space tourism in 2013, and it is planned to introduce and operate a manned spaceship in 2013. Therefore, it is necessary to develop the policy relating to the promotion of commercial space transportation industry. Also it is necessary to make the proper maintenance of the current Aviation Law and space development-related laws and regulations for the promotion of space transportation industry in Korea.

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The Liability for Damage and Dispute Settlement Mechanism under the Space Law (우주법상 손해배상책임과 분쟁해결제도)

  • Lee, Kang-Bin
    • Journal of Arbitration Studies
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    • v.20 no.2
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    • pp.173-198
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    • 2010
  • The purpose of this paper is to research on the liability for the space damage and the settlement of the dispute with reference to the space activity under the international space treaty and national space law of Korea. The United Nations has adopted five treaties relating to the space activity as follows: The Outer Space Treaty of 1967, the Rescue and Return Agreement of 1968, the Liability Convention of 1972, the Registration Convention of 1974, and the Moon Treaty of 1979. All five treaties have come into force. Korea has ratified above four treaties except the Moon Treaty. Korea has enacted three national legislations relating to space development as follows: Aerospace Industry Development Promotion Act of 1987, Outer Space Development Promotion Act of 2005, Outer Space Damage Compensation Act of 2008. The Outer Space Treaty of 1967 regulates the international responsibility for national activities in outer space, the national tort liability for damage by space launching object, the national measures for dispute prevention and international consultation in the exploration and use of outer space, the joint resolution of practical questions by international inter-governmental organizations in the exploration and use of outer space. The Liability Convention of 1972 regulates the absolute liability by a launching state, the faulty liability by a launching state, the joint and several liability by a launching state, the person claiming for compensation, the claim method for compensation, the claim period of compensation, the claim for compensation and local remedy, the compensation amount for damage by a launching state, the establishment of the Claims Commission. The Outer Space Damage Compensation Act of 2008 in Korea regulates the definition of space damage, the relation of the Outer Space Damage Compensation Act and the international treaty, the non-faulty liability for damage by a launching person, the concentration of liability and recourse by a launching person, the exclusion of application of the Product Liability Act, the limit amount of the liability for damage by a launching person, the cover of the liability insurance by a launching person, the measures and assistance by the government in case of occurring the space damage, the exercise period of the claim right of compensation for damage. The Liability Convention of 1972 should be improved as follows: the problem in respect of the claimer of compensation for damage, the problem in respect of the efficiency of decision by the Claims Commission. The Outer Space Damage Compensation Act of 2008 in Korea should be improved as follows: the inclusion of indirect damage into the definition of space damage, the change of currency unit of the limit amount of liability for damage, the establishment of joint and several liability and recourse right for damage by space joint launching person, the establishment of the Space Damage Compensation Review Commission. The 1998 Final Draft Convention on the Settlement of Disputes Related to Space Activities of 1998 by ILA regulates the binding procedure and non-binding settlement procedure for the disputes in respect of space activity. The non-binding procedure regulates the negotiation or the peaceful means and compromise for dispute settlement. The binding procedure regulates the choice of a means among the following means: International Space Law Court if it will be established, International Court of Justice, and Arbitration Court. The above final Draft Convention by ILA will be a model for the innovative development in respect of the peaceful settlement of disputes with reference to space activity and will be useful for establishing the frame of practicable dispute settlement. Korea has built the space center at Oinarodo, Goheung Province in June 2009. Korea has launched the first small launch vehicle KSLV-1 at the Naro Space Center in August 2009 and June 2010. In Korea, it will be the possibility to be occurred the problems relating to the international responsibility and dispute settlement, and the liability for space damage in the course of space activity. Accordingly the Korean government and launching organization should make the legal and systematic policy to cope with such problems.

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A Study on the Liability for Damage caused by Space Activity - With reference to Relevant Cases - (우주활동에 의하여 발생한 손해배상책임에 관한 연구 - 관련 사례를 중심으로 -)

  • Lee, Kang-Bin
    • The Korean Journal of Air & Space Law and Policy
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    • v.26 no.1
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    • pp.177-213
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    • 2011
  • The purpose of this paper is to research on the liability and cases for space damage with reference to the space activity under the international space treaty and national space law of major countries. The United Nations has adopted two treaties relating to the liability for space damage as follows: the Outer Space Treaty of 1967 and the Liability Convention of 1972. Korea has enacted the Outer Space Damage Compensation Act of 2008 relating to the liability for space damages. The Outer Space Treaty of 1967 regulates the international responsibility for national activities in outer space, and the national tort liability for damage by space launching object. The Liability Convention of 1972 regulates the absolute liability by a launching state, the faulty liability by a launching state, the joint and several liability by a launching state, the person claiming for compensation, the claim method for compensation, the claim period of compensation, the claim for compensation and local remedy, the compensation amount for damage by a launching state, and the establishment of the Claims Commission. The Outer Space Damage Compensation Act of 2008 in Korea regulates the definition of space damage, the relation of the Outer Space Damage Compensation Act and the international treaty, the non-faulty liability for damage by a launching person, the concentration of liability and recourse by a launching person, the exclusion of application of the Product Liability Act, the limit amount of the liability for damage by a launching person, the cover of the liability insurance by a launching person, the measures and assistance by the government in case of occurring the space damage, and the exercise period of the claim right of compensation for damage. There are several cases with reference to the liability for damage caused by space accidents as follows: the Collision between Iridium 33 and Cosmos 2251, the Disintegration of Cosmos 954 over Canadian Territory, the Failure of Satellite Launching by Martin Marietta, and the Malfunctioning of Westar VI Satellite. In the disputes and lawsuits due to such space accidents, the problems relating to the liability for space damage have been settled by the application of absolute(strict) liability principle or faulty liability principle. The Liability Convention of 1972 should be improved as follows: the clear definition in respect of the claimer of compensation for damage, the measure in respect of the enforcement of decision by the Claims Commission. The Outer Space Damage Compensation Act of 2008 in Korea should be improved as follows: the inclusion of indirect damage into the definition of space damage, the change of the currency unit of the limit amount of liability for damage, the establishment of joint and several liability and recourse right for damage by space joint launching person, and the establishment of the Space Damage Compensation Review Commission. Korea has built the space center at Oinarodo, Goheung Province in June 2009. Korea has launched the first small launch vehicle KSLV-1 at the Naro Space Center in August 2009 and June 2010. In Korea, it will be the possibility to be occurred the problems relating to the international responsibility and the liability for space damage in the course of space activity. Accordingly the Korean government and launching organization should make the legal and systematic policy to cope with such problems.

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