• The Korean Journal of Financial Management
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• v.25 no.2
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• pp.1-31
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• 2008

Before the financial crisis in 1997, Korean bond markets had been those of corporate bonds with relatively high market yield. During the period, most of major institutional investors tend to utilize passive strategies such as buying and holding. After the crisis, however, they could not help choosing active bond management strategies because of lowed yield level and intensified competition among the financial institutions. This study is forced on the yield curve, which is the reflection of all information on the bond investment environments. The study also make analysis on the major economic and securities market factors and its structural relationship with the shape of the curve such as level, curvature and slope. For these purposes, an empirical model based on the Nelson-Siegel Model is estimated with the data during $1999{\sim}2006$. Out-of-sample forecasting is also made to test the usefulness of the estimated model. In addition, the dependent variables which are the estimates of level and slope are estimated on the macro variables and securities market variables. VAR and SUR models are used for the estimation. Estimation results show that level and slope of the yield curve are influenced by the target call rate change, exchange rate change rate, inflation rate. These results provide practical implications for the active managements in the overall treasury bond markets.

• International Commerce and Information Review
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• v.14 no.3
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• pp.31-47
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• 2012

The Eurozone was launched to set a goal on using the single currency perfectly in 1999. Using the Euro could get rid of exchange cost and cost of Foreign exchange risk management which was approximately 1% of each member's GDP. It was possible that members has maintained a stable level of inflation and stimulate investment and employment with low interest rate. In addition, they could lead to economic growth and investment as well as increase the Euro demand in financial market. Especially, members has used the Euro as the method of payment on trade each other so that the volume of trade among the Eurozone members has increased continuously which was called "the effect of single market." This paper analyzes the correlation between using the Euro and members' export/import by using random effect estimation and fixed effect estimation. As a result, Eurozone members can get export decreasing effect of 4.68% and import increasing effect of 10.5% respectively on average by using the Euro.

• Journal of Preventive Medicine and Public Health
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• v.46 no.6
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• pp.300-308
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• 2013

Objectives: The purpose of this study was to classify determinants of cost increases into two categories, negotiable factors and non-negotiable factors, in order to identify the determinants of health care expenditure increases and to clarify the contribution of associated factors selected based on a literature review. Methods: The data in this analysis was from the statistical yearbooks of National Health Insurance Service, the Economic Index from Statistics Korea and regional statistical yearbooks. The unit of analysis was the annual growth rate of variables of 16 cities and provinces from 2003 to 2010. First, multiple regression was used to identify the determinants of health care expenditures. We then used hierarchical multiple regression to calculate the contribution of associated factors. The changes of coefficients ($R^2$) of predictors, which were entered into this analysis step by step based on the empirical evidence of the investigator could explain the contribution of predictors to increased medical cost. Results: Health spending was mainly associated with the proportion of the elderly population, but the Medicare Economic Index (MEI) showed an inverse association. The contribution of predictors was as follows: the proportion of elderly in the population (22.4%), gross domestic product (GDP) per capita (4.5%), MEI (-12%), and other predictors (less than 1%). Conclusions: As Baby Boomers enter retirement, an increasing proportion of the population aged 65 and over and the GDP will continue to increase, thus accelerating the inflation of health care expenditures and precipitating a crisis in the health insurance system. Policy makers should consider providing comprehensive health services by an accountable care organization to achieve cost savings while ensuring high-quality care.

• Journal of the Korea Institute of Information Security & Cryptology
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• v.28 no.2
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• pp.303-310
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• 2018

Bitcoin (BTC) is a cryptocurrency proposed by Satoshi Nakamoto in 2009. Bitcoin makes its transactions with no central authorities. This decentralization is accomplished with its mining, which is an operation that makes people compete to solve math puzzles to include new transactions into block, and eventually block chains (ledger) of bitcoin. Because miners need to solve a complex puzzles, they need a lot of computing resources. In return for miners' resources, bitcoin network gives newly minted bitcoins as a reward to miners when they succeed in mining. To prevent inflation, the reward is halved every 4 years. For example, in 2009 block reward was 50 BTC, but today, the block reward is 12.5 BTC. On the other hands, exchange rate for bitcoin and Korean Won (KRW) changed drastically from 924,000 KRW/BTC (January 12th, 2017) to 16,103,306 KRW/BTC (December 10th, 2017), which made mining more attractive. However, there are no rigorous researches on the profitability of bitcoin mining. In this paper, we evaluate the profitability of bitcoin mining.

• Transactions of the Korean Society of Automotive Engineers
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• v.22 no.1
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• pp.117-125
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• 2014

The temperature distribution of steady state rolling tires with detailed tread blocks is numerically predicted using the three dimensional full patterned tire model. A three dimensional periodic patterned tire model is constructed by copying 1-sector mesh in the circumferential direction. Using the static tire contact analysis, the strain cycles during one revolution are approximated with the strains at Guassian points of the elements which are sector-wise repeated within the same circular ring of elements, by neglecting the tire rolling effect. Based upon the multi-axial fatigue theory, the maximum principal strain is used to represent the combined effect of six strain components on the hysteretic loss. In the following, the deformation due to the inflation and vertical load is calculated using ABAQUS. Then heat generation rate in each element is calculated using an in-house code. Lastly, temperature distribution is calculated using ABAQUS again. Through the numerical experiments, the validity of the proposed prediction method is examined by comparing with the experiment and the temperature distribution of a patterned tire model is compared with those of the main-grooved simple tire model.

• The Journal of the Korea Contents Association
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• v.14 no.12
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• pp.665-673
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• 2014

The Korean film market has revved up against American movies and the movie industry has continued to grow even though Korea is a small country. However, most production staffs who are responsible for practical business of film production get wages that fall short of the inflation rate and minimum wages as temporary employees. And there's the atmosphere that they try to leave film sites on the first opportunity. This study finds that the cause to leave film sites is attributed to perception gaps about the hardworking character and labor which occur in the process that production staffs enter the movie industry and participate in film production as well as poor surroundings. And it should establish staffs' hardworking character and recognition as workers to them by reorganizing the current curriculums which approach movies from the only artistic viewpoint in the departments related to movies and images that hold a large majority in their majors, establishing the concept of work according to participation in film production to potential production staffs, and changing their recognition to improve the elements that they leave the sites.

• Agribusiness and Information Management
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• v.4 no.1
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• pp.24-31
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• 2012

This case study investigates the KIKO currency option that has been a social issue in recent years among developing countries, especially Korea, where the financial derivatives market is in a state of rapid growth. The forward transaction which becomes a basis of derivatives is intended to hedge risks that may be caused by a future change in asset prices. Although it originates from a simple form of agricultural transactions, there currently exists a variety of derivatives in more sophisticated forms. In the Korean agricultural industry, the need to use such derivatives is great, as there is a huge risk of price fluctuation in agricultural products due to frequent adverse weather. In addition, many developing countries with export-led industrial structures similar to Korea's, of necessity must resort to currency hedging as a method of reducing relevant risk. However, in most cases, the lack of understanding about financial derivatives results in an inappropriate application of these derivatives. The KIKO in this study represents such cases. Since 2007, KIKO has been sold in Korea to many small- and medium-sized export companies for the purpose of currency hedging when the exchange rate between the Korean won and the U.S. dollar was in a downward spiral. The main focus of this study is a case which is most representative of KIKO. As inflation rapidly increased during the financial crisis in the U.S. at the end of 2007, derivatives became a hot issue in the courts rather than in the financial markets. This case study investigates what KIKO and the fierce legal debates over it imply, from the perspective of the option of value evaluation in order to suggest not only a direction in which companies can utilize financial derivatives, but also a roadmap for the future derivatives market.

• Korean Journal of Construction Engineering and Management
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• v.10 no.2
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• pp.132-144
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• 2009

In this study, the basic data for calculating the proper construction cost as minimizing the uncertainty at the stage of forecasting construction cost with the basis of the analysis on the actual construction cost within completed domestic public apartment house. In this regard, 23 public apartment houses by each region which were ordered by the Korea National Housing Corporation and completed from 2004 to 2007 were selected as the objects of study. Four works such as common temporary installation, construction work, civil work and machine/equipment work which are the important direct cost items based on the actually inputted and settled construction costs were classified by completion year, region, architectural area, and the distribution type considering inflation rate. The sequent actual construction costs per 3.3m2 were compared and analyzed by each work, the proper construction costs were analogized and the calculating formula were presumed with the basis of average actual construction costs to be analyzed and presented.

• International Area Studies Review
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• v.14 no.3
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• pp.157-177
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• 2010

This study analyzes the effect of fiscal decentralization on economic growth by using each province city's panel data of China from 1985 to 2008. By using Recently developed fiscal decentralization index and autonomy of local government quantified this study finds the following conclusions. The increase of inflation rate affects positive effect on Chinese economy. This is the trade-off relationship with the growth of Chinese economy by the Phillips Curve theory. So this suggests the instability of Chinese economy. The affiliation of WTO of China shows positive effect on Chinese economy. This can be translated as the real evidence about free trade theory of Classical School. Expenditure decentralization in China led to economic growth and revenue decentralization also affected positively although it was not as much as expenditure decentralization's effect. Central tax and local tax negatively influenced economic growth; and differently from our expectation, local government autonomy quantified was not relevant to economic growth.

• Journal of the Korean earth science society
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• v.40 no.4
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• pp.353-381
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• 2019

The general world model for homogeneous and isotropic universe has been proposed. For this purpose, we introduce a global and fiducial system of reference (world reference frame) constructed on a (4+1)-dimensional space-time, and assume that the universe is spatially a 3-dimensional hypersurface embedded in the 4-dimensional space. The simultaneity for the entire universe has been specified by the global time coordinate. We define the line element as the separation between two neighboring events on the expanding universe that are distinct in space and time, as viewed in the world reference frame. The information that determines the kinematics of the geometry of the universe such as size and expansion rate has been included in the new metric. The Einstein's field equations with the new metric imply that closed, flat, and open universes are filled with positive, zero, and negative energy, respectively. The curvature of the universe is determined by the sign of mean energy density. We have demonstrated that the flat universe is empty and stationary, equivalent to the Minkowski space-time, and that the universe with positive energy density is always spatially closed and finite. In the closed universe, the proper time of a comoving observer does not elapse uniformly as judged in the world reference frame, in which both cosmic expansion and time-varying light speeds cannot exceed the limiting speed of the special relativity. We have also reconstructed cosmic evolution histories of the closed world models that are consistent with recent astronomical observations, and derived useful formulas such as energy-momentum relation of particles, redshift, total energy in the universe, cosmic distance and time scales, and so forth. The notable feature of the spatially closed universe is that the universe started from a non-singular point in the sense that physical quantities have finite values at the initial time as judged in the world reference frame. It has also been shown that the inflation with positive acceleration at the earliest epoch is improbable.