• Management Science and Financial Engineering
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• 제19권1호
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• pp.49-52
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• 2013

In this paper we provide a valuation formula for a variance swap with regime switching. A variance swap is a forward contract on variance, the square of realized volatility of the underlying asset. We assume that the volatility of underlying asset is governed by Markov regime-switching process with finite states. We find that the proposed model can provide ease of calculation and be superior to the models currently available.

• 대한산업공학회지
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• 제36권3호
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• pp.203-211
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• 2010

This study examines a cointegrated vector autoregressive (VAR) model where parameters are subject to switch across the regimes in the term structure of interest rates. To employ the regime switching framework, the Markov-switching vector error correction model (MS-VECM) is allowed to the regime shifts in the vector of intercept terms, the variance-covariance terms, the error correction terms, and the autoregressive coefficient parts. The corresponding approaches are illustrated using the term structure of interest rates in the US Treasury bonds over the period of 1958 to 2009. Throughout the modeling procedure, we find that the MS-VECM can form a statistically adequate representation of the term structure of interest rate in the US Treasury bonds. Moreover, the regime switching effects are analyzed in connection with the historical government monetary policy and with the recent global financial crisis. Finally, the results from the comparisons both in information criteria and in forecasting exercises with and without the regime switching lead us to conclude that the models in the presence of regime dependence are superior to the linear VECM model.

• 한국물환경학회지
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• 제28권5호
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• pp.693-703
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• 2012

Load Duration Curve(LDC) is a useful tool for analyzing water quality characteristics under various stream flow conditions. This study investigated the methods to identify impaired waterbodies in the assessment of water quality goal attainment by using LDC for the management of Total Maximum Daily Loads (TMDLs). Three methods were proposed. Non-typical regime exclusion method is a method to exclude water quality observations in the non-typical extreme flow conditions in order to minimize the influence of non-ordinary water quality. Flow regime weighted average method is a method to calculate weighted mean water quality instead of arithmetic mean in order to consider water characteristics properly on stream flow regime in addition to the effect of Non-typical regime exclusion method. Load exceeded interval comparison method is a method to compare the intervals between the attained and non-attained load duration periods on the LDC. The assessment of water quality goal attainment can be performed more reasonably and precisely considering water quality variations on stream flow conditions by applying these proposed methods.

• 한국자원식물학회:학술대회논문집
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• 한국자원식물학회 2018년도 추계학술대회
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• pp.24-24
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• 2018

Degraded plantation forests are increasing because of unfavorable forestry conditions prevailing in Japan, including falling timber prices, increasing operational costs, and aging and declining forestry workforce. To remedy this situation, appropriate management strategy is required. This study introduces the challenges of Odai Town, Mie Prefecture that employed a new management strategy by evaluating site suitability for conifer forests and that proposes a new forest management regime of planting deciduous trees in unsuitable sites. The site suitability for conifer forests was evaluated from two aspects: the natural site conditions and the relationship among site conditions, growth, and damage by Anaglyptus subfasciatus Pic. in Cryptomeria japonica D. Don and Chamaecyparis obtusa Sieb. Et Zucc. forests. By analyzing the relationship among site conditions, growth, and insect damage based on field data obtained in plantation forests, growth evaluation and insect damage evaluation maps were developed. Based on the natural forest investigation, natural site condition maps for C. japonica and C. obtusa were established. Furthermore, by integrating these evaluation maps with the forest road maps showing the accessibility to the forest, the forest management regime for the whole plantation area of Odai Town was established. The forest management regime map indicates the sites suitable for forestry: suitable for long-rotation, short-rotation, and potential sites for short-rotation. The sites unsuitable for forestry were considered to be more suitable for broadleaved forests. Clear-cutting was conducted in a small area and different seral stage saplings (approximately 20 deciduous tree species) suitable to the site conditions were planted in an area of $80-120m^2$ protected by deer-fences. This might establish a forest composed of many species with a multilayer vertical forest structure in a short period. The planted saplings were distributed neither randomly nor uniformly to reflect the natural distribution of trees in the forest. A challenge to develop new products using the deciduous trees has started, such as wood chips for preparing smoked food, essential oil, and deodorizer. As these challenges have just begun, their effects on enhancing sustainable resource management are still being monitored. Even with the challenges, this regime can be of high value as a management strategy to remedy the situation of expansion of degraded forests in Japan.

• 한국물환경학회지
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• 제37권6호
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• pp.469-482
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• 2021

The recent climate change and urbanization have seen an increase in runoff and pollutant loads, and consequently significant negative water pollution. The characteristics of the pollutant loads vary among the different flow regime depending on their source and transport mechanism, However, pollutant load reduction based on flow regime perspectives has not been investigated thoroughly. Therefore, it is necessary to analyze the effects of concentration on pollutant load characteristics and reductions from each flow regime to develop efficient pollution management. As non-point pollutants continuously increase due to the increase in impervious area, efficient management is necessary. Therefore, in this study, 1) the characteristics of pollutant sources were analyzed at the Dalcheon Basin, 2) reduction of nonpoint pollution, and 3) reduction efficiency for flow regimes were analyzed. By analyzing the characteristics of the Dalcheon Basin, a reduction efficiency scenario for each pollutant source was constructed. The efficiency analysis showed 0.06% to 5.62% for the living scenario, 0.09 to 24.62% for the livestock scenario, 0.17% to 12.81% for the industry scenario, 9.45% to 38.45% for the land scenario, and 9.8% to 39.2% for the composite scenario. Therefore, various pollution reduction scenarios, taking into account the characteristics of pollutants and flow regime characteristics, can contribute to the development of efficient measurements to improve water quality at various flow regime perspectives in the Dalcheon Basin.

• Ocean and Polar Research
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• 제28권2호
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• pp.163-173
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• 2006

The so called Antarctic Treaty System, started from the Antarctic Treaty in 1959, has gradually been enlarged into the concept of an international environmental regime, which has been included in not a few international institutions, treaties, conventions, and international non-governmental organizations (INGO). This kind of movement, as in the role of an international environmental regime, has recently been highlighted in the Protocol on Environmental Protection to the Antarctic Treaty. This Protocol is taking appropriate measures as an international environmental regime in regulating its member nations by enforcing principles in protecting Antarctic resources and environment, regulating member nations' Antarctic activities, establishing norms in the adoption of international and domestic laws, and devising regulations for deciding administrative actions through the member nations' collective decision-making procedures. h this context, this paper is to test a few questions; firstly, how the Antarctic Treaty System can be related with the role of international environmental regime; secondly, how the theories of international environmental regime, such as the hegemony theory, rational choice theory, and international morality theory, can be tested in the role of Antarctic Treaty System as an international environmental regime. Finally, this paper provides a solution for the future problems of the Antarctic Treaty System as an international environmental regime regarding the regime's principle (conflict between the environmental principle and the right of nation-state), norms and regulations (the conflict between the developed and underdeveloped nations in terms of the concept of 'common but differentiated environmental responsibility'), cooperation directions (the leadership problems between hegemonic nation and multilateral leading groups), and management methods (cooperation and arrangement problems among expert institutions, observer groups, and INGO).

• 수산해양교육연구
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• 제6권1호
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• pp.77-91
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• 1994

The Yellow Sea and the East China Sea are the most important fishing grounds for the fishing industry of Korea, China and Japan which are major coastal states of these Seas. But the fishery resources in these fishing grounds are almost exhausted and also the sea region is seriously polluted. Accordingly an international joint countermeasure is necessary to recover the fishery resources and to keep the fishery a continuous industry. The authors inspected the existing fishery policies and international fishery relationship of the three coastal states, and suggested rational conservation and management regime of the fishery resources in these sea regions. 1. At present the legal status of the sea region beyond territorial sea is the high sea, for that reason the international cooperation is urgently needed to establish common regime for conservation and management of the fishery resources. 2. A series of scientific research on ecological system of fishery resources must be carried out in the sea region first of all for that purpose. 3. The existing Korea-Japanese Fishery Agreement and Sino-Japanese Fishery Agreement should be reformed to coincide with the new legal order of the UNLOS Convention, and the Sino-Korean Fishery Agreement should be concluded newly on the identical line. 4. As a conclusion, a joint conservation and management regime through a regional fishery organization or a individual conservation and management regime through the promulgation of exclusive economic zone by each state can be suggested to resolve the fishery resources conservation problem in the Yellow Sea and the East China Sea.

• Journal of the Korean Data and Information Science Society
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• 제28권4호
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• pp.843-851
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• 2017

로보어드바이저 서비스 제공업체가 금융시장에서 거래되는 ETF를 주력 투자대상으로 집중하고 있다. 이처럼 ETF가 활성화되고 있지만 ETF 위험관리에 관한 연구들은 이뤄지지 않고 있는 상태이다. 본 연구는 변동성의 구조적 변화를 반영한 ETF 손실추정과 ETF 위험관리모형을 평가하였다. 결합 검증통계량 분석결과, GARCH와 마르코프 국면전환 GARCH모형이 시장위험을 적절하게 나타내 주었다. 특히 마르코프 국면전환 GARCH모형이 GARCH모형에 비해 낮은 위반율을 보일뿐 아니라 초과발생들이 독립적이기 때문에 마르코프 국면전환 GARCH모형이 GARCH모형에 비해 좀 더 ETF VaR에 권고될 수 있다.

• 해양환경안전학회지
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• 제12권2호
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• pp.115-123
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• 2006

과거 해양자유와 개방적 자원사용 레짐은 오늘날 해양관리와 공유자원관리 레짐으로 변화하였다. 해양생물자원, 해양광물자원, 해양공간, 해로 등 해양자원은 경합성은 강하나 배제성은 약한 공유자원적 특성을 가지기 때문에 이를 방치하면 공유의 비극이 발생하며 따라서 합리적 해양관리가 필요하다. 주요한 국제 해양이슈는 해양오염 연안관리, 해수면상승, 어자원관리, 포경, 해양관할권, 심해저광물자원, 군사적 해양안보, 해적활동, 생태적 환경안보 등이 있으며, 이들에 대한 견고하고 지속적인 정책레짐이 형성되어 왔다. 이 논문은 오늘날 해양패러다임이 변화함에 따라 등장한 국제적 해양환경안전 이슈들과, 이를 해결하기 위한 정책레짐의 형성, 그리고 향후 바람직한 정책레짐 형성과제 등에 대해 국제정치학 또는 국제정책형성론적 시각에서 거시적으로 고찰하는데 그 목적이 있다.

• 기록학연구
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• 제17호
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• pp.85-114
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• 2008

갑오개혁기 기록관리의 특징 중에 하나는 왕복과, 이후 문서과가 기록의 생산에서부터 유통에 이르기까지 통제하고 있다는 점이다. 그리고 업무가 종료된 기록은 기록과로 넘겨져 분류와 정리가 이루어졌다. 기존 연구들에서는 갑오개혁기의 이런 기록관리제도는 일본을 통해서 수입된 것으로 파악하였다. 본고는 명치유신 이후 정착된 일본의 새로운 기록관리제도가 당시 프로이센의 등기실체제를 받아들인 것임을 밝혔다. 그러나 프로이센의 등기실체제는 현용기록을 관리하는 체제이고, 이는 기밀국가기록보존소(아카이브즈)를 통해 시민에게 기록을 공개하는 근대적 기록관리체제를 전제로 하는 것이었다. 명치기 일본은 프로이센의 현행 기록관리체제인 등기실체제만 수용하였고, 아카이브즈의 설립을 받아들이지 않았다. 이는 갑오개혁기 조선도 마찬가지였다. 따라서 갑오개혁기 일련의 법규 속의 기록관리관련 규정을 '근대적'인 것으로 평가할 수는 없을 것이다. 즉 갑오개혁기의 기록관련 법규는, 기록에 대한 시민의 권리, 즉 기록의 공개를 법적으로 보장하는 '근대적 기록법규'는 아니었다. 그러나 갑오개혁기 기록관리제도가 우리나라의 기록관리제 도사에 큰 의미를 주는 것이 있으니, 기록의 가치와 기구와 명칭이 기록의 라이프사이클과 명실상부하다는 점이다. 현용기록을 관리하는 기구가 문서과였고, 업무가 끝난 기록을 분류 정리하여 편철하는 기구가 기록과였다. "현용기록=문서=문서과, 비현용기록=기록=기록과"의 개념은 이후 계승되지 못하고, 오늘날에도 현용기록이나 비현용기록이나 기록으로 사용하고 있고, 관리기구의 명칭도 마찬가지이다.