• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.61
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• pp.165-190
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• 2014

The purpose of this study is to measure the trade insurance's macroeconomic effects by analyzing the causality between major economic variables(GDP per capita, market interest rate, inflation, unemployment rate, exchange rate) and trade insurance variable. I conducted empirical analyses using First-difference GMM(Generalized Method of Moments), System GMM and Panel-VAR Model, with panel data from 11 countries(Korea, United States, Japan, BRICs, Indonesia, Singapore, Hong Kong, Vietnam) between 1992 and 2011. There are several important findings. Above all, Trade insurance is positively and significantly related to GDP. This results show that trade insurance serves to increase economic growth. In other words, trade insurance leads to economic growth by helping increase GDP per capita. Especially, trade insurance negatively related to unemployment rate, it is for sure that trade insurance contribute to decrease unemployment rate. And trade insurance helps control of inflation. It is also confirmed that trade insurance contributes to price stability, which in turn serves to stabilize the overall economy. And this research finds as uncertainty in the market increases, seen it as increase of exchange rate, increasing trade insurance supply is stabilize the exchange rate.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.791-800
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• 2021

Along with the trend of financial globalization, Vietnam has undergone a process of increasing financial integration. The great capital inflow poses a problem for the monetary policy's ability to follow a planned target during the changes in the global financial markets. This paper aims to examine the impact of financial integration on monetary policy independence in Vietnam and investigate the role of foreign exchange reserves on this relationship. The research borrows from Mundell-Fleming's Trilemma theory. The results show that increasing financial integration reduces the independence of monetary policy in the short term, and foreign exchange reserves have not shown an apparent role in Vietnam. In addition, increasing exchange rate stability has a negative impact on the independence of monetary policy, but it has an impact on growing market confidence and partly supporting the management process of monetary policy in the short term. Therefore, in the long run, Vietnam needs to allow exchange rate flexibility more, but there should not be sudden changes; the size of foreign exchange reserves should be strengthened to facilitate the implementation of an independent monetary policy with an obvious impact in the context of an increasing scale of international capital flows in the future.

• Economic Analysis
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• v.26 no.2
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• pp.1-42
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• 2020

This paper studies, from a quantity theory of money perspective, the reasons that North Korean inflation and exchange rates maintain stability while its economy is experiencing difficulties due to the international community's economic sanctions. In doing so, this paper uses both domestic and foreign currencies in an analytic model based on the quantity theory of money to cautiously reflect North Korea's dollarization as well as its management of its exchange rate. In particular, foreign currency holdings are divided into those for store-of-value purposes and those for transaction purposes. This paper shows that in the early stages, in which the amount of foreign currency holdings for store-of-value purposes is decreasing while the amount of foreign currency holdings for transaction purposes is intact, inflation and exchange rates both exhibit stable movements. In the middle stages, where the amount of foreign currency holdings for transaction purposes begins to fall, exchange rates show some increase and inflation decreases. In the final stages, when the amount of foreign currency holdings for transaction purposes significantly decreases, exchange rates and inflation both increase, and in some situations a crisis can happen. According to this paper's analysis, if the economic sanctions continue to the extent that the amount of North Korean foreign currency holdings for transaction purposes starts to fall, the exchange rate and inflation stability we see now are unlikely to be maintained.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.2
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• pp.1-14
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• 2022

The implications of bank-specific risks and macroeconomic risks on the growth, profitability, and stability of Islamic and conventional banks are examined and compared in this article. The study also investigates whether corporate governance mitigates the effects of both bank-specific and macroeconomic risks on Islamic and conventional banks' development, profitability, and stability. For the period 2007-2019, we examined a panel data set of 22 banks in Pakistan, including both Islamic and conventional banks. We discovered considerable evidence that both bank-specific risks and macroeconomic risks have negative effects on the growth, profitability, and stability of Pakistani banks using a dynamic panel data estimator, the two-step Generalized Method of Moments (GMM) approach. Furthermore, the findings show that bank-specific and macroeconomic risks have different consequences in both types of banking. The impacts of liquidity risk, operational risk, capital risk, inflation risk, and exchange rate risk are higher for Islamic banks than for conventional banks. Conventional banks, on the other hand, are more vulnerable to credit risk and interest rate risk. Finally, the findings show that good corporate governance reduces the negative consequences of both categories of risks on bank development, profitability, and stability. This is true for Islamic and conventional banks alike.

• KDI Journal of Economic Policy
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• v.32 no.2
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• pp.1-26
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• 2010

This paper empirically examines whether Korean monetary policy is independent of U.S. monetary policy during the post-crisis period in which capital account is liberalized and floating exchange rate regime is adopted and during the pre-crisis period in which capital mobility is restricted and tightly managed exchange rate regime is adopted. Before capital account liberalization, monetary autonomy can be achieved in view of the trillema, even under tightly managed exchange rate regime, as capital mobility is restricted. On the other hand, for the period after capital account liberalization, monetary autonomy can be also achieved in view of the trillema, as exchange rate stability is given up. Securing monetary autonomy, however, may not be easy under liberalized capital account for a small open economy like Korea. Huge capital movements can generate excessive instability in foreign exchange and asset markets. Strengthened international economic linkages may also be another factor to prevent monetary policy from being independent. Using block-exogenous structural VAR model, the effects of U.S. monetary policy shocks on Korean economy are examined. Empirical results show that Korean monetary policy is not independent of U.S. monetary policy for both periods before and after capital account liberalization. For the period after capital account liberalization, Korea does not seem to have implemented floating exchange rate policy in practice, which may lead Korean monetary policy to be dependent on U.S. monetary policy. For the period after capital account liberalization, portfolio flows respond dramatically to the U.S. monetary policy, which may also keep Korean monetary policy from being independent.

• Bulletin of the Korean Chemical Society
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• v.34 no.9
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• pp.2657-2662
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• 2013

Multiwalled carbon nanotube (MWCNT)-g-poly (aniline-co-2,5-diaminobenzenesulfonic acid) (DABSA) reinforced Nafion$^{(R)}$ nanocomposite membranes were prepared and characterized for direct methanol fuel cells (DMFCs). The nanocomposite membranes with approximately $90{\mu}m$ thickness were prepared by the water assisted solution casting method. To evaluate the properties of nanocomposite membranes for DMFC applications, the nanocomposite membranes were characterized by methanol and water uptake, thermal stability, and ion exchange capacity (IEC). Furthermore, oxidative stability measurements in terms of the hydrogen peroxide decomposition rate that represent the oxidative stability of the membranes were examined. The methanol uptake values of the nanocomposite membranes were dramatically decreased compared to the cast Nafion$^{(R)}$ membranes. The IEC values of the nanocomposite membranes were increased about 30% compared to the cast Nafion$^{(R)}$ membrane.

• Korean Chemical Engineering Research
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• v.47 no.2
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• pp.262-265
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• 2009

For the initially quiescent fluid layer, the principle of the exchange of stabilities for the Marangoni convection due to the impulsive temperature change is proven analytically. Under the linear stability theory, the temperature and vertical velocity disturbances are express as the liner combination of the orthogonal functions. It is shown that the growth rate of the temperature disturbance is the real function for all positive Marangoni numbers.

• Journal of Digital Convergence
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• v.18 no.9
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• pp.103-112
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• 2020

The purpose of this study is to examine the current status and components of Korean National Debt and to analyze the effects of each component on National Debt. In the Korean Statistical Information Service (KOSIS), we searched for data such as General Accounting Deficit Conservation, For Foreign Exchange Market Stabilization, For Common Housing Stability, Local Government Net Debt Public Funds, etc that constitute National Debt. The analysis period used a total of 23 annual data from 1997 to 2019. The data collected in this study use the rate of change compared to the previous year for each component. Using this, this study attempted index analysis, numerical analysis, and model analysis. Correlation analysis result, the National Debt has a high relationship with the For Common Housing Stability. For Foreign Exchange Market Stabilization, Public Funds, etc., but has a low relationship with the Local Government Net Debt. Since 1997, National Debt has been increasing similarly to the For Foreign Exchange Market Stabilization, For Common Housing Stability and Public Funds etc. Since 2020, Korea is expected to increase significantly in terms of For Common Housing Stability and Public Funds, etc due to Corona19. At a time when the global economic situation is difficult, Korea's National Debt is expected to increase significantly due to the use of national disaster subsidies. However, if possible, the government expects to operate efficiently for economic growth and financial market stability.

• KSBB Journal
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• v.13 no.5
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• pp.599-605
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• 1998

Soybean peroxidase was extracted from soybean hulls and purified by ammonium sulfate precipitations (25% and 75% saturation), pl fractionation, and anionic exchange and gel filtration chromatographies (DEAE-Sephadex A-50 and Superose 12). Modlecular weight and pl value were estimated to be ca. 45 kD and 4.2, respectively. Purified soybean peroxidase had an RZ value of 0.43. Compared with horseradish peroxidase, it showed superior thermal and pH stability. Assuming the first-order kinetics, the thermal deactivation rate constant of soybean peroxidase at 80$^{\circ}C$ was about 8 times lower than that of horseradish peroxidase. Deactivation energy was calculated to be 69.3 kcal/mol. Soybean peroxidase showed about 10% higher H2O2 degradation capacity than horseradish peroxidase. Exploiting these advantages, the soybean peroxidase purified from the domestic soybean hull is expected to replace horseradish peroxidase in various applications.

• Journal of the Korean Magnetic Resonance Society
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• v.18 no.2
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• pp.52-57
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• 2014

The TCP domain is a DNA-binding domain present in plant transcription factors and plays important roles in various biological functions. The hydrogen exchange rate constants of the imino protons were determined for the three DNA duplexes containing the DNA-binding sites for the TCP11, TCP15, and TCP20 transcription factors using NMR spectroscopy. The M11 duplex displays unique hydrogen exchange property of the five base pairs in the first binding site (5'-GTGGG-3'). However, the M15 and M20 duplexes lead to clear changes in thermal stabilities of these five base pairs. The unique dynamic features of the five base pairs in the first binding site might play crucial roles in the sequence-specific DNA binding of the class I TCP transcription factors.