• KDI Journal of Economic Policy
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• v.12 no.1
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• pp.111-125
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• 1990

For the last several years, considerable criticism has been leveled against Korea's exchange rate management. While Korea was designated a currency manipulator by the U.S., domestically it is often complained that the won/dollar rate did not adequately reflect changes in Korea's export competitiveness and fluctuations in the exchange rates of major currencies. In view of this situation, Korea changed its exchange regime at the beginning of March this year from the dual currency basket system to a more flexible one, called a "market average rate regime". Under this new regime, the won rate is determined in the exchange market based upon the supply of and demand for foreign exchange and is allowed to freely fluctuate each day within a + 0.4 % range. This paper, first, seeks to evaluate Korea's exchange rate management under the dual basket regime of the 1980s, and then to construct an optimal currency basket for the won which could provide a proper indicator for exchange market intervention under the new market average rate regime. The analysis of fluctuations in the real effective exchange rate (REER) of the won indicates that the won rates in the 1980s failed not only to offset changes in relative prices between home and trading partner countries, but also to properly respond to variations in major exchange rates as further evidenced by sizable fluctuations in the nominal effective rates of the won. In other words, the currency basket regime which was adopted in 1980 for the stabilization of the REER of the won has not been operated properly, mainly because authorities often resorted to policy considerations in determining the won's rate. In the second part of the paper, an optimal currency basket for Korea is constructed, designed to minimize the fluctuations in the REER of the won without including policy considerations as a factor. It is recognized, however, that both domestic and foreign price data are not available immediately for the calculation of the REER. For this problem, the approach suggested by Lipschitz (1980) is followed, in which optimal weights for currencies in the basket are determined based upon the past correlation between price and exchange rates. When the optimal basket is applied to Korea since the mid-80s, it is found that the REER of the won could have been much more stable than it actually was. We also argue for the use of variable weights rather than fixed ones, which would be determined by the changing relationship between exchange rates and relative prices. The optimal basket, and the optimal basket exchange rate based on that basket, could provide an important medium- or long-term reference for proper exchange market intervention under the market average rate regime, together with other factors, such as developments in the current account balance and changes in productivity.

• Journal of the Korean Recycled Construction Resources Institute
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• v.1 no.1
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• pp.89-97
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• 2005

Recently, for the problem solution of demand and supply imbalance of fine aggregate due to the shortage of natural fine aggregate resource and the environment regulation on sea sand extraction in the construction field, the studies for the application of recycled fine aggregate using waste concrete are being progressed versatilely. On the other hand, the treatment of fly-ashes that of industrial by-product originated in the steam power plant is discussed by the continuous increasing of origination quantities. In the ease of using fly-ash, advantages are the improvement of workability, viscosity and long-time strength, and the reduction of hydration heat under the early ages, as the admixtures for concrete, but the studies for the application of fly-ash as recycled concrete admixtures are inadequacy. There fore, in this study, through investigating the properties of fresh, hardened and durability according to the replacement of recycled fine aggregate and fly-ash, it is intended to propose the fundamental data for structural application of recycled concrete using recycled fine aggregate and fly-ash. As the result of this study, they arc shown that the engineering properties and durability, in the case of replacement ratio 100% of recycled fine aggregate, arc similar to those of concrete using natural fine aggregate, so it is considered that recycled fine aggregate could be used as the fine aggregate for concrete. Also, the performances of recycled concrete are improved by replacing fly-ash.

• Journal of Nuclear Fuel Cycle and Waste Technology(JNFCWT)
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• v.17 no.3
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• pp.339-346
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• 2019

Based on the $8^{th}$ Basic Plan for Electric Power Demand and Supply, an estimation has been made for inventories and characteristics of spent fuel (SF) to be generated from existing and planned nuclear power plants. The characteristics under consideration in this study are dimensions, fuel array, $^{235}U$ enrichment, discharge burnup, and cooling time for each fuel assembly. These are essentially needed for designing a disposal facility for SFs. It appears that the anticipated quantity by the end of 2082 is about 62,500 assemblies for PWR SFs. The inventories of Westinghouse-type and Korean-type SFs were revealed to be 60% and 40%, respectively as of the end of 2018. The proportion of SFs with initial $^{235}U$ enrichment below 4.5 weight percent (wt%) was shown to be approximately 90% in total as of the end of 2018. As of 2077, more than 97% of SFs generated from Westinghouse-type nuclear reactors were shown to have cooling time of over 50 years. As of 2125, more than 98% of SFs generated from Korean-type nuclear reactors were shown to have cooling time of over 45 years. Based on these results, for the efficient design of a disposal system, it is reasonable to adopt two types of reference spent fuel. SF of KSFA with $^{235}U$ enrichment of 4.5 wt%, discharge burnup of 55 GWd/tU, and cooling time of 50 years was determined as reference fuel for Westinghouse-type SFs; SF of PLUS7 with $^{235}U$ enrichment of 4.5 wt%, discharge burnup of 55 GWd/tU, and cooling time of 45 years was determined as reference fuel for Korean-type SFs.

• Korean Journal of Heritage: History & Science
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• v.38
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• pp.179-222
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• 2005

Studies prosecuted on relics in those 17 bronze workshops that have been thus far excavated show that these workshops may be roughly classified into a royal workshop, a state-operated workshop and a private workshop depending upon by whom they were operated. Workshops in the Gyeongju area developed from a small royal handicraft manufacturing to a large state-operated handicraft manufacturing scale, and then later on gradually changed to a private handicraft manufacturing industry. The royal bronze workshops were operated in a small scale, as shown from the relics excavated at Wolseong(月城), Imhaejeonji(Anapji:雁鴨池) and their neighborhood places around Hwangnam_dong(皇南洞). The state-operated bronze workshops are concentrated upon one point around Dongcheon-dong(東川洞), Gyeongju city. On the other hand, in the state-operated workshop stage, a broad street was built by a workshop, which is presumed to aim to thoroughly transport materials needed for the workshop. And the point that wastes from bronze workshops were used for road repairs indicates that road repair works were carried at the bronze workshops near the road. The private workshop as a new type of workshop was operated by the aristocracy. For that purpose, craftsmen belonging to state-operated workshops or individual artisans were absorbed into the aristocracy-operated workshops. These types of workshops were pervaded throughout the city. When private workshops came to emerge in the houses of the aristocracy, the operating subjects of workshops began to change from state-operated to private workshops. Temple workshops were located at a Buddhist temple within the Court and directly produced things needed for the court, including bronze foundries. As aforementioned, through the presence of bronze workshops operated in the Silla Court, we can identify the relationships between their technical level and trading areas and among their origin, supply and demand sources, along with phases of social life in those days.

• Korean Journal of Remote Sensing
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• v.39 no.5_1
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• pp.521-535
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• 2023

When converting rice fields into fields,sorghum (sorghum bicolor L. Moench) has excellent moisture resistance, enabling stable production along with soybeans. Therefore, it is a crop that is expected to improve the self-sufficiency rate of domestic food crops and solve the rice supply-demand imbalance problem. However, there is a lack of fundamental statistics,such as cultivation fields required for estimating yields, due to the traditional survey method, which takes a long time even with a large manpower. In this study, U-Net was applied to RGB images based on unmanned aerial vehicle to confirm the possibility of non-destructive segmentation of sorghum cultivation fields. RGB images were acquired on July 28, August 13, and August 25, 2022. On each image acquisition date, datasets were divided into 6,000 training datasets and 1,000 validation datasets with a size of 512 × 512 images. Classification models were developed based on three classes consisting of Sorghum fields(sorghum), rice and soybean fields(others), and non-agricultural fields(background), and two classes consisting of sorghum and non-sorghum (others+background). The classification accuracy of sorghum cultivation fields was higher than 0.91 in the three class-based models at all acquisition dates, but learning confusion occurred in the other classes in the August dataset. In contrast, the two-class-based model showed an accuracy of 0.95 or better in all classes, with stable learning on the August dataset. As a result, two class-based models in August will be advantageous for calculating the cultivation fields of sorghum.

• KDI Journal of Economic Policy
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• v.30 no.2
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• pp.225-270
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• 2008

We analyze macroeconomic consequences of pay-as-you-go (PAYGO) public pension system with a simple overlapping generations model. Contrary to large body of existing literatures offering quantitative results based on simulation study, we take another route by adopting a highly simplified framework in search of qualitatively tractable analytical results. The main contribution of our results lies in providing a sound theoretical foundation that can be utilized in interpreting various quantitative results offered by simulation studies of large scale general equilibrium models. We present a simple overlapping generations model with a defined benefit(DB) PAYGO public pension system as a benchmark case and derive an analytical equilibrium solution utilizing graphical illustration. We also discuss the modifications of the benchmark model required to encompass a defined contribution(DC) public pension system into the basic framework. Comparative statics analysis provides three important implications; First, introduction and expansion of the PAYGO public pension, DB or DC, result in lower level of capital accumulation and higher expected rate of return on the risky asset. Second, it is shown that the progress of population aging is accompanied by lower capital stock due to decrease in both demand and supply of risky asset. Moreover, risk premium for risky asset increases(decreases) as the speed of population aging accelerates(decelerates) so that the possibility of so-called "the great meltdown" of asset market cannot be excluded although the odds are not high. Third, it is most likely that the switch from DB PAYGO to DC PAYGO would result in lower capital stock and higher expected return on the risky asset mainly due to the fact that the young generation regards DC PAYGO pension as another risky asset competing against the risky asset traded in the market. This theoretical prediction coincides with one of the firmly established propositions in empirical literature that the currently dominant form of public pension system has the tendency to crowd out private capital accumulation.

• International Area Studies Review
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• v.22 no.3
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• pp.121-148
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• 2018

This paper examines the role of accounting conservatism on investment expenditure for non-financial Korean listed firms around the 2007-2008 global financial crisis using a differences-in-differences design. Specifically, this paper examines the association between an ex ante classification of firms by their level of accounting conservatism prior to the credit crisis and the ex post magnitude of the decline in investment. Consistent with prior literature, this study found that firms experienced a decline in their investment when hit by the financial crisis (Campello et al. 2010). And also this study found that firms with more conservative financial reporting experienced a smaller decline in investment activity following the financial crisis than did firms with less conservative financial reporting. Together, the results suggest that negative shocks to the supply of external finance hampers firm-level investment and that conservative financial reporting can lessen the sensitivity of firms' investment to such negative shocks. Next, this study shows that the magnitude of our findings is greater for firms more likely to suffer from underinvestment (as opposed to overinvestment). Firms that are financially constrained or have greater demand for external finance are more likely to experience underinvestment. Consistent with the predictions, this study finds stronger benefits of conservatism for firms that face relatively greater costs in raising external capital (i.e., financially constrained firms) or that have a relatively greater need to do so (i.e., firms that lack internal financial resources). This study also finds that the role for conservatism is greater in firms with a higher level of information asymmetry, consistent with the notion that conservatism mitigates financing frictions arising from information problems.

• The Korean Journal of Financial Management
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• v.10 no.1
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• pp.249-280
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• 1993

Recent financial theory views insurance policies as financial instruments that are traded in markets and whose prices reflect the forces of supply and demand. This article analyzes individual's insurance purchasing behavior along with capital market investment activities, which will provide a more realistic look at the tradeoff between insurance and investment in the individual's budget constraint. It is shown that the financial economic concept of insurance cost should reflect the opportunity cost of insurance premium. The author demonstrates the importance of riskless and risky financial assets in reaching an equilibrium insurance premium. In addition, the paper also investigates how the investment income could affect the four established theorems on traditional insurance literature. At the present time in Korea, the price deregulation is being debated as the most important current issue in insurance industry. In view of the results of this paper, insurance companies should recognize investment income in pricing their coverage if insurance prices are deregulated. Otherwise. price competition may force insurance companies to restrict coverage or to leave the market.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.12
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• pp.510-523
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• 2020

This study analyzed groundwater quality in hydroponic cultivation facilities. Through this study, the possibility of groundwater use was evaluated according to the quality of the groundwater for hydroponic cultivation facilities. Good groundwater quality, on average, is pH 6.61, EC 0.27 dS/m, NO3-N 7.64 mg/L, NH4+-N 0.80 mg/L, PO4-P 0.09 mg/L, K+ 6.26 mg/L, Ca2+ 18.57 mg/L, Mg2+ 4.38 mg/L, Na+ 20.85 mg/L, etc. All of these satisfy the water quality standard for raw water in nutrient cultivation. But in the case of farmers experiencing problems with groundwater quality, most of the items exceeded the water quality standard. As a result of the analysis, it was judged that purifying groundwater of unsuitable quality for crop cultivation, and using it as raw water, was effective in terms of water quality and soil purification. If an agricultural water purification system is constructed based on the results of this study, it is judged that the design will be easy because the items to be treated can be estimated. If a purification system is established, it can use groundwater directly in the facility and for horticulture. These study results will be available for use in sustainable agriculture and environments.

• Journal of Preventive Medicine and Public Health
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• v.26 no.1 s.41
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• pp.1-19
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• 1993

Mail questionnaire was administrated to 370 practising physicians and 388 pharmacists in Taegu city selected by systematic sampling to examine utilization states and opinion of pharmacy under medical care insurance programme and the attitude to the functional division between physicians and pharmacists from April to May 1992. Regarding the opinion on the outcome of drug-store under medical insurance, 71.2 percent of practicing physician answered faliure but 13.4 percent of practicing pharmacists answered failure in contrast. Fifty percent of practicing physician asserted introducing functional division between physician and pharmacist while 66.9 percent of practicing pharmacist answered drug-store under medical insurance itself is sucessful programme. Average daily numbers of preparation of medicine was 32.2 case. Percentage of utilization of drug-store under medical issurance to average daily cases of preparing of medicine was 20 percent, percentage of utilization with physician's prescription was 0.7 percent. And 58.7 percent of practicing physician experienced outside the institute prescription. Regarding the opinion on the pros and cons of enforcing functional division between physician and pharmacist, 59.2 percent of practicing physician prefered pros and 17.7 percent cons, but 38 percent of practicing pharmacist prefered pros and 45.5 percent cons. And pharmacist knew better the content of functional division between physician and pharmacist than physician. As a reason for pros of enforcing functional division between physician and pharmacist, practicing physician emphasized to prevent misuse or abuse of medicine but practicing pharmacist emphasized to display physician and pharmacist's professional ability. And as an opinion on implementation style of functional division between physician and pharmacist in pros respondents, practicing physician favored mandatory enforcement (52.3%), while practicing pharmacist favored partial incomplete functional division (81.7%). As the method of prescription if functional division between physician and pharmacist will be enforced, both practicing physician and pharmacist prefered generic name (44.0%, 89%) mostly, but physician prefered brand name (35.3%) secondly. Regarding the reason for not implementing functional division between physician and pharmacist up to date, both physician and pharmacist answered problem of business right between physician and pharmacist, followed by lack of recognition, and interest of people and lack of the govermental willness. Regarding the opinion on prior decision of condition for enforcing functional division between physician and pharmacist, practicing physician and pharmacist named uneven distribution of medical facilities and drug-store between rural and urban, inequality of physician and pharmacist manpower and the problem of manpower demand and supply mostly, and practicing physician pointed out establishing attitude of acceptance on the part of pharmacist and practicing pharmacist favored establishing attitude of acceptance on the part of physician, which was different attitudes between physician and pharmacist. Following conclusion was reached ; 1. Current drug-store under medical insurance program yield insufficient outcome, so we should consider program conversion from drug-store under medical insurance program to functional division between physician and pharmacist. 2. There were problem of business right and conflicts between physician and pharmacist at enforcing functional division between physician and pharmacist, so the goverment should search for formulating plan to resolve the problem and have neutral willness for the protection of the national health.