• East Asian Economic Review
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• 제21권2호
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• pp.167-197
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• 2017

I build a small open economy (SOE) dynamic stochastic general equilibrium (DSGE) model to investigate the effect of a heterogeneous wage contract between regular and temporary workers on a macroeconomic volatility in a financially fragile economy. The imperfect financial market condition is captured by a quadratic financial adjustment cost for borrowing foreign assets, and the labor market friction is captured by a Nash bargaining process which is only available to the regular workers when they negotiate their wages with the firms while the temporary workers are given their wage which simply equals the marginal cost. As a result of impulse responsesto a domestic productivity shock, the higher elasticity of substitution between two types of workers and the lower weight on the regular workers in the firm's production process induce the higher volatilities in most variables. This is reasoned that the higher substitutability creates more volatile wage determination process while the lower share of the regular workers weakens their Nash bargaining power in the contract process.

• KDI Journal of Economic Policy
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• 제41권3호
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• pp.1-38
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• 2019

Given capital market imperfections, an entrepreneur can alleviate financial frictions by creating a pyramidal business group in which a parent firm offers its subsidiary firm internal finance. This endogenous creation of pyramidal business groups can beget asymmetric financial frictions between business-group firms and stand-alone firms. I build a model to show that these asymmetric financial frictions can have sizable effects on resource allocation. On one hand, the financial advantage of pyramidal business groups can foster productive firms by incorporating them as subsidiaries. On the other hand, the asymmetrically large amount of external capital controlled by pyramidal business groups can be expended by unproductive business-group firms and push up the equilibrium price of capital. The model suggests that with fine investor protection or low financial frictions, the benefits of pyramidal business groups can be dominated by their costs because the probability of fostering productive subsidiaries diminishes as the efficiency of external capital markets improves, while the prevalence of pyramidal business groups is not attenuated due to their continuing asymmetric financial advantage.

• KDI Journal of Economic Policy
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• 제42권4호
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• pp.59-90
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• 2020

U.S. monetary policy has been claimed to generate global spillover and to destabilize other small open economies. We analyze the effects of certain identified U.S. monetary shocks on gross capital flows in the Korean economy using the local projection method. Consistent with previous results on other small open economies, we initially confirm that U.S. interest rate hikes are dynamically correlated with foreign outflows and residents' inflows. That is, not only are they correlated with withdrawals by foreigners but they are also correlated with those by domestic (Korean) investors. The results are mostly driven by portfolio flows. Second, however, the marginal response to a U.S. monetary policy shock is, on average, subdued if we focus on the sample periods after the Global financial crisis of 2007-2008 (henceforth, global financial crisis). We conjecture a possible reason behind the change, an institutional change related to financial friction. If the degree of pledgeability of the value of net worth increases, the marginal responses by both investors would drop with a U.S. monetary policy shock, consistent with our findings.

• 한국소음진동공학회:학술대회논문집
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• 한국소음진동공학회 2005년도 춘계학술대회논문집
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• pp.322-325
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• 2005

The separation mechanism is installed to separate a note one by one from the stacked notes and the overlap type, one of separation mechanism, has been used a lot in financial equipments like ATM. This paper has compared and estimated analysis results using finite element method with experimental results over various parameters such as conditions of note, overlap value, roller shapes, which affect the friction force (resistance) exerting on notes between rollers. Consequently, the effect of various parameters on the performance of overlap type separation mechanism can be known and optimal shape and overlap value can be obtained.

• International Journal of Naval Architecture and Ocean Engineering
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• 제13권1호
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• pp.306-320
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• 2021

To ensure safe port operations around the world, it is important to solve mooring problems. In particular, the many ports that face open seas have difficulties with long-period waves. As a countermeasure, the installation of a breakwater is proposed for mooring safety. However, this often cannot be put into practice because of financial issues. Instead, port terminals control berthing schedules with weather forecasting. However, mooring problems remain unsolved, because of inaccurate wave forecasting. To quantify the current situation, numerical simulations are presented with ship motions, fender deflections, and rope tensions. In addition, novel simulations for mooring ropes are proposed considering tension, friction, bending fatigue, and temperature. With this novel simulation, the optimal mooring method in terms of safety and economic efficiency was confirmed. In terms of safety, the optimal mooring method is verified to minimize dangerous mooring situations. Moreover, the optimal mooring method shows economic benefits and efficiency. It can help to reinforce the safety of port terminals and improve the efficiency of port operations.

• Earthquakes and Structures
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• 제20권3호
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• pp.295-307
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• 2021

The gap provided between adjacent structures in the metropolitan cities is mostly narrow due to architectural and financial issues. Consequently, structural pounding occurs between adjacent structures during earthquakes. It causes damages, ranging from minor local to more severe ones, especially in the case of seismically isolated buildings, due to their higher displacements. However, due to the increased flexibility of isolated buildings, the problem could become more detrimental to such structures. The effect of the seismic pounding of moat walls on the response of buildings isolated by Triple Friction Pendulum Bearing (TFPB) is investigated in this paper. To this propose, two symmetric three-dimensional models, including single-story and five-story buildings, are modeled in Opensees. Nonlinear Time History Analyses (NTHA) are performed for seismic evaluation. Also, five different sizes with four different sets of friction coefficients are considered for base isolators to cover a whole range of base isolation systems with various geometry configurations and fundamental period. The results are investigated in terms of base shear, buildings' drift, and roof acceleration. Results indicated a profound effect of poundings against moat walls. In situations of potential pounding, in some cases, the influence of impact on seismic responses of multistory buildings was more remarkable.

• 한국생산제조학회지
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• 제22권4호
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• pp.652-657
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• 2013

In this study, we developed a counting method for non-contact ID cards using an optical fiber displacement sensor instead of the traditionally used friction counting method. The proposed method has the advantage of high speed and automated measurement. For counting non-contact ID cards, an H-type optical fiber sensor, jig part, and counting program are developed separately to build the system and adjust it. Through the experimental test results, it was confirmed that counting is possible with one type of international ID card and one type of financial security card based on ISO7810. Furthermore, by applying the proposed method to 100 ID cards 100 times repeatedly, it was confirmed that it has high accuracy and an error ratio of 0%. We experimentally demonstrated that the proposed counting method for non-contact ID cards using an optical fiber displacement sensor can perform measurements with high accuracy and high speed.

• 동남아시아연구
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• 제27권1호
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• pp.193-219
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• 2017

캄보디아의 2016년은 민주주의가 퇴행을 거듭한 한 해였다. 집권당의 권력 독점을 위한 정치공작과 탄압이 점차 교묘한 수준으로 진화하며 의회정치와 시민사회를 옥죄며 민주주의를 퇴행시켰다. 한편 표심을 얻기 위한 시혜성 정책들과 이를 뒷받침하는 후원-수혜 관계의 정치구조는 더욱 고착화되어갔다. 캄보디아 경제는 2016년 한 해 대체로 성장세를 유지했지만 대내외 여건이 악화되면서 기형적 경제구조 속에 내재된 문제점들이 서서히 노출되며 심각한 경고를 보내고 있다. 국제관계에서 가장 두드러진 부분은 탈월입중(脫越入中)의 형세를 이룬 것이다. 하지만 노골적인 친 중국 노선은 동시에 베트남과의 갈등, 나아가 아세안 내부에 심각한 파열음을 일으킬 수 있는 요인을 배태하였다.

• KDI Journal of Economic Policy
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• 제14권2호
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• pp.189-203
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• 1992

본고(本稿)에서는 화폐(貨幣)보다 더 우월(優越)한 가치저장기능(價値貯藏機能)을 가진 실물자산(實物資産)이 존재함에도 불구하고 화폐가 존재해 온 현상이 화폐경제(貨幣經濟)의 특징이라고 파악하였다. Wallace(1980)의 중복세대모형(重複世代模型)이 이러한 화폐경제의 특징을 설명하지 못하는 이유는 화폐존재의 근본원인인 "상품교환욕구(商品交換欲求)의 상호불일치(相互不一致)"가 모형(模型)에 내재(內在)되어 있지 않기 때문이다. 본고(本稿)에서 제시한 중복유형모형(重複類型模型)에서는 이질적(異質的) 선호(選好)를 가진 소비자가 이질적(異質的) 재화(財貨)를 가지고 이질적(異質的) 장소(場所)에 태어나기 때문에 불확실성(不確實性), 거래비용(去來費用), 정보부족(情報不足) 등이 배제되었음에도 불구하고, 가치저장기능이 다른 실물자산(實物資産)보다 열위(劣位)한 화폐가 순수교환기능(純粹交換機能)을 수행하면서 존재하게 된다. 중복유형모형(重複類型模型)에서의 화폐경제는 비화폐경제(非貨幣經濟)보다 항상 우월한 자원배분(資源配分)을 하지만, 그렇다고 해서 "파레토"최적성(最適性)을 보장해 주지는 않는다. 화폐는 경제구조(經濟構造)가 불완전하기 때문에 존재하며, 따라서 경제구조(經濟構造)의 불완전성(不完全性)을 일부(一部)는 극복하게 해주지만 전부(全部)를 항상 극복하게 하지는 않기 때문이다. 본고(本稿)에서는 이러한 중복유형모형(重複類型模型)의 최적성(最適性) 특성(特性)이 향후 화폐경제의 제반문제(諸般問題)를 연구하는 데 중요한 의미를 가진다고 주장하였다.